Bitcoin (BTC) Shows Signs of Bearish Reversal, Traders Claim; Gold Remains Steady, Readying for Upsurge Next

Bitcoin (BTC) Shows Signs of Bearish Reversal, Traders Claim; Gold Remains Steady, Readying for Upsurge Next

Analysis: Crypto Strategist Warns of Possible Bitcoin Bearish Divergence

A prominent crypto analyst is raising red flags about Bitcoin's recovery rally, suggesting the upward trend may face an abrupt end. Pseudonymous analyst known as Bluntz indicates a bearish divergence signal on Bitcoin's daily chart, which indicates waning momentum despite the asset's price rally.

At present, Bitcoin is trading at roughly $105,546. The bearish reversal sign reveals that the cryptocurrency's bullish momentum is weakening significantly, according to Bluntz. He cautions his 318,200 followers on the social media platform X that investors need to be cautious with their long positions.

In addition to his concerns about Bitcoin, Bluntz also discussed the potential uptrend for gold. He contends that the precious metal is on the verge of igniting a rally to a new all-time high, following the completion of an ABC corrective wave. Alluding to the Elliott Wave theory, Bluntz suggests that gold could surge to a record high of $3,600.

Taking a closer look at the memecoin Floki, Bluntz forecasts a potential dip to around $0.00008, followed by an explosion to $0.00018. He highlights the altcoin's clear impulse five-wave rise from the lows as evidence that the low has been reached. Showing initial interest in potential pullbacks around the 50 fib, Bluntz admits to having a soft spot for Floki.

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In other industry news, Venom Foundation announces achieving 150,000 transactions per second (TPS) in a closed-network stress test, signaling progress towards a mainnet upgrade expected in 2025. XDC Network also announces an investment in the Laser Digital Carry Fund and the launch of institutional fund infrastructure with Libre. Psy unveils the development of the first trustless bridge from Dogecoin to Solana, and Mantle and Republic Technologies forge a strategic partnership for institutional mETH integration.

Meanwhile, a prominent partner at a $56 billion venture capital firm recently reported having their phone number, address, and other sensitive details stolen in a Coinbase hack. An "epidemic of scams" is reportedly impacting multiple industries on Instagram and Facebook, affecting many users. The mastermind behind a Securities and Exchange Commission (SEC) SIM swapping scheme has been sentenced to 14 months in prison for manipulating Bitcoin's price, and Capital One will pay $425 million to customers after allegedly cheating clients out of higher returns on their bank balances.

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*Disclaimer: Opinions expressed here are not investment advice. Before making high-risk investments in Bitcoin, cryptocurrency, or digital assets, investors should conduct their due diligence. Please note that The Daily Hodl participates in affiliate marketing.

*Generated Image: Midjourney

1. Despite the bearish divergence signal on Bitcoin's daily chart, the cryptocurrency's altcoins like Floki are predicted by Bluntz to experience a potential dip followed by a surge, indicating a contradictory trend within the finance domain.
2. As the Venom Foundation announces achievements in TPS and mainnet upgrades, other ventures like XDC Network, Psy, Mantle, and Republic Technologies are making strides in blockchain and finance aspects, showcasing ongoing advancements in the industry.

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