Top Analyst Forecasts Positive Reversal for Coinbase and 3 Other Crypto-Proxy Stocks, Shares Bitcoin Outlook

Adedoyin Aka — Wed, 26 Jul 2023 22:59:59 +0000

An esteemed analyst, known as Bluntz, who called the 2018 Bitcoin (BTC) bottom, has recently shared his optimistic outlook on stocks within the cryptocurrency industry.

In a Twitter update, Bluntz, followed by over 223,900 users, suggested that the stocks of prominent crypto players like Coinbase (COIN), MicroStrategy (MSTR), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT) appear ripe for a potential bullish reversal following recent corrective declines.

Bullish Signals for Crypto-Proxy Stocks

Bluntz expressed his enthusiasm for significant opportunities within the crypto sector, citing notable price retracements averaging between 13% and 20% for these four major crypto-proxy stocks.

The analyst believes that the current price levels present favorable entry points and suggests that upward reversals are likely to occur. However, the analyst speculates whether these stocks will independently lead the crypto market or if they will simply follow its direction.

“Nice 13%-20% dips on all the major crypto proxy stonks… I think this is a good spot to expect reversals to the upside on all four of the major ones I’m tracking. Now whether they are running their own race or leading crypto is yet to be seen.”

nice 13-20% dips on all the major crypto proxy stonks.

all of them looking far more bullish than spot crypto itself, i think this is a good spot to expect reversals to the upside on all 4 of the major ones i'm tracking.

now whether they are running their own race or leading… pic.twitter.com/q9TCJoJPJI

— Bluntz (@Bluntz_Capital) July 25, 2023

Bitcoin (BTC) Path to Recovery

Turning his attention to Bitcoin, Bluntz asserts that a potential market recovery could propel the leading digital currency to surpass its 2023 high. He urged traders to closely monitor Bitcoin’s performance and emphasized that a decisive breakthrough above the crucial $29,700 mark will serve as a strong buy signal for him, indicating bullish sentiment.

The analyst said this can potentially drive the price toward new highs above $32,000.

“finally swept the range lows, we also didn’t cascade liq too low either which is a good sign, any 4 close back into the range above 29.7 will be a long for me to new highs above 32k.”

finally swept the range lows, we also didn't cascade liq too low either which is a good sign, any 4 close back intot he range above 29.7 will be a long for me to new highs above 32k pic.twitter.com/2dKHO7wkBY

— Bluntz (@Bluntz_Capital) July 24, 2023

As of the time of writing, Bitcoin is currently trading at $29,261, tantalizingly close to the critical threshold identified by Bluntz.

Solana (SOL) Becoming Attractive

In addition to his Bitcoin analysis, Bluntz expresses his intention to accumulate the altcoin Solana (SOL) in light of BTC’s recent price action.

Observing SOL’s value at $23.29, near his predetermined downside target, the analyst expresses caution and plans to re-enter the market when Bitcoin finally sweeps the $29,500 level. This decision indicates his belief in an even more favorable entry position at a later time.

“I can’t continue to hold SOL here with this PA, will be looking to re-enter later, probs won’t be until at least after BTC finally sweeps 29,500.”

i cant continue to hold $sol here with this PA, will be looking to re-enter later, probs wont be until atleast after btc finally sweeps 29.5k pic.twitter.com/H4tZQ0aZ3Z

— Bluntz (@Bluntz_Capital) July 23, 2023

Please note that cryptocurrency markets are highly volatile and subject to rapid price fluctuations. Analyst opinions should be considered alongside personal research and risk tolerance.

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The post Top Analyst Forecasts Positive Reversal for Coinbase and 3 Other Crypto-Proxy Stocks, Shares Bitcoin Outlook appeared first on Times Tabloid.

Ripple CTO David Schwartz Reveals Vital Action He Failed to Take Following XRP Victory

Adedoyin Aka — Sat, 15 Jul 2023 16:42:18 +0000

The recent ruling in the SEC vs. Ripple case has had a significant impact on the crypto market and beyond. Amid XRP’s price pump on the back of the ruling, Coinbase stock (COIN) also experienced a significant surge.

In a recent tweet, David Schwartz expressed his hindsight regrets, stating, “The first thing I should have done when I heard about the ruling was buy Coinbase stock.”

The first thing I should have done when I heard about the ruling was buy Coinbase stock.

— David "JoelKatz" Schwartz (@JoelKatz) July 14, 2023

Schwartz’s comment highlights his realization that the positive outcome of the SEC vs. Ripple case had a huge impact on the market beyond XRP. The recent events underscore the unexpected correlation between the legal victory and Coinbase’s stock price surge.

The ruling by Judge Torres, which clarified that XRP is not a security, instilled confidence among investors and traders. Following the news of the judgment, COIN surged from $84.41 at 15:00 (UTC) to $109.41 at 23:30 (UTC) on July 13, which marked a 29.6% increase in eight hours.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Intriguing Activity in the Options Market

A prominent market tracking tool, Unusual Whales, further shed light on the Coinbase stock rally.

Yesterday, $COIN went +24% due to the SEC losing their Ripple, $XRP case.

The news came out at 8:27 am PST.

At 8:26 traders started going heavy into $COIN 84 & 85 calls expiring in ONE day.

Those went +860%, from $2.50 to $24.

Someone always knows.

Unusual. pic.twitter.com/nekoZl6xOM

— unusual_whales (@unusual_whales) July 14, 2023

In the tweet, unusual whales noted that the news about XRP’s victory against the SEC broke out at 8:27 (PST).

However, at 8:26 (PST), many traders began purchasing “calls” for Coinbase stock, specifically the ones with a strike price of 84 and 85. Calls are financial instruments that give traders the right, but not the obligation, to buy a specific stock at a predetermined strike price within a certain period.

These particular calls were set to expire in just one day. This suggests that traders had a short window of time to exercise their right to buy Coinbase stock at the predetermined price. The demand for these calls increased rapidly, resulting in a substantial surge of 860%.

Unusual Whales emphasized that this activity suggests that some traders had prior knowledge or a strong intuition about the outcome of the Ripple case and expected Coinbase’s stock price to surge.

In conclusion, the recent events surrounding the SEC vs. Ripple case have had a significant impact on the crypto market and beyond. The surge in Coinbase stock (COIN) price is a clear example of this. It will be interesting to see how the market reacts in the coming days and weeks.