Cryptocurrency market news

Crypto analyst and video blogger Benjamin Cowen suggested that Bitcoin could retest the $60,000 level this year. According to Cowen, this potential correction could be followed by a new bullish cycle in the market. The experienced analyst predicts that the final bottom of the current market cycle will be reached in October of next year.

According to Grayscale, Elon Musk’s SpaceX could become the most valuable public company holding bitcoin after its expected IPO, while Strategy is likely to remain the largest holder by $BTC volume. Its S-1 filing lists 18,712 $BTC under “digital assets”.

On-chain analyst and trader Ali Martinez has named $1,850 as a critically important support level for ether. Losing this price level could push the second-largest cryptocurrency by market capitalisation first down to $1,560 and then to $1,070.

BitMEX founder Arthur Hayes and NEAR Protocol co-founder Illia Polosukhin appeared on The Rollup to discuss macroeconomic trends and the growing impact of artificial intelligence on the crypto sector.

According to BRN, Bitcoin remains below $78,000 amid spot ETF outflows, geopolitical tensions, and weaker trading activity caused by public holidays in the U.S. and Europe. Analysts also highlighted that spot Bitcoin ETFs recorded $1.26 billion in outflows between May 18 and May 22.

BitMEX analyst Shan Wu believes that rising government bond yields may signal the beginning of major changes in the global financial system. In his view, this could strengthen investor interest in Bitcoin as an asset that is less dependent on inflation and central bank policies.

In recent weeks, Bitcoin surpassed the $82,000 mark, triggering strong excitement around a potential bull market. Some analysts argue that this rally is still in the early stages of a bullish cycle.

In a new report, JPMorgan Chase stated that tokenised money market funds still account for only around 5% of the total stablecoin market despite their ability to generate yield. The bank noted that participants in the cryptocurrency market continue to prefer stablecoins because they have become the primary monetary instrument of the ecosystem for trading, collateral management, settlements, cross-border payments, and liquidity management across centralised exchanges (CEXs) and decentralised finance (DeFi) protocols.

Benjamin Cowen, one of the leading analysts in the cryptocurrency industry, warned investors in his latest analysis of the Bitcoin ($BTC) and stablecoin markets. Comparing current price movements with those seen in previous cycles, Cowen suggested that Bitcoin has not yet exited the bear market and that further declines may still lie ahead.

Two separate on-chain data sets published this week by CryptoQuant analyst Darkfost paint an uncomfortable picture of Bitcoin’s current market structure. Together, they point to a market that looks significantly different from previous cycles at similar price levels.

Although Bitcoin recently climbed above the $82,000 level, the asset failed to establish itself above its 200-day moving average. This has once again fuelled debate over whether the market has truly reached the bottom of the current cycle.

According to a report cited by CoinDesk, K33 Research analysts said the current Bitcoin bear market differs from the cycles seen in 2014, 2018, and 2022.

Evercore ISI analyst Julian Emanuel set a base target for the S&P 500 at 7,750 by the end of 2026. In addition, he outlined an optimistic scenario in which the index could reach 9,000 thanks to the growth of technology stocks, communications services companies, and consumer goods companies driven by the development of artificial intelligence.

Trading firm QCP Capital released a new market report explaining Bitcoin’s breakdown below $78,000 and why the move occurred precisely at this moment.

Analysts at the Santiment platform have identified what they believe could accelerate the beginning of a new bullish rally in the cryptocurrency market. Santiment stated that it has observed growing euphoria surrounding Bitcoin, attributing it to the recent approval by the US Senate Banking Committee of a compromise version of the CLARITY bill concerning stablecoin yields.

Crypto analyst Ali Martinez suggested that a new bullish rally may be starting for Cardano ($ADA). Martinez stated that his “SuperTrend” indicator, which he uses to forecast long-term trend changes, is once again flashing a buy signal, suggesting that ADA’s downtrend may have ended.