A very intriguing currency market, Bitcoin has exploded in popularity the last couple of years and Bovada recently shared some new analysis on the future of the crypto medium. Per its site, the Bovada author recently said there are several bullish signals for Bitcoin which have just flashed and the medium is back above $60k ($63,000 as of the article’s writing). The report talked about these signals and their potential implications. In the article, the author explored “whale purchases,” the Wyckoff Accumulation Model, worldwide events, and also the likelihood of a recession in the future for various economies. Per the article, the crypto analyst, Bryan Ross, explored how different “whales” altered the Bitcoin market in the past along with the different effects that global conditions might have on the cryptocurrency moving forward.
In this report, SBS will explore the latest gaming news and notes coming from the Bovada sportsbook along with some more insights and analysis from the site.
Noted in the report, whale purchases are singled out as a big factor in the trajectory of the financial medium. When Bitcoin was dipping into the mid-to-high $50K’s, whales were “scooping up the dip,” while “shrimps” or small investors, were capitulating and selling their Bitcoin. This contrast – whales buying and shrimps selling – is a famous sign of bullishness, as small investors often lose money while whales are often profitable. In fact, whales displayed the most aggressive buying activity in more than a year, since Spring 2023.
The Bovada report also goes into the next “bullish signal” which is noted as the Wyckoff accumulation model. If you are not familiar, Wyckoff is a chart pattern that is well-known in stocks and crypto and is recognized to predict market moves and patterns. Per the article, it is believed that whales and other smart investors use the patterns to predict market movements and make their trading decisions.
There are five (5) different Wyckoff chart patterns, each corresponding to a different market phase. A few weeks ago, the Bovada columnist shared that the current crypto situation very closely resembled the Wyckoff “Accumulation Phase,” which occurs when the market is chopping sideways and just before the market makes another leg up. Movie, the author mentioned that if he is right, they would see a break to the upside soon; and in fact, the article says, we already have. If this phase continues – as the author believes it will – then Bitcoin could be on the verge of a large move up, probably into the high $70K’s.
On a larger scale, the article points out that many worldwide events and developments are also lining up to be bullish for Bitcoin, including the regulatory environment. This also extends the likely victory of Donald Trump (per the Bovada U.S. Presidential odds in the report), and the recent developments with ETFs. As recently as late 2023, there were questions about whether the crypto industry as a whole could even survive. Now there are approved Bitcoin ETFs, ETH ETFs very close to approval, and even applications for new Solana ETFs. The remarkable thing about ETH and SOl ETFs, the author notes, is that they endorse the utility of crypto.
Moreover, this means not just using it as a store of value. This endorsement for utility sets a completely different tone and environment from what has been seen in the past.
Lastly, the article says, there’s another interesting event on the horizon that could have a substantial impact on the crypto market. Inflation is indeed cooling off, and the market is now pricing in several rate cuts before the end of the year. How would this impact crypto though? Well, the author notes, there are mixed forces at play here. Historically, the first rate cut signals a recession. This precedent has been repeated almost every time throughout history – rate cuts followed by recession. However, the opposing force here is that rate cuts also provide more liquidity on the market, and the article believes that liquidity could flow into crypto because the public is aware of the bull-run crypto cycle.
Finally, the article has a couple of disclaimers as well. This includes saying that any tips, predictions, or strategies published are entirely the opinion of the author, and are not guaranteed to be correct or result in financial gain. Also, the report says to “be aware that there are always financial risks involved in gambling and it is the responsibility of the individual to place bets with or without the information provided on this website (Bovada).”
Once you are all up to speed on the latest gaming news and updates coming from Bovada, make sure to of course tap into the awesome array of info over at SBS. For even more analysis of the topic at hand, our Bovada sportsbook review guide is here to help you maximize your experience and get the most out of it if you are eligible. Moreover, if you are someone who is always on the go, you should definitely peruse the best betting apps breakdown which goes into an awesome assortment of information relating to mobile betting and more. Finally, for those looking to diversify their payment options, look no further than the payment methods rundown where you can find all kinds of outlets from cryptocurrencies to more traditional routes.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football and basketball across the country. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones. CURRENTLY Business Development and freelance sports writing RESIDES IN Reno, NV EDUCATION University of Nevada BS and MBA EXPERTISE -Sports writing proficiency in: NFL, NBA, UFC, boxing, golf, and some motor sports -Topical news -Promotional and marketing ideas/updates -Business development Summary Chris Boline serves in a business development sales capacity as his day job. He has previously held sales/marketing positions with The Applied Companies (TAC), KTVN 2 News and the NBA G League’s Reno Bighorns, affiliate of the Sacramento Kings. He is a Reno native and is a member of various community boards including the Nevada Sagebrush Alumni Chapter, NCET and the College of Business Alumni Association (COBAA). Chris graduated from the University of Nevada in 2015 with a bachelors in management and economics and also earned his MBA from Nevada in 2023. More about Chris: Past president of the College of Business Alumni Association (COBAA) 2022-23 Two-time honoree for University of Nevada Alumni Chapter of the Year (Nevada Sagebrush Alumni Chapter, 2017 & COBAA, 2021) 2021 NCET award for Professional Services Organization of the Year with TAC Northern Nevada Human Resources Association 2020 Best Places to Work-Northern Nevada, Second Place with TAC 2016-17 Reno Bighorns MVP from the Sacramento Kings The Nevada Sagebrush editor-in-chief 2013-15 Associated Collegiate Press 2015 Four-year Non-daily Newspaper Pacemaker honoree University of Nevada, Reno College of Business Dean's List honoree (5x) from 2011-2015 Nevada Press Association award for Best Sports Column – Community in 2015 Education
Read Chris's ProfileAsk Chris about this guide:
