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Bitcoin flashes strong bullish signals similar to 2017 with news of Ethereum, BNB, FTX, ARVM, SHIB, DOT, AVAX

From the opinion that Bitcoin flashes strong bullish signals similar to 2027 to Ethereum could reach $4,500 in the coming months. Here are some outstanding news in the crypto market.

Bitcoin News

Bitcoin (BTC) just flashed a signal last seen before the strong bull run of the 2017 market cycle, says a closely watched crypto strategist.

Anonymous analyst, TechDev, told his 452,600 followers on media platform

According to TechDev, the same thing happened in the early months of 2017 before Bitcoin gained more than 2,600% in less than a year.

“Bitcoin’s first breakout relative to M1 money supply since March 2017 as the index went parabolic over the past 9 months.”

Source: TechDev

M1 Money Supply tracks the loss of liquidity in the US financial system, by aggregating all cash flows including coins and currencies, demand deposits, checks and checkable deposits other.

According to TechDev, the signal shows that traders and investors are underestimating Bitcoin’s upside potential during this market cycle.

“In 2021, BTC was driven to new highs thanks to increased money supply. In 2024, it achieved that goal thanks to strong demand growth. Along with M1 growth this time, BTC can grow far beyond expectations compared to 2021.

TechDev says that BTC has the potential to skyrocket to over $400,000 in less than a year if it follows the pattern of the 2017 bull market.

Source: TechDev

Ethereum News

Ethereum made headlines last week after the U.S. Securities and Exchange Commission (SEC) officially green-lighted the launch of an Ether ETF.

Its price went through ups and downs between $3,650 – $3,950 before stabilizing at current levels around $3,800.

User X, Jelle, arguments that, ETH is consolidating above the “key support area” around $3,750, expecting “the market to hover around this area for a while, at least until Monday.”

Source: Jelle

The analyst advises investors not to “fall into boredom,” predicting a rally above the $4,500 mark in the coming months.

BNB News

Data obtained from Santiment revealed that BNB’s open interest (OI) figures soon increased to $418.54 million.

Whenever OI increases, it means traders are adding liquidity to the market. However, falling OI indicates increased position closings and liquidity exiting the market.

For BNB, rising OI could act as strength for price action. At the moment, BNB is trading above the $600 mark.

It is worth noting that the price increase created a “god candle”.

Source: Santiment

In crypto terms, a god candle is an incredible price increase that occurs over a short period of time. From the attached chart, users can clearly see that the price of BNB was fluctuating around $593, hours before the strong spike.

This increase is evidence that the growing interest in BNB has supported the uptrend. Additionally, the last time BNB made such a move, the token price touched $641.

If the bears reject the uptrend, the price could retrace to the lows of $585. However, if the bulls overcome the above resistance, BNB could head towards the $686 level.

FTX News

FTX sold its remaining 15 million shares in artificial intelligence startup Anthropic for $30/share, raising more than $450 million.

FTX initially invested $500 million in Anthropic and now has a total return of $1.3 billion. However, legal and administrative costs due to FTX’s bankruptcy have reached more than 700 million USD.

The biggest buyer in this round, global venture capital fund G Squared, bought about a third of the remaining shares, for $135 million. Venture capital funds also accounted for the majority of the other 20 buyers of Anthroponic stock.

ARVM News

Arkham (ARVM) fell 70% between March 10 and April 13, establishing a range of $1.16 to $4. Since then, ARVM has hovered around the $2.85 area , the midpoint of the said range.

The lower highs made since March 27 could be bridged through the trendline to create descending resistance coinciding with the range’s midpoint at $2.85, a level it has been attempting exceeded in the past three months.

If Bitcoin (BTC) continues to slide lower then ARVM price could be rejected from this zone of resistance confluence, resulting in a nearly 15% drop to the $2.19 to $2.33 demand zone, coinciding with the support level. Daily allowance at $2.19. This area is a good place to buy in preparation for what might happen next.

Depending on the outlook for Bitcoin, there is a high possibility that ARVM price will bounce off this level in an attempt to overcome the $2.59 barrier. If successful, the market could return to $3.22, an increase of about 47% from $2.19.

ARVM/USDT Chart – 1 Day | Source: TradingView

However, a failure to hold above $2.19 will signal a lack of interest from the buyers. Turning this support into resistance would invalidate the bullish thesis, signaling a bearish market structure. This development could cause ARVM to drop nearly 10% to return to the $1.85 to $1.98 demand zone.

SHIB News

Nearly 2 trillion Shiba Inu tokens have been moved in the past 24 hours.

However, according to IntoTheBlock’s metrics, the amount of SHIB traded by larger whales over the past 24 hours barely reached last week’s average, which is quite explainable considering the poor performance of Shiba Inu on the market in the last 24 hours.

Whale trading volume remains at normal levels. SHIB’s recent market movements are not good, consistent with the general trend.

Source: TradingView

Furthermore, SHIB’s network figures also do not bring a positive image. Both the number of active addresses and the number of newly created addresses decreased. Since there are fewer new investors entering the market and holders are no longer as active as before, this suggests there is less interest in SHIB.

In terms of technical status, upside momentum has been limited and the 50-day moving average currently serves as support. The 200-day moving average also provides strong fundamental support, which could help stabilize prices in the near term.

DOT News

Polkadot (DOT) has lost 23.6% of its value in just the past 90 days. However, according to the analysis, DOT holders may soon have reason to celebrate. One of the reasons for this forecast is the liquidation chart.

Liquidation occurs when a trader’s position is closed due to price fluctuations or insufficient margin balance. However, with liquidation heatmaps, traders can identify areas of high liquidity.

Source: Hyblock

At the moment, according to Hyblock data, there is a concentration of liquidity in the range from $7.59 to $7.7. This area is called the magnetic zone and Polkadot price can move in that direction.

If DOT touches $7.70 and buying pressure increases, the price could continue to move higher. However, if the identified liquidation level is accompanied by strong selling pressure, the price may reverse.

AVAX News

Avalanche (AVAX) price action shows no signs of directional trend as it moves sideways. The optimism generated by the breakout attempt on May 20 has diminished as AVAX continues to decline. But patient buyers may soon be rewarded.

AVAX fell 56% between March 18 and April 13 and has moved sideways since then. This six-week consolidation almost ended when AVAX surged 11.53% on May 20, breaking out and establishing a local top around $41. But the move was stopped by the bears , making this breakout a failed attempt, leading to a 13% price drop.

Currently, AVAX trades in range. Long-term investors may wait before buying at the bottom. A sweep through $31 would be a key pivotal point that could trigger multiple buy orders at low prices.

If buying pressure intensifies, AVAX could retest the range high at $39. Alternatively, the market could also attempt to retest the $47 barrier, which is the next key resistance level . This move would constitute a 47% increase and it is likely that AVAX will form a local top.

The Relative Strength Index (RSI) and Awesome Oscillator (AO) are both below their averages of 50 and 0, respectively, suggesting bearish momentum is underway. Whales tend to buy at low prices and complete accumulation.

AVAX/USDT Chart – 1 Day | Source: TradingView

Regardless of the short-term bearish outlook, the medium and long-term scenario still points to AVAX growth. However, if the asset produces a daily candle that closes below $31, resulting in the conversion of the support barrier into a resistance level, it will neutralize the uptrend.

Such a development could send AVAX back to its April 13 reversal bottom at $28, down about 10% from $31.

You can see coin prices here.

Viet Cuong

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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