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Bitcoiner who called pre-halving all-time high predicts $95K BTC price

Bitcoiner who called pre-halving all-time high predicts $95K BTC price

Bitcoin (BTC) will reach $95,000 "in just one move," although the timing remains uncertain, according to a new bullish BTC price forecast.

In a May 15 post on X (formerly Twitter), popular commentator BitQuant reiterated his optimism for BTC/USD.

BitQuant: Bitcoin's $95K move is "quite obvious"

Bitcoin is gearing up for an upward surge, which is expected to lead to new all-time highs and a record $95,000.

BitQuant asserts that such lofty BTC price levels are inevitable, but the exact timing is unclear. “$95K will be achieved in just one move, and that is quite obvious,” he wrote. “Will that move start today, tomorrow, or the day after tomorrow? I don't think anyone knows.”

BitQuant was reacting to analysis from Mikybull Crypto, who identified a “cup and handle” formation on weekly charts. This structure typically involves a consolidation phase following a significant run-up, a reversal, and a subsequent breakout higher.

Mikybull Crypto shares the view that this pattern will lead to a new phase of BTC price discovery, predicting an "explosive" breakout to a cycle top.

BitQuant is noted for his BTC price predictions, having accurately forecasted a new all-time high for BTC/USD before April's block subsidy halving last year.

Notably, BitQuant and Mikybull Crypto are not alone in their positive outlook. Despite Bitcoin being stuck in a narrow range for over a month and facing potential declines towards $50,000, some analysts remain hopeful. Daan Crypto Trades recently argued that worsening price action often signals an imminent explosive move, due to decreased participation, lower liquidity, and increased compression.

BitQuant also warns of challenging times ahead for Bitcoin holders as a new trend emerges. He advises those unable to endure the market's volatility to exit, predicting significant "pain" for those with weak nerves in the coming months.

As of now, BTC/USD trades at around $62,000, according to Cointelegraph Markets Pro and TradingView, marking a 13% decline in Q2 to date.

Over 1 million new crypto tokens have been launched since April

Since April, over one million new tokens have been created, with Ethereum and Solana leading the charge. Ethereum saw 372,642 new tokens, 88% of which were launched on Coinbase's layer-2 blockchain, Base. This surge in activity on Base is driven by users attracted to its low-cost environment, ideal for creating new memecoins.

Coinbase director Conor Grogan highlighted this increase, noting it doubled the number of tokens created on Ethereum from 2015 to 2023. Base’s total value locked (TVL) has soared by approximately 630% since early 2024, primarily due to the memecoin craze.

On Solana, 643,227 new tokens were launched within the same period, according to Step Finance. A significant portion, 466,914, were memecoins, as tracked by Dune Analytics on the Solana-based platform pump.fun.

CoinMarketCap has listed the 500 newest tokens added in the last 30 days, mostly memecoins. CoinGecko’s new memecoin category features over 600 coins with a total market cap of $52.7 billion, nearly half of Tether's market cap.

Grogan’s post on X sparked criticism from the crypto community, with many arguing that memecoins undermine the value of the crypto market. Critics labeled the proliferation of memecoins as harmful, citing scams and rug pulls. They argued that funds could have supported more legitimate projects instead of falling into scammers' hands.

Additionally, some described the influx of new memecoins as “spam” designed to exploit automated bots. A Cointelegraph investigation in April revealed that one in six new Base memecoins was a scam, and over 90% had vulnerabilities. Despite the controversy, memecoins were the most profitable crypto trend in the first quarter of 2024.

Vitalik Buterin's Ethereum Wallet Proposal, Scribbled in 22 Minutes, Gets Positive Reviews

After a technical proposal to improve Ethereum wallets faced opposition, blockchain co-founder Vitalik Buterin quickly devised an alternative. Reportedly, it took him just 22 minutes.

The story began last month when Ethereum developers proposed EIP-3074 for the upcoming Pectra hard fork. This proposal aimed to allow smart contracts to control certain wallet functions, part of an effort to improve Ethereum wallets through account abstraction. However, EIP-3074 received mixed reactions, with some concerns about its incompatibility with the earlier ERC-4437, active since February 2023.

In response, Buterin co-authored a new proposal, EIP-7702, as an alternative to EIP-3074. Ethereum core developer Ansgar Dietrichs, who collaborated with Buterin, stated that this new proposal emerged from a week of intensive research. Dietrichs noted that Buterin quickly wrote the EIP after their discussions.

EIP-7702 has received positive feedback and is likely to replace EIP-3074 in the Pectra upgrade. Christine Kim, vice president of research at Galaxy, observed "positive sentiment among all stakeholder groups" for Buterin's alternative. Jarrod Watts from Polygon highlighted its significant impact on Ethereum.

For now, EIP-3074 remains part of the Pectra upgrade, but it may be replaced by EIP-7702 once details are finalized. This episode illustrates Ethereum's decentralized governance, promoting dialogue and higher consensus among participants.

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