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Gate.io Blog Market Trend｜Analysts Predict BTC Could Explode By 50%,BitBoy Blocked From Tweeting Threats At FTX Class Action Lawyer

Market Trend｜Analysts Predict BTC Could Explode By 50%,BitBoy Blocked From Tweeting Threats At FTX Class Action Lawyer

21 April 12:20

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![](https://gimg2.gateimg.com/image/article/167843662920230310-162305.jpeg)
Across the past week, the cryptocurrency market has re-entered the bearish spiral the market fought to evade with the recent bullish momentum. Throughout the top 100 assets, there have been losses soaring beyond -15% as an array of cryptocurrencies bleed red which has resulted in a bearish sentiment among crypto communities.

However, there has been a range of both bullish and neutral news that has propped up communities and prevented them from diving head-first into a negative sentiment. A range of analysts has come together to hypothesize that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has the potential to recover by up to 50% based on historical recovery cycle data.

On the institutional side, it has been reported that popular crypto mogul, BitBoy, has been barred from tweeting threatening messages at FTX class action lawyers. On a similar note, the US Securities and Exchange Commission has warned advisors that they need to understand crypto and ensure it is in the clients’ best interests prior to pitching investments. 
## The Latest News
### Analysts Predict BTC Could Explode By 50%
With <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> now progressively declining following several bullish weeks, various analysts have shed some positive light that may dissipate the negative sentiment. Based on historical recovery from cycle bottom data dating back to 2018, the crypto research firm K33 has identified that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> is currently displaying a similar pattern to the one seen during the 2018/2019 bear market, the popular crypto strategist says that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> could hit the price target in about a month from now. K33 stated: “If this pattern repeats and we get this level, where I added a little red arrow… that means by May 20th or about a month from now we could be at $45,000 again”.

On a similar bullish note, an anonymous host of InvestAnswers said: “Right now, I think the long0term holders are far more committed than four years ago. And they are still unwilling to sell at the 60% drawdown that we had.”. In addition, another popular crypto strategist has suggested that if there is another banking crisis that it could further catalyze a ‘faster’ <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> rally.
![](https://gimg2.gateimg.com/image/article/16820509901.png)
BTC Recovery From Cycle Bottom 2018 vs 2022 (Image Courtesy of Invest Answers)

### BitBoy Blocked From Tweeting Threats At FTX Class Action Lawyer
After months of ongoing legal proceedings pertaining to BitBoy’s misconduct and threatening communication with FTX’s class action lawyers, a judge has ordered that the crypto mogul (otherwise known as Ben Armstrong) must stop tweeting threats at the class action lawyer who is suing him for allegedly promoting FTX. The initial lawsuit filed by the FTX class action lawyer was responded to by Armstrong with an array of profanity-laden emails and social media posts directly targeting the lawyer.

Armstrong is reported to have skipped the court proceeding to go on a cruise to the Bahamas and nonchalantly stated that he will attend court on Monday to try and get the new rules relaxed. Armstrong flouted the judge’s order from a Bahamian beach on Thursday and used this as an opportunity to promote a crypto betting company and dismiss the legal proceedings.
![](https://gimg2.gateimg.com/image/article/16820510052.png)
BitBoy Illustrative Art (Image Courtesy of The Block)

### SEC Warns Advisors They Need To Know Crypto Prior To Recommending
In a recent bulletin, the Securities and Exchange Commission (SEC) addressed financial advisors and informed them that they must have an understanding of cryptocurrency and ensure that it is in the client’s best interests to recommend diversifying their portfolios with cryptocurrencies. The SEC outlined the duty of care that financial advisors have for their clients and that as a result of misunderstanding cryptocurrencies clients could be at higher, unprecedented levels of risk.

As a result of largely ignored digital asset regulation until last year, the SEC has urged advisors to take caution, stating that: “Certain products are more complex or have additional risk features, which may make it more difficult for firms and their financial professionals to develop an understanding…So when brokers or advisors talk to customers about crypto, the advisors must ensure those they’re advising understand the products and whether crypto offerings make sense for clients’ specific financial situations.”
![](https://gimg2.gateimg.com/image/article/16820510203.png)
SEC Logo (Image Courtesy of DisabilityIN)

## Current Project Trends
Based on data provided by CoinMarketCap, the top-gaining project across the past week was UniMex Network, a project focused on offering innovative on-chain margin-trading mechanisms in partnership with <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>. UniMex Platform has increased by a substantial 707.38% in the past 24 hours and a notable total of 642.85% across the past week, leading it to reach a high of $0.04195.
## The Current BTC Trend
![](https://gimg2.gateimg.com/image/article/16820510394.png)
Weekly <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">btc price</a> Data (Data Courtesy of Blockchain.com)

<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> opened the week at a positive $30.69k and remained briefly above its 7-day SMA before immediately descending below this threshold and remaining consistently below for the entire week. The 15th led to a price plateau that remained in place until the 17th before it dipped into the lower $29k zone. The 18th led to a rebound to just above the $30.4k threshold, before a single candlestick pushed it toward $29k. This descent continued to today, where BTC is trading hands at an average of $28.18k. This performance is pushing <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> back toward lows seen throughout March.

This bearish price run appears to be indicative of a wider market decline, which has forced a majority of the top 100 into a period of negative price trajectories. As a result, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>’s valuation has decreased by 8.37% in the past week and the wider crypto market cap has declined to $1.19T, a 2.29% decrease in the past 24 hours.

In light of this, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>’s MVRV (market value to realized value) briefly inclined at the start of the week prior to an ephemeral plateau at around 1.528, before it then slid to a weekly low of 1.486, which is nearing lows seen in March. This gradual descent in MVRV indicates that BTC is moving away from realizing its value and is moving further into ‘undersold’ territory.
![](https://gimg2.gateimg.com/image/article/16820510555.png)
7-Day BTC MVRV Data (Data Courtesy of Blockchain.com)

## The Situation of ETH Staking

As of the 21st of April, the state of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> staking has grown very optimistic in light of the recently deployed Shanghai Upgrade, which has granted ETH stakers on the Beacon Chain the ability to progressively withdraw their staked <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> tokens. The upgrade has made history for the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain and provided actionable proof of its incentivization model for its stakers. However, across the past week, inflows to the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain have begun to slow following the Shanghai upgrade, with a majority of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>-linked products seeing little investment interest, with a dwindling $300k inflows in comparison to the total $114 million weekly inflow into digital assets this past week. As a result, the volume of ETH deposited to the Beacon Chain has begun to stagnate, thus disrupting the steep growth seen trajectory throughout 2023.

However, in spite of this dwindling interest in <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> products across the past week, the volume of validators has soared, thus suggesting that the network is progressively becoming more strengthened and that its capacity for staking is progressively increasing.
![](https://gimg2.gateimg.com/image/article/16820510676.png)
(Data Courtesy of Dune)

Here are some key figures from across the past week to consolidate this:

Total validators: 591,153
Depositor Addresses: 90,200
Total ETH Deposited: 16,353,927
Liquid Staking Percentage: 34.88%
Staked Share Of ETH Supply: 15.73%

## Web3 Trends
### Heavy Demand For Madlands NFT Breaks Internet Thus Delaying Mint
One of the most eagerly anticipated NFT mints in the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> blockchain’s recent history has been pushed back to Friday after an explosion of interest in the Madlands collection broke the internet infrastructure supporting it. The surge in internet traffic, which the team reported to amass ‘billions’, routed through the Backpack crypto wallet outpaced the platform’s ability, thus delaying the mint and causing turmoil amongst the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> NFT community.

## The Current Macro Situation
### Positive Start To Chinese Economy Boosts Confidence In Global Economic Recovery 
Data courtesy of the National Bureau of Statistics showed that China’s gross domestic product (GDP) grew by 4.5 percent yearly in the first quarter, surpassing the consensus forecast and marking the highest growth in a year. With the Chinese economy having recently suffered, the IMF has also projected a 5.2 percent growth rebound throughout 2023, whereas The World Bank expects China’s GDP growth rebound to average at 5.1%, both of which are in line with China’s official growth target of around 5%. As a result, China’s improving economic forecast has led to analysts projecting that this unprecedented growth level could positively correlate with the international economy and provide it with the leverage it needs to meet its growth targets in the coming quarter.

<div class="blog-details-info">
<div>Author: Gate.io Researcher: **Matthew Webster-Dowsing**
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
</div>

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ETH/USDT + 3.08%

DOGE/USDT -1.07%

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