DUBAI, UAE, Aug. 14, 2024 /PRNewswire/ -- Bybit, the world's second-largest crypto exchange by trading volume, in collaboration with BlockScholes, is pleased to announce the release of its latest Crypto Insights Report, titled "The Bitcoin Rally May Not Yet Be Over." This report provides details of Bitcoin's current bull cycle, offering fresh perspectives on whether the rally has reached its zenith or if more gains lie ahead.
Key Highlights:
The report delves into multiple dimensions of Bitcoin's market behavior, from historical price action to macroeconomic correlations, and offers a thorough checklist to gauge the potential longevity of the current bull cycle.
Historical Analysis Suggests Rally May Persist
The report highlights that Bitcoin's current bull market, spanning approximately 624 days, remains relatively modest compared to previous cycles. With a current trough-to-peak ratio of 3.5x, significantly lower than the 20x observed in prior cycles, the report suggests that the rally may continue for another 350 days before surpassing previous peaks. Historical patterns reveal that Bitcoin's price cycles often extend beyond initial expectations, providing a cautiously optimistic outlook.
"Bitcoin's price movements often defy simple patterns, and our analysis indicates that the current rally may still have room to run," said Nathan Thompson, lead tech writer at Bybit. "By leveraging historical data and macroeconomic insights, we aim to offer our clients a clearer view of the market dynamics shaping crypto's future."
Macro Factors and Institutional Influence
The report also examines the disconnect between traditional macroeconomic indicators and Bitcoin's price behavior. Historically correlated with loose monetary policy and a weaker U.S. dollar, Bitcoin has shown resilience despite the absence of these conditions. Moreover, institutional demand, mainly through Bitcoin Spot ETFs, has played a crucial role in driving price movements, with recent shifts in ETF flows closely mirroring Bitcoin's market dynamics.
Halving Cycle and Market Sentiment
Bitcoin's performance following halving events has traditionally been strong, suggesting that the current cycle might extend further. Additionally, despite recent downbeat market sentiment, historical data from derivatives markets indicate that such sentiment dips often precede further gains rather than signal an end to a bull run.
Download the Full Report
For a comprehensive analysis and in-depth findings, download the full report [here].
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 39 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.
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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Bybit Report Suggests Bitcoin Rally Could Extend: Insights from BlockScholes
Bybit Report Suggests Bitcoin Rally Could Extend: Insights from BlockScholes
Bybit Report Suggests Bitcoin Rally Could Extend: Insights from BlockScholes
SHANGHAI, Sept. 20, 2024 /PRNewswire/ -- At HUAWEI CONNECT 2024, Executive Director of the Board of Huawei and CEO of Huawei Cloud Zhang Ping'an delivered a keynote speech "Thrive with the Cloud: Reshaping Industries with AI". Zhang states that enterprises must seize opportunities in the intelligent era and use AI to build competitive advantages. The key is to adopt an AI-native mindset now.
First, enterprises should actively embrace AI, open up industry scenarios, and develop enterprise AI platforms. This will enable AI to serve their core business. Today, Huawei Cloud Pangu Models have been applied in more than 30 industries and 400 scenarios.
Second, AI computing power is critical. Enterprises need to build AI-native cloud infrastructure that matches their requirements. Zhang officially released CloudMatrix to interconnect and pool all resources including CPUs, NPUs, DPUs and memory. It marks an evolution from monolithic to matrix compute. CloudMatrix comprises an AI-native cloud infrastructure in which everything can be pooled, peer-to-peer, and composed, providing enterprises with abundant AI computing power.
Third, data quality determines the effectiveness of AI models. We need to build knowledge-centric data foundations to enable data to serve AI better. Huawei Cloud has fully upgraded DataArts to provide customers with AI-oriented and knowledge-centric data foundations. The updated features include AI+data convergence engines, data development and governance, knowledge services, and AI+data application enablement services.
Fourth, build suitable AI models based on business applications. We must abandon the misconception that larger models are better. It is not feasible to address all needs with just one foundation model. Pangu Models 5.0 are available in different sizes, with parameters in the billions, tens of billions, hundreds of billions, and trillions. The complete series of Pangu models meet practically all business application needs.
In addition, Huawei Cloud's Pangu 5.0 models enhance spatiotemporal controllable generation (STCG) in the field of multimodal generation. For autonomous driving，the Pangu model can generate driving scenarios that accurately mirror the physical world. It can generate videos that reflect normal driving scenarios, random road conditions and accidental and aggressive driving, allowing automotive enterprises to train autonomous driving more efficiently.
Huawei Cloud officially released the Mainframe-to-Cloud Solution, designed to help customers develop new core systems on the cloud with high availability, easy O&M, and better agility, helping customers achieve 99.999% financial-grade high availability. Currently, most banks in China have chosen Huawei to build their new core systems on the cloud.
Tao Jingwen, Huawei's Director of the Board and President of the Quality, Business Process & IT Mgmt Dept, recounted Huawei's digital transformation journey. Huawei has developed a methodology, which can be broken down into three layers, five phases, and eight steps. The three layers are redefining intelligent business, AI model development and delivery, and ongoing optimization of intelligent applications. The five phases are identifying suitable scenarios, reshaping processes, transforming organizations, optimizing corporate data, and adopting AI applications.
Bruno Zhang, CTO of Huawei Cloud, presented insights on how Huawei Cloud is leveraging AI to reshape data centers, infrastructure, and cloud services. He also addressed the construction of an AI-native cloud designed to accelerate intelligence in industries. The "1+N" Pangu assistant system, unveiled by Mr. Zhang, signifies a new era in cloud service interaction. The system includes Pangu Doer, and the myriad use cases in product R&D, data analytics, security, and office collaboration, where Pangu models are trained using the scenario-specific data, know-how, and practices to enhance cloud services and boost efficiency with tailored AI.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Huawei Cloud: Thrive with the Cloud and Reshape Industries with AI
Huawei Cloud: Thrive with the Cloud and Reshape Industries with AI
