$5 Trillion Cash Flow is Coming, Bitcoin Set To Hit $50k in Coming Days: Predicts BitBoy Crypto
Crypto influencer and analyst Ben Armstrong, also known as BitBoy Crypto, has suggested that Bitcoin (BTC)‘s price could double if the $5 trillion on the sidelines of the market is poured into the crypto space.
According to him, even if only 20% of the money in cash flows into cryptocurrencies, it would cause a huge price increase in Bitcoin and other digital assets.
The famous crypto figure explained that, as more investors pour money into cryptocurrencies, it would invite even more money, creating a pump and ultimately causing the price to go up. Ben added that if Bitcoin’s price begins to go up, it would encourage more people to invest in the asset, creating a bullish trend.
Quantitative Easing, Inflation, and Bitcoin’s Price
Ben’s prediction was based on the quantitative easing policy and the reversal of the inflation trend. The expert argued that the massive injection of money into the economy, combined with the policy of quantitative easing by the Federal Reserve, could trigger a rise in inflation.
However, as inflation goes up, the dollar value goes down, causing investors to turn to alternative assets like Bitcoin. Ben predicts that, given the massive amount of cash sitting on the sidelines of the market, Bitcoin’s price could increase to $50,000, almost doubling its current value.
Bitcoin Conference: A Bullish Catalyst?
He added that Bitcoin’s price typically experiences a pump around the time of the Bitcoin conference, which is scheduled for May 18-21 this year. Last year, the pump that led to Bitcoin Miami Conference almost hit $50,000, and then Bitcoin’s price plummeted to the start of the bear market. Therefore, Ben believes that if Bitcoin experiences a pump at the conference this year, it could be the start of a bullish trend for the asset. At press time, BTC was hovering around $27,800.
Bitcoin Live Price: Expert Analyst Predicts BTC Price to Hit $30,000 In Coming Week
Justin Bennett, a popular cryptocurrency analyst, has updated his outlook on Bitcoin (BTC) following its 35% surge in just five days. According to Bennett, Bitcoin could potentially surge more than 20% from its current value. He analyzed whether the recent “mind-bending pump that garnered 35% in five days” is over or if BTC has more room to run. Bennett believes that Bitcoin could potentially climb up to $30,000 if its price sees a close above $25,000.
Analyzing Bitcoin’s Next Moves
Bennett predicts that Tuesday’s pullback cleared out late longs and potentially flushed the liquidity build-up just above $23,000. He suggests that an aggressive bounce from the $23,000-$23,500 area could send BTC back to $25,200. A daily close above $25,200 would signal the next leg up toward the $28,000-$30,000 region, but this is contingent on a solid bounce from the mid $23,000 area. Bennett warns that if Bitcoin loses support at the $23,000 level, it could potentially dip down to $21,500.
BTC Rises Above $25,000 Momentarily
BTC/USD rallied to an intraday peak of $25,240.62 earlier in the day, breaking out of a key resistance level at the $25,050 zone. This resulted in Bitcoin once again rising above the $25,000 level. At the time of writing, Bitcoin is trading at $24,692, 15% higher than the same point last week. The 14-day relative strength index (RSI) is also at its strongest point since February 20, tracking at 62.54, which is slightly below the resistance point at the 65.00 mark.
Ethereum Could Rise to $2,000, Bennett Suggests
Looking at Ethereum (ETH), Bennett suggests that the smart contract platform token could potentially surge to $2,000 after achieving a close this week above $1,700. However, if ETH dips below $1,590, Bennett suggests that the lower levels of $1,500 and $1,420 are in play. Ethereum is currently trading at $1,650 at the time of writing.
Overall, Bennett’s analysis suggests that the cryptocurrency market is showing signs of bullishness, with Bitcoin and Ethereum showing potential for growth. However, it remains to be seen whether these predictions will hold true. As always, investors are advised to conduct their own research and exercise caution when investing in the volatile crypto market.
Crypto YouTuber BitBoy Vows to Dox Shiba Inu (SHIB) Founder in Coming Days
The latest Shibarium Layer 2 scandal has attracted negative attention to Shiba Inu (SHIB) and the $BONE ecosystem. With the Shibarium layer 2 developers accused of source code copyright infringement, investors have been fleeing the networks at an unprecedented rate.
In the past 24 hours, the value of $BONE has declined over 15 percent to trade around $1.29 today. On the other hand, Shiba Inu (SHIB) and $LEASH prices have dropped approximately 8 and 12 percent in the past 24 hours, respectively.
Shibarium L2 Costly Mistake
After hyping the Shibarium layer 2 launches for the past few weeks, the lead developers are accused of doing shoddy work by copying the Rinia testnet genesis file and not changing the chain ID.
Meanwhile, ShibaSwap developer Kaal has indicated that there was a mistake in not rechecking the chain ID.
“Dispelling some FUD ever since we did the Alpha network deployment, few chain IDs were picked randomly- 417(Alpha), 517(Staging), 917(pre-pod/beta) and these chain were not registered anywhere at that time, I made a mistake not to recheck when the puppynet network was launched,” Kaal noted.
Forward, the Shib developers have announced a redeployment of a new chain with a different ID.
BitBoy Dox Kusama
Following the severe misdemeanor, famous YouTuber BitBoy has vowed to reveal the real identity of Shiba Inu’s lead developer Shytoshi Kusama. While accusations are that the real identity of Kusama is SBF, BitBoy indicated that Sam was only involved in early developments.
The revelations of Kusama’s identity could have severe implications for the ShibaSwap ecosystem and its entire collection of coins.
Bitcoin (BTC) Price Might Soon Break $30k-$35K Levels In Coming Days
The price of Bitcoin had been rising steadily during the previous week and according to a well-known cryptocurrency analyst, Bitcoin (BTC) likely hit the bottom months ago, and an uptrend is now in the initial stages. Cryptocurrency analyst Tone Vays said in a new video that technical indicators are aligning for a potential Bitcoin explosion.
Bitcoin’s price likely reached its lowest point in November 2022, when it was at $15,000, according to Vays. The seasoned trader adds that the most recent price drop into the $19,000 level was a secondary pullback and a temporary trend reversal brought on by the BTC bears
But, he also observes that given the bankruptcy of Silicon Valley Bank and Silvergate Bank, the king cryptocurrency is likely to continue climbing.
“Now if you’re sitting in on a lot of Bitcoin, you may be praying for a bank run to make Bitcoin go up faster. But you shouldn’t be, because Bitcoin is going to go up anyway. This is bad enough news to make people want to buy more Bitcoin, and it’s happening in a cycle of Bitcoin where it very likely has already bottomed. And it’s happening in its giant four-year cycle with the halving looming less than a year away.”
Talking about the much-awaited Halving event, Vays said that the earnings for Bitcoin miners will be cut in half during the scheduled Bitcoin halving in February 2024. He also predicts that the Bitcoin rally should take out its immediate resistance at $25,000.
“We back-tested [$19,000], but now we need to break this [$25,000]. Once we break all this resistance, I become incredibly bullish on Bitcoin to at least this $30,000 to $35,000 area.”
With its fourth straight day of gains, Bitcoin increased 9.6% to $26,533, its highest level since June 2022. The increase was recorded at the same time as the United States Department of Labor’s newest Consumer Price Index (CPI) data for February 2023.
Bitcoin in Crossroads-BTC Price May Rise More than 40% to 50% in the Coming Weeks
Bitcoin price is displaying a diverse price action in the past few weeks wherein the uncertainty around the token appears to have risen heavily. The sudden increase in volatility has led the price to drop or surge by a double-digit margin. In doing so, the star crypto has approached some crucial levels which may decide the trend for the coming days.
The BTC price had undergone a massive price action in an inverse way and dropped below $20,000. However, the weekend surge enabled the price to register a massive 20% growth in just 3 days which is expected to prevail for a long. The price, presently, appears to have approached a critical juncture, where-in a breakout is mandatory to keep up the momentum of the rally high.
As mentioned in the above chart, the BTC price is approaching the crucial $25,000 resistance zone which is currently considered very important. A decisive breakout from these levels may trigger a massive price action which may enable a price rise of more than 40% as predicted by one of the popular analysts, Captain Faibik.
However, the traditional financial markets appear to have begun to settle as the US authorities have assured the safety of the depositor’s funds in the bank. Therefore, a slight pullback in the Bitcoin BTC) price may be expected as the investor’s FUD in the banks may ease a little. Nevertheless, it may certainly not impact the star crypto as the bulls are determined to uplift the price and trigger a significant rally ahead.
Crypto Market Crash Might Get Worst In Coming Days – Here’s Why
The recent interest rate hikes by the Federal Reserve are having a negative impact on the cryptocurrency market, which could result in a potential shift in investor sentiment away from cryptocurrencies. According to recent news from Reuters and the Financial Times, the central bank plans to start a tougher rate hike path soon.
Many analysts predict that the impact of the interest rate hikes on cryptocurrencies like Bitcoin could be severe. The higher interest rates will make it more expensive to borrow money, which could lead to a decrease in investment and spending in the economy.
This, in turn, could lead to a decrease in demand for cryptocurrencies, leading to a further drop in their value. With reduced demand, cryptocurrency investors may start to shift their attention toward traditional assets, which may result in decreased liquidity in the crypto market.
Jerome Powell, the US Federal Reserve Chair, has faced criticism from some experts for the decision to increase interest rates. Some are concerned that the move could slow economic recovery, while others worry about its impact on the stock market and the housing sector.
Additionally, some critics argue that the move is premature, as inflation has not yet reached levels that require such action. Furthermore, the rise in interest rates could have a negative impact on emerging economies, as it could lead to an outflow of capital from these countries.
The Federal Reserve’s Interest Rate Hikes May Trigger a Significant Downturn in the Cryptocurrency Market
Nicholas Merten, the host of the YouTube channel DataDash and a well-known cryptocurrency analyst, has warned that the Federal Reserve’s recent decision to raise interest rates and reduce its bond-buying program could result in a significant downturn in the crypto market.
According to Merten, the Fed’s actions could lead to reduced liquidity, increased competition from traditional assets, negative sentiment towards cryptocurrencies, and uncertainty in the market. As a result, investors could be hesitant to invest in cryptocurrencies, leading to a drop in demand and prices.
Merten added that the Fed’s plan to raise interest rates again to combat inflation could do much more harm to the cryptocurrency business. He predicted that the Fed’s new liquidity traps, hinted at in recent testimony by Chairman Jerome Powell, will cause Bitcoin’s price to go below the $20,000 mark very soon.
Merten claims that the Fed has been intentionally fostering an atmosphere of unbridled optimism in order to funnel money from the actual economy into the more liquid financial markets. Such outcomes include a steep drop in cryptocurrency prices that could take a while to recover from.
Although Merten’s forecast has been met with skepticism from industry insiders, he nevertheless recommends that crypto investors be ready for a potential market catastrophe. He said that Bitcoin bulls should be pleased to pick up BTC between $13,000 and $14,000 if it goes that low, as the past weeks have shown how entwined crypto is with traditional markets.
Overall, investors need to keep a careful eye on the situation as it unfolds and take measures to reduce their exposure. Bitcoin is currently trading at $22,095, inside the $22,000 – $22,100 range it has been in for the past few days.
Shiba Inu Death Cross On Horizon – SHIB Price Might Hit Low Levels in Coming Weeks
Amid the tensions of another market-wide downturn owing to recent developments including the Silvergate fiasco, the Shiba Inu price may continue to experience strong selling pressure in the upcoming weeks.
Shiba Inu death cross might also occur in the near future and the near-term price movement may be in danger. Since the asset is currently trading below the 50-day moving average, analysts believe that a “death cross” may shortly appear on the chart.
A death cross is a technical pattern that suggests the possibility of a significant sell-off, as is currently happening on the SHIB chart. Death crossings happen when the 200-day moving average (MA) crosses below the slow-moving 50-day MA.
They are a type of technical indicator that often signals a substantial decline in the price of the specified cryptocurrency asset.
Since hitting an all-time high of $0.0000157 on February 4, the SHIB price has decreased. A bearish divergence in the daily RSI occurred prior to the decline. The lowest price for Shiba Inu so far is $0.0000108.
Investors in SHIB should be concerned about this pattern because it suggests that the price of the asset may drop further in the near term. The price of Shiba Inu is currently trading at $0.00001, the lowest level in 40 days.
Also, the development occurs just as Shiba Inu is getting ready to introduce the beta edition of its layer 2 networks Shibarium. Thus, there is the possibility of a significant move north and the danger that it won’t happen.
Recent changes on the possible debut of Shibarium caused the price to react a little bit. One of the founders responsible for the Shibarium layer-2 blockchain is Shytoshi Kusama. Some investors are unsure of Shiba Inu’s future given the current level of interest in Shibarium.
Top Predictions for Bitcoin, Ethereum, and Ripple for the Coming Weekend
The post Top Predictions for Bitcoin, Ethereum, and Ripple for the Coming Weekend appeared first on Coinpedia Fintech News
Bitcoin(BTC) Price Analysis
- Bitcoin price had regained its spot within the symmetrical tragle after the recent surge in the first few days of 2023
- The price however, slashed hard and is testing the lower support of the triangle being on its way approaching the edge of the consolidation
- If the bulls manage to hold the price within the triangle, a notable flip may be expected else a drop may drag the price into a deep bearish well
Ethereum (ETH) Price Analysis
- The Ethereum price also underwent a massive drop as it tested the upper resistance and plunged heavily by more than 4%
The price could continue surging down and test the lower support close to $1500 that could be the last point of defense as a failed attempt may drag the price around $1360
- Meanwhile, a rebound could be triggered after testing $1500 support zone and hence a decent upswing may uplift the price again
Ripple (XRP) Price Analysis
- The XRP price has been displaying immense strength amid the ongoing bearish market trend ans sustains above the support zone
- The price dropped by more than 2% but has held above $0.36, indicating the possibilities of a bullish breakout very soon.
- With a rebound, the price may quickly head towards the upper resistance back above $0.38 and later try to breakout of the symmetrical triangle.
These Altcoins Can Breakout In Coming Week! Here Are The Levels Traders Should Watch Out
In recent times, there has been a noticeable shift in sentiment among crypto investors towards altcoins, as opposed to Bitcoin. This shift is partly attributed to the growing understanding of altcoin’s diversity and future potential beyond Bitcoin’s dominance. Altcoins, such as Tezos, SingularityNET, and LUNC, has garnered significant attention this week, which may send them to new highs soon.
Altcoin Traders Are Closely Watching These Assets!
The cryptocurrency industry has experienced a remarkably positive first quarter of 2023. The industry has exceeded expectations despite earlier projections from investors predicting a short-lived bull run at the beginning of the year. In addition, several altcoins have emerged with a transparent roadmap, surpassing Bitcoin’s dominance in the market.
Tezos (XTZ) Price Analysis
Despite the ongoing market downturn affecting most cryptocurrency prices, Tezos’ (XTZ) value has gained significant attention due to Google Cloud’s partnership. Tezos may make a bullish reversal in the coming week with a target of $1.75.
As of writing, the XTZ token trades at $1.25 with a decline of 8%. Looking at the daily price chart, the Tezos token is currently on a downward trajectory and is aiming to test its support near EMA-100 at $1.1. However, as the RSI is still in a bullish region with a spike in buying pressure, the XTZ token may rebound next week and head toward the resistance of $1.75.
SingularityNET (AGIX) Price Analysis
As AI platform ChatGPT’s popularity is constantly rising, AI altcoins like AGIX have gained enough attention to break their upcoming resistance levels in the next week. AGIX is currently trading at $0.42, with a gain of 6.5% in the last 24 hours.
On the 4-hour price chart, the AGIX token has formed a triangle pattern with the potential of breaking its 31.8% Fib level. If AGIX breaks above $0.45, it may witness an exponential surge to its Bollinger band’s upper limit of $0.66.
Terra Luna Classic (LUNC) Price Analysis
The price movement of Luna Classic is currently in an intriguing position that indicates the potential for an upward trend in the near future. However, this projection is not as simple as it appears. To initiate this bullish surge, LUNC must first overcome a resistance confluence.
LUNC price is currently trading at $0.00016 with a minor downward retracement. In late November 2022, Luna Classic’s price formed a consolidation of 31% between $0.000145 and $0.000194. As of now, the altcoin is still trading within this range without any significant movement. A breakout above the EMA-100 and $0.0002 will push the LUNC token beyond $0.00027 by next week.
Shibarium Beta Is Coming Soon: What Does This Mean For The Crypto Markets?
The Shiba Inu community is eagerly anticipating the beta launch of Shibarium, the largest meme coin’s most significant upgrade to date. Designed to support scalable Web3 protocols, Shibarium is set to enable seamless onboarding for Web3 users, including metaverse and NFT enthusiasts.
Lead developer Shytoshi Kusama has hinted that the beta launch may occur before the end of this week, which has led analysts to forecast a spike in demand for Shiba Inu tokens in the coming quarters.
Ethereum’s whales have also dramatically increased smart contract interaction with the meme coin, ranking it fourth in the past 24 hours on most used smart contracts by the top 2000 Ethereum whales, according to data by whalestats.
To read the Shiba Inu community for the upcoming launch, the Shibarium telegram official account has been locked from further messaging by Shytoshi until all documents are released. With the increased network hype, the underlying SHIB value is expected to rise following the Shibarium beta launch.
Does Shib Have A Bright Future?
As the new year crypto rally has reduced the initial momentum, some analysts anticipate an imminent price correction. However, the Shiba Inu bulls are looking to Shibarium to initiate more utility on the network and provide upside potential.
Additionally, with regulators aiming to control the speculative nature of cryptocurrencies, utility is expected to play a more significant role in future bull markets.
Ethereum Is Wary of Its Future Moves-Where Will This Lead the ETH Price in the Coming Week?
The post Ethereum Is Wary of Its Future Moves-Where Will This Lead the ETH Price in the Coming Week? appeared first on Coinpedia Fintech News
Ethereum price underwent a significant upswing during the first fortnight of 2023, gathering nearly 14 bullish candles including a couple of bearish candles too. Despite the pullback, the price respected the lower support at $1507 and rebounded fairly after each contact. However, the price is predicted to rise finely in the future ahead, but the impending price trend continues to be skeptical carrying equal possibilities of a breakout and breakdown.
The ETH price in the next couple of hours is expected to test crucial levels that may decide the future trajectory. However, the mounted bearish trend could drag the price below $1500 during the weekend. It may compel the bulls to react as the price may have reached the lower support of ascending triangle.
The price with the recent upswing was closer to testing the pivotal levels along the descending trend line. However, the fresh price slash has disrupted the bullish momentum to a large extent. Presently, the token is unable to determine the direction of its next move and hence possesses 2 possible scenarios after plunging toward the critical levels at $1340.
- The ETH price may rebound after testing these levels and head back toward the descending trend line, surpassing the pivotal resistance levels of the symmetrical pennant. Further, the price may continue to rise high, testing the higher targets and reaching $2000 initially.
- The price may also possess a possibility of a bearish reversal at critical levels. If the bulls fail to hold the price at $1340, then a steep plunge could drag the price lower to $1000, breaking the lower support of the pennant.
Collectively, the Ethereum (ETH) price is believed to be more stable compared to Bitcoin or any other asset. However, the upcoming weekend could be proven to be more crucial for the second largest crypto which may highly impact the price in the coming week.
These Altcoins Are Best Bets For Coming Week! Here’s What Traders Need To Watch Out
The 25-bps interest rate hike with a solid report on job growth in the US economy has delivered a shockwave to the crypto market. While leading assets like Bitcoin and Ethereum prices are hovering near an uncertain price point, the altcoin market is performing relatively well and fulfilling investors’ bullish expectations.
Moreover, the developing teams behind prominent altcoins are all set to bring new enhancements to the network, which may bring a fruitful ROI in the coming week.
These Altcoins Are Poised For Bullish Breakouts By Next Week
The altcoin market is currently leading the charge as popular assets like Cardano, Litecoin, and BNB are printing impressive surges in the price chart.
Moreover, the downturn in the BTC price trend has attracted whale investors to try their luck on altcoins as they seek to max out their profits with the exponential spike in the altcoins’ prices. If Bitcoin price follows its golden cross next week and begins a bull market, it may push the altcoin market to the North by 10x.
Cardano Price Analysis
As the Cardano Network is slowly approaching a major network upgrade which is the mainnet hard fork scheduled for 14 Feb, it creates highly bullish expectations in the ADA community. Moreover, on-chain analytic firm, Santiment, noted that the number of ADA transactions worth $100K had touched a 12-month high, signifying a spike in buying pressure and hype from whale holders.
As of writing, the ADA price trades at $0.4026, with a decline of 0.26% from yesterday’s price. Analyzing the daily price chart, Cardano may surprise investors with a historical trend continuation of its bull market.
As witnessed during the bull run of 2018 and 2020, ADA price made an ROI of 6,500% and 16,150%, and this year ADA may spark even more surges with bullish developments in the network. By the next week, a breakout above $0.43 may force investors to accumulate more ADA tokens and bring intense buying pressure to the price chart.
Litecoin Price Analysis
It seems that the LTC price is on a mission to touch new heights this week, as it recently broke its psychological price level of $100. Though the recent surge may tempt short-term investors to book profit, it leaves long-term holders hopeful of an extended uptrend.
As of writing, Litecoin trades at $99.79 after facing a minor rejection near $102. The RSI-14 trend line hints at a minor correction to the $90 price level to make an entry-level for bulls to strengthen next week’s bull run. If the LTC price rebounds off the 20-EMA level, it may reach Bollinger band’s upper limit of $140 by next week.
Binance Coin Price Analysis
Binance coin is building potential to jump to its next resistance levels next week as buyers are not allowing the BNB token to slip below the immediate support level of $318. However, the Stoch RSI may test bulls’ patience as it trades in an overbought region, which may initiate a downtrend to $310.
It is predicted that the BNB price may consolidate above the EMA-20 level and aim for a breakout above $350, extending its uptrend to $400.
Litecoin (LTC) Price To Rally In Coming Days! Will it Hit $100?
Litecoin (LTC) has rallied about 33 percent in the past 30 days to trade around $93.66 on Tuesday. The proof-of-work (PoW) secured digital asset enjoys over 7,365,212 holders who have made a total of 142,360,884 transactions since inception. In the past 24 hours, the Litecoin network has reported a total of 48,552 transactions with over 2.4 million blocks already mined.
However, the underlying value of Litecoin continues to trade below 2018’s ATH. On the weekly timeframe, Litecoin bulls are eyeing to push beyond $100 to retest a psychological trend line that has acted as a resistance level. If the Litecoin price bounces back to the upper side of the trend line, the multi-week bear market will be exacerbated.
However, a breakout above the trend line will see the bulls rejuvenated to revisit the ATH and possibly rally to price discovery.
Closer Look at Litecoin (LTC) Fundamentals
The PoW-secured blockchain has a total hash rate of about 667.32 TH/s and a mining difficulty of around 24.05 million. With a programmatic halving of around four years, similar to Bitcoin, the Litecoin community is expecting the next halving to take place on August 03, 2023. After the 2023 halving, Litecoin’s block reward will be reduced from 12.5 to 6.25 LTC.
As a top-traded digital asset, Litecoin could rally further fueled by a short squeeze as shown by daily liquidations. According to data provided by Coinglass, the Litecoin market has recorded a total of $1.67 million in liquidation in the past 24 hours.
Over, the Litecoin ecosystem is lagging in terms of DeFi development compared to projects like Ethereum that launched at a similar time. As such, the Litecoin long-term bulls may lack much fuel to rally more compared to other top digital assets like Cardano and Solana which have active developers.
Bitcoin Bull Market Is Coming – Morgan Creek’s Founder Predicts Positive Outlook
The cryptocurrency market has rekindled with a 25% increase in valuation, surpassing the $1 trillion mark for the first time since November 2023. The anticipation for the upcoming 2024 Bitcoin halving is fueling market sentiment, as limiting the supply of Bitcoin goes against the traditional monetary system based on fiat currencies like the U.S. dollar.
With the gold standard, the U.S. government once required a certain amount of gold to issue a dollar.
The growing interest in Bitcoin is evident with the pre-launch trading activity, and well-known investors like Mark Yusko of Morgan Creek are releasing new Bitcoin outlooks.
Bitcoin Outlook Addressed by Mark Yusko
Mark Yusko, founder, and chief investment officer at Morgan Creek, recently stated that Bitcoin (BTC) could be in the midst of a trend shift as it prepares for the 2024 halving.
Yusko just recovered the $18,000 price level and explained in a new ‘Crypto Banter’ interview that Bitcoin may already be in a sideways accumulation period.
Based on the halving cycle, he is also of the opinion that BTC is getting closer to a new bull market.
He further added that the asset dropped from $18,000 to $15,000, and then it rose to $18,000 again. Interestingly enough, if you consider the four-year cycle, spring is essentially flat, despite the fact that we built the proper cup and handle design.
According to his outlook, the fun days start shortly and the big party starts in the summer of 2023.
The spring is flat, but there is a lot of volatility, he continued, so that is the key. Things will start to get exciting when summer arrives, which typically begins in April or May, nine months before the halving.
On the basis of his forecasts, he explained why Bitcoin is such an important investment in the current market environment. According to him, the halving will take place in March 2024 and will result in a reduction of the incentives that are distributed to Bitcoin miners by a factor of the half. According to the veteran of the hedge fund industry, the incident “guarantees” that the price of BTC will increase.
Crypto Markets to Remain Highly Volatile in the Coming Week-Bitcoin Prices may Hit $25K
Bitcoin price was believed to mark the bottom somewhere by the mid of Q1 2023 as the bear held a strong grip over the market. However, the market quickly displayed a bullish divergence since the beginning of the year 2023, hinting at the beginning of a recovery phase.
Now that the crypto markets are being impacted by external events, the coming week is expected to be volatile as the FOMC is set to meet to announce the new Fed rate.
The FOMC meeting is scheduled to happen in the first few days of the week. Another couple of events are believed to take place that may not only impact the crypto space but also the traditional financial markets too. However, until the agenda of the meeting is not let out, the BTC price is believed to trade flat and spike high on the announcement as predicted by a popular analyst, Johnny Woo.
“Expecting to see something like this until FOMC. What will happen on Feb 1? Sharp increase, then, sharp decrease. It happens/ has happened every time on all FOMC days,”
Along with FOMC, GAFA financial results, US employment statistics, and big events like the earnings of Apple, Google and Amazon are to be announced. Therefore, a stage is assumed to have been set for the crypto space in the month of February wherein based on the earnings, the markets are believed to travel.
However, the speculation of a rise of 25bps or 50bps is hovering within the markets which may induce a significant bullish momentum within the crypto space. Therefore, the bears may not attempt to defend the $25,000 levels in the coming days and hence a significant breakout could be expected.
Therefore, after achieving the crucial $25,000, the bulls may undergo a sharp impulse to $27,500 to $28,000 may be expected. However, soon after achieving these levels, a massive correction may drag the price lower to $20,000 as suggested in the above chart. While the fresh rates are about to be announced, it is pretty difficult to analyze how markets may react but the volatility within the markets may rise high.
XRP Price May Hit $0.54 in Coming Month and End the Q1 2023 Trade above $1!
As the foundations for a significant rebound have emerged, the markets appear to have stuck in some crucial levels. However, Bitcoin prices appear to be hovering close to $23,000, displaying huge possibilities of rising beyond the levels soon. Besides, the XRP price appears to inculcate an independent price action as the trends await the bullish push which may be ignited by the outcome of the Ripple vs SEC case.
A popular analyst, anonymously called Dark Defender lists out the possible outcomes of the Ripple vs SEC lawsuit and its impact on the XRP price.
The analyst here provides the levels, the XRP price may reach in either of the circumstances but also believe the price may rebound quickly in case of a bearish divergence. While it is also assumed the lows at $0.22 may offer a strong base for the token, to begin with, a firm recovery where-in the bulls may load their bags before the bug run ahead.
Besides, in the short term, the analyst believes that the XRP price may defend the support and fairly rise high to reach $0.54 in February and above $1.13 in March.
Collectively, the XRP price appears to be at the edge of a massive explosion and may rise significantly in the coming days, regardless of the Bitcoin price rally.
Are Bitcoin Miners Taking Profits? Is the Crypto Rally Coming to an End?
Bitcoin miners, a crucial group in the growth and operation of the BTC network, have sprung up in different parts of the world in the past two years. According to aggregate data provided by hashrateindex, six ASIC financing deals were executed in 2020 worth $47.84 million. The following year saw 26 financing deals completed worth approximately $662.25 million. Come last year, crypto miners raised a total of $641.80 million in 18 deals.
However, the situation turned for the worst after crypto prices significantly shrunk by the end of last year. As such, several crypto mining firms have filed for bankruptcy protection with others selling rigs to pay off their debts. The situation has been worsened by the rising global inflation that has resulted in high electricity bills.
For instance, most updated Bitcoin mining rigs on average return a daily profit of about $5 depending on the location and difficulty.
Bitcoin Market in 2023
Fast forward to the fourth week of 2023, and Bitcoin price has gained about 34 percent to trade around $22.6k on Wednesday. As a result, most miners are offloading both old and newly minted coins to stay on top of their accumulated debts.
“The sentiment among miners is better than in a long time. For many bankruptcy threatened players, the sudden increase in the bitcoin price is a lifeline,” said Jaran Mellerud, an analyst at Hashrate Index.
Notably, the January 2023 Bitcoin rally has mostly been attributed to whale account accumulation in large quantities. According to on-chain analytics firm Santiment, Bitcoin whales have accumulated a total of 70k BTC in the past three weeks.
Analyst Issues Dire Warning: Is Bitcoin Bull Run Coming To End? Here’s What To Expect Next
The cryptocurrency market has seen positive sentiment in the past three weeks, with the price of Bitcoin fluctuating around $23,000 in the last 24 hours. However, key metrics from short-term and long-term holders and Bitcoin miners have provided a less clear picture of the future price action.
Notably, while Bitcoin miners have been offloading both fresh and old coins, long-term holders have been increasing their holdings in recent weeks.
As a result, the struggle between Bitcoin bulls and bears continues, with no clear long-term trend emerging. According to crypto analyst Rekt Capital, for the rally of the past few weeks to continue, Bitcoin needs to reclaim $23,300 as support.
From a long-term perspective, popular YouTube crypto analyst Benjamin Cowen thinks Bitcoin price will be in a consolidation mode for the greater part of 2023.
Bitcoin Price Analysis
In a recent address to his over 790,000 YouTube subscribers, Cowen, a crypto analyst, stated that the Bitcoin market will likely be volatile in the coming quarters.
He cited historical data, which shows that the price of Bitcoin has consolidated within a year-long range before entering into a bull market.
As such, he believes that the price of Bitcoin could reach $25,000, where it may encounter resistance. Cowen also noted that the price of Bitcoin could experience short-term fluctuations, driven by macroeconomic factors such as inflation and a potential recession.
Furthermore, he added that the narrative of a rising market may be supported by the high accumulation of Bitcoins by short-term holders. With long-term holders also increasing their holdings, the rally may continue before an eventual price correction.
Crypto Attorney Says Crypto Regulation is Not Coming to the U.S. ! Here’s Why
As the ripple-SEC litigation progresses, crypto lawyer and XRP amicus curiae John Deaton has said that U.S. crypto regulation is not on the horizon. According to Deaton, there is little chance of reasonable crypto legislation being enacted in the United States any time soon.
“I believe the 1st or 2nd Quarter of 2025 is likely the earliest it could get done and I may be being overly optimistic with that time estimate.”
The attorney continued by saying that the only way for the market to gain direction in the future would be via the legal decisions of the SEC’s policy of Regulation by Enforcement. Deaton said that the crypto community as a whole has to band together to counter the SEC’s enforcement-only approach.
Crypto Regulation in the United States
The authorities in the United States, notably the SEC, have been exerting a significant amount of pressure on cryptocurrencies and crypto firms. And the downfall of FTX certainly did not in any way alleviate the situation.
The Middle of December saw the introduction of a bill by Senators Elizabeth Warren and Roger Marshall to address the threats they believe digital assets represent to U.S. national security. One such policy would be to subject crypto firms to the same anti-money-laundering requirements as banks and other financial institutions by extending the Bank Secrecy Act to the crypto sector.
However, legislators in the nation have not yet arrived at a decision about how precisely to regulate the cryptocurrency sector, as the industry struggled with a bear market that saw the collapse of several crypto companies.
Notwithstanding, Congress has shown a greater interest in cryptocurrencies, as seen by the fact that the House Financial Services Committee, the Senate Agriculture Committee, and the Senate Banking Committee all convened hearings on the impending failure of FTX in the same month.
Top Crypto Predictions for January 2023- Bitcoin (BTC) & Ethereum (ETH) May Hit These Levels in the Coming Week!
Bitcoin price is going up today and the major altcoins have also absorbed a significant bullish momentum. During the past weekend, BTC prices surged by nearly 15%, inciting a strong bullish trend for the rest of the week.
Although the tokens witnessed a minor pullback with some consolidation, the trend continues to remain bullish. Presently, the markets are about to encounter another weekend with the possibility of producing another bullish wave during the upcoming weekend.
Will Bitcoin (BTC) Price Hit $24,500?
Bitcoin price is failing to surpass $23,000 as the bears are hindering the rally at $22,900. The past few hours witnessed significant selling pressure accumulated that was observed a couple of days ago that slashed the price by 5% then.
Moving ahead, the bears were exhausted to some extent which helped the bulls to uplift the price beyond the crucial resistance at $21,410. Further, the prices exploded and marked highs beyond $22,500 for the first time in the past 4 months.
The BTC price after rebounding from $20,500, sliced through the crucial resistance levels at $21,500 and soared beyond $22,500 marking new highs for 2023. Now the bulls appear to be perplexed as the assets are being impacted with minor bearish pressure. However, the upcoming weekend may witness a breakout after experiencing excessive price compression.
A breakout may lead the price to rise beyond $24,000 while in case of rejection, the price may test the lower support at $22,500. If failed to sustain at these levels then a drop to $20,550 may be imminent.
Ethereum (ETH) Price Poised to Hit $1700 this Weekend
After facing a rejection of $1780, Ethereum’s price dropped heavily to mark the bottom just above $1000. However, since the start of 2023, the price maintained a significant upswing and rose above $1650. Presently, the second-largest crypto is facing notable bearish pressure which may be overcome during the upcoming weekend.
The ETH price is currently trading close to one of the important resistance levels at $1657 and facing bearish actions. In case of extended bearish pressure, the price may drop toward the lower support at $1596 and ignite a rebound. However, the next price zone to cross could be between $1750 to $1770 which may clear the path toward $1800.
Bitcoin Price Surge Above $23K ! Will The BTC Bull Rally Continue in Coming Week?
It is very evident that the bulls are continuing to exert their influence as Bitcoin’s surge continues. The on-chain signals for the king cryptocurrency reveal that the overall sentiment is optimistic.
At the time of this writing, Bitcoin price is equivalent to $23,035, an increase of 9.3% over the course of the previous 24 hours and 16% over the course of the previous seven days.
Although Bitcoin is getting closer and closer to recovering its 200-week moving average, investors and traders are still very wary of the bullish BTC price movement.
Is Bitcoin Aiming for $30k?
This level of resistance is formed by the intersection of the horizontal hurdle located at $23,384 and the 200-week Simple Moving Average (SMA), which is located at $24,645. The price of bitcoin has not fallen below this SMA since June 2022, with the exception of a short period in March 2020.
The bulls are probably going to go for this hurdle as their next objective. If the price of Bitcoin is able to overcome this juxtaposition, namely by transforming $24,645 into a support floor on a weekly timeline, then the route will be clear for it to attempt to break the $30,000 threshold.
The bullish action seems to be unshakeable; nevertheless, a rejection at the aforementioned 200-week simple moving average located at $24,645 would be an important indicator for a bearish outlook. In the event that the support level of $19,301 is breached, this will serve as an additional confirmation of the bears taking over.
But like I said, the bulls seem unwavering right now. Signals are pretty strong and all technicals point to Bitcoin breaking bullish. This could very well be the end of that prolonged bear market. It might tumble a little, as it tends to, but I genuinely believe the worst is over.
March 2020-like Crypto Crash Coming in Q2 2023, Bitcoin (BTC) Price May Witness Highest Drop in History!
Bitcoin price after fluttering below $18,000 for a few months has jumped beyond the crucial resistance at $22,500. The prices are inflating heavily and appear to be at the initial stages of the bull run that may end up forming a new ATH in the near future. However, before being optimistic about the upcoming bull run, here are the possibilities of the rally being programmed and could be executed shortly.
An extract replication of 2019-2020 rally is underway where-in the first leg bouncer off from 200-day WMA initially and later the Q1 2024 crash may begin. A popular analyst, forecasts the Bitcoin price prediction for 2023 and says that the price may reach $25,000 in the next few weeks which will be followed by a massive pullback in February.
Referring to the above chart, the analyst says, there could be a continuation to $23,100 which could be followed by a pullback to $22,000. However, this plunge is believed to trigger a massive leg up towards $25,000 to accomplish the ‘2023 bull run’ and by the end of the first week of February, the bears may begin with their actions.
Bull Run Or Bull Trap? What Next For Bitcoin Price
In one of Coinpeida’s compositions, it was reported that whales have been aggressively accumulating Bitcoin. Therefore, it may not be considered a normal price jump if the volume does not appear to be real. Hence, a well-known analyst, il Capo of Crypto says that this could be the biggest bull trap ever which may foresee a major impact soon.
Collectively, the Bitcoin bull run presently appears to be a trap. No significant confirmation of bullish reversals was seen while the conditions for an intrinsic upswing have not been met. Therefore, one needs to keep a close watch on the BTC price movements as it may fade away in just the blink of an eye.
HedgeUp (HDUP), DeltaFi (DELFI) And FitMax (FITM) Coming Out Big in 2023
Crypto enthusiasts, investors, and experts will have a lot of faith in 2023. The new year promises extraordinary profits and, hopefully, the end of the bear season. Individuals are expectant and hopeful that the market is favorable enough for recovery from the crypto crash. 2022 was a pretty unhappy year for the cryptocurrency industry, and numerous portfolios have yet to recover from the significant losses.
As 2023 pans out, investors need to look out for tokens that can yield profits as the market slowly recovers. The supply of tokens in the industry is limitless, as numerous projects launch daily. What makes a token special are its innovations and what it brings to the crypto industry.
Some cryptos are well on their way to topping the market’s charts. Each of these tokens possesses unique features that add much-needed spice to the ecosystem. These tokens are HedgeUp (HDUP), DeltaFi (DELFI), and FitMax (FITM). The market will surely experience exponential growth as these tokens, especially HedgeUp, come out big in 2023.
Dive into this article to see how these tokens will yield big profits this year.
HedgeUp (HDUP) is Set to Attain Great Market Success in 2023
HedgeUp (HDUP) is a new cryptocurrency well on its way to becoming one of the most prominent tokens in 2023. HedgeUp is an alternative investment marketplace that enables investors to generate wealth by granting them access to assets outside the crypto market. The platform possesses a utility that stands out and checks all boxes for potential success.
This platform’s alternative marketplace allows investors to own fractional stakes in billionaire industries like aviation. Other assets up for investment include gold, diamonds, watches, and even yachts. It ensures that regardless of a person’s net worth, they are a part of this new world investment option.
The HDUP token stands out as the platform’s governing cryptocurrency. It is responsible for the execution of various contracts across the network. Also, with this token, investors can participate in the platform’s alternative investment marketplace. HedgeUp’s platform offers assets that are certain to appreciate, which at this moment solidifies HDUP’s utility and success rate.
DeltaFi (DELFI) aims to advance the space.
DeltaFi (DELFI) is a crypto that seeks to push the space forward with its novel design and technologies. It aims to do this by ushering in a new era of decentralized exchanges. The platform is building the world’s most efficient automated market maker (AMM) on the Solana blockchain. It brings innovation to the space with its intelligent AMM design.
DeltaFi is a platform designed for traders, market makers, and liquidity providers in the space. It is a platform with high yields, deep liquidity, and DAO governance. Its utility token, used in transaction payment, staking, and rewards, is called DELFI.
FitMax (FITM) Takes Charge of Investors’ Wallets and Health in 2023
FitMax (FITM) is a Web3 universe focused on taking care of the health of investors. This token has a 24-hour trading volume of $4,088,309, which is quite impressive for a relatively new token. With this platform, investors take charge of their health and boost their wallets.
The token, FITM, is built on the Binance Smart Chain (BSC) and seeks to incentivize users as they utilize the platform to create a healthier community. It is made possible through the collaboration of various technologies, which include augmented reality and artificial intelligence.
Conclusively, these tokens are hitting the ecosystem with a bang in the coming months. They each present the ecosystem with never before seen features that will propel it to the finance industry’s forefront. HedgeUp is the primary token to look out for as it unifies and further solidifies the economies of both worlds. HedgeUp isn’t one to miss out on!
Will Bitcoin Continue To Bring Heat In The Coming Week? Here Is What ChatGPT Suggests
The world has been shocked by the advent of AI due to its incredible effectiveness. Today, AI-powered ChatGPT, an OpenAI creation, is known for its realistic answers to even the trickiest questions. As ChatGPT can be used to write articles and poems and handle multiple tasks with great accuracy, many wonder about its use cases in the cryptocurrency market.
ChatGPT is designed to provide Pine scripts (code) that are compatible with the trading view, paving an easy way for traders to develop their own trading strategies with 100+ indicators to identify the trend of a specific digital asset, such as Bitcoin.
Here Is How ChatGPT Responded To Bitcoin’s Price?
ChatGPT has been the headline in the crypto market as it has become a hot sensation in providing price prediction or technical analysis of a crypto asset. However, when the AI is asked for a market prediction, it vehemently refuses to provide any trading guru advice and advises traders to invest at their own risk. However, the AI can provide Pine scripts according to traders’ requirements and can be added to the chart on trading view to develop the best strategy.
Hence, Coinpedia asked ChatGPT to generate a pine script to identify the current trend of BTC. According to ChatGPT, if Bitcoin’s rate of change (ROC) is above 0.05, it signifies an uptrend and vice-versa. As Bitcoin’s ROC moves around 24, ChatGPT indicates an extreme uptrend in the BTC price chart.
However, ChatGPT’s pine scripts are not compilable yet to run on trading view, but one can train themselves to prepare analysis on the market. Coinpedia stretched its extent and experimented with ChatGPT’s analysis by asking to generate a script using RSI, Stochastic RSI, and Simple Moving Averages (both short and long).
With the given analysis from the platform, we compared it with Bitcoin’s price, and it hints at a downward correction ahead as the Stochastic RSI trades above 80, and the RSI-14 indicator is>70. Hence, ChatGPT advises exiting long positions as the current trend may bring downward volatility. Moreover, the smaShort crosses below the smaLong, which may push Bitcoin below $20K again.
On the other hand, ChatGPT suggests going for short positions if the RSI-14 drops and trades just above 50, keeping the Stochastic RSI same as before at 80. Traders may go for long positions again if both Stochastic RSI and RSI-14 drop below the level of 20 and 50, respectively, meaning Bitcoin needs to trade below $20K.
Bitcoin Bull Trap: BTC Price To Hit News Lows in Coming Months Warns Analyst
Popular and pseudonymous cryptocurrency analyst il Capo of Crypto (Twitter: @cryptocapo) believes an imminent capitulation is awaiting the industry despite the recent Bitcoin rally above $21k. Addressing his 705.6k Twitter followers, the analyst highlighted several scenarios for top crypto assets. Generally, the analyst indicated that the base consolidation in the past few months is weak to guarantee a strong parabolic crypto move.
As such, a crypto market correction below the previous lows is imminent according to the analyst.
“Bitcoin is in a ltf parabolic move. But there’s a problem for bulls. This move is already overextended. The base of the parabola was weak, and when this ltf trend breaks it often results in sharp declines and full reversals,” the analyst indicated.
In conclusion, the analyst indicated now may be a good time for short-term traders to protect profits before a $12k surprise. Moreover, Bitcoin price already broke the 2017/2018 ATH, which is a strong factor in bearish sentiment.
Bitcoin and Crypto Market Outlook
The crypto market has enjoyed relief from FTX and Alameda’s fallout and also the 2022 bear market. The Ethereum (ETH) market has surged over 21 percent in the last seven days to trade around $1,565 on Monday. Nonetheless, the asset is still 67.7 percent lower than its ATH set on November 10, 2021. The bitcoin market, on the other hand, is down approximately 69 percent from its ATH.
Meanwhile, the Solana ecosystem is enjoying the crypto FOMO rally with a modest growth of about 145 percent in the past fourteen days. While Solana network was the most hit by the FTX implosion – down over 90 percent since ATH – Santiment believes the recent rally is fueled by liquidated shorts.
Dogecoin to See a Massive Surge Soon? DOGE Price To Surge 30% In Coming Days
Dogecoin (DOGE), the most popular meme token in the world, had an unexpected increase in value a few days ago, which prompted excitement among supporters. Nevertheless, its duration was not very long at all. As this article is being written, the value of the token has decreased by around 2% in only the last twenty-four hours.
In recent times, the DOGE cryptocurrency has not been doing all that well in general. But we shouldn’t throw away all of our optimism just yet. A well-known market expert forecasts that the value of dogecoin will shortly skyrocket dramatically.
DOGE Will See a Surge Soon
Cantering Clark, a well-known pseudonymous analyst, recently informed the followers of his Twitter account that despite the fact that the 24-hour chart for DOGE is now negative, the top meme currency is actually bullish since it has continued to remain above its multi-month support level of about $0.07. At the time of this writing, one DOGE is equivalent to $0.0752.
The expert predicted that cryptocurrency traders would ultimately invest their profits from trading altcoins in Dogecoin, which would trigger a surge toward his goal price of $0.10, which would be a 30% increase in the current price.
His words were:
“There is simply no way that we see sector rotations and sustained pumps without seeing DOGE catch a bid. Multi-month value is holding as support. Lows back through November probed and then reclaimed. Looks good for much higher.”
Could 2023 Be DOGE’s Year?
After Dogecoin’s (DOGE) price hit a difficult patch in the previous months, crypto traders and investors have been attempting to anticipate what the future holds for the dog-themed meme coin this year.
Particularly noteworthy is the fact that significant cryptocurrency investors (known as “whales”) have lately started paying attention to Dogecoin. On the other hand, the token’s trading volume has dropped by approximately 40% in the previous 24 hours.
These Altcoins Can See Massive Bull Run in Coming Months
A bullish start to the day! It looks like the bulls are gradually capturing the crypto market as the majority of the currencies are flashing green signals. The world’s first cryptocurrency, Bitcoin has successfully surpassed $17,000 area while Ethereum is trying its best to maintain its trade above $1,300 level.
The similar pattern is followed by other major altcoins which also includes lesser known currencies like Decentraland (MANA), ApeCoin (APE) and Frax Share (FXS) that are struggling for some bull run.
Meanwhile, a closely followed crypto trader and analyst, Cantering Clark is claiming a major bull run in the days to come. The analyst informs his 156,700 Twitter followers that Decentraland (MANA) which is a metaverse protocol is currently at a short bear squeeze.
He claims that MANA is about to see some major upward movement. Short squeeze is nothing but an event which occurs when traders who purchase asset’s few units for a certain price with a hope to sell them for lower price are eventually forced to buy the assets as the asset moves against their prediction
Currently, MANA is selling at $0.3929 after a fall of 2.74% in the last 24hrs.
Next, Clark talks about ApeCoin (APE) and states that APE which is a native token of Bored Ape Yacht Club will continue its upward swing after the recent bull run. The analyst also says that if GameFi and metaverse continue their bullish momentum, APE will definitely see a big rally ahead
At the time of writing, APE is changing hands at $4.81 with a plunge of 0.67% over the last 24hrs.
Frax Share (FXS)
The last currency that has caught the trader’s attention is Frax Share (FXS) where he strongly argues that FXS is about to form a bottom after which a breakout can be expected.
At the moment, Frax Share has lost 2.53% over the span of 24hrs and is now trading at $5.42
More FUD Coming Warns Binance CEO Changpeng Zhao – Here’s What’s Happening
CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao, has taken to Twitter to address the speculations doing rounds on the internet about ‘Binance bleeding assets worth $12 billion.’
The CEO said that he will ignore the report and also advised the media house to get an app to check the crypto market.
He wrote, “Think they may need an app to check the crypto market. Alright, will do 4, and ignore from here.” When someone questioned him about why he gives attention to the FUD, CZ write,
“Working in it (ignoring). But when sweeping Twitter to see what our community is up to, sometimes, can’t hold back to comment. Will try to improve.”
Regarding the 4, he is referring to in his tweet, CZ is talking about his new year resolutions. A few days ago, he took to Twitter and said that he will keep 2023 ‘simple.’
He said, “Will try to keep 2023 simple. Spend more time on less things. Do’s and Don’ts. 1. Education 2.Compliance 3. Product & Service 4. Ignore FUD, fake news, attacks, etc. In the future, would appreciate if you can link to this post when I tweet “4”.
Forbes now erases the report
Forbes reported earlier that Binance was bleeding in assets. The research delves deeply into Binance’s financial situation, covering everything from BUSD stablecoin activities to the BNB token’s overall state of health.
Over $360 million of the exchange’s reported $12 billion in losses over the past sixty days came on Friday, January 6 according to the report.
According to Nomics, BNB token is down about 37% from a year ago. Forbes believes that the exchange lost $3 billion annually as a result of ceasing to charge fees for spot bitcoin trading during the bear market.
In addition, Binance has lost $3 billion in assets over the previous week, or 4% of the company’s total holdings, according to Nansen.
Solana’s Excellent Start of the Year is Coming to an End, SOL Price Might Drop To $12 Soon?
The traders who experienced unrealized losses owing to the FTX collapse were charged up by the most recent Solana price rally. Since the FTX-related liquidity problem in November, the price of the Ethereum competitor has been steadily declining.
Although the cryptocurrency is now in a bullish overall trend, it is uncertain whether a further surge will occur soon. Bitcoin has finally crossed the significant $17k mark, sending green waves across the market.
Returning to Solana, the coin has shown a very exceptional start to the year as the network’s native cryptocurrency SOL had a significant rally over the past few days. According to the expert who correctly predicted the bottom of Bitcoin’s bear market in 2018, Solana may be preparing for a big retracement. According to analyst Smart Contracter, Solana’s excellent start to the year has probably come to an end.
“Over 112% move from the lows on SOL in a clear V reversal, five-wave impulsive move. One of the clearest I can see across the board, actually. Over the coming weeks, I’d anticipate an ABC correcting that whole run, probably between 25%-35%, but it will likely be a dip to buy.”
The Elliott Wave theory, a technical analysis used by Smart Contracter, seeks to forecast future price movement by observing crowd psychology, which frequently manifests in waves. The theory states that a bullish asset often corrects (ABC wave) following a five-wave advance.
According to the chart of Smart Contracter, at the 0.618 Fibonacci level, SOL is expected to decline below $12. At the time of writing, Solana is trading at $16 and is down by more than 5 percent.
Alex Krüger, an economist, likewise believes that the recent price hikes for SOL are likely coming to an end. Krüger asserts that the shorts that propelled SOL’s rally have already been destroyed.
“Bears wiped out. SOL funding markets back in balance. Think still has room to go, but the outperformance phase is mostly behind.”
What’s Next For Bitcoin (BTC) & Ethereum (ETH) Prices in the Coming Week?
Bitcoin price has been tirelessly working to surge beyond $17,000, which has become a new point of control in recent times. After being stagnant for nearly a month, the volatility has marked its bottom and pushed the long-term holders into a deep loss while short-term holders extract small profits. However, in the upcoming week, Bitcoins’s efforts may be materialized as it may record the 2023 highs above $17,000 between $17,120 and $17,215.
The BTC price in the short-term is trading within an ascending triangle, largely considered bullish. The price has been constantly testing the immediate resistance close to $17,000 multiple times and facing constant rejections. However, with a single acute bullish push, the price is expected to break above the resistance. However, as the trade is yet to reach the apex, a pullback within the same triangle could be imminent.
Therefore, the Bitcoin price this week may continue to hover below the crucial resistance at $17,000 and if the bulls get exhausted, an interim pullback below $16,500 is quite possible without extreme bearish pressure.
The Ethereum price, on the other hand, is displaying huge strength compared to Bitcoin and possibly may rise to its desired target at $1300. The ETH price is soaring significantly high with frequent pullbacks which are reducing the possibilities of extreme bearish action. Moreover, the bullish volume also has accumulated to a large extent that may keep up the upswing throughout the weekend.
The ETH price is rising, forming constant bullish flags since the beginning of 2023. Therefore the current pullback may drag the price a little lower which may trigger a notable upswing in the next few hours. With a notable upswing, the Ethereum price may eventually rise back to $1300 anytime in the coming week.