Here’s When Traders Can Expect Bitcoin Bull Run 2023 – Arthur Hayes Predicts Timeline
Despite recent fears about the US regional financial crisis, the crypto market has shown signs of stability, suggesting a correction phase after two big gains since 2023. The US debt ceiling deal has prevented another Bitcoin price spike, but industry analysts are confident about the cryptocurrency market’s future.
Despite the turbulence in the banking sector, Bitcoin has demonstrated resilience, maintaining a steady course amidst regional banking concerns. This stability has provided a sense of reassurance to investors and traders who closely follow the cryptocurrency market.
Arthur Hayes, renowned for his expertise in the field, has presented a pragmatic forecast for Bitcoin’s growth in the coming months. Recognizing the importance of patience and monitoring the actions of the US Federal Reserve, Hayes suggests that the bullish path for Bitcoin could gain momentum by October 2023. His analysis centers around the potential impact of increased dollar liquidity on the US economy, leading to the acquisition of risk assets like Gold, Bitcoin, and AI tech stocks as he mentioned in his blog post.
Understanding the Factors Behind
Notably, Hayes’ projection takes into account the current economic landscape and potential market catalysts. By assessing the influence of the US Federal Reserve’s interest rate policies and the broader implications of dollar liquidity, he suggests that Bitcoin’s growth is likely to align with these factors.
Late in Q3 and early in the Q4 of 2023, Hayes expects the real Bitcoin bull market to commence. Despite acknowledging the possibility of price fluctuations, Hayes firmly states that retesting the $20,000 mark or similar levels is unlikely.
Based on Hayes’ predictions, it is reasonable to expect Bitcoin’s price to remain within its current range, with a potential floor above the $23,000 mark even in the worst-case scenario. It is crucial for crypto investors to consider Hayes’ forecast alongside the countdown to the Bitcoin halving event, scheduled to occur before June 2024, aligning with the timeframe he has provided.
Bitcoin Price Prediction For June 2023: Here’s What Traders Can Expect
The post Bitcoin Price Prediction For June 2023: Here’s What Traders Can Expect appeared first on Coinpedia Fintech News
Renowned Bitcoin trader Bob Loukas recently shared his insights on the price action of BTC for the month of June. Loukas maintains a bearish view of the Bitcoin chart, emphasizing the presence of a well-structured 4-year cycle in its early phase.
He believes that a potential pullback to the lower $20,000 level in June would present an excellent opportunity for investors. Loukas’ forecast seems to align with the current market conditions, considering that Bitcoin recently experienced its first negative month in 2023.
#bitcoin. Imagine still being bearish on this chart.
Perfectly structured 4yr cycle in the early phase.
A pullback in June to the lower $20k's would be a tremendous gift. pic.twitter.com/pfIuIGkCj2
— Bob Loukas (@BobLoukas) June 1, 2023
Analysts suggest that as liquidity tightens due to the raised U.S. debt ceiling, the cryptocurrency markets are bracing themselves for a possible downturn. This is attributed to the Federal Reserve’s ongoing process of winding down its balance sheet and replenishing the U.S. Treasury general account. These actions will result in the removal of hundreds of billions of dollars from the financial system, potentially exerting downward pressure on cryptocurrency prices in the coming months.
Earlier in the year, the optimism surrounding the Federal Reserve’s decision to pause rate hikes contributed to the rise in the prices of risk assets such as stocks and cryptocurrencies. Bitcoin, being the largest cryptocurrency in terms of market capitalization, reached a peak of $31,000 during this market-wide crypto surge.
Bitcoin News : Here’s Why BTC Price Is Dropping Today?
In a sudden turn of events, Bitcoin (BTC), the leading cryptocurrency, took a nosedive and plunged close to the $27,000 mark earlier today, signaling a wave of selling pressure in the crypto market. Bitcoin’s price tumbled to a low of $26,978 before showing a slight recovery, but it remains volatile as it continues to trade.
May Blues: Bitcoin Set for Worst Month Since November 2022
May has been a catastrophic month for BTC is down by 3.09% within the last 24 hours and is currently valued at $27,110. The current decline comes after Bitcoin briefly managed to climb above the $28,000 level during the extended holiday weekend. Unfortunately, the overall market sentiment appears to be waning as many cryptocurrencies are witnessing losses. Ethereum, Solana, and Cardano, in particular, suffered drops of up to 3%.
On the other hand, this recent price drop has also set Bitcoin on course for its worst month since November of last year when the FTX exchange faced difficulties. It is also on track to register its first negative month since 2023. Presently, Bitcoin has experienced a 7.3% decrease in value throughout May.
Earlier this year, Bitcoin witnessed a remarkable 84% surge in value from January 1st to mid-April, briefly reaching an all-time high of $31,000. However, this meteoric rise has since dwindled to 64%.
Factors Influencing the Market
Factors such as a lack of liquidity and a restrictive monetary policy have contributed to a dampening of interest in cryptocurrencies.
The recent decrease in cryptocurrencies can be attributed, in part, to traders carefully evaluating the implications of the U.S. debt-limit agreement. Congress is under pressure to adopt the agreement before June 5th, the date by which the U.S. might potentially default. Should the deal receive approval, it could result in a flood of bill sales, draining liquidity from the market.
Furthermore, traders are closely monitoring the statements made by top Federal Reserve officials. Loretta Mester, the President of the Federal Reserve Bank of Cleveland, recently commented that there is currently no compelling case to halt the tightening of liquidity measures.
The cryptocurrency market continues to be a rollercoaster ride, with Bitcoin’s recent drop serving as a stark reminder of its volatility. As market participants brace themselves for potential further fluctuations, the fate of Bitcoin and the broader crypto market hangs in the balance.
Ripple News: XRP Price Poised For 500x Rally. Here’s Why
The post Ripple News: XRP Price Poised For 500x Rally. Here’s Why appeared first on Coinpedia Fintech News
XRP has finally broken free from a two-year downtrend, sparking hopes of a potential surge that could leave investors cheering. In the midst of a market downturn, XRP stands out with gains while others face losses.
In the past week, it defied the trend, climbing 11.51% as assets like BTC and ETH struggled. Accompanying this positive momentum are two significant surges in XRP address activity, setting historical records.
Back in 2014, XRP rallied to $0.03 before facing a bearish trend for two years. Then, in April, history repeated itself as XRP broke free, resulting in an impressive 504x surge within a year. Could lightning strike twice?
Currently trading at $0.5077, XRP is pushing toward the $0.52 mark. Analysts suggest that breaking above $0.52 and $0.54 resistance levels could propel XRP smoothly to $0.90. CryptoBull, a crypto analyst, shares this sentiment, while Egrag emphasizes the need for a daily close above $0.55 for the rally to continue.
While we can’t predict the future, XRP’s recent performance is undeniably promising. Investors should stay informed, track the charts, and follow expert analysis. The cryptocurrency market is volatile, and surprises are always around the corner. But with XRP’s strong performance and potential, the journey ahead promises to be thrilling for XRP investors.
XRP has broken free from a two-year downtrend, showcasing its strength amid market declines. With recent gains, historical patterns, and expert analysis, the stage is set for a potential surge. At $0.5077 and aiming for the $0.52 mark, XRP investors are eagerly watching for the next move. Buckle up and enjoy the ride as XRP aims to make its mark once again!
Are Sellers Shorting Bitcoin Before A Big Move? Here’s What To Expect From BTC Price Next
The crypto market is currently witnessing a rollercoaster ride, and Bitcoin is leading the pack. Following an accord to elevate the U.S. debt ceiling, Bitcoin (BTC) ascended beyond the $28,000 mark. However, despite this rise, the cryptocurrency seems poised for its initial monthly decline since December. Currently, analysts and traders are expecting selling pressure in the BTC price chart as Bitcoin faces rejection near the much-anticipated resistance level at $28K.
Bitcoin Sparks Possibilities Of Increased Volatility
Glassnode, in its most recent blog post, portrays the Bitcoin market as balanced, with a likelihood of heightened volatility looming. The analysis indicates that the market is bracing for a surge in volatility.
With the deceleration of momentum in the Bitcoin market, the Monthly Realized Volatility has dipped to 34.1%, falling beneath the 1-standard deviation Bollinger Band. This period of subdued volatility, representing just 19.3% of the market’s history, hints at a potential spike in volatility in the near future.
Moreover, on-chain activities, encompassing transactions related to deposits and withdrawals from exchanges, have experienced a periodic downturn. The recent activity has seen a 27.3% decrease compared to the past half-year, suggesting a notably subdued level of investor engagement.
When examining Bitcoin’s short liquidation metric, a recent surge to $40 million was observed as Bitcoin managed to break through multiple resistance levels starting from $27K. This metric is crucial as it represents the value of short positions that have been forcibly closed due to sudden price increases, causing losses for those betting against the market.
This trend indicates that Bitcoin’s upward movement beyond the $27K mark is activating stop-loss orders for sellers.
This sentiment suggests that the recent price movement of Bitcoin has caught short sellers off guard, forcing them to exit their positions and potentially driving the price of Bitcoin even higher.
What To Expect From BTC Price Next?
The inability of bearish traders to pull the price beneath the immediate support level of $25,871 has sparked robust purchasing activity from the bulls. They managed to propel Bitcoin back into the symmetrical triangle pattern, although higher levels are drawing in sellers. As of writing, BTC price trades at $27.6K, declining over 0.04% in the last 24 hours.
Sellers are making efforts to halt the recovery at the triangle’s resistance line. However, if the bulls prevent the price from dropping below the 20-day EMA at $27,318, it could increase the likelihood of a breakthrough above the resistance line. If this occurs, the Bitcoin price might surge to $30,000, followed by a potential rise to $31,000.
On the downside, the first support level to monitor is the 20-day EMA. If this level is breached, it could indicate that bearish traders are selling during price rallies. Consequently, the pair could plummet to the crucial support zone that lies between $25,810 and $25,250.
Ethereum Faces Strong Rejection Above $1.9K! Here’s The Next Level For ETH Price
Despite several macro challenges, Ethereum (ETH) has been displaying continuous upward momentum and a potential of reaching the $2K mark. However, recent market trends have seen Ethereum face a strong rejection above the $1.9K mark, causing ripples among long-term holders and traders. The rejection at $1.9K was not entirely unexpected. The crypto market has been in a state of flux, with Bitcoin, the market leader, also experiencing similar price resistance.
Whales’ Profit Taking Sentiment Causes Selling Pressure
One significant element contributing to the selling pressure on Ethereum is the profit-taking sentiment among Ethereum whales.
A prominent Ethereum holder transferred a substantial sum of 23,080 ETH, equivalent to roughly $44 million following the cryptocurrency’s price escalation above $1,904. This move indicates that significant stakeholders are beginning to capitalize on their gains in light of Ethereum’s recent price surge.
The average price at which the whale withdrew Ethereum hovers around $1,820. This figure is considerably lower than the most recent peak price, implying a cautious strategy towards risk management and a tendency to secure profits during times of price appreciation.
Moreover, analyzing on-chain data, Ethereum’s withdrawing transaction metric has been declining following ETH’s recent big red candle. The metric is currently at 81K level which was last seen in January.
Withdrawal transactions are the transfer of Ethereum from exchanges to personal wallets. High withdrawals suggest investors are holding ETH privately, possibly anticipating a price rise. Low withdrawals imply more ETH is stored on exchanges, often indicating upcoming sales.
A decline in Ethereum withdrawal transactions can therefore exert downward pressure on the ETH price. This is because when large amounts of ETH are kept on exchanges, it increases the supply of Ethereum available for trading. If the demand does not match this increased supply, it can lead to a surplus of ETH on the market, which can subsequently cause the price to drop.
What’s Next For ETH Price?
Ether has been in a declining wedge pattern for several days. On May 25, despite bears’ efforts to lower the price to the wedge’s support line, bulls bought the dip aggressively, evident from the long candlestick tail. As of writing, ETH price trades at $1,892, gaining over 2% in the last 24 hours.
However, ETH price today witnessed a massive selling pressure, plunging its price from a high of $1,927. Bulls are now attempting to maintain the price above the 20-day EMA at $1,842. If successful, the ETH price could climb to the resistance line at $1,930. This is a crucial level to monitor as a break above it could trigger a rally to $2,000.
However, if the price drops from the current level or drops below the 38.6% Fib channel, it will indicate that bears are still dominant at higher levels. This could result in the ETH price remaining within a bearish region for a few more days.
Bitcoin (BTC) Price Might Surge 40% In Coming Weeks – Here’s Why
After heightened fears of falling below $26k last week, Bitcoin managed to pull off a bullish trend over the weekend. According to the latest crypto market data, Bitcoin price exchanged around $28k during the early Asian trading session on Monday, up approximately 2.5 percent in the past 24 hours. Similarly, the altcoin market managed to rally behind Bitcoin over the weekend led by Ethereum. As a result, the total crypto market capitalization jumped approximately 2.2 percent to about $1.21 trillion on Monday.
U.S Debt Crisis
The sudden reversal in the crypto market over the weekend is largely attributed to the announcement that the United States government will raise its national debt to avoid defaulting for the first time. Notably, the rise in national debt only means higher inflation as the Fed will be compelled to print more money to accommodate the rising national debt.
Nevertheless, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement that the government will cut spending along the way.
“It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone,” Biden noted.
Bitcoin Price Analysis
According to a popular crypto influencer Lark Davis, Bitcoin price is poised for higher gains in the coming days. In his latest analysis, Davis noted that Bitcoin price has reclaimed the 50-day EMA after 20 days of trading below it.
As a result, the analyst expects Bitcoin to replay a similar move to the one in early March.
“The last time we had a big fat green candle pumping up over the 50-day EMA the price of Bitcoin rallied by 40% in the following weeks,” Davis noted.
Here’s What Next For Bitcoin & Ethereum Price This Week – Expert Reveals Critical Price Levels
Crypto enthusiasts are eagerly watching Ethereum (ETH) and Bitcoin (BTC) as a top analyst, Justin Bennett, shares valuable insights on their current status.
Ethereum at $1,890 next week?
According to Bennett in his recent tweet, Ethereum is at a critical point of around $1,835. This level controls ETH’s next move. Will it rise above $1,890 next week? Will they resist? Ethereum is currently valued at $1,831, below Bennett’s important threshold. However, breaking above $1,835 might push Ethereum to $1,890 in the coming week, while resistance could spell a struggle.
Ethereum’s price is currently at $1,831, close to this critical level.
Bitcoin Price Analysis
In relation to this, Bennett highlights the importance of Bitcoin’s performance in today’s close in his recent Daily Price Action newsletter. It’s all getting heated as Bulls are striving to reclaim the $26,500-$26,700 range and the daily close will provide crucial insights into the market’s direction. The crypto community eagerly awaits the outcome.
GM fam. ☕️$BTC bulls are trying to reclaim that $26,500-$26,700 area today.
Daily close will be key!#Bitcoin https://t.co/N87DeO7DEc pic.twitter.com/2deq4ZPD2G
— Justin Bennett (@JustinBennettFX) May 26, 2023
Notably, Bitcoin’s recent close below $26,500 which happened first time since mid-march, a support level held for months, has raised concerns. Currently, BTC is testing this level as resistance, with bulls aiming for a close above it. If successful, the $26,500-$26,700 range may regain its status as support. However, if BTC fails to reclaim this range, a potential decline towards $25,000 is projected by the analyst.
The trajectory of Bitcoin, if it tests the support level, depends on how the market responds to the channel support and the $25,200 horizontal level. Bennett advises against ruling out a reclaim this week, considering the market’s indecisiveness in recent times. A daily close above $26,500 and $26,700 would confirm a false breakdown and pave the way for $27,600, with a potential liquidation cluster at $27,800.
Here’s What Next For ETH, LINK, MATIC & PEPE Price
The total market capitalization for the altcoin industry has consolidated around $566 billion after the January rally saw an increment of $100 billion from last year’s ATL. The Ethereum (ETH) market has held dominance of more than 38 percent in the altcoin industry with its valuation at around $218 billion on Friday.
Bitcoin Dominance Trends
With Bitcoin dominance showing a lot of indecisiveness in the next move around 48 percent, crypto traders have no option than wait for a clear signal.
Moreover, Bitcoin’s dominance is a significant factor when considering the next move in the altcoin market. Typically in the crypto bear market, money tends to rotate from Bitcoin to the altcoin industry due to low capital inflow from new investors compared to bull rallies.
When considering these altcoins, it is worth noting that Ethereum (ETH) is large-cap, Polygon (MATIC) and Chainlink (LINK) are considered medium-cap, whilst Pepe (PEPE) is small-cap. As a result, it is prudent to consider the diminishing return concept when analyzing each of the altcoins.
On Friday, the Ethereum price hovered around the pre-Shanghai levels despite the overall crypto bearish outlook. Having closed last week in a Doji candlestick pattern, there is a high chance the king of smart contracts and the DeFi ecosystem will end this week around the same level. However, if Bitcoin price slips below $26k in the coming days, Ethereum bears will be rejuvenated to push around $1700.
The Chainlink (LINK) precariously held on a support level of around $6.2 on Friday. Nevertheless, the bears have the upper ground in the short-term, despite ranging between $9.4 and $5.4 since June last year.
As for this Ethereum-scaling network, Polygon (MATIC), the price jumped about 3 percent on Friday after consolidating around $0.86 during the week. Nevertheless, the MATIC price will have to break above the 50 MA and the logarithmic downtrend to confirm a bullish outlook.
The frog-themed meme coin, Pepe, has in the past three weeks been in a correction mode after rallying to ATH earlier this month following the listing on Binance. The meme coin has in the past two days found a temporary support around $0.00000145.
Ripple Vs SEC Lawsuit May End By Mid-July: Here’s The Latest Update
The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) could be coming to an end soon, with experts suggesting a decision may be reached by mid-July.
The Judge in the Ripple case has been making major rulings about every 9 weeks (Sept. 29, Dec.19, March 6, May 16). And the only major ruling left is on Summary Judgment.
That comes out to mid-July.
NOT a prediction. JUST a pattern. https://t.co/jUM5GNG7Th
— Jeremy Hogan (@attorneyjeremy1) May 25, 2023
Observing a Pattern in Timing
Legal analyst Jeremy Hogan has noticed a pattern in the timing of important rulings made by Judge Torres in the SEC v. Ripple case, occurring about every nine weeks. Based on this pattern, Hogan predicts a potential decision in July, although he emphasizes that it’s not a definite prediction but an observation of the trend.
Ripple CEO’s Optimism and Concerns
Ripple CEO Brad Garlinghouse shares this optimism and believes a verdict will be delivered within this year, possibly in a few weeks. He points to a recent ruling by the judge, which denied the SEC’s request to hide certain information related to a controversial speech by former SEC official Bill Hinman.
Garlinghouse sees this as a win for transparency and expects the release of notes and emails tied to the speech around June 13. However, he expresses concern that the SEC’s focus on politics over sound policy is causing entrepreneurs and companies to seek opportunities in other countries.
Implications for the Cryptocurrency Industry
The Ripple vs. SEC case carries significant implications for the entire cryptocurrency industry. The SEC filed a lawsuit against Ripple in December 2020, claiming the company conducted an unregistered securities offering through the sale of its cryptocurrency, XRP. Ripple strongly denies these allegations and argues that XRP should be considered a currency, not a security.
The outcome of this legal battle could have a broad impact on how cryptocurrencies are regulated in the United States. A favorable ruling for Ripple could provide clarity and set a precedent for other digital asset companies, encouraging innovation and alleviating regulatory concerns. On the other hand, a ruling in favor of the SEC could strengthen the regulator’s authority and lead to stricter oversight of cryptocurrencies, affecting not just Ripple but the entire crypto industry.
As the case nears a potential resolution, the cryptocurrency industry eagerly awaits the outcome. The decision could shape the future of Ripple and its cryptocurrency, XRP. However, it’s important to remember that legal proceedings are unpredictable, and the final decision rests with the judge, who will carefully consider the arguments and evidence presented by both sides.
While the possibility of a decision in July, based on the observed pattern of previous rulings, brings hope to Ripple and XRP supporters, the outcome of the SEC v. Ripple case remains uncertain. The implications for cryptocurrency regulations in the United States hang in the balance, and the industry awaits the judgment that will undoubtedly impact the future of digital assets.
Tornado Cash vs. U.S. Treasury – Coinbase’s CLO provides clarity! Here’s what you need to know!
Tornado Cash, an open-source privacy tool used by many cryptocurrency owners, has fallen foul of Treasury sanctions. The plaintiffs are now challenging these sanctions, arguing they’re being applied incorrectly. Paul Grewal, Chief Legal Officer of Coinbase, has provided some clarity on the ongoing legal tussle between Tornado Cash and the U.S. Treasury in his Twitter thread.
All the four arguments outlined by Grewal essentially point towards one central issue: the government’s attempt to apply a property sanctions statute to open-source software, which, according to the plaintiffs, is a misuse of the law. Is it feasible or even valid to apply traditional property law to a decentralized, blockchain-based system?
Fourfold arguments against sanctions
“The plaintiffs make 4 points here, but they all come down to the same problem. The Govt. is trying to ban the use of open-source software using a property sanctions statute. Because this isn’t what the law was meant to do, they can’t make the law fit this case.” Paul Grewal
The challenge to these sanctions centers on four key points. Firstly, they argue that owning Tornado Cash’s digital token (TORN) doesn’t necessarily make one a member of the entity “Tornado Cash.” In other words, just because you own the token, doesn’t mean you’re part of the organization.
Secondly, the challenge questions whether these open-source, immutable smart contracts are “property” in the legal sense. Traditional law says property is something that can be owned, controlled, or changed – but these smart contracts can’t be.
Thirdly, the plaintiffs assert that neither the founders, developers, nor TORN token holders have a ‘property interest’ in these smart contracts. It’s like saying you can use a public park, but you can’t claim to own it.
Finally, they argue that by sanctioning Tornado Cash, the government is essentially impinging on free speech rights. Users of Tornado Cash use the software to protect their privacy while making important donations – actions that are protected by the First Amendment.
Also, read – TORN Token Surges 10% Amid Attack Reversal Proposal
Cryptocurrency needs basic legal requirements
Grewal also clarified that the plaintiffs are not demanding special rules for cryptocurrency, as suggested by the government. They are only seeking that the government meets the basic legal prerequisites that Congress outlined before restricting access to a privacy tool that protects legal purchases and donations.
This legal battle raises some thought-provoking questions. Should traditional property law apply to open-source digital assets? Can ownership be defined in the world of decentralized technology? And does protecting digital privacy fall under the First Amendment? Only time will reveal the answers!
XRP Price is Breaking Below $0.45! Here’s Next Support For XRP
As traders navigate an uncertain global financial landscape, Ripple’s XRP token isn’t immune to the shockwaves reverberating through the crypto markets. The price of XRP has notably slipped below the critical support level of $0.45, causing a stir among traders and investors. This significant drop can largely be attributed to the current bearish sentiment surrounding potential interest rate hikes and the looming US debt ceiling crisis, which have started affecting the altcoin market significantly, and thus, the XRP price.
XRP Outshines But Fails To Hold Momentum
In an unexpected twist, XRP, Ripple’s native digital coin, has ascended past Bitcoin (BTC) to become the most traded asset on South Korea’s largest cryptocurrency exchanges, Upbit and Bithumb, in terms of trading volume.
Remarkably, for two days running, XRP, currently ranked as the sixth-largest cryptocurrency by market capitalization, has managed to steal the limelight from Bitcoin in trading volume. This event signifies the burgeoning popularity of XRP amongst Korean investors, potentially indicating a shift in the overall crypto market dynamics.
As it stands, XRP holds the top spot as the cryptocurrency with the highest daily trading volume. It chalked up approximately $208 million on Upbit and $50 million on Bithumb in daily trading volume. In contrast, Bitcoin saw a trading volume of $96 million on Upbit and $27 million on Bithumb over the past 24 hours.
XRP’s ascent to prominence can be credited to multiple variables. Central to this has been Ripple’s tactful collaborations with prominent Korean financial entities, including GME, South Korea’s preeminent remittance service firm, and leading exchanges.
Furthermore, the anticipation of the SEC failing to uphold pivotal arguments has further buoyed this optimism. If this expectation materializes, it could potentially catalyze a surge in XRP’s price, propelling it to unprecedented levels.
XRP Steeply Declines From $0.45
This week started off on a promising note for XRP, with the digital asset trading comfortably above $0.45. However, bearish sentiment trapped bulls, plunging the price below 23.6% Fib level. As of writing, XRP price trades at $0.4491, declining over 2.5% in the last 24 hours.
The market bulls have struggled to push XRP past the prevailing downtrend line, and initiated a steep decline near the EMA-50 trend line at $0.45. This signifies a shift towards a bearish sentiment, with market tops being seized as selling opportunities.
The 20-day EMA is slowly beginning to trend downwards, and the Relative Strength Index (RSI) is situated within the negative zone. This suggests that the easiest route is likely downward. If buyers manage to push the price from $0.43 and send it above the 50-day EMA of $0.45, XRP’s value could gain momentum, potentially soaring as high as $0.47.
However, if the price slides below $0.44, it may begin a downturn that could pave the way for a drop towards the crucial support zone near $0.4.
Bitcoin Rally: Here’s When BTC Price Will Surge Above $40k
It appears that all the leading cryptocurrency experts are currently eyeing the $40000 target for BTC. The king currency is currently trading sideways in consolidation, so, it is quite possible that the predictions that have manifested recently may hold some ground.
Kaleo’s Target: Bitcoin At $40,000
Kaleo, a widely followed pseudonymous analyst, has taken to Twitter to share his insights with his loyal followers. According to him, Bitcoin is on the verge of a strong rally that is expected to endure until July, following a prolonged period of choppy price movements.
Also Read: Whales & Sharks Accumulate Stablecoins; Will Bitcoin & Ethereum Continue Choppy Trend?
What has caught the attention of market observers is Kaleo’s assertion that Bitcoin is in the process of reclaiming a crucial high timeframe (HTF) support level. After experiencing a temporary dip below this level, Bitcoin’s current price behavior suggests a recipe for an imminent and potentially violent spike in value.
Kaleo explains, “Reclaims of deviations below HTF support usually cause dramatic upside swings. At $27,700, I’m watching.”
Bitcoin’s Recipe for An Impressive Spike
Buoyed by this analysis, Kaleo confidently predicts that Bitcoin will not only surpass its current value of $27,300 but will soar past the $40,000 mark by July. If his projection materializes, it would represent a remarkable 46%+ increase in Bitcoin’s value within a relatively short timeframe. Kaleo confidently sums up his expectations, stating, “One last leg up.”
Ethereum’s Resilient Outlook
Kaleo also weighs in on the future prospects of Ethereum (ETH), the leading smart contract platform. He believes that Ethereum will waste no time in reclaiming the highly coveted $2,000 level, urging it to “Run it back to $2,000 with haste.” This assertion adds an additional layer of optimism to the crypto market, as Ethereum enthusiasts anticipate a swift recovery and renewed momentum for the platform. ETH is currently trading at $1,855, with a 2.1% surge in the past 24 hours.
This Might Interest You: Bitcoin Price Prediction 2023, 2024, 2025, 2026 – 2030
Bitcoin News: BTC Price Might Take A Major Hit In Coming Days, Here’s Why
The previous decade saw a trend where buying the dip and riding the typical corrections in Bitcoin proved to be profitable. However, it is unlikely that this strategy will continue to yield positive results in the future. According to analyst Nicholas Merten, there is a growing concern about the potential dangers in the upcoming years when it comes to trading and investing in Bitcoin, cryptocurrencies, and stocks.
The recent weakness in the short term, as indicated by the cumulative volume Delta and market order flow, suggests a shift in market behavior. People are now withdrawing their Bitcoin holdings and converting them into cash, indicating a decrease in liquidity and a lack of enthusiasm to buy the dip. This shift is not solely due to stablecoin liquidity issues but is also related to changing macroeconomic factors, particularly global central bank liquidity
He also discusses the historical trend of bond yields over the past few decades. He explained that there has been a downward trend in bond yields since around 1988, with interest rates on government bonds decreasing from an average of around 8-9% to just 0.5% over the past 30-35 years.
The analyst said, “If Bitcoin is rallying from sixteen thousand to twenty six thousand, right, what do you think Jerome Powell is thinking right now? What do you think’s going through his mind when he sees Financial assets propping up like this? He sees that there’s still too much money in the system, too many people speculating and buying assets that they don’t really need to be buying right now during what should be a recession or contractionary period.”
Merten highlights the impact of central bank actions, particularly the Federal Reserve (Fed), in lowering interest rates and implementing stimulus measures during periods of economic downturn. However, the recent increase in bond yields, as represented by the blue flip on the U.S. 10-year yield chart, poses challenges for investments such as Bitcoin, cryptocurrencies, meme stocks, and Dogecoin.
Litecoin Trades Near Most Anticipated Level At $90! Here’s What Traders Can Expect Next
As the specter of the US debt ceiling looms larger than ever, market uncertainties continue to grow, leading to cautious behavior among traders and investors worldwide. Amid the economic turmoil, several crypto assets are now trading on the verge of a crucial price level and altcoin traders are questioning the next possible move. Litecoin’s present scenario finds the asset flirting with a much-anticipated $90 threshold. With this feat, Litecoin is generating a strong momentum that is igniting a renewed interest and optimism among traders.
Litecoin Is Significantly Undervalued
A key on chain metric indicates that Litecoin (LTC), currently ranked 12th in terms of market capitalization, seems to be trading at prices below its perceived value. At the time of writing, Litecoin’s Market Value to Realized Value (MVRV) Z-score is in negative territory. According to data analysis firm Glassnode, a score below zero suggests that the cryptocurrency is trading at a value that is lower than its estimated fair value, implying an undervaluation.
According to data from IntoTheBlock, a leading on-chain data analytics platform, Litecoin’s network has exhibited substantial growth this year. The volume of transactions has witnessed a remarkable surge of almost 400%, and about half of the total LTC supply is currently held by retail users. An impressive 60% of LTC holders are enjoying significant profits, and nearly 3.9 million wallets have maintained their LTC holdings for more than a year. In addition, the coin’s hash rate has increased by 25%.
Set to occur on August 10 this year, the much-anticipated Litecoin halving event, often colloquially referred to as ‘halvening,’ will see a programmed reduction of mining rewards by 50%. Much like its counterpart, Bitcoin, this event is predicted to be beneficial for Litecoin. It will inherently make LTC more scarce, potentially driving up its value.
Will LTC Price Make A Big Move Near $90?
In spite of the existing bearish sentiment in the crypto market, Litecoin has distinguished itself as a strong contender. Although the LTC price has seen negligible fluctuations in the past 24 hours, a closer look at the weekly chart shows a promising 4% increase.
Litecoin achieved a noteworthy milestone when it crossed the pivotal $90 price mark, indicating a positive trend in its value. As of writing, the LTC price trades at $91.4, surging over 0.5% in the last 24 hours.
Litecoin’s price faced a hurdle near the $95 resistance mark following a consistent rise. This led to a minor downward adjustment, with LTC trading below the $92 level. If bulls clear the hurdle above 23.6% Fib level at $93-$95 region, a slow increase may occur to the next resistance level at $100.
Litecoin Halving Event Sparks Frenzy: Here’s What Investors Can Expect
A crucial halving event for Litecoin, a popular cryptocurrency known for its faster block generation and Scrypt algorithm, is scheduled to take place on 10th August 2023.
As the cryptocurrency community gears up for the significant event, it has observed a series of intriguing, yet expected, activities. These include a surge in conversations across social media platforms about cryptocurrency and its forthcoming halving event. This heightened discussion indicates a growing interest among individuals who are considering investing in Litecoin before the halving takes place.
Growing Interest In Litecoin
Around May 1st, people started talking more about the Litecoin halving event, and two weeks later, the excitement really grew. This can be seen as the time when more people discovered and got interested in the event. Forums and online started buzzing with increased interest, reminding traders that the halving event was only three months away.
Insights from Experts
According to a market intelligence platform’s report, Litecoin’s price is expected to experience initial upward movement followed by a period of stabilization.
As the halving event draws nearer, the report suggests a potential resurgence of excitement and anticipation, potentially leading to another price increase.
Additionally, the report indirectly recommends monitoring key indicators like large transactions, exchange order books, and trading volume, as it highlights the possibility of a whale or big investor involvement in driving the price upwards.
If the trend of rising transaction volume continues, it could indicate that big players are starting to invest in Litecoin.
How Can The Whales Impact The LTC Price?
Huge investors or “Whales” wield considerable power to influence the price of Litecoin due to their substantial holdings. Capitalizing on their advantageous position, these investors can employ various strategies to impact the market.
One approach involves strategically purchasing a substantial amount of Litecoin, generating heightened demand for the cryptocurrency. This surge in buying activity can exert upward pressure on the price, potentially resulting in an increase.
Furthermore, their significant holdings allow them to create scarcity by limiting the sale of Litecoin. By reducing the available supply, their scarcity can stimulate heightened demand, consequently influencing the price to rise.
In fact, the tactics available to these influential investors are abundant, and they may even resort to market manipulation techniques. For instance, they can place sizable buy orders to create a false perception of increased demand, thereby influencing market participants’ behavior.
Bitcoin Holds Steady At $27K Despite US Debt Default Concerns! Here’s The Next Level For BTC Price
Global financial markets are anxious about potential fallout from a US debt default. Meanwhile, Bitcoin, the leading cryptocurrency, remains steady, maintaining momentum around $27K, creating ambiguity about its next steps amid economic turmoil. As talks remain at a standstill over raising the US government’s $31.4 trillion debt ceiling, stirring financial market jitters, some analysts are breaking away from popular opinion. They warn that a potential agreement could cause a downturn in the cryptocurrency market.
Bitcoin Settles In A Tightest Price Range
Glassnode, an on-chain analytics company, reports a significant lull in crypto market activity recently. Despite anticipated market fluctuations, Bitcoin, the largest cryptocurrency by market cap, has maintained a remarkably consistent price range for several months.
The graph indicates a 3.4% difference between the highest and lowest prices from the week leading up to May 21. This noteworthy stability persists even amidst ongoing worries about the soundness of U.S. regional banks and the nation’s debt ceiling.
When the debt ceiling is eventually raised, the Treasury is expected to replenish its cash reserves by issuing more government bonds. This could potentially drain liquidity from the system and apply upward pressure on bond yields. As increased issuance often leads to lower prices and higher yields, Bitcoin (BTC), which typically moves counter to bond yields, might be affected.
So, while an agreement could alleviate significant economic uncertainty, assets such as Bitcoin, which lack ties to the tangible economy and rely heavily on fiat liquidity, may actually face challenges.
According to several commentators, Bitcoin attracted safe-haven investments during the banking crisis in March, while other interest rate-sensitive assets like tech stocks also thrived, as traders anticipated early Federal Reserve moves towards rate reductions. Essentially, Bitcoin continues to be a risk asset predominantly influenced by liquidity.
What To Expect From BTC Price Next?
Bitcoin has been experiencing limited price fluctuations in recent days. Typically, such restricted ranges are succeeded by an expansion in range, leading to pronounced trending movements. Glassnode observed that Bitcoin’s seven-day price range is similar to situations in January 2023 and July 2020, both periods that were followed by significant market shifts.
The bears have effectively protected the 20-day EMA, yet failed to drive the price down to the key support at $25,000, implying that bulls are capitalizing on minor price drops. BTC price is currently trading at $26.8K, declining over 0.21% in the last 24 hours.
As long as the price remains above the immediate support of $26,358, the bulls will strive to propel the price back into the symmetrical triangle pattern. Success in this could imply market rejection of lower levels, potentially enhancing the chances of a rally to the resistance line, which might again pose a significant challenge for the bulls.
In contrast to this scenario, if the price dips and breaches the $26,358 mark, it would suggest a supply surplus. This could then cause a potential drop to the critical $25,500 level.
Memecoin Hype Fades As PEPE Continues To Decline! Here’s What Next For Pepecoin Price
In a whirlwind period of speculation and hype, the world of cryptocurrency was recently taken by storm by a new breed of digital currencies: memecoins. A key player that stood out in this field was Pepecoin, or PEPE, which has now witnessed a significant decline, marking a potential turning point for the memecoin market. However, like any market riding on the waves of speculation, the bubble has now seemingly burst. The phenomenal rise of Pepecoin appears to have been replaced by a swift and relentless decline, forcing SHIB and DOGE to touch the bottom levels.
Memecoin Momentum Experiences A Slowdown
The crypto market has recently experienced a significant slowdown, with meme coins bearing the brunt of this downturn. Amidst investors’ caution concerning their investment choices, cryptocurrencies such as PEPE, SHIB, and DOGE have seen a persistent decrease. This trend suggests a potential conclusion to the brief surge in meme coin values witnessed in April.
Meme coins are currently facing significant adversity as they experience widespread depreciation. This applies to both large-scale and niche meme coins. A case in point is PEPE, a meme coin that gained prominence in April, which has seen more than a 60% drop from its record-high value in early May. Even in the last 24 hours, it has registered a further loss of 7.5%.
The downward trend in PEPE token value reflects a similar pattern across the entire meme coin universe. Metaphorically, the distinctively green hue of the PEPE logo and those of other meme coins designed in its image seems to be shifting towards red, mirroring the current market trend.
What’s Next For PEPE Price?
PEPE’s price activity is experiencing a downturn today, following a significant surge on Sunday that had the whole crypto community buzzing. As rapidly as its prominence soared, it started to diminish on Monday, wiping out all of its gains from Sunday.
PEPE must maintain its stand at the critical price point of $0.00000147, which served as a crucial technical milestone on May 13 and has already provided support twice since that date. As the descending red trendline approaches, one can anticipate increased pressure at this level. If there’s a breach below this line, the price could potentially drop toward $0.00000116. As of writing, PEPE price trades at $0.00000153, declining over 6% in the last 24 hours.
The Relative Strength Index (RSI) is currently trending upwards towards a neutral position, indicating that there might still be ongoing buying activity, and a shift in momentum may be possible. This suggests that the bulls are beginning to gain control and could potentially breach the descending red trendline. If this happens, the price could aim for $0.0000018, with the subsequent price target being set at $0.000002.
USA Faces Massive Cash Crunch: Here’s How The Debt Crisis Threatens Crypto Investors
The United States hit its maximum debt limit of $31.4 trillion on January 19. Treasury Secretary Janet Yellen has cautioned that if Congress fails to raise or suspend the debt ceiling, the country may face a cash shortage by June 1. Reaching the debt ceiling implies that the government cannot borrow additional funds.
Impact of The US Debt Crisis on Bitcoin
Coin Telegraph’s Marcel Pechman hosted a show that discussed the impact of the United States debt crisis. As the government rapidly exhausts its funds, there are concerns. Pechman suggests that the government might resort to displaying desperation, aiming to frighten the public into pressuring Congress for a debt ceiling increase. The risks include a potential government shutdown, default, bankruptcies, and stock market crashes as individuals rush to sell assets for cash.
In this situation, Pechman suggests that Bitcoin may experience a significant decline of 40% to 80% within a few days. However, there is one critical factor to consider: why would investors keep large cash positions once the situation has stabilized? The moment the government increases the debt and creates more money, the value of the debt immediately falls.
How Will Crypto Investors Be Impacted?
According to Pechman, this news should initially worry Bitcoin and cryptocurrency investors because the younger audience plays a significant role in driving demand for these assets.
If the United States fails to raise the debt limit on time, it could have severe consequences. Americans may not receive important government payments such as Medicare benefits, Social Security checks, tax refunds, and payments to government employees. Furthermore, the country’s unemployment rate could rise by 4%, reaching up to 9%, if the issue remains unresolved.
Moreover, it could also affect the global financial markets and the financial security of numerous families and workers. Consequences may include a decline in the country’s creditworthiness, leading to higher interest rates. Vital funding for public health, pandemic response, government food assistance, and veteran benefits could be disrupted. Additionally, investors in the stock market would face direct consequences from a potential default.
Also Read: Bitcoin Live Price: Top Analyst Reveals BTC Price Action For The Upcoming Weeks – Coinpedia Fintech News
Bitcoin Price Analysis: Pullback Or Surge? Here’s What’s Next For BTC Price
Bitcoin’s position in the crypto world is indisputably crucial. As the first and most significant cryptocurrency, its market moves heavily influence the crypto landscape. Renowned crypto analyst, Kyledoops, shares insights into Bitcoin’s current market dynamics and potential short-term future trajectories.
Bitcoin’s Range Low and High
Kyle emphasizes that Bitcoin traders should vigilantly observe its market movement. Even if Bitcoin’s price dips below the $25,000 level, a quick recovery would demonstrate a swing failure pattern. This pattern indicates resilience in the face of temporary market dips and suggests that Bitcoin’s range low could be around $25,000. Conversely, the range high could be at the $34,000 to 35,000 level.
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The critical factor, Kyle points out, is to anticipate multiple scenarios. Traders should be prepared for unexpected turns and have a plan for every eventuality. Essentially, trading Bitcoin requires a strategic mindset akin to a chess player.
Pullback On The Charts?
Kyle points out how the 50 and 200 Exponential Moving Averages (EMA) have acted as a resistance for Bitcoin’s price. After the ‘death cross,’ where the 50 EMA crosses below the 200 EMA, the Bitcoin price fell. If Bitcoin starts to pull back from these levels, a continuation to the downside may be expected.
He also anticipates a possible price refill around the $26,000-$26,500 level due to an imbalance in the market. This occurrence could create a sweep into that area, marking a potential buying opportunity for traders. However, if the Stochastic RSI starts to turn down, the momentum may shift to the downside.
Bitcoin was worth $27,361 at the time of writing this article.
Bitcoin ‘Flipping Frenzy’: Here’s Why June 2023 Could Ignite A Massive Bull Rally
Renowned crypto analyst James Altucher, the owner of InvestAnswers, offers a thought-provoking perspective on Bitcoin, providing valuable insights into the current market situation.
Altucher highlights an intriguing scenario in the cryptocurrency landscape. Despite the Fear Ingredient Index, a measure of market sentiment, remaining relatively neutral last week, there is an observable disconnect between Bitcoin’s performance and that of other cryptocurrencies.
While the conventional Season Index suggests an ongoing Bitcoin season, a comparison between Bitcoin and altcoins over the past week paints a different picture. Altcoins, ranging from Litecoin to Ethereum and Dogecoin, appear to have outperformed Bitcoin.
Related: Is it a Good Time to Buy Altcoins? – Coinpedia Fintech News
This unexpected occurrence is reflected in Bitcoin’s decreased market dominance, challenging the validity of the Season Index. With less than 11 months remaining until the next Bitcoin halving event, James Altucher emphasizes the importance of this milestone.
Anticipated to take place around April 14th, 2024, the Bitcoin halving event will effectively halve the supply of Bitcoin mined from blocks. Historical trends suggest that this reduction in supply could catalyze a significant increase in Bitcoin’s price.
Impact of US Recession and Quantitative Easing
Simultaneously, Altucher points out the likelihood of a recession in the US around the time of the halving. He predicts that this could lead to quantitative easing, which essentially expands the money supply. The combination of this influx of capital and the reduced supply of Bitcoin post-halving could further stimulate the price of Bitcoin, making it an attractive asset for investors.
Historical Indicator of a Bitcoin Rally
Altucher draws attention to a recurrent pattern in Bitcoin’s price action. He refers to a notable trend where the long-term holder realized the price of Bitcoin surpasses the Bitcoin realized price. This phenomenon, known as ‘the flipping,’ has historically resulted in a significant Bitcoin rally. Interestingly, this event tends to occur in June, a pattern observed since 2012, with the exception of 2020 due to the pandemic-induced market crash.
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Will History Repeat Itself in June 2023?
As we approach June 2023, Altucher raises the question of whether history will repeat itself. If the flipping occurs this June, it could potentially signal the beginning of another rally, challenging the validity of the old adage “sell in May and go away.”
Lido DAO Price Jumps Over 50% in a Week, Outperforms BTC & ETH Price- Here’s Why
Lido DAO, the Ethereum-dependent Liquid Staking Derivatives (LSD) platform, is spearheading the altcoin surge today with a significant increase. As the indigenous token of the platform, it has demonstrated considerable value to Ethereum stakers even before the Shapella Upgrade, leading to its recent notable price performance. Additionally, the recent network upgrade has sparked bullish sentiment among long-term investors.
LDO Price Witnesses Massive Inflow
The recent surge is driven by the positive momentum in the Lido ecosystem, triggered by the roll-out of Lido V2. This significant upgrade, which has been under development for an extended period, introduced two key features – withdrawals and a staking router – upon its activation.
The recovery in LDO’s price is concurrent with the recent net positive influx into Ethereum’s proof-of-stake (PoS) contract. For example, the net amount of ETH staked in its PoS contract stood at 19.27 million ETH on April 11, just a day before the Shapella upgrade.
This figure dipped to 90,704 a week later, before steadily rebounding, based on data from Nansen. As of May 16, the Ethereum PoS contract held over 20 million ETH, highlighting the rising demand for liquid staking service providers such as Lido DAO. This likely boosted the price of its governance token, LDO, fitting well into the narrative.
The upswing in LDO’s value was also backed by large-scale Lido DAO holders in the days preceding the Lido V2 launch, as per data from Lookonchain. This could imply that the “buy the rumor” strategy potentially played a role in the price surge of LDO.
What’s Next For Lido DAO Price?
The present price behavior of the LDO token reflects significant enthusiasm among Lido DAO ecosystem investors, triggered by this recent upgrade. Data indicates that large-scale holders, or ‘whales’, commenced a notable accumulation phase approximately a week prior.
Analyzing from a technical perspective, LDO’s 50% resurgence originated around the lower trendline of an existing falling wedge pattern. Traditional market analysts typically view a falling wedge as a bullish reversal signal.
As of writing, LDO price trades at $2.24, surging over 3% in the last 24 hours. Historically, the LDO/USD pair has seen similar recoveries, with each bounce back pushing the price towards the upper trendline of the wedge. Now, as the price hovers around this upper trendline again, LDO could either break out or retreat to retest the lower trendline.
If LDO breaks out, the price could surge towards $3.3 in the next few weeks, marking approximately a 50% increase from the current levels. Alternatively, if a pullback occurs, the price could drop to around $1.5, a decline of about 30% from today’s price. This level has previously acted as both a support and resistance point.
Bitcoin (BTC) Price To Hit $70K in 2023 – Here’s How and When
A crypto expert by the name of Credible made a bold statement that sent shock waves across the Bitcoin (BTC) ecosystem. Even if Bitcoin was just rejected at $30000, credible sources are predicting that the cryptocurrency will reach new record highs this year.
Let’s dive into their intriguing analysis and discover the reasons behind his bold forecast.
Liquidity Gaps and Bitcoin
Known as Credible, this anonymous analyst has garnered a substantial following of 340K on Twitter. While conventional wisdom suggests that liquidity gaps tend to fill in traditional financial assets, Credible asserts that this may not hold true for Bitcoin.
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Specifically, the analyst points to a notable gap at $20,000, which has caught the attention of many as a potential level for a significant pullback. However, he boldly proclaims that if their thesis of new all-time highs in 2023 materializes, the $20,000 gap is unlikely to be filled.
$70,000+ as the Next Target?
When asked to choose between $20,000 and $70,000+ as the next target, he confidently places his bet on surpassing $70,000 before reaching $20,000.
- He predicts a direct upward trend with limited consolidation, which fits Bitcoin’s nature. They say that it would be too easy for individuals who lost money in the preceding six months to reload their positions and ride the wave to new all-time highs in sync with the halving event.
- Highlighting an interesting statistic, he reveals that over 70% of all BTC in existence resides in wallets held by strong hands who did not panic during the Three Arrows Capital (3AC) or FTX collapses. These holders historically refrain from significant selling until new all-time highs are achieved.
- Overall, Credible is confident that Bitcoin will rise directly to new all-time highs this year, bypassing a year of stagnation.
- In a nod to Elon Musk‘s famous tweet stating that the most entertaining outcome is often the most likely one, the analyst applies this logic to Bitcoin. The analyst suggests that a sudden surge to all-time highs this year amidst a banking crisis is the more probable scenario, challenging the prevailing notion that investors are merely waiting for the halving run-up in 2024-2025.
He concludes by emphasizing that such a development would be far more captivating than enduring a prolonged period of monotonous sideways price movement for the next two years.
At the time of writing, Bitcoin was trading at a price of $26,975 with a gain of +0.12% in the last 24 hours.
PEPE Price Forecast – Here’s When is The Right Time To Buy Pepecoin
If you’re considering investing in the meme-based cryptocurrency Pepe (PEPE), you may want to take advice from Glauber Contessoto, also known as the “Dogecoin Millionaire.” Glauber became famous after investing his life savings in Dogecoin and achieving millionaire status. While Dogecoin experienced a significant drop from its all-time high, Glauber’s story garnered attention and established him as a prominent influencer in the crypto space. Recently, he shared insights on Pepe, suggesting a potential investment strategy.
Pepe’s Surge and Market Cap: Pepe, based on the internet meme “Pepe the Frog,” has gained immense popularity in recent weeks, leading to a remarkable surge of 1300%. It quickly reached a market cap of $1 billion, making it the fastest-growing Ethereum token, with a peak of over $1.6 billion. However, similar to other meme-based cryptocurrencies, Pepe’s extreme volatility caused it to decline by 61% from its record high. Several experts have expressed concerns about its sustainability, predicting its value to eventually drop to zero.
Accumulation Opportunities: Despite the current market downturn, Glauber remains optimistic about Pepe’s potential for a rebound. He advises investors to adopt a “buy the dip” strategy and capitalize on opportunities during market downturns. However, it is crucial to recognize the risks associated with cryptocurrency investments due to their speculative and volatile nature.
Pepe’s Current Status: At present, Pepe (PEPE) is experiencing a daily surge of 3.75%, reaching a price of $0.000001762. Although the market is currently dominated by bullish sentiment, the Parabolic SAR indicator suggests a potential upcoming price correction.
Investing in Pepe (PEPE) cryptocurrency requires careful consideration due to its volatile nature. Glauber Contessoto, the “Dogecoin Millionaire,” advises potential investors to wait until Pepe drops by 80%-90% from its all-time high before considering purchasing. He believes in the potential for a rebound, but it is essential to be aware of the risks involved. As with any investment, thorough research and understanding of the market are crucial before making any decisions.
Ripple Might Burn Its XRP Holdings – Here’s Why
In a shocking revelation, former Ripple Labs executive Matt Hamilton has hinted that the company may “burn” its XRP holdings by locking them in escrow, effectively rendering them inaccessible to anyone, including themselves.
This comes as the Ripple Labs and XRP community eagerly awaits the outcome of the legal battle between the payments company and the US Securities and Exchange Commission (SEC).
Top Reason Behind XRP Burn
- Ripple may lock its XRP tokens in escrow: Ripple Labs holds a significant supply of XRP tokens, giving the company a major stake in the token. To balance the market, he hinted that Ripple may eventually lock these tokens in escrow by sending them to a particular address and disabling the master key to this designated wallet. This would render the future escrow funds inaccessible to even Ripple.
- The legal battle with the SEC: The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has caused a lot of imbalance in the potential business alignment for the company, which uses XRP as the primary currency in its On-Demand Liquidity (ODL) service. According to him, if the ruling impacts Ripple’s ability to control the portion of XRP coins, the company may have to source the token in the open market, which could prove to be more costly overall.
- Adoption of another digital currency: Moreover, if Ripple cannot use XRP for its cross-border payment offerings, the company may have to adopt another digital currency entirely. This would negate its core proposition of cheaper and faster transactions that it built its RippleNet platform.
On the other hand, the news has already caused a stir on crypto Twitter, with many wondering what the implications of this move could be for Ripple and the XRP token. As one of the largest holders of XRP, Ripple’s control of a significant supply of the token has been a point of contention for the SEC, which argues that it solidifies the common enterprise argument.
Ripple’s Future Hangs in the Balance!
Ripple’s real-time price is $0.428192 USD. However, industry experts forecast that by May 16th, 2023, the value of XRP will have dropped by -2.75 percent. Clearly, this is not the right time to hold XRP as it is below the 50-day SMA and showing a Sell signal.
In a nutshell, this issue illustrates the difficulties and complexity of the task crypto firms have in navigating regulators, winning over investors, and keeping public support. These legal issues are detrimental to the asset’s long-term health. Keep a close eye on assets’ next move.
“Ripple holds the match that could set ablaze their entire future escrow funds, effectively vanishing them into thin air. It’s a daring move that could redefine the company’s destiny.”
Bitcoin Leads a Market Pullback Above $26K- Here’s How BTC Price May Perform in Coming Week
In a world where economic uncertainties are rife, Bitcoin has once again proved its resilience, sparking discussions about its goals of a bullish rally. This week, the BTC price surged past the $28K milestone, buoyed by a positive Consumer Price Index (CPI) report that hinted at a recovering economy. The rally, however, was short-lived, and within a few hours, Bitcoin had dipped below the $26K mark. Yet, as the dust settles, Bitcoin is once again rallying, gaining traction amid economic chaos, and leaving traders in eager anticipation of a potential bullish comeback next week.
Bitcoin Faces Pressure from Sellers
The current downward rally in the BTC price chart has turned out to be profitable enough for short-term sellers as Bitcoin shows extreme volatility. Glassnode’s data reveals that the majority of short-term Bitcoin holders started making profits once the Bitcoin price eclipsed $25,200.
This suggests that numerous short-term holders were already in a profitable position, which could potentially urge them to liquidate their Bitcoin assets, possibly resulting in a price decline. The Spent Output Profit Ratio (SOPR), indicating that many Bitcoin addresses were selling at a loss, dipped below 1.
A SOPR value less than 1 signifies that more coins are being sold at a loss than a profit. This could hint at a potential market bottom, as it implies that most sellers who invested near peak prices have now divested. Nevertheless, the selling pressure experienced by short-term holders was not mirrored by those who had held their Bitcoin for longer periods. As per data from Santiment, the Market Value to Realized Value (MVRV) ratio has seen a considerable decrease in recent weeks.
This suggested that Bitcoin was no longer overvalued and that long-term holders lacked a strong motive to sell their Bitcoin assets.
What to Expect from the BTC Price Next Week?
On the 4-hour price chart, Bitcoin is showing support from bulls as the price has successfully recovered from $26K. BTC’s price is currently attempting to break above the EMA20 resistance level, which may drive the price further to a new resistance level.
As of writing, Bitcoin price hovers around $26,863, gaining over 0.8% in the last 24 hours. The asset continues to hover within a range-bound zone at $26.5K-$27K. However, bulls may gain confidence if the BTC price surges above $26.9K, as the asset may witness a spike in long positions near this level.
It is expected that bears may try to slump the price to $26.5K again in the next 2-3 days; however, a rebound is on the horizon by the next week as bulls are on their way to send the price above EMA50 at $27.5K.
Is The Crypto Market Primed For Bull Run Soon? Here’s What Traders Can Expect
Popular crypto analyst Nicholas Merten of the YouTube channel DataDash recently shared his thoughts on the current state of Bitcoin and the crypto market. He emphasized the importance of analyzing momentum indicators to understand the market’s short-term direction.
Nicholas pointed out that Bitcoin has not made new highs for nearly a month, and its price is at its lowest since March 17. He expressed concern about the stagnation in the trend, stating that the momentum indicators, including the Dash Report and Lux Algo, signal that bears are taking control in the short term. Despite this, the weekly timeframe still shows bulls in control since January’s breakout.
Related: Bitcoin Price Prediction: Here are the BTC Price Targets for the Next 24 Hours! – Coinpedia Fintech News
The Next Bull Market
The stagnation has led to questions about whether the market is ready for another bull run. Nicholas mentioned that numerous narratives have been applied to explain the potential for a new bull market, such as central bank balance sheet expansion or bank runs. However, he argued that none of these narratives have held true, as the U.S. Central Bank balance sheet has contracted, and stablecoin liquidity has remained flat.
Liquidity is Key for New Bull Markets
According to Nicholas, an increase in stablecoin liquidity is essential for on-ramps of new liquidity from hedge funds, family funds, and high-net-worth individuals. The current state of the market shows a contraction in stablecoin liquidity and global liquidity. This contraction, combined with the lack of new entries in the crypto space, raises doubts about the potential for a new bull market.
Current Challenges in the Crypto Space
Nicholas highlighted the challenges faced by the crypto industry, such as the setbacks caused by FTX, Celsius, and other exchanges. Additionally, the loss of institutional backbones like Genesis, Silver Gate, and Signature Bank has hindered on-ramps and off-ramps for large-scale crypto companies. This situation has contributed to the stagnation of dollar liquidity in the crypto space.
Also Read: Bitcoin Price Prediction: BTC Price to Hit New All-Time High in 415 Days, Predicts Crypto Analyst – Coinpedia Fintech News
Despite these challenges, Bitcoin remains the strongest player in the market. However, even Bitcoin is beginning to show weakness. As Nicholas concluded, understanding the current state of the crypto space is essential for making informed decisions on the future of Bitcoin and the broader market.
Ethereum (ETH) Price Might Surge 50% In Coming Weeks – Here’s Why
Ethereum, one of the largest altcoins, is predicted to see a significant price increase in the coming months, according to the popular crypto analyst. While the price of Ethereum has experienced some fluctuations in recent weeks, analyst believe that it could reach a target price of $2,400, a level not seen since May 2022, before the Terra (LUNA) ecosystem collapsed.
Here’s the possible outlook for ETH Price in the coming weeks.
Ethereum Price could dip to $1,600 before rallying
Kaleo, a well-known crypto analyst, and trader, has shared his optimistic view with his Twitter followers, stating that Ethereum could surge by 50% to reach his target price, but not before dipping to $1,600. He added that this scenario was his “best-case scenario play” for ETH and that after the dip, it could rally back to approximately $2,400 to retest the pre-LUNA/UST liquidation breakdown level.
Bluntz holds a similar outlook on ETH
Fellow crypto strategist Bluntz shares Kaleo’s outlook, stating that Ethereum could find support at around the $1,600 area before potentially ending its current corrective move. He also believes that a significant reversal candle is necessary before any longs can be considered, adding that ETH is currently experiencing a correction.
These bullish predictions come amid reports that the percentage of Ethereum on crypto exchanges has plunged to an eight-year low, with Santiment revealing that ETH’s supply on exchanges is currently at $1,780 the lowest level (10.1%) since public trading began in 2015. This is essentially the all-time high for non-exchange holdings, indicating a significant shift in the market sentiment towards Ethereum.
So, what does all this mean for Ethereum’s future prospects? while Ethereum is currently trading at $1,811, the positive outlook shared by these crypto analysts suggests that the price could soon experience a significant rally. This could be an excellent opportunity for investors to take advantage of the predicted surge in price and potentially benefit from the market’s upward momentum.
Altcoins Hover on the Brink of a 30-50% Tumble! Here’s What Expert Predicts on ARB, APT and STG Price
The crypto market has always been a rollercoaster of fortune, a frenetic ballet of peaks and troughs that can create or destroy millions in moments. Now, it seems, the altcoin market is set to perform its most dramatic pirouette yet as they have reached the support line. According to market experts and analysts, altcoins are teetering on the edge of a significant tumble, potentially plummeting by 30-50%.
Are Altcoins in Correction Or Crisis?
Just recently, the market witnessed a slight upward correction as positive consumer price index (CPI) reports created a brief surge of optimism among investors. However, the market’s joy was short-lived, as a few hours later, it took a brutal nosedive. This sudden shift in dynamics has been interpreted by many as a classic “buy the news, sell the rumor” event.
The CPI report was a beacon of hope, an opportunity for the market to regain some lost ground. But as the saying goes, “what goes up, must come down,” and in the realm of crypto, it seems that even the briefest ascent is followed by a swift and merciless decline.
Following Bitcoin’s steep decline, the altcoin market sharply broke below multiple support levels, and traders are wondering if this is a correction or a crisis. According to prominent altcoin trader Alt Sherpa, altcoins have the possibility to drop by 30-50% from their current levels as they tumble near the support line. However, traders may witness some bounces in between.
Stargate Finance (STG) Price Analysis
As of writing, the STG token’s price trades at $0.6, declining over 4% in the last 24 hours. STG price has recently broken below its immediate support level at $0.62, and a breakout below the monthly support at $0.57 will slump the token to the bottom levels.
AltSherpa predicts that the token will experience a decline of over 43% if it breaks the support line at $0.57. STG token may touch the next support of $0.35.
Arbitrum (ARB) Price Analysis
ARB token’s price is currently hovering near $1.12, with a surge of over 1% from yesterday’s rate. ARB is trading on the verge of its monthly support level; however, bulls have successfully sent the price above the 23.6% Fib level.
If the ARB price loses confidence near $1.15, it may witness a downward correction and break below multiple support levels. AltSherpa predicts a drop of over 50%, and ARB price may head toward $0.56.
Aptos (APT) Price Analysis
Aptos has witnessed a severe plunge in the last few hours and is currently trading at $8.02, with a decline of nearly 2% from yesterday’s price. Aptos has already formed a low near $7.75 and is trying to extend its bearish rally below it.
AltSherpa predicts Aptos price may touch $4.9 if it fails to attain enough buying pressure to surge above its 23.6% Fib level.