The post Here’s When the XRP Price Will Break Out, Analyst Maps Next Levels appeared first on Coinpedia Fintech News
The XRP price has bounced back from its multi-week falling trend line, thus decreasing the chances of continuing with the four-week relief rally. Down 4.2 percent in the past seven days, XRP price traded around $0.397653 during the early Asian market on Monday.
Analysts are more bearish on the XRP market in the coming weeks, with a short-term price target of $0.369. Moreover, its price has a strong support level of around $0.32, where the asset may bounce back to retest the weekly falling trend again.
XRP Price Action & Market Outlook
According to pseudonymous XRP trader Dark Defender, a pullback to the $0.36 area before a breakout is imminent in the coming weeks. A falling thesis is supported by the fact that the 50 and 200 WMA have crossed and turned to a resistance trend. Popularly known as the death cross, the XRP bulls will have a challenging time in the coming days.
“XRP is struggling to break $0.42. If this last for 4 more days until 9-Feb, we can expect our last corrective Wave C towards $0.3602. This structure is also similar to the one we had in mid-Aug-22. I still expect the break-out in March,” Dark Defender noted.
The XRP price breakout in the coming months is highly dependent on the ongoing Ripple vs SEC lawsuit. With uncertainty over the case increasing due to the past crypto events – FTX implosion and LBRY loss – the XRP price may remain choppy for a long while.
Nonetheless, the Ripple legal team is optimistic that the company will win the case as the SEC has brought in weak arguments and has nothing strong going for them.
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.
A three-year low was reached in the market when FTX crashed, wiping away billions in client deposits. As a result of the FTX fiasco, Bitcoin fell to $15,500 and appeared to be headed considerably lower. Bitcoin has since recovered and posted considerable returns and is now hovering near the $23k mark.
However, the market appears to be split; some analysts feel that Bitcoin’s low point was reached in November 2022, while others predict increased volatility and a still-lower low point in the near future.
According to research posted by an unnamed researcher going by the handle @TechDev 52 on Twitter, Bitcoin may be about to experience another impulse based on the indication that has anticipated its upsurges throughout the entire history.
The momentum indicator known as the moving average convergence/divergence (MACD, or MAC-D) is once again in the “green zone,” which is typically indicative of “bullish” emotion.
The analyst also monitored the changes in the rate of the China Government Ten-Year Bonds (CN10Y) relative to the U.S. Dollar Index (DXY). Just recently, this indicator crossed over its 1-year moving average line.
In 2010, 2012, 2013, 2017, and 2020, this combination of events constituted a reliable indicator for Bitcoin. When it last appeared, the price of Bitcoin increased by 8 times between Q4 2020 and Q1 2021.
After the US jobs report on Friday, bitcoin moved roughly 2% down to trade at around the $23,250 level. The US Bureau of Labor Statistics said that in the first month of 2023, the labor market added 517,000 jobs. The data showed an unexpected increase, surpassing the 188,000 economists had predicted.
Ray Dalio, an American investor and hedge fund manager, has appeared in a CNBC interview and talked about crypto. When asked about his updated opinion on the assets, Dalio said something that made it quite clear he had changed his mind about the assets.
Ray Dalio and Crypto
At the end of 2020, Dalio actually publicly voiced his support of Bitcoin specifically, saying that the token undeniably has value and has proven to be revolutionary. At the time, he said that he thinks we were entering an era where there is going to be a competition of monies because of the printing of fiat money and the depreciated value, and Bitcoin was a part of that competition. Bitcoin has two purposes; a medium of exchange and a store hold of wealth. He looks at Bitcoin as an alternative to gold.
It would seem that Dalio has revised his opinions on Bitcoin and other cryptocurrencies over the course of the last year. Fast forward to 2023 in the CNBC interview, Dalio started by admitting that it is quite amazing what Bitcoin has accomplished in the past 12 years. But he doesn’t think the token has any relation to anything.
“It’s a tiny thing that gets disproportionate attention.” —Ray Dalio
He went on to say that the value of one Bitcoin is less than a third of the value of one share of Microsoft stock. The investor believes that purchasing an inflation index bond rather than Bitcoin is a more effective way to protect themselves from the effects of inflation.
The crypto community on Twitter is probably not too pleased with Dalio, and they certainly do not agree with his assertions in the slightest. At the time of this publication, one bitcoin is now valued $23,317 and has a twenty-four-hour trading volume of $35 billion.
Bitcoin And Ethereum May Awaken Bears If Fail To Hold This Level! Here’s Where BTC And ETH Price Are Heading This Weekend
As the crypto market brings a worrying situation by trading on the verge of a flip price range, investors are keeping a close eye on leading assets: Bitcoin and Ethereum. With the weekend approaching at a fast pace, several analysts are wondering if BTC and ETH prices will be able to make a bullish comeback or form a price bottom.
BTC And ETH Prices Face Intense Pressure From Sellers
This week seems to bring a barrier in the price chart of Bitcoin and Ethereum as both face an ongoing consolidation near a critical price level. Market leaders claim that a slowdown in the upward journey may cause another bearish reversal, slumping leading assets to December price levels.
Bitcoin Price Analysis
This month has brought a high of $24K for Bitcoin since August 2022, pushing the trendline of BTC dominance exponentially. However, on-chain metrics suggest that Bitcoin’s dominance has recently started forming a dip after facing rejection near $24K, signifying an upcoming altcoin rally. Moreover, the largest Bitcoin corporate holder, MicroStrategy’s quarterly financial report, posts substantial losses, creating turmoil in the BTC price chart.
As of writing, BTC price trades at $23,665 with a decline of nearly 1%. A pseudonymous trader predicted a potential dip in Bitcoin’s price trend. The analyst predicts that the Bitcoin price may drop heavily if it witnesses profit-taking sentiment from investors at $24K. If Bitcoin falls below $23K, it may reach its November high of $21K, from which Bitcoin may trigger a possible upward retracement.
Ethereum Price Analysis
Ethereum price chart looks bullish as it maintains its momentum near the $1,650 price level. Moreover, the ETH network will activate its Zhejiang public testnet next week ahead of the Shanghai upgrade, which may develop a bullish scenario for the asset. However, a downtrend near $1,700 remains a concern as investors are looking to liquidate their holdings to avoid any upcoming risk that happened during the Merge event last September.
According to CoinMarketCap, ETH’s price trades at $1,662. Analyzing the daily price chart, Ethereum may face a rejection near the $1,700 level as the RSI-14 trades in an overbought region. Ethereum price may form a support level near the EMA-100 trend line at $1,563, which may spark a fresh bull run ahead of the much-anticipated Shanghai upgrade.
However, a bullish trend is expected if Ethereum breaks its monthly resistance level of $1,700, above which the ETH price may take bulls to the $2K price level.
The year 2023 has started off relatively well for the cryptocurrency industry. The market appears to be recovering from the unprecedented FTX collapse, with major token prices beginning to rise. BTC, one of the major tokens, is now worth $23,335; significantly higher than $16,547, which was its price at the end of 2022.
The community is optimistic and anticipates further gains in the crypto industry across various tokens. Here’s what Yusko has to say about it.
What is Bitcoin halving and when is the next one?
The Bitcoin halving occurs when the reward for Bitcoin mining is cut in half. Every four years, the amount is halved. The halving policy was incorporated into Bitcoin’s mining algorithm to combat inflation by preserving scarcity. In theory, a slower rate of Bitcoin issuance means that the price will rise if demand remains constant.
Given that new Bitcoins are mined every 10 minutes, the next halving is expected in early 2024, when a miner’s payout will be reduced to 3.125 BTC.
Mark Yusko’s prediction for BTC
According to Mark Yusko, founder, and CEO of Morgan Creek Capital Management, Bitcoin’s bull market will likely begin sooner than expected due to anticipation of the BTC halving and favorable macroeconomic conditions.
Yusko believes that the next crypto bull run, or “crypto summer,” could begin as early as the second quarter of this year due to a combination of dovish central bank policies and the anticipation of Bitcoin halving.
While the Federal Reserve of the United States is unlikely to cut interest rates anytime soon, markets, according to Yusko, tend to anticipate the Fed’s decisions. That means that even a slowing or halt in interest rate hikes would be interpreted as a sign of an impending pivot. This would create a positive dynamic for all risk assets, including cryptocurrency.
What’s Elon Musk’s POV?
Elon Musk, in a separate Twitter post, stated that if the Fed raises interest rates, the chances of a recession intensify. According to the post, “if the Fed raises rates again next week, the recession will be greatly amplified.” Elon Musk predicted that the recession would last until the spring of 2024.
Evidently, this is in stark contrast to Yusko’s opinion.
In general, Bitcoin halving is regarded as a good economic model because it exerts disinflationary pressure on the digital currency, allowing it to appreciate in value over time. Yusko predicts that halving can be beneficial for the prices of cryptocurrency and help the market.
It’s exciting to see differing perspectives and potential outcomes for the crypto market. We would love to hear your thoughts and opinions on the matter.
Although the market for cryptocurrencies started to rise at the beginning of 2023, the overall prognosis is still uncertain because of the ongoing economic downturn. Nevertheless, it is now safe to say that the cryptocurrency market had a declining trend in 2022.
For instance, the recent collapse of FTX, a Bahamian cryptocurrency exchange established by Sam Bankman-Fried, has created a significant deal of uncertainty in the cryptocurrency industry.
U.S. lawmakers are spinning two different stories about the aftermath of the FTX collapse. However, the Senate Banking Committee is all set to hold a hearing on February 14 to discuss safeguards for the financial system against the risks associated with digital assets. The hearing is called “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”
U.S. Sen. Tim Scott (R-S.C.), the chair of the Senate Banking Committee and the top Republican on the committee said in a statement on Thursday that he wanted to begin work on a bipartisan regulatory framework for cryptocurrencies on that day.
Sen. Scott said, “Recent years have seen expansive growth in the digital assets industry, including an increasing number of consumers interacting with cryptocurrencies. Several high-profile failures resulted in lost consumer assets, exposed regulatory gaps, and highlighted concerns with illicit finance.”
A Difference of Opinion
Congress had a meeting to discuss what Washington should do in the wake of the shocking collapse of the cryptocurrency exchange FTX. Senators urged for immediate legislative action to protect consumers, but there are still numerous differences of opinion over the specifics of such efforts. The debate over how precisely cryptocurrency should be regulated in the United States is expected to last for months.
The FOMC announcement on Wednesday brought bad news to the cryptocurrency industry, and the price of Bitcoin eventually fell below $24,000. However, on the flip side, the Fed’s shift to a dovish policy after remaining hawkish throughout 2022 has been a signal for the cryptocurrency market to rally, and the market has capitalized on this by increasing liquidations.
Despite a harsh trading session last year for the crypto industry, layer one blockchain protocol Aptos managed to maintain a stable price moment. The Aptos token has brought a golden time in the altcoin market this year as it gained over 400% in January, receiving a massive token accumulation rate from investors. However, the APT token fails to achieve a healthy trading session as it continuously faces multiple rejections to spark another bull run.
On-Chain Metric Worries Aptos Investors
This Aptos token has truly shined in 2023, proving itself to be one of the rising stars in the cryptocurrency world. With a stunning peak of $20.44 in January, Aptos has skyrocketed a whopping 448% from its bottom price range.
The Aptos network is supported by a wide range of investors from around the globe to push the network toward its goals. On Wednesday, the APT network announced a crucial node upgrade dubbed v1.2 which seeks to add new features and enhancements to improve performance, support new integer types, and reduce timeouts.
Despite overwhelming developments, the on-chain data of the Aptos token describes an opposite scenario. The Total Value Locked in DeFi has touched a low of 4.6 million APT tokens, which is much lower than its recent all-time high. Moreover, the number of transactions on the APT network has been on a downward spiral, and it is now close to reaching its all-time low.
According to on-chain analytics firm, AptosScan, the network processed only 612,715 transactions on 17 January, which is a far cry from its record high of over 2 million. This slump in users’ activity is undoubtedly a cause for concern, and it may build up a downward correction in the APT price chart.
What Lies Ahead For The Aptos Price?
Though the ongoing developments are enough to give bullish hopes, the Aptos token is printing negative momentum in the price chart. Furthermore, the Aptos token witnessed a total liquidation of nearly $6 million on Thursday, which gives a clear sign of profit-taking from investors.
As of writing, the Aptos token trades at $18.25, with an uptrend of 14.47% from yesterday’s performance. Analyzing the daily price chart, the Aptos token may witness a sharp increase in selling pressure if its price drops below the immediate support level of $16.17.
Moreover, the distance between the 20-EMA and 55-EMA is narrowing, hinting at a correction below the 23.6% Fib level from Aptos’ current price. The RSI-14 level is heading toward a neutral region as it flips near level 75, which may further strengthen a downward correction. A drop below the $16.17 level may slump the Aptos token’s price below the EMA-20 trend line at $12.
Conversely, Aptos may spark bullish expectations if it surges above the $20 resistance level, above which the token may witness solid buying pressure, pushing the price to $24.
Bitcoin, the largest cryptocurrency, has broken its one-year trend and is now waiting for its next move. In January, the crypto sector experienced a significant change as Bitcoin flipped important resistance levels into support. This has caused the coin to hover closer to the $24,000 mark, leading analysts to predict its journey beyond the $25,000 mark.
Analyst Benjamin Cowen has pointed out the convergence of several factors at the $25,000 mark for Bitcoin. He stated that the 50-week simple moving average (SMA) is moving down to $25,000, the 200-week SMA is moving up to $25,000, and $25,000 also marked the summer 2022 top. The only thing not yet at $25,000 is the current price of Bitcoin.
Technical analyst CryptoCon has warned about the possibility of pullbacks but suggests that taking part in accumulation and buying in at great prices will ultimately result in a return to the median price of $34,000 and a bottom of $15,500. Another analyst named Cillionaire.com highlighted an interesting fact, mentioning that the last time Bitcoin bounced back from its multi-year support, the price of Bitcoin went from $6,000 to $64,000 in a year.
A recent study by cryptocurrency services provider Matrixport showed that an improvement in the early part of the year often leads to a positive year-end performance for Bitcoin. The head of research, Markus Thielen, stated that the average gain throughout the year has been around 245% and that Bitcoin’s year-end performance has been favorable in five of the last six years when it had a January rally.
In conclusion, while pullbacks can be a concern, the convergence of various factors at the $25,000 mark for Bitcoin and the positive results from early improvements in the year have analysts optimistic about the cryptocurrency’s future performance.
In an interview with CNBC, Ark Invest CEO Cathie Wood restated her optimistic outlook for Bitcoin and the cryptocurrency market. She confirmed that her company still stands by its $500,000 target for Bitcoin. Wood claims that only centralized and opaque cryptocurrency firms, such as Celsius and FTX, lost money in 2021.
Wood believes that the idea of transparency and decentralization is gaining popularity after the FTX exchange’s collapse in November 2021. According to Wood, Bitcoin and Ethereum are the best examples of transparency and decentralization in the cryptocurrency world.
Wood has made bold predictions about the upward trend of Bitcoin. In a Bloomberg interview in May 2021, she predicted that Bitcoin would reach $500,000 by 2026 and later increased the prediction to $1 million by 2030 at the beginning of 2022.
ARK’s recent research on Bitcoin’s prospects described that it may grow into a multi-trillion-dollar market by the end of the decade. Even the most pessimistic scenario for Bitcoin predicts a price of $258,500 in the next seven years, an increase of 1,022% from its current value.
Despite a challenging year in 2022, ARK insisted that Bitcoin’s foundations are strong, citing institutional adoption, increasing hash rates, and long-term holder supply as evidence. The research states that the contagion caused by centralized counterparties has elevated Bitcoin’s value propositions of decentralization, auditability, and transparency. The company says that the Bitcoin network’s fundamentals have strengthened and its holder base has become more focused on long-term investments.
The latest update in the infamous Ripple v. SEC lawsuit is that famed crypto attorney John E. Deaton helped Ripple achieve significant partial success in its battle against the SEC’s overreaching regulation through enforcement.
It has been formally acknowledged by the United States Securities and Exchange Commission that the sale of LBRY Credits (LBC) tokens on the secondary market does not constitute an instance of the sale of unregistered securities. The price of LBC stock increased by more than 80% very shortly after, and at one point, it even increased by more than 280%.
Expert Chimes In
Seeing the way LBC’s price reacted, it makes sense that XRP fans will anticipate the same for the token. Crypto enthusiast and lawyer Bill Morgan have predicted what he thinks XRP’s reaction will be if Ripple indeed emerges victorious in the rigorous case against SEC.
According to the lawyer, XRP could also see a massive spike if its issuer won. At the time of publication, the price of XRP was $0.4043, representing an increase of 1.11% over the previous twenty-four-hour period. XRP is now following the overall attitude in what is anticipated to be a risk-off move in front of today’s FOMC meeting.
Moving on, members of the crypto community will focus their attention on the judgments made by the court on the confidentiality of certain documents. It is important to keep in mind that the resolution of this lawsuit will not only have an effect on Ripple and XRP, but it will also serve as a model for how the cryptocurrency business should go in general. The Securities and Exchange Commission has filed a lawsuit against Ripple alleging that the company sold unregistered securities in the form of XRP coins.
David Boies is an American lawyer and the chairman of the law firm Boies Schiller Flexner LLP.
This law firm appears to have used some unique litigation tactics on behalf of FTX cryptocurrency exchange users who claim that NFL star Tom Brady, supermodel Gisele Bundchen, comedian Larry David, and other celebrities persuaded them to establish FTX accounts.
Gasparino Points Out Conflict Of Interest
Charles Gasparino, a media celebrity, has criticized David Boies for representing the victims of the Sam Bankman-led FTX exchange. Gasparino, who took to Twitter to convey what appears to be a conflict of interest, stated that the representation is raising eyebrows in the legal community.
According to Gasparino, Boies already has a conflict of interest because of his ties to those close to Bankman-Fried, better known as SBF. He emphasized how close the lawyer is to SBF’s uncle James Fox-Miller. Additionally, he claimed that his wife assisted SBF with a well-known charity event that was funded by FTX before the collapse of the exchange.
While Sam Bankman-Fried has close connections to the political class, it is unclear whether his influence extends to judicial favors. Calling out David Boies may or may not mean much, but for creditors seeking a quick resolution to the bankruptcy proceedings, any type of harmful conflict of interest may not be in their best interests.
How does this affect the lawsuit?
While Sam Bankman-Fried has close connections to the political class, it is unclear whether his influence extends to judicial favors. Calling out David Boies may or may not mean much, but for creditors seeking a quick resolution to the bankruptcy proceedings, any type of detrimental conflict of interest may not be in their best interests.
Sam Bankman-Fried is reportedly seeking leniency from international authorities despite the chaos his leadership has created. He intended to postpone bankruptcy proceedings by moving assets from the exchange to foreign authorities. The expectation was that these foreign regulators would be more lenient with him and would allow him to regain control of the digital currency trading platform.
This revelation appears to be of the type that would shake clients’ trust in their counsel. If Charles Gasparino’s claims are legitimate, there could be considerable controversy surrounding the entire case. Some have questioned Gasparino’s remarks, wondering if they are factual or a conspiracy theory.
The anticipation surrounding the upcoming Federal Open Market Committee (FOMC) meeting has got investors on the verge of their seats. As the crypto market eagerly awaits the outcome, Bitcoin has started feeling the heat, and it is consolidating in a range-bound zone.
Despite its recent struggle to establish a solid trend, there’s a glimmer of hope that the FOMC meeting could spark an upward rally in the BTC price chart. With the US economy showing steady signs of improvement and the inflation rate slowing down, the stage is set for a potentially bullish dance for Bitcoin.
Bitcoin Witnesses The Best Month Since October 2021
Since the beginning of the new year, BTC’s price has gained over 40%. According to on-chain analytic firm, Glassnode, BTC has performed relatively well in January since October 2021, when it saw a jaw-dropping 41% gain in value.
To describe the reason behind the overwhelming performance, Glassnode hints at a combination of historic spot demand and a series of short squeezes, which has created a perfect storm in driving up the price of Bitcoin and sending it soaring to new heights.
Moreover, the firm claimed that the daily BTC transaction had touched a high of 50K, signifying investors’ interest in the asset. In addition, the flow of Bitcoin in and out of exchanges has stabilized significantly as a daily average of around $625 million is moving in both directions, bringing the exchange flow in a balanced shape.
This balanced situation in exchange flow signifies a healthy and robust BTC market, as buyers and sellers engage in a steady back-and-forth dance. This starkly contrasts with the turbulence of late 2022, when outflows dominated the scene.
Glassnode stated, “We also note that initial impulse of exchange outflows, in the aftermath of FTX, have calmed to neutral and are now balanced by newly motivated inflows.”
Will BTC Price Bring Golden Times Above Golden Cross?
Investors are busy predicting the next price movement because the BTC price gets stuck in the range of $23K-$24K in the last three days. As the market’s FUD situation hops in, analysts are closely watching the golden cross formation, which may spark bullish hopes in the BTC price chart.
A well-known crypto analyst, CryptoRand, predicts that Bitcoin price is poised for a bullish breakout by the next few weeks as it forms a golden cross in its price trend. The analyst noted that the 50 MA is building potential to cross above the 200 MA, known as the formation of a golden cross. The golden cross indicates a bull market for BTC, and it is strengthened with high trading volume, acting as a catalyst in the next Bitcoin bull run.
In 2019, one of the most significant golden crosses in Bitcoin’s history took place, and it made BTC the hottest investment in the crypto world by pushing its price by 600% in two years.
Since the beginning of the year, Solana (SOL) has seen largely upward price movement. However, it has gone down and is now in the red as of this writing. Nonetheless, the token’s potential has been widely predicted by market watchers.
Experts Predict Massive Growth for SOL
Cantering Clark, a pseudonymous trader with 159,000 Twitter followers, recently shared a chart with his audience comparing the recent price movement of Solana (SOL) to that of Ethereum (ETH) in 2018.
As can be seen in the trader’s chart, after repeatedly touching a support level, both assets broke through it, formed a lower bottom, and recovered. Ethereum’s price rose from its 2018 low of $83 to its all-time high of $4,878 at the end of the year, a 5,777% increase. Based on SOL’s last close of $8.50 and the projection of a similar decline before the next bad market, a rebound to around $462 is likely.
In a recent edition of the Bankless Podcast, Chris Burniske, a co-founder of Placeholder VC, a venture financing company specializing in decentralized networks and Web3 applications, set out his bull case for Solana.
It’s hardly surprising that Burniske’s forecast is close to Clark’s, as he also sees parallels between SOL and Ethereum in 2018. He added that Solana is on the right track to harden its asset and will continue to do so, even if Ethereum is now a tougher asset.
The expert responded affirmatively when asked whether the SOL token will follow the same trajectory as Ether, which has become a type of money due to its shrinking availability. According to him, the return on investment for the individuals who are putting up cash in SOL is fairly low at 6% each year.
In any case, the fact that analysts think the SOL price may move up higher in the future and might join the current retest period is great news for buyers and sellers. Hence, with consistent purchasing, this cryptocurrency has the potential to increase by another 10% and test the $30 barrier level.
As the Federal Open Market Committee (FOMC) meeting is slowly approaching this week, the crypto market wonders about the after-effect of the meeting on the BTC price. With so much uncertainty and speculation around the corner, it’s no wonder that investors, traders, and enthusiasts alike are eager to know what the future holds, and a question arises on whether this meeting will become the catalyst in sending bitcoin to new heights or it will bring a steep and painful downfall.
Will Bitcoin Soar Or Tumble Due To FOMC Meeting?
All the eyes of the crypto market are currently on the decision in the FOMC meeting as the anticipation creates intense volatility in the BTC price chart. As the US economy experiences high inflation, a higher interest rate may create turmoil in the stock market, plunging Bitcoin’s price with solid downward retracement for being heavily correlated.
According to the on-chain analyst firm, CryptoQuant, the Bitcoin price has made a spike in volatility in the last few days with the hype of the FOMC meeting, and it has touched the highest level in three months.
In addition, the firm noted that the open interest, i.e., the amount of BTC futures contracts opened on crypto exchanges, has reached a three-month high of 8.3%. It is to be noted that the massive accumulation usually drives the surge in Bitcoin’s OI due to the hype of the FOMC meeting, which pushes the BTC price upward for a short period. However, traders should stay aware as the FOMC meeting may bring a short-squeeze and negative spike in the Bitcoin price after an astronomical surge.
Here Is Where BTC Price Heading Next
The Bitcoin market has witnessed a higher high and higher low in the last two days as the $24K resistance level seems too much to handle. Additionally, the spike in BTC mining difficulty creates selling pressure which may cause severe volatility to the downside.
As of writing, Bitcoin price trades at $23.2K, with a decline of over 1% in the last 24 hours. A well-known crypto trader, SkyrexTrading, predicts that Bitcoin is poised for a short-term bearish trend as the asset recently broke below the immediate support level of $23,564. The analyst predicted that Bitcoin might slump hard below its 31.8% Fib level at $22.5K before sparking fresh surges during the FOMC meeting.
However, a piece of positive news from the FOMC meeting will leave a bullish impact on Bitcoin’s price, sending the coin to new monthly highs in February.
As the last year made heart-stopping dips and now the stunning recoveries in the price chart, many investors are left questioning the future trend of the market. However, the bullish reversal in the market’s sentiment has once again sparked rays of hope of a potential comeback from its bottom price range.
These Coins May Bring Bull Market Opportunities!
After pulling out of a prolonged crypto winter, investors are finally witnessing a glimmer of hope in early 2023 as popular coins like Bitcoin and Ethereum surged over 25% in just a few days. Moreover, the Cardano network has been dominating the altcoin market due to its much-awaited launch of stablecoin ‘DJED.’ Hence, crypto traders believe this mini-bull run may turn out to be a solid gain in the long term.
Bitcoin Price Analysis
Bitcoin’s technical outlook promises a bull market for the asset as it faces intense buying pressure to prevent any freefall in the price graph. As of writing, the price of BTC tumbles near the crucial level of $23K. However, the asset has witnessed a huge accumulation as its dominance over stablecoin hits a multi-year high, hinting at a historically bullish trend continuation.
If BTC breaks its current consolidation and holds above $23.5K, it may stretch its bullish trend and fly to the crucial price level of $30K. As the RSI-14 trades in the overbought region at 80, it may build up a panic situation which may force investors to liquidate positions, plunging BTC price near the support level of EMA-100 at $20.9K.
Ethereum Price Analysis
This weekend has brought a bearish trading session for Ethereum as it has entered its crucial support level. ETH price currently hovers at $1,579 and is heading toward trading below its immediate support level if it breaks $1,550.
However, bulls are pushing the asset to $1,600 to confirm a further uptrend to $2K, and a failure to fulfill the bullish goal may slump ETH price to retest its support zone near EMA-200 at $1,470-$1,510.
ADA Price Analysis
Cardano price is preparing for a bullish breakout soon as the launch of its stablecoin DJED inches closer. However, the token initiates a downward retracement to its 23.6% Fib levels, but it can be a catalyst in igniting a bull run by the end of January.
The ADA price trades at $0.38, and it may retest its support level at $0.35 to validate an upcoming uptrend. A successful trading session above $0.356 will gain investors’ trust and buying pressure to head toward its EMA-200 resistance at $0.42. However, a bearish sentiment may pile up if ADA price drops below $0.34, plunging the altcoin below $0.27.
The global crypto market value has increased by around 3%, with a significant uptick in Bitcoin’s price, which has already surpassed $23,000. Approximately $1.09 trillion is the current market capitalization as a whole.
The recent increase in cryptocurrency prices is related to the possible cessation of interest rate hikes. With interest rates rising over the past year, riskier assets like cryptocurrency have become less appealing, therefore the prospect of a decline in value has been a catalyst for investing.
The largest cryptocurrency, at the time of writing, was trading over $23,000, down 0.7% over the previous day. However, BTC has increased by about 40% in January and, if history is any indication, BTC may be poised for a significant move higher given that its recent upsurge reminds the bull revival of mid-2019.
What are the experts saying?
Michael Van De Poppe took to his Twitter handle and said, “Chop chop chop, that’s what we see here. Might be some distribution going on in which we’ll drop south to test some levels and liquidity for #Bitcoin. Break and flip $23.1K -> test at $24K. Losing $22.3K -> $20K test.”
He added, “Still in resistance zone here for #Bitcoin. Probably one more wick up before we correct, as I think that another retest of the range low isn’t going to hold.”
Another analyst by the name of Captain Faibik said that Bitcoin is getting ready for its next bullish impulse and revealed that $25k is the next target.
Titan Of Crypto said that there was a big move incoming for Bitcoin as it is flipping green. Have a look.
The second largest meme-inspired cryptocurrency, Shiba Inu (SHIB), has seen a surge in positive market sentiment in recent weeks. With a 41% increase in the past 30 days, the top Ethereum-based meme coin is currently trading at around $0.00001153 on Friday.
The Shiba Inu network boasts over 1,288,164 holders, leading to a high trading volume of approximately $200 million, even amidst the bear market. However, it is the fundamental aspects of the coin that have truly excited the Shiba Inu community.
The Shib Ecosystem: A Work In Progress
The Shiba Inu ecosystem boasts a market capitalization of approximately $6,327,745,697.56. Long-term holders have been identified as a crucial aspect of the ecosystem’s success. According to analytics data from intotheblock, the number of Shiba Inu holders with over a year of holding history has increased in the past year. Additionally, short-term holders, or “cruisers,” those who hold the coin for between 1 to 12 months, have seen a decline.
According to on-chain data, some of the Shiba Inu long-term holders include Binance and crypto.com exchanges. The rest are unknown wallets with more than 1 percent of the total supply of Shiba Inu.
The Shiba Inu ecosystem is thrilled with the upcoming launch of the Shibarium network that will act as a layer 2 scaling solution. Reportedly, DogPad will be the first Launchpad ecosystem of the Shibarium network.
With the launch of Shibarium, the Shiba Inu ecosystem anticipates having more token burns that reciprocate to increased value. Already, the Shiba Inu network has burnt over 41 percent of the total supply.
In the future, the Shiba Inu ecosystem will be fueled by the decentralized financial ecosystems (DeFi) rather than the speculative aspect alone.
Bitcoin price has retested $23k in the past seven days after a sudden breakout from last week’s $21k resistance level. As a result, a popular analyst dubbed PlanB has highlighted that Bitcoin’s realized return just turned positive. According to the analyst, Bitcoin sellers are now taking profits instead of cutting losses.
In a recent YouTube video, PlanB highlighted his predictions for Bitcoin price in the next few years. However, not all his previous predictions materialized in the past. For instance, PlanB had predicted Bitcoin price will hit a $100k base price during the 2021 bull market and a high of over $240k. Bitcoin price, however, hit an ATH of around $69k and retracted to trade at about $15.5k last December.
Nonetheless, the analyst has made specific calls that materialized timely in the past. Forward, PlanB expects Bitcoin to trade above $32k during next year’s halving. Additionally, the analyst forecast that Bitcoin price will trade above $100k during the 2025 bull market.
Bitcoin Market Outlook
Bitcoin price has hit a psychological resistance level of around $23k with onchain data suggesting mixed reactions. According to an on-chain analytics firm, Santiment increased crypto social interactions and FOMO may cause the market to form the top. The increased sell pressure from Bitcoin miners and short-term holders may lead to an imminent price reversal.
According to aggregate data provided by Coinglass, a total of $108 million has been liquidated from the crypto market in the past 24 hours. Bitcoin and Ethereum lead in liquidation with approximately $27.57M and $30.02M respectively.
Meanwhile, long-time Bitcoin critic Peter Schiff thinks the last bull market was a hoax and the price should be below $10k.
The altcoin market is buzzing with excitement as the Aptos token’s price surges exponentially and sparks bullish expectations among its investors. In recent weeks, the APT price has touched multiple highs and aims to extend its bullish momentum further as it shows no sign of slowing down. The astronomical pump in the Aptos price chart has confused investors about whether it is the right time to cash out in profit or hold in the long term for potential gain.
Is Aptos The New Hype?
The Aptos network, which is an upgradeable layer-1 blockchain, has been continuously breaking its all-time in the price graph. In the last 30 days, the token has gained over 400% in value and continues to draw investors’ attention to bring enough liquidity and buying pressure in the price chart.
Aptos has become a sensation in the crypto market as it recently rolled out an announcement of making its smart contracts code open source. Through this development, the Aptos network will head toward achieving more decentralization and will encrypt customizable contracts, creating more reasons for the APT price to hold its upward rally.
Aptos is positioning itself as a leader in the layer-1 blockchain sector and giving ruthless competition to Ethereum and Solana. The Aptos market is responding positively to the recent developments, which has brought a significant upward rally and assured analysts of a beginning of an uptrend.
What Lies Ahead For Aptos Price?
As the Aptos price takes the market by storm, a FUD sentiment arises among investors if the run-up may come to an end. Moreover, technical indicators and on-chain metrics suggest that the APT price has reached its historical local top, and a bottom price range may be on the horizon with a quick sell-off.
According to CoinMarketCap, the Aptos token currently trades at $18.71, uptaking over 17% in the last 24 hours. A well-known crypto trader, PS Trade, predicts that the Aptos token is waiting for a downward correction after a cooldown in its recent surge.
The analyst predicted that Aptos might witness a selling region after peaking at a price range of $23-$29, from which the APT token may aim for a bearish reversal to the bottom level of $8-$10.
However, investors need to stay cautious despite an overall bullish trend in the market, as turmoil in the BTC price chart may create a 180-flip situation for the APT token price.
On January 20, the price of Ethereum recovered above $1,600, wiping out its losses from the collapse of the FTX exchange. However, after reaching a recent high of $1,638, the price crashed to $1,527. The large profit-taking transaction ratio increased on January 20 according to experts at Santiment.
The FUD around ETH, according to analysts at Santiment, may in the medium term feed a bullish narrative for the asset. 21% of conversations on social media sites involved currency.
They saw a sharp increase in the ratio of transactions for profit-taking. The social dominance of the second-largest cryptocurrency by market capitalization also increased at the same time. Data from Whale Alert indicates that a whale today dumped 24,768 ETH worth $38 million into the cryptocurrency exchange Coinbase. Over the previous three days, whales moved ETH worth around $200 million to liquidity pools and crypto exchanges.
What’s Next for Ethereum?
Popular cryptocurrency analyst Michael van de Poppe predicted a further decline in the price of Ethereum to around $1,450. The critical support level of $1,550, according to him, may see some rebounding in the price of Ethereum, but the real bounce for another rally will only come from below that level.
He wrote on twitter, “Some slow grind upwards and then one more sweep in the coming days and the correction should be over and we’ll continue the party.”
Rekt Capital wrote, “$ETH is dipping in an effort to retest the black diagonal multi-month downtrend as support. The diagonal needs to hold firmly however as there is a danger of this Monthly Candle ending up as an upside FOMO wick beyond resistance.”
However, the price of ETH will continue to be under pressure until the U.S. Federal Reserve’s rate hike decision on February 1 and until the release of the fourth-quarter GDP statistics on Thursday. At the time of writing, Ethereum is trading at $1,548 and has lost more than five percent in the last 24 hours.
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.
About two years ago, the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs, the company that created and manages the Ripple protocol, alleging that the company’s sale and distribution of XRP tokens constitute the sale of unregistered securities in violation of federal securities laws. The case is ongoing and a ruling is still awaited.
Both parties have filed numerous motions, and the matter has finally reached its conclusion, with the final ruling set to be delivered.
The community is both excited and anxious about the eventual decision. They are looking to LBRY v SEC to make a prediction and determine whether or not Ripple will win.
What’s the LBRY v SEC case all about?
The SEC sued LBRY for offering and selling unregistered securities in violation of Section 5 of the Securities Act of 1933. LBRY claimed that the company was exempt from the Securities Act since their alleged security, the LBC token, was not a security. Instead, according to LBRY, LBC worked as a type of digital currency that is an integral part of the LBRY Blockchain.
A hearing in the US district court for the LBRY v. SEC litigation will take place. The new hearing in LBRY Vs. SEC is anticipated to set a stage for Ripple and the defendants, according to John Deaton, Amicus Curiae in the XRP action.
The LBRY litigation has been compared to the XRP lawsuit in terms of regulatory clearance. The CEO of LBRY, Jeremy Kauffman, pleaded with the court and stated that the company has been at odds with the commission for long five years and has attempted to resolve the issue with the SEC as well.
He emphasized that the crypto sector is being built by a sea of intelligent individuals. However, the SEC does not specify the regulations, and by the end of this litigation, the market should have a better understanding of the rules and regulations.
How does XRP Escape the Security Category?
Bill Hinman’s claim that the digital asset itself is only code was cited by the XRP lawyer. It is marketed as a component of an investment to expand the business. Users of the LBC blockchain who didn’t buy tokens from the LBRY blockchain will win. Similar to this, a sizable number of XRP holders purchased XRP to participate in the XRPLedger. This demonstrates unequivocally that it is not a security.
If we go by this logic, the odds seem to be in favor of XRP in the lawsuit. In some time it will be clear when the court gives out its final ruling on this case.
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.
In the ongoing Ripple-SEC case, all motions have been thoroughly briefed, and the judge’s judgment is expected, according to James K. Filan’s most recent updates. Ripple and the SEC submitted their final round of briefs in December, requesting the court to grant them summary judgment.
Omnibus applications to seal documents related to the summary judgment motions have also been filed by both parties as the motions for summary judgment and those to exclude expert witnesses have now both been completely briefed.
The CEO of Ripple, Brad Garlinghouse, expressed hope at Davos that the company’s legal dispute with the Securities and Exchange Commission will be resolved in 2023, perhaps as early as this year.
He said, “We are optimistic that this will definitely be fixed in 2023, and possibly the first half. So we’ll see how it plays out from here. But I feel very good about where we are with respect to the law and the facts.”
In his subsequent statement, he says that he expects a decision to be made “sometime in the following single-digit months” – maybe as early as June. The dispute over whether XRP should be considered a security will have significant effects on both Ripple and the greater crypto market.
Garlinghouse then added, “We’ve always said we’d love to oblige, but it requires one very important thing, and that is that looking forward, it is clear that XRP is not a security. The SEC and Gary Gensler have openly stated that they view almost all cryptocurrencies as a security. And so that leaves very little room in the Venn diagram for settling.”
Gary Gensler, the chairman of the Securities and Exchange Commission, previously stated his views on cryptocurrencies, particularly Bitcoin, in a CNBC interview with the host of Mad Money Jim Cramer. Gensler specifically contends that cryptocurrencies are a very speculative asset class. In fact, the SEC chairman was quick to point out this speculative asset class’ ups and downs.
Gemini, world one of the largest crypto exchanges and the brainchild of the Winklevoss twins is now in deep liquidity trouble. The founders are fighting to get back the customer’s funds held on Genesis, but the recent filing of bankruptcy may make bitter things worse.
However, the founders of Gemini are pretty confident in recovering their stuck-up funds. But, the 2022 history says, the platforms which received more than 60% exposure also filed for bankruptcy in the next few days.
After Terra’s collapse, Celsius Network & 3 Arrow Capital filed for bankruptcy, while BlockFi filed after the collapse of the FTX exchange. So will Gemini move ahead and also file for bankruptcy Or do they have any backup plan?- Let’s have a glance at their reserve!
- Gemini Bitcoin, Ethereum, and stablecoin reserves have declined considerably during 2022. Bitcoin reserves have depleted from 312.6K to 135.9K while Ethereum dropped from 4.12 million to 917.9K and stablecoin reserves slashed from 626.2 million to 64.06 million.
- The ETH reserves dried up mostly due to one of Gemini’s biggest clients moving their ETH into a custody service and stablecoins dropped as Gemini moved most of its GUSD reserves into MakerDAO.
- The on-chain data of Bitcoin flows between exchanges indicated that the Gemini exchange has stopped receiving BTC from other exchanges. This suggests that traders and investors consider Gemini as a less desirable platform to hold their assets
- Besides, the Gemini spot trading volume has been falling since mid of 2021 which peaked at 3.5K just before the market collapsed in May 2021 and reached 0.6K in December 2022.
- Moreover, the BTC/USD pair was also down by more than 58% in December 2022 in annual terms.
Liquidity issues have become pretty common in the crypto space but Gemini users can still withdraw their money from the same Earn program, while it has to be noted that some large users have sued Gemini demanding their money back.
The founder, Cameron Winklevoss in a recent tweet revealed the next course of action to take legal action against DCG (parent company of Genesis) and its CEO Barry Sibert. He also assures his 320K+ Earn users to recover their stuck-up funds and the bankruptcy may make the process a little simpler.
The Digital Currency Group (DCG), a leading conglomerate in the cryptocurrency industry, has informed its shareholders that the company will not be distributing dividends until further notice.
The Truth Behind The Suspension
In a letter to shareholders, the company stated that its primary focus is on improving its balance sheet by reducing operational expenses and ensuring sufficient liquidity.
Recently, DCG has been impacted by the prolonged downturn in digital assets and the fallout from the collapse of the FTX exchange. These events have had a negative effect on the broader cryptocurrency market.
Furthermore, one of the company’s subsidiaries, Genesis Capital, has not been making reimbursements since November 2022 and has warned that it may become bankrupt without additional funding.
The founder of DCG, Barry Silbert, is currently engaged in a contentious dispute with the Winklevoss brothers, who founded the Gemini cryptocurrency exchange. Customers of Gemini have been unable to access the $900 million in funds held with Genesis.
The exchange and other creditors of Genesis have reportedly been holding secret meetings to devise a solution to the subsidiary’s financial difficulties. Additionally, Cameron Winklevoss has alleged that DCG owes Genesis $1.67 billion.
Justin Sun Appears Interested
In a recent development, Justin Sun, a prominent figure in the cryptocurrency industry, has announced that he is willing to use $1 billion of his own money to acquire assets from Digital Currency Group (DCG). According to Sun, he may pay that amount, based on DCG’s valuation.
According to industry analysts, DCG, valued at around $10 billion in 2021, manages an estimated $50 billion in assets.
On the other hand, Sun’s net worth is estimated to be between $250 million and $3 billion, depending on the method used and whether or not conventional assets are included. Therefore, any potential transaction would only involve a small portion of DCG’s assets.
The FTX and Alameda’s investigation continue to uncover nasty activities in the cryptocurrency market. While FTX officials purport to have identified about $5 billion worth of FTX digital assets, Cinneamhain Ventures partner, Adam Cochran highlighted that only $600 million of the identified assets are liquid.
Among the identified liquid assets belonging to FTX include Bitcoin (BTC) worth approximately $268 million, Ethereum (ETH) worth about $90 million, and stablecoins worth around $245 million.
According to Cochran, the rest of the identified assets are likely to trigger a major bear market including Solana (SOL) worth about $685 million.
The Solana market has added more than 100 percent in the past few weeks, mostly fueled by liquidation according to the on-chain intelligence platform Glassnode. For instance, over $2.5 million in the Solana market has been rekt in the past 24 hours according to aggregate data provided by Coinglass.
“So liquidators were counting token prices on the day of filing, and consider the $529M of FTT to be “liquid” in this calculation, as well as $685M of Solana which would mega nuke the SOL market,” Cochran noted.
Notably, former FTX and Alameda officials have been accused of squandering customers’ funds in luxurious lifestyles including formula one races, political donations, and high-end parties.
As such, FTX creditors would have to wait years before investigations are completed and funds fully recovered. Moreover, FTX CEO John J. Ray III has indicated that he does not have access including security keys to several crypto wallets belonging to the bankrupt exchange.
However, Ray indicated that the $5 billion identified digital assets will be liquidated to repay creditors and FTX traders, who are difficult to identify.
The post Bitcoin’s Bullish Rally Might Be Short-Lived, Here’s Why appeared first on Coinpedia Fintech News
The cryptocurrency experienced its largest weekly percentage rise since February 2021 as of January 13 when it closed the week with 20% gains. Since the collapse of the troubled cryptocurrency exchange FTX, the price of bitcoin, which is presently trading at $20,800, has had a significant run this week, reaching its highest level in more than two months.
The host of the YouTube channel Coin Bureau predicted that the cryptocurrency market slump will extend through 2023. Crypto expert Guy Turner claimed he keeps an eye on traditional markets due to their association with the cryptocurrency market. In light of the gloomy forecast for the property and equity sectors, Turner said he anticipates additional losses for crypto assets.
Even though Bitcoin soared beyond $20,000 from $16,581 on January 1st, Turner predicts that the boom in crypto assets won’t likely last.
“There’s a lot to look out for with what we see from the Fed and what decisions they make. That switch to QE [quantitative easing], if it happens, could be the indication that something’s already gone seriously wrong. I’m kind of keeping an eye on things like the housing market and the stock market as well because we’ve obviously got that correlation between stocks and crypto.”
Will We ‘Turn the Corner’?
He said that he believes a lot of people seem to be expecting the stock market to take the next leap lower, so he is preparing himself for that as well. He also added that he is anticipating sort of more lows. The market may take some time to recover, according to him, but there may be some positive news for some cryptocurrency initiatives. He also said that investors are still hesitant to invest in cryptocurrencies.
“We’ll hopefully see some signs that the macro environment is changing, and there’ll be that excitement that says, “Maybe we’ve turned the corner,” and maybe we have, but I still think that will take some time to manifest itself in the markets.”