3 Reasons The Bitcoin Price Can Hit $35,000 In October, While This ‘Next Bitcoin’ Token ICO Nears $400k
After an explosive start to the month – which saw major cryptocurrency prices surge – the crypto market is experiencing a substantial pullback today.
Bitcoin’s rally to the $28k price mark yesterday failed to breach the 200-day Simple Moving Average, resulting in a 3% correction in its price over the past 24 hours. Altcoins like Ethereum, Dogecoin and XRP are also mirroring BTC’s bearish move, experiencing strong declines themselves.
And yet, most experts remain bullish on Bitcoin in both the short and long term, fully expecting the “Uptober” scenario to play out. They are projecting BTC to close the month somewhere in the $32,000 to $35,000 price range, owing to the continued enthusiasm around Bitcoin spot ETFs, cooling inflation levels and favourable technicals.
With fresh capital expected to enter the market, a new cryptocurrency – Bitcoin Minetrix – is also being backed by popular traders to display a strong bull rally. In a short span of a week, the token ICO has already raised close to $400k in seed round funding.
Experts Give Bullish Bitcoin Price Prediction Despite Short-Term Losses
Over the past month, Bitcoin has continued to follow the trend of displaying a bullish breakout move, immediately followed by a near-full retrace of its rally. This trend continues to liquidate both the bears and the bulls, keeping the BTC trading market choppy.
Yesterday’s price action was no different, with the largest cryptocurrency hitting the $28k level without being able to hold it. BTC is currently priced at $27.4k, with the open interest in the token now down to the same level as before the initial rally.
However, Michael van de Poppe of MN Trading, who has close to 700k followers on X, reveals that BTC’s higher-time frame charts still look great, adding that the Bitcoin price can hit the $35k mark in the next 4 to 8 weeks if it continues to trade above the 200-week EMA.
Indeed, BTC’s technicals paint a bullish picture, with TradingView giving the token a “buy” signal in the daily time frame. The bulls would next hope to breach the crucial 200-day Simple Moving Average at $28037 to see a strong continuation.
Similarly, popular analyst @davthewave, who has close to 150k followers on X, reveals that the BTC weekly Gaussian channel has turned green, which traditionally marks the onset of the next bull run.
Trader and analyst @CryptoJelleNL, who has 50k X followers of his own, is much more bullish on BTC, predicting it to hit the $48k mark in the coming months, with $32k a strong possibility for October. He highlights that Bitcoin is back over its 21-week Explosive Moving Average, an indicator that has previously acted as a support for the bull market.
Benjamin Cowen of IntoTheCryptoverse, who has close to 800k followers on X, points out that the BTC dominance has successfully retested its bull market support band and continues to trend higher.
Apart from strong technicals, the anticipation around spot Bitcoin ETFs continues to give a major boost to BTC’s value. Despite the SEC delaying its decision on the pending applications once again, investors continue to believe that a spot BTC ETF is not a matter of if, but of when.
Bernstein analysts and other market insiders had already projected the ETF to be approved by early 2024, therefore, delays by the SEC are not dampening investors’ enthusiasm. On the other hand, US lawmakers – from both parties – are now actively and openly pushing the SEC to approve the ETFs, which can lead to more investors opening long positions on BTC.
Finally, Bitcoin may also be getting an unexpected but welcome boost from the US economy, as the PCE index recently showed signs of cooling inflation. While several Fed officials are signalling the possibility of another interest rate hike, experts such as Warren Pies of 3Fourteen Research see the move as unlikely.
In short, the market outlook on Bitcoin is distinctively positive and the token could be hitting the $35k price mark by the end of October.
‘Next Bitcoin’ Project Bitcoin Minetrix Approaches $400k In ICO
BTC is not the only cryptocurrency expected to surge in October – the new Bitcoin Minetrix altcoin is gaining strong traction in its ICO, having already raised $385k in just a week.
The project aims to make the Bitcoin mining industry accessible to retail investors, consequently offering an excellent opportunity to earn passive BTC rewards.
In the early days, mining Bitcoin was much more preferable than purchasing it in the open market. In fact, Laszlo Hanyecz – the man who became the butt of many jokes for exchanging 10,000 BTC for two large pizzas – mined all his tokens himself.
However, the profitability of the sector led to an arms race between wealthy corporations, making it impossible for an ordinary enthusiast with a CPU to mine his own BTC. Studies have shown that mining 1 Bitcoin may cost upwards of $200,000k in some countries.
To challenge this monopoly, Bitcoin Minetrix’s cloud mining platform is allowing investors to rent a portion of the computational power, without running the mining operation themselves.
Investors can purchase $BTCMTX tokens and stake them to earn mining credits. These credits can eventually be sent to a burn address, in exchange for a percentage of the yields or cloud mining time, leading to lucrative BTC rewards.
Cloud mining is not a novel concept, however, constant scams and frauds have previously turned investors away from the industry. Such investors will now be able to trust Bitcoin Minetrix’s tokenized approach, considering that they can unstake and sell their tokens at any time – no scams and no long-term cash contracts.
Interested buyers can purchase and stake the BTCMTX token in the presale at bitcoinminetrix.com for just $0.011 with a debit / credit card or by swapping ETH, USDT or BNB.
After a promising rally last week, Bitcoin (BTC) has faced challenges maintaining its bullish momentum over the past two days, leading to a rise in short-term bearish sentiments. With a decline of approximately 4 percent in the last 24 hours, Bitcoin’s price now rests on a crucial support zone.
The ability to hold this support will be pivotal in determining whether a bullish trend will continue in the coming weeks. Additionally, historical data suggests that during the pre-halving year, October tends to be a bullish month for the entire cryptocurrency industry.
Analyst Michaël van de Poppe Predicts a Bitcoin Rally to $30k
Renowned crypto analyst Michaël van de Poppe, based in the Netherlands, has noted that Bitcoin has consistently held above the 200-weekly Exponential Moving Average (EMA) in recent months. This suggests the bulls may have the upper hand in the weeks ahead.
However, van de Poppe emphasizes that Bitcoin’s price must maintain higher lows in the lower time frames for this upward momentum to continue. If this condition is met, there is potential for a significant rally in the $30,000 to $35,000 range within the next two months.
Looking at the Bigger Picture
As the U.S. government shutdown crisis was averted at the last moment, Bitcoin’s liquidity is expected to continue improving. This comes as investors prepare for the fourth Bitcoin halving event, scheduled for around April 25th next year. Nonetheless, the upcoming trial ruling concerning former FTX boss Sam Bankman-Fried (SBF) tomorrow is anticipated to impact Bitcoin’s volatility substantially.
Once a rumor can become today’s reality, Ripple’s much-anticipated move of the year will be an IPO. IPO has been buzzing since Ripple won the summary judgment, and Ripple’s CEO announced a success party for its true XRP community for supporting the native token all through three years.
But one question everyone is keen to know is how Ripple would react when Ripple goes public via an initial public offering (IPO). Will its native token which has been sailing flat at $0.50 for the past few months, resurrect and achieve a new ATH? Let’s understand the chances.
Ripple’s Stock to Go $600? If…
Financial veteran Linda Jones, with a seasoned background on Wall Street, has analyzed Ripple’s situation from an investor’s perspective. She’s tossed out a $5.7 billion valuation for Ripple’s potential stock, a figure she believes to be quite conservative. Based on Linqto platform data, the per-share price is estimated at $35.
However, Jones has a more bullish scenario in mind. She contends that Ripple, with its hefty XRP holdings and the impressive debut value of Coinbase, could potentially be valued at $107 billion. Should this projection hold, Ripple’s stock could be priced at around $600.
The Logic says it can!
If it all happens, then the analyst is sure that Ripple’s stock soars to these anticipated heights; it could also give XRP’s price a rocket boost. This situation, though, is quite unprecedented. We’ve seen Bitcoin’s price surge directly impacting the stock prices of Bitcoin mining companies. Applying this logic to Ripple, it’s plausible that a surge in its stock price could significantly pique interest in XRP, potentially leading to an uptick in its value.
Challenges it can face?
Ripple is technically further along the road to IPO, but their problem is that IPO has to go through SEC approval, so it could be delayed unless it moves outside the USA. Can’t see them relocating now they have clarity for XRP so that you can bet on Ripple, but I wouldn’t expect it too soon.
XRP to Hit New ATH?
Dark Defender predicts XRP will rise to $5.85, a significant increase from earlier projections. Recent price action for XRP is encouraging, and they expect a short-term retest at $0.66. Breaking $0.55 is a critical milestone that might start a bullish trend. This projection covers 2026, demonstrating a lengthy view. Despite its recent underperformance, XRP has the 5th-largest market valuation at $27.9 billion. It trades at $0.523.
In summary, if Ripple’s stock hits a projected level, XRP may rally dramatically. Remember that this situation is unique and that Ripple’s stock performance and XRP’s price are subjective. If Ripple’s stock drops, XRP may too, and vice versa. So buckle up—the ride will be surprising!
The prevailing market conditions did not appear to be in favour of the bulls until the DOGE price triggered a favourable rebound at $0.0605. The price has failed in its every attempt to rise beyond $0.07, hence making the resistance at $0.08 one of the crucial ones to achieve. The mid-August plunge has weakened the bulls to such an extent that the selling volume has diluted the buying pressure. However, the Dogecoin price is approaching a crucial juncture that indicates a probable rise to $0.08.
DOGE prices often experience a bullish push with the rise in positive market sentiments, backed by some mentions over the various platforms. However, they remain short-lived as the levels drop back to their initial stage. Presently, the crypto market sentiments are somewhat positive as the Bitcoin price trades around $28,000, indicating the possibility of hitting $30,000 soon.
Therefore, as the flagship crypto surpasses $30,000, the DOGE price is also expected to rise as the memecoin is at the foothill of an explosion.
The DOGE price has been holding the support zone between $0.0605 and $0.0626 ever since the start of 2023. Despite September remaining largely under the bearish influence, the token defended the support levels well. This indicated the strong presence of bulls who are accumulating strength to trigger a fine rebound. If the previous trade plays out, then the DOGE price is primed to reach $0.08 before the end of the monthly trade.
Presently, the Dogecoin (DOGE) price is completing an uptrend that has occurred in the past. The trend has been accomplished with the accumulation and may maintain a healthy upswing for the next couple of weeks to reach $0.08. Besides, the volume remains low comparatively, which may hinder the progress of the rally. Therefore, if the price surges above $0.07 before the end of the week, then one can expect a fine rise towards the significant resistance. Otherwise, a rejection could be imminent.
Bitcoin enthusiasts eagerly await the next Bitcoin halving, scheduled for April 2024, as it is often seen as a significant catalyst for the cryptocurrency. However, analyst Rekt Capital has raised intriguing interest in Bitcoin’s historical patterns.
Over the past few years, Bitcoin has taken anywhere from 518 to 546 days to peak after a halving event. Bitcoin could peak in either mid-September or mid-October 2025 if history repeats itself. Notably, October has historically been a strong month for Bitcoin.
He wrote on X, “Over the past several years, it has taken Bitcoin 518-546 days to top out after its Halving. If history repeats, Bitcoin could top in either mid-September 2025 or mid-October 2025.”
Rekt Capital draws attention to the similarities between the current year, 2023, and 2019 in terms of Bitcoin’s performance. In October 2019, Bitcoin saw a modest 10% rally. If Bitcoin replicates this performance in October 2023, its price could revisit the $29,200 mark.
In this scenario, Bitcoin might form an extended upward wick beyond the lower high resistance level before potentially retracing, confirming the current move as a relief rally. Rekt Capital notes that Bitcoin is 210 days away from its halving event. In the 2019 cycle, Bitcoin formed a lower high (purple) at this point, followed by a 147-day period in which it crashed by 62% to reach a macro higher low.
If a similar pattern unfolds in this cycle, Bitcoin could form another lower high soon, leading to a 27% price drop into its macro higher low (blue circle) by mid-February 2024. This would potentially place Bitcoin’s price at around $20,300.
In recent weeks, Terra Classic (LUNC) has been on an upswing, basking in the green zone with a notable seven-day price surge of 13%. The altcoin has witnessed a remarkable 323.66% surge in the past 24 hours, propelling its value to $0.00006508. This represents an 8% gain in the midst of a generally passive cryptocurrency market. Nevertheless, the altcoin faces consistent selling pressure, as indicated by its Relative Strength Index (RSI), which has remained below 40 since mid-July.
Despite swings, experts and analysts are bearish on LUNC. Why the negative outlook? Let’s explore.
$120 Is a Distant Dream
The recent downturn in Bitcoin, dropping from $27,500, has exerted selling pressure on Terra Classic coin. This, in turn, has created an opportunity for Rex “Rexyz” Harrison, who has raised important concerns about the potential of LUNC. Harrison casts doubts on the likelihood of LUNC reaching its ambitious target of $120, an all-time high for the token. He believes that achieving a $1 price would require substantial community efforts, with the chances of LUNC hitting $120 appearing exceedingly low.
Supporting Harrison’s claims, on-chain data reveals a surge in short-liquidations for LUNC, recently surpassing $20,000. Additionally, LUNC’s Open Interest has risen by $1 million, signaling increased trading activity. However, with the long-short ratio dwindling to 0.67, a bearish correction seems likely.
Conditions for the $1 Price Point
Harrison outlines specific conditions for the community to reach the coveted $1 price for LUNC. He argues that 99.9% of LUNC’s circulating supply, which currently stands at 5.8 trillion, must be eliminated through burning or staking. This creates uncertainty about LUNC’s journey to $1, given Terra Classic’s current market capitalization of $374.12 million.
Harrison acknowledges that achieving a 90% reduction in circulation might be feasible through a combination of staking and burning, but this would still leave 690 billion LUNC tokens in circulation. The analyst believes that strong community support is essential to break through these resistance levels.
Does LUNC Need a Swap System?
Furthermore, Harrison suggests that such an effort could potentially secure LUNC a $0.01 price, representing a staggering 15,269.87% growth from the current price. However, he notes that despite ongoing efforts, burning USTC tokens has made minimal progress in reducing the supply overhang. Additionally, burning LUNC itself has not significantly impacted the price.
All hope is not lost..
As a potential solution to LUNC’s reduction challenges, Harrison proposes the creation of a swap mechanism, such as LUNC – USTC2. This mechanism could potentially address the supply reduction and price enhancement issues faced by Terra Classic.
The dazzling world of cryptocurrencies is characterized by its oscillating fortunes, where tokens jostle for position, driven by market dynamics and traders’ sentiments. While some coins cement their dominance in this digital playground, others emerge with promising potential, disrupting the status quo.
Amidst the turbulent waves, Shiba Inu (SHIB) showcases its presence, becoming the talk of the town. But in the eyes of many crypto experts, the newcomer, Grimace, has the potential to become the new market leader. Rushing past the underperforming coin mentioned in this article.
Shiba Inu (SHIB): The Meme Token’s Current Stride
Currently nestled between the price range of $0.0.00000721 and $0.00000736, Shiba Inu (SHIB) balances on the tightrope of trader sentiment. The crypto token, born as a meme and evolved into a contender, continuously seeks to solidify its place in the market hierarchy. As it maneuvers through the volatile landscape, Shiba Inu is persistently under the watchful eyes of traders, offering both opportunities and challenges.
Shiba Inu’s recent price actions paint a vivid story. The coin reached its 13-week high at 0.0000113, showcasing its capability. But like every cryptocurrency, it has faced its challenges. With key turning points like crossing the 9-18 Day Moving Average at 0.0000086 and stalling upon touching the 40 Day Moving Average at 0.0000083, SHIB’s trajectory has been nothing short of an exhilarating roller coaster ride. Recent market dynamics suggest that while SHIB might face a few hurdles, it’s poised for more exciting maneuvers in the coming days.
There’s no denying that Shiba Inu has had its moments under the sun. However, the token’s future trajectory remains clouded with uncertainty.
While past performance and key turning points suggest a robust growth potential, market volatility challenges, increasing competition, and global economic conditions can throw a spanner in the works.
If you’re interested in a more predictable, potentially lucrative project, read about Grimace.
Grimace (GRIMACE): A Force to be Reckoned With
GRIMACE, a cryptocurrency that emerged on Dogechain (DOG-20) in April 2023, was initially born out of hype but has defied expectations with its continued growth.
The early achievements of GRIMACE were pivotal in shaping the coin’s future prosperity. By late April 2023, the cryptocurrency had already become the network’s transaction volume leader. In May 2023, a remarkable milestone was reached when 90% of all Dogechain transactions were associated with $GRIMACE, showcasing the coin’s immense popularity.
The listing on a prominent crypto exchange platform on June 12, 2023, attracted a surge of new users eager to engage with the cryptocurrency. The next day, trade volume soared by a startling sevenfold, reaching a daily peak of $25,000,000.
Getting listed on another major exchange on August 12, 2023, marked the next step in GRIMACE’s upward trajectory. Consequently, the coin’s market exposure, liquidity, and trading volume all experienced substantial growth, culminating in a peak daily trading volume of $60,000,000.
From its lowest point, the cryptocurrency witnessed a 6.5-fold increase in value. Its remarkable ascent from $4.8 to $28 is a testament to this growth. By August 25, 2023, the value had surged to $92, signifying a remarkable x19 increase.
Continued Success: $1,000 Per Coin Beckons
As industry experts suggest, Grimace is highly likely to reach $1,000 by the end of 2023.
Cryptocurrencies remain one of the most unpredictable yet enticing sectors for market enthusiasts. Shiba Inu (SHIB) continues to captivate traders with its roller-coaster journey. On the other hand, with its unforeseen growth, Grimace serves as a reminder that in the crypto world, sometimes, surprises come in the most unexpected packages.
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The crypto asset management sector is poised for extraordinary growth, with projections indicating a potential increase to $650 billion in five years, up from its current valuation of $50 billion. This significant surge underscores the rapid evolution of the cryptocurrency landscape.
Cryptocurrency Funds Soaring to $650B in Half a Decade
According to insights from Bernstein, Research analysts, led by Gautam Chhugani, have projected an astonishing growth trajectory for crypto funds, estimating that they could surge to an impressive $500 billion to $650 billion within the next five years. This marks a remarkable leap from the current valuation, which hovers around the $50 billion mark.
The experts at Bernstein Research have found a few critical reasons for this. One of the main reasons is the possibility of something called a spot Bitcoin ETF.
Last month, something really important happened in the world of crypto. A court in the United States said the SEC should reconsider their decision to say “no” to a spot Bitcoin ETF from Grayscale.
The court said it doesn’t make sense for the SEC to allow one kind of Bitcoin ETF but not another. The SEC has until mid-October to say if they agree or disagree. This is also when they decide if other companies can make their own Bitcoin products.
Possibility of Crypto Funds Entering the Market by 2024
According to the experts, if the SEC says “yes,” we could have Bitcoin funds as early as next year. They also think these funds could be worth about 10% of all the Bitcoin and Ether, another cryptocurrency.
It’s not just Grayscale; big companies are getting involved too. names like BlackRock, Fidelity, WisdomTree, and Invesco have asked permission to make their own Bitcoin ETFs, showing that big businesses are interested in crypto.
But it’s not just Bitcoin; some companies are also thinking about products related to Ethereum, another kind of cryptocurrency.
PayPal, the company you might use for online payments, has launched called PYUSD a stablecoin, which is like a digital dollar. And Visa, the company known for credit cards, is testing a way to let you pay for crypto stuff with regular money.
The future of crypto asset management looks pretty exciting, with a chance to be worth $650 billion in just five years.
While Bitcoin and Ethereum grapple with price stabilization, Ripple’s XRP has emerged as a standout performer within the elite group, demonstrating over a 5% gain in value over the past week. Still, the market is on the path to regaining stability as the crypto space has started moving sideways.
However, a seasoned analyst known as EGRAG offers a sobering perspective on XRP’s future, suggesting that a new all-time high (ATH) may be more than five years away based on extensive historical data.
While the XRP price may not excite many, EGRAG remains confident in XRP’s potential to spearhead the upcoming financial revolution, analyzing its exceptional speed, efficiency, and cost-effectiveness as critical factors. Amid ongoing digital transformation, EGRAG asserts that XRP is primed to take the lead in digital monetary dominance.
With the scale of the impending financial crisis in view, XRP’s transformative impact on the financial sector could be substantial. With Settlement rumors doing the round, many predict XRP will get a new boost in the market, and by next year, before halving, it will be $21.
But EGRAG’s analysis tells a different story. As history never lies!
XRP Consolidation May Last Five Years
Transpired by her strong historical data, EGRAG’s analysis delves into the potential scenarios XRP might face in the years leading up to what some anticipate as an impending financial crisis. He suggests that XRP’s price movements seem to adhere to a pattern tied to a factor of 3.16 times the duration of the previous cycle. Well, this observation leads him to project a waiting period of 2,632 days from the peak of 2014 to the present.
In practical terms, XRP enthusiasts and investors are suggested to keep calm before the storm for an extended period before witnessing a substantial surge in value. EGRAG’s projection suggests a prolonged consolidation phase for the XRP market before the anticipated rally commences.
A technical principle states, “The longer the consolidation, the stronger and lengthier the ensuing breakout.”
While specific price targets for this projected rally are not provided, EGRAG’s analysis encourages a long-term perspective for XRP investors, highlighting the potential for substantial shifts in the digital asset’s value over time. Currently, XRP is trading at $0.5121, marking a 0.71% increase over the past 24 hours. In the short term, EGRAG had previously predicted an XRP rally to $1.4.
The market is moving sideways, so a bit of chop and ups and downs will be an added spice to many aspiring coins. And how can the Dogecoin killer remain untouched? With a cold Shibarium launch, Shiba Inu’s price is again back to square, struggling to break key resistance levels. Even the on-chain metrics showed a downtrend.
All because giant whales are accumulating more SHIB, resulting in low volatility, making a hold at short positions. From here onwards, achieving $0.0001 would require Shiba Inu to surpass its all-time high of $0.00008845, set in October 2021. Despite being significantly down from its peak, there is hope for a recovery, though the timeline remains uncertain.
Uptober will be a month of price boosts with impending activities lined up. The market outlook is volatile, with anticipation for improved sentiments pending the Bitcoin ETF decision in October.
Shiba Inu coin Price Prediction
Giving slow and believable targets, Telegaon’s report, predicts that Shiba Inu’s price could reach $0.0001 by 2027, signifying a remarkable 1,231% surge in value over four years. Telegaon’s projections go even further, envisioning an average price of $0.000153 for SHIB in 2027. But getting deep into the platforms, it anticipates a minimum price range of $0.0000945 and a maximum of $0.000198 for the same year.
Looking ahead, Telegaon’s projections for SHIB’s performance extend until 2050, suggesting a continual upward trajectory. Notably, they foresee Shiba Inu reaching $1 by 2050. As of now, SHIB is trading at $0.00000751, reflecting a 3.16% increase over the last 24 hours, though it has faced challenges in maintaining levels above $0.000008, resulting in a 7% decline for the year.
What’s Next For SHIB Price?
In the last 24 hours, SHIB has seen a surge in buying activity, breaking above the bearish channel pattern and surpassing the EMA100 trend line, currently trading at $0.0000076, up over 5% from yesterday. Sellers, however, are putting up resistance near EMA200. Despite attempts, bears struggle to push the price below the robust support level at $0.000007, indicating active bulls are willing to buy during dips.
Hence, a minor downward correction is expected due to RSI levels entering the overbought region. If bulls push the price above EMA200, it could signal a sustained recovery targeting levels of $0.0000084 and potentially $0.0000088. Conversely, a breach of $0.000007 may lead to a potential decline towards $0.000006.
However, Telegoan’s projections are not investment advice yet they speak a lot about SHIB’s projected moves in the coming weeks. Will Spot ETF’s craze going to suppress SHIB’s price? Only time will tell.
As financial markets worldwide respond to varying economic indicators, the cryptocurrency landscape, particularly Bitcoin, remains a focal point of discussion. Captain Faibik, a distinguished figure in Bitcoin analysis, has provided insights into the potential trajectory Bitcoin might follow this coming October.
Consolidation is the Game
Captain Faibik suggests that Bitcoin will likely remain confined within a particular trading range, referring to it as a “wedge.” This price range is between $26,000 to $24,000. It’s speculated that Bitcoin might drop to $23k throughout this month, only to rebound with a potentially stronger force in November, eyeing a rise to around $34,500.
Market Indicators and the BTC Path
At the time of writing, Bitcoin’s value is $26,557, recently dropping below the critical $27,000 mark. This decline comes on the heels of the financial sector’s reactions to the Federal Interest Rate decisions, which often profoundly impact various market assets, including cryptocurrencies. With such volatile factors in play, it’s possible Bitcoin’s slide could extend further, even dipping below the $26,000 mark.
Major financial events, including reports emerging from the Federal Open Market Committee (FOMC), invariably influence the trajectory of assets, and Bitcoin is no exception. With increasing downward pressures, market trends suggest that Bitcoin might approach, or even breach, the $25,400 mark. Should this materialize, a definitive bearish trend for the cryptocurrency could be established.
A Silver Lining for Investors?
However, not all indicators suggest a sustained downturn for Bitcoin. Key market indicators, like the Relative Strength Index (RSI), provide a glimmer of hope. If the RSI moves confidently above the 50-point threshold, it could be an early sign of Bitcoin breaking its current slump. Such a move would signify the potential for Bitcoin to break the $27,455 barrier, which could then clear the way for the currency to climb up, perhaps even surpassing the $28,000 level.
In a recent Twitter thread, Chill|TheResponsibleDΞGΞN (@ChillTRD) has presented a compelling case for the impending arrival of Bitcoin’s most substantial bull market. At the heart of his analysis are two critical factors poised to reshape the cryptocurrency landscape 2023: the Debt Crisis and Rising Interest Rates.
US Debt Reaches All-Time High – A Cause for Concern
During the tumultuous Global Financial Crisis 2008, central banks worldwide took a momentous step by reducing interest rates to zero. This move allowed individuals and organizations to manage their debts more affordably. However, it effectively shifted the burden of unmanageable debt onto the Federal Reserve’s balance sheet, where it remained rather than disappearing. This action played a pivotal role in rescuing the global economy.
Due to this policy, governments and corporations gained the opportunity to refinance their obligations, primarily within a 3-5-year timeframe. This, in turn, gave rise to a recurring economic cycle spanning 3.5 to 5 years.
When the interest on this debt comes due, it often leads to an economic slowdown, compelling central banks to lower interest rates—an almost inevitable pattern.
More recently, the world witnessed an unprecedented monetary printing spree by the Federal Reserve during the COVID pandemic. This resulted in trillions of dollars in interest payments now due in the fourth quarter of this year.
Failure to meet these payments could potentially trigger an economic disaster, leaving policymakers with no alternative but to print more money and devalue the currency—a drastic move that could send the crypto market soaring to new heights.
Fed’s Urgent Need for New Debt Issuance Spells Historically Low-interest Rates
With current payments deemed unaffordable, massive rate cuts loom on the horizon. This impending development carries far-reaching implications for the cryptocurrency market.
If you were amazed by the crypto market’s performance in 2021, prepare for what’s on the horizon. The convergence of these unstoppable forces—rate cuts and USD devaluation—is poised to usher in the most significant crypto bull market ever.
These forces are beyond our control, and the prudent choice is to prepare for the opportunities they will bring. Now is the time to strategically position yourself to maximize your returns.
Following a 3 percent surge in the last 24 hours, XRP’s price encountered resistance at approximately $0.513, just below the daily 200 Moving Average (MA). Some crypto analysts are speculating on a potential daily death cross, which could trigger additional panic selling. Nevertheless, there are signs that the Ripple-backed digital asset might be gearing up for a sudden upward move.
Furthermore, there’s a strong possibility that US District Judge Analisa Torres will reject the SEC’s interlocutory appeal related to the summary judgment from July. Additionally, Ripple has been expanding its On-Demand Liquidity (ODL) program into more cross-border payment corridors, aiming to enhance the utility of XRP.
XRP Price Prediction
Dark Defender, a prominent XRP enthusiast believes that XRP exhibits considerable strength in higher time frames. He also pointed out that XRP’s price has adhered to a macro-symmetrical triangle pattern following a recent rebound from the lower boundary. The analyst noted that XRP’s price recently broke out of a short-term structure, potentially paving the way for further gains, surpassing the psychological $1 mark.
As the symmetrical triangle narrows at its edges, Dark Defender highlighted that the upper resistance zone has shifted from $1.33 to approximately $1.237. If XRP can breach this critical resistance level, the analyst anticipates that the all-time high (ATH) will come into play. However, should further capitulation occur, the crypto analyst foresees a substantial support zone ranging from 39 cents to 46 cents.
The Korea Customs Service has revealed a report where unlawful foreign exchange transactions made using virtual currency added up to a whopping $4 billion last year alone. The report highlights the potential risks associated with cryptocurrency, including its lack of regulation and vulnerability to fraudulent activity. However, it is worth noting that this figure only represents a small portion of the overall cryptocurrency market, which is estimated to be worth over $1 trillion. Nonetheless, authorities are urging caution and transparency in the use of digital currencies to avoid the risk of fraudulent and illicit activity.
Singapore crypto leader Shenyu has made a bold prediction about the price of Bitcoin for the upcoming year. According to Shenyu, the price of Bitcoin will skyrocket between US$40,000 and US$60,000 by this time next year. This prediction has attracted the attention of the crypto community, which is closely monitoring the market to see if it comes true. Alongside the prediction, Shenyu stated that stablecoins, RWA, Gamefi, ZK, and other topics are growing in popularity within the crypto world. It remains to be seen how the market will develop in the coming months, but it is clear that the crypto industry is rapidly evolving and expanding.
Binance, the world’s largest cryptocurrency exchange by trading volume, is currently facing some legal challenges from the U.S. Securities and Exchange Commission (SEC). Mark Yusko, the Founder, CEO, and Chief Investment Officer of Morgan Creek Capital Management, has opened up about the SEC and discussed their recent actions against Binance.
In a conversation with the host of Altcoin Daily, Mark expressed his doubt that the SEC has any authority over a company that does most of its business outside the U.S. He said that it was very difficult and unrealistic for the SEC to assume such a role. He gave an analogy of him expecting people in Europe and Japan to follow his words just because he is an American. He said that this made no sense at all and that people would only listen to him if they wanted to, but not because they had to.
He also speculated that the SEC may be preparing to take some action against Binance, but he also questioned the SEC’s jurisdiction over the exchange, which operates mostly outside the U.S. He said that it would be hard for the SEC to claim oversight of a company that is registered in the UK and based in Dubai, and that has only a small subsidiary in the U.S.
“Whatever it is, the SEC is not your regulator now. You have a subsidiary in the U.S. and you could shut that subsidiary down or would that have an impact? Sure, but how much of their total trading volume is it? Maybe it’s bigger than I think, but I think the real impact is the psychological hit on altcoins.”
Mark also compared most altcoins, which are alternative cryptocurrencies to Bitcoin, to gambling tokens. He said that they have no intrinsic value or claim on cash flows, unlike stocks. He argued that even some stocks, such as AMC or GameStop, are gambling tokens because people buy them not based on fundamental analysis, but on hype and speculation.
Historically, September is catastrophic for the stock market, but this year’s economic landscape presents a different narrative. Reduced recession concerns, potential shifts in Fed policy, and positive sector trends are painting a picture of strategic investment opportunities. While Wall Street faces uncertainties, Bitcoin is displaying resilience. Federal Reserve Chair Jerome Powell hinted at another rate hike in the upcoming September Federal Open Market Committee (FOMC) meeting.
Bitcoin Holds Its Ground, But What’s Next?
Bitcoin, in the last 24 hours, witnessed significant volatility, swinging from highs of $25,941 to hovering just above the $25,000 mark. This surge in fluctuation aligns with an eagerly awaited legal decision sought by FTX executives in the Delaware bankruptcy court.
The following development is said to be in favor of Bitcoin. The United States is gearing up for pivotal economic data releases, including the Consumer Price Index (CPI) dropping on Wednesday, alongside the Producer Price Index (PPI) and unemployment claims on Thursday. Seems enough fuel to fire up the Bitcoin’s price.
FUD Heating on Rate Hike, Is FED cutting rates? Arthur Says BTC to Go $70K
Looking at the current lined-up events, BitMEX co-founder Arthur Hayes chimed in that a decision by the U.S. Federal Reserve to cut interest rates could rapidly shoot Bitcoin to $70,000. Hayes had previously anticipated this surge post-March, but the Fed raised rates three times since then. He highlights that the Fed’s move to cut rates could be a crucial step in stabilizing the U.S. banking system.
Interestingly, the Fed Chair said the central bank wouldn’t only base future interest rates on inflation. The FOMC would analyze many data points, including inflation patterns.
Hayes emphasized during a keynote at the Korea Blockchain Week conference that Bitcoin’s performance is closely tied to Fed policy and broader macroeconomic factors. Currently, signals indicate an imminent Bitcoin rally, as real rates (US 2-Year Treasury Yields minus nominal GDP growth) are turning positive.
Analysts and market players are still on edge because of the US Fed’s aggressive moves, but there are rumors of a possible rate cut in the new year. If the FOMC stops raising rates after the next meeting, rates might go down at the January 2024 meeting for the first time in more than two years. As of now, Bitcoin is trading at $26,123, marking a 2% increase in the last 24 hours. This surge is attributed to heightened trading activity, with trading volume spiking by 100% in the past day.
Amidst the recent buzz in the crypto space, the Shibarium launch stands out, promising exciting developments for Shiba Inu. What can investors expect from SHIB in the near future? Meanwhile, Watchvestor (WVTR) is launching as one of the most innovative projects in the crypto space.
How Will Shiba Inu (SHIB) React To the Shibarium Launch?
Shibarium is Shiba Inu’s layer-2 scaling solution designed to be more scalable and cost-effective than Ethereum. After months of expectations, the mainnet of Shibarium has finally launched. But what should investors expect from Shiba Inu?
The mainnet of Shibarium will allow Shiba Inu users to seamlessly transfer their tokens between Ethereum and the layer 2 network. In addition, it will support the development and deployment of various decentralized applications (DApps) built on Shibarium.
With this, crypto experts have predicted that the price of Shiba Inu could increase as more DApps are launch. However, at the time of this writing, the Shiba Inu coin is down by 8.9% in the last 24 hours and now trades at $0.000008428.
ShibaSwap, a decentralized exchange; ShibaNet, a decentralized social network; and ShibaArt, a platform for digital art are all in development now. When these projects launch, experts have predicted that the Shiba Inu price could rally to a high of over $0.00001500 this year.
Watchvestor: Your Access To Own Fractional Luxury Watches
Although the crypto market has been bearish, Watchvestor (WVTR), a new project has been growing in popularity due to its unique use case. Watchvestor is a new marketplace that allows users to invest in fractional ownership of luxury watches using NFT.
The NFT fractional ownership enables multiple investors to own a share of an asset, in this case, luxury watches, without having to buy the whole thing. Using this fractional ownership Watchvestor reduces the entry barrier to entry from thousands of dollars to just $10.
In addition, because it increases the liquidity of high-value assets through more investors, Watchvestor has been poised to reach new heights. Watchvestor aims to revolutionize how luxury watches are bought, sold, and invested forever.
The Watchvestor project has laid down a clear vision of what it could achieve and is backed by a strong team. The project’s presale has just started. It allows investors to get in early on what might be the next big thing in crypto. At the time of this writing, its utility token, WVTR, trades at $0.03 and is about to reach highs of $0.1 at launch.
Find out more about the Watchvestor (WVTR) Presale Today:
Telegram Community: https://t.me/WatchvestorOfficial
While recent Bitcoin (BTC) price movements have been stable, a historical pattern suggests a potential change in the coming months. Bitcoin is showing resilience towards $26K while the triggers are pushed at $25K. Pantera Capital, a digital assets-focused investment firm with $3.5 billion in assets under management, has boosted that Bitcoin will double down after the upcoming halving event.
Truth be told, this could seem like a bit of wishful thinking at first. So, do they have any reasons to back up the claim? Let’s read on.
Pantera‘s Confident Forecast
In its latest blockchain letter to investors, Pantera Capital asserts that Bitcoin’s value could go for a parabolic surge by over 466% from its current level, reaching six figures for the first time around mid-2025.
Backed by a historical trend where Bitcoin’s price has typically hit its lowest point about 477 days before a halving, then risen leading up to the event, and finally surged afterward. These post-halving rallies have historically lasted around 480 days, from the halving to the peak of the subsequent bull cycle.
Pantera predicts that around August 13, 2025, Bitcoin might achieve a value of $147,843. This prediction aligns with the timing of the next halving event expected on April 20, 2024. Pantera also suggests that Bitcoin will gradually increase to $35,000 as it approaches the halving, coinciding with a reduction in miners’ rewards. Looking at past history bitcoin has made a huge jump on and off halving events.
Will History Repeat Itself?
Drawing parallels, Pantera observes that the second Bitcoin halving in 2016 reduced supply by 33%, resulting in a similar price impact. The third halving in 2020 reduced supply by 43%, affecting prices by 23%.
Hence, it is expected that in the second halving in April 2024 it will reduce fresh supply by half as most Bitcoins are already in circulation. If history prevails, Bitcoin may reach $35,000 before the next halving and $148,000 after. Bitcoin is trading at $26,102, down 0.1% in 24 hours.
What’s Next for BTC?
This week marks the initial decision on the Bitcoin ETF, a highly anticipated and historic event. Pantera Capital’s prediction is not the only one that suggests that Bitcoin price is about to go up.
A crypto analyst, Seth, adds another perspective by suggesting that Bitcoin could reach over $300,000 by 2025 if BlackRock’s Bitcoin Exchange-Traded Fund (ETF) gets approval.
Factors contributing to this potential approval include BlackRock’s high ETF approval rate, its crucial role during the 2008 financial crisis, the CEO’s endorsement of Bitcoin, the existence of Bitcoin ETFs in Europe and Canada, and participation from other major asset managers like Vanguard and Fidelity.
Bitcoin is dominant so far but XRP is also giving a threat post-victory so it will be interesting to see where the tide goes now. If Bitcoin ETF is approved, it may see another light by Q4. Either way, we can’t wait!
The bitcoin price remains stuck around $26,000 as market volatility continues to remain in the lower ranges. The prices of the majority of the altcoins have been stalling after witnessing a significant collapse and liquidation cascade. More than $1 billion has been wiped out of the markets in the past 10 days, and hence an extended consolidation is expected to trigger a significant bullish wave soon.
Now that the price is stuck within a narrow region, can we expect a bullish breakout in the days ahead?
Considering the short-term trade, the upcoming week is expected to have a remarkable impact on the crypto space as volatility is expected to pick up. This may, however, offer the required bullish push and prevent the price from dropping further. Nevertheless, the bearish influence may continue to prevail, with the possibility of rejection at the interim highs.
One of the popular analysts, pseudonymously known as CryptoCon, claims the BTC price will top $112,000 based on a model.
The analyst uses the logarithmic regression resistance chart to denote how the Bitcoin price has evolved over time. The model uses a rainbow chart with color bands that signal the right time to buy, sell, or hold Bitcoin. This model, which almost perfectly called both 2021 Bitcoin tops after it was created, marks fierce resistance at blue layer 4.
After reaching the bottom of the bear market at the end of 2022, Bitcoin ran twice at the recent highs of $31,000 and $32,000, which mirror the local tops in 2019–2020 before the 2021 bull run. Therefore, if the BTC price follows a similar pattern as it did, then the analyst believes it could range high to the topmost levels at $112,000 and the layer 6 top at $80,000. Both of which are increasing each and every week.
When will it begin?
Considering the previous rallies, a break above layer 4 has triggered the journey toward the next ATH, and hence it may take some more time in the present case. Therefore, the analyst suggests it is a good time to accumulate and wait for the inevitable break into the red layers!
Litecoin experienced its first halving at block 840,000 on August 25, 2015, which cut the block reward from 50 LTC to 25 LTC.
Then, on August 5, 2019, the crypto underwent its second halving at block 1,680,000, further reducing the block reward to 12.5 LTC.
As Litecoin’s third halving happened as expected on August 2, 2023, the block reward dropped from 12.5 LTC to 6.25 LTC. At the same time, the daily mining output was also halved, going from 7,200 LTC to 3,600 LTC. Although the halving slowed down the influx of new LTC into the market, Litecoin’s annual inflation rate has fallen from 3.64% to 1.75%.
Unfortunately, the halving failed to drive a price surge. According to Coingecko, the LTC price plummeted by over 10% over the past week. This downward trend, compounded by the halved block reward, has dealt a major blow to LTC miners. Data from OKlink suggests that at the price of $82.07, LTC miners earn a mere $0.00038 per hashrate unit, the lowest in nearly a month.
ViaBTC’s Mining Profit Rankings underscore a sobering reality: factoring out the DOGE revenue, not a single LTC mining machine in the present market landscape can register positive returns at the electricity price of $0.05 per kWh. Again, we must credit the merged mining mechanism proposed by Litecoin founder Charlie Lee. Through persistent lobbying, Lee showed the DOGE community the perks of merged mining with LTC and convinced DOGE to pass the proposal and adopt merged mining via a hard fork. In hindsight, merged mining was a wise decision, which yielded win-win results. For miners, without the DOGE revenue, LTC mining would generate almost no profit; for DOGE, the hashrate from LTC miners has been crucial to its survival, as it protected the coin from various attacks.
The current LTC price is not appealing for miners, even when the DOGE revenue is considered. Only a handful of mainstream ASIC miners, including ANTMINER L7, Hammer D10+, Inno A6+, and Goldshell LT5, manage to generate daily revenues of over $1, and many other models are approaching or have already reached the shutdown price.
The LTC mining revenue dived. As of August 6, the daily LTC miner revenue stood at $290,000, a 60.8% decline from the $740,000 recorded on August 1, the day before the third halving.
While halvings are typically perceived as a bullish signal, for LTC miners, the third halving was bad news, as the market did not welcome it. The sharp decline of the LTC price can be attributed, in part, to a series of sell-offs by investors and whales. According to on-chain statistics, before and after the halving, approximately 70,000 litecoins, with a total worth of around $5.81 million, were sold by whales holding between 1,000 and 100,000 LTC. The massive sell-offs aggravated the market downturn, yet another blow to the LTC price.
Based on the current market dynamics, LTC’s price trajectory has failed to match the rising mining costs. This predicament exposes miners to potential losses. LTC miners must make a difficult choice in today’s market: keep mining and wait for market revival or turn to alternative crypto with more profitable prospects.
Pantera Capital, a blockchain investment firm, has boldly predicted that Bitcoin’s price could reach $135,000 after its next halving event. As per the current status, the recent week was tough for Bitcoin, as its price dropped to $26,000, causing significant liquidations in the crypto market.
According to the Sentiments report, the market is in a bearish mode, as there’s a lack of interest from investors in “buying the dip”. In such a scenario, what’s fueling the bullish outlook and what is the reason bitcoin will pump before halving to $35K, Where experts are calling for a lower range of $20K? Let’s dive into the factors leading to the surge.
History May Repeat for BTC? Is $35K Realistic?
Pantera’s predictions have always been backed by historical trends, as per the firm Bitcoin possibly rise to $35,000 before halving and potentially soar to $148,000.
The sentiments are real and they transpired the fact due to favorable XRP ruling and from major financial players like BlackRock. Also, recent Etherium-based ETF approval made it more a obvious choice for investors as a long-term asset. Not only that bitcoin is also favoured by the regulatory firms with lesser scrutiny on the king crypto all eyes are set on Bitcoin Spot ETF Approval.
Understanding Why BTC will Pump if this happens?
Giving a wide glance at Bitcoin’s past innings, the prices were highly volatile it heavily fluctuated
fluctuating between $16,344 and $30,468. While August 2023 saw the BTC coming down to its resistance level of $30K and dropping around $29,044. The cryptocurrency faced ups and downs, including a dip to $16,344 in November 2022 and a recovery to $30,466 in April 2023. Since BTC has the capacity to fluctuate on a higher trajectory it won’t be difficult to touch a mark of $35K before halving if external factors support the king crypto.
On bearish sentiment, one Twitter user said that it can never reach that height.
What to Expect in Halving?
It is notable that, Bitcoin halvings, which occur approximately every four years, historically trigger positive price movements. These events reduce the reward for mining new coins, leading to a scarcity that often results in price surges. The recent positive ruling for XRP’s non-security status and endorsements from institutional investors like BlackRock contribute to a promising environment for a potential bull market in digital assets.
However, it’s important to approach Pantera’s optimistic prediction with caution. The crypto market is extremely volatile and influenced by various factors, including regulations and economic conditions. Past performance does not guarantee future outcomes.
The year 2021 posed challenges for the crypto market, but analysts foresee the potential for all-time highs in the coming year, particularly for Bitcoin. The same analysts who predicted the 2021 market downturn are now optimistic for 2024, forecasting record highs for Bitcoin.
Pseudonymous analyst Dave the Wave, known for predicting the 2021 crypto market downturn, has now projected a positive outlook for Bitcoin. He anticipates that Bitcoin’s ongoing market correction and bearish trends will persist until year-end, followed by a favorable period for investors.
Bitcoin’s recent decline of over 11% this week breached the crucial $25,000 support level, triggering bearish sentiment among traders. Despite this, the star cryptocurrency boasts a market capitalization of $508 billion. Its trading volume has surged to approximately $9 billion, marking a 12.42% increase in the past 24 hours, as indicated by market reports. However, Bitcoin’s dominance, representing its overall market share, currently stands at 48.01%, having dipped slightly by 0.12% throughout the day.
Bitcoin Price Prediction: When ATH?
Dave the Wave employs his logarithmic growth curve (LGC) model to predict Bitcoin prices, aiming to filter out medium-term volatility. According to this model, Bitcoin currently resides near the lower end of the LGC, signaling a favorable zone for investment. Dave suggests that Bitcoin could experience further downward fluctuations until next year, followed by a potential surge to $69,000 by mid-2024.
Dave also highlights the Monthly Moving Average Convergence Divergence (MACD) analysis, noting a bullish turn that implies long-term momentum. He suggests that the current price presents a more reasonable investment opportunity compared to 2.5 years ago, especially for those seeking exposure to the market.
In a separate development, Tom Lee, co-founder of Fundstrat Global Advisors and a prominent Bitcoin bull, predicts that the approval of an Exchange-Traded Fund (ETF) could propel Bitcoin’s price to $150,000. Lee emphasizes that the ETF’s potential approval might reshape Bitcoin’s supply and demand dynamics, leading to price appreciation.
In a surprising turn of events, Cheeky Crypto has taken the crypto community by storm with a bold prediction for Cardano’s future performance.
According to an expert analyst, ADA, the native cryptocurrency of the Cardano blockchain, could potentially reach an astonishing $31 in the long run. But that’s not all – the analyst has also outlined a more conservative range for ADA’s upward movement.
Cheeky Crypto Analyst Predicts ADA’s Price Surge to $31 in the Long Run
A prominent crypto analyst Cheeky Crypto has made a remarkable prediction for ADA’s future trajectory. In his recent youtube video, Cheeky Crypto elaborated that ADA could experience a significant price surge within the range of $28 to $31 mark in the long run.
He further mentioned that looking back to the prior performance and market dynamics, we’re observing a spectrum of growth, with possibilities spanning from $3.48 to $10.50. Apparently, Cheeky Crypto’s prediction comes while ADA is currently being traded for $0.297.
On the other hand, the analyst cautioned that ADA might go through a short-term drop in its price due to market price correction. According to Cheeky Crypto, ADA could go down to levels between $0.151 and $0.1817 for a little while.
The analyst drew attention to the fact that Cardano’s price has gone down a lot, more than 92%, from its highest point ever. However, the analyst pointed out that this could actually mean that Cardano is worth more than it’s being valued at right now. This suggests that there’s a good chance for Cardano’s value to grow.
Cardano’s Strong TVL Surge Could Drive an Upward Movement
He further highlighted that Cardano’s TVL has shown remarkable expansion since the start of this year. As earlier reported, Cardano’s TVL surged by 9.7% and reached a milestone of $151.7 million in the second quarter of 2023. This significant growth pushed Cardano to the 21st spot among the top networks with the highest TVL in blockchains.
As per the present data showcased by DeFiLlama, the total value locked on Cardano stands at approximately $180.25 million. However, Cardano’s TVL rise showcases growing confidence in its potential, as this surge could be a forerunner to a broader rally.
While the prediction raises eyebrows, it’s evident that Cardano’s surging TVL is setting the stage for a potential rally, igniting discussions within the crypto community about the future trajectory of this blockchain project.
XRP has stirred intrigue among investors with its potential trajectory. Austin Hilton, a respected market analyst, shares his insights on what’s in store for XRP before it reaches the much-anticipated $1.00 mark. In his latest YouTube video, he elaborates on the possibilities of XRP retracing before it surges.
Hilton is about to unveil its innovative trading software, X1 Algo, designed to offer momentum indicators that are able to flash signs of upward or downward trends. It provides real-time data insights and triggers buy or sell actions based on market momentum.
It’s no ordinary tool, as it has been carefully crafted to integrate with various trading platforms, even serving the need for insights into stocks like Amazon and Tesla. But what does this mean for XRP?
XRP Price Journey to $1.00: The Potential Path
Currently hovering around $0.63, XRP might see some dramatic movements before it hits the much-awaited $1.00 milestone. Some analysts believe that it could retract to $0.50 before eventually bouncing back. Hilton’s confidence in XRP seems unshaken, as he’s optimistic about the overall market trends.
Although the immediate future might not look so bright, Hilton emphasizes that it’s just a temporary phase. A potential retrace to $0.50 may be on the horizon, but it’s merely a stepping stone on XRP’s path to greater heights, particularly the $1 mark. He reassures investors, stating that the long-term perspective is promising, particularly with a Bitcoin bull run expected in the fourth quarter of 2023.
Retracement Modes and Insights
The X1 Algo software isn’t just about detecting momentum. It also includes features called retracement modes, providing even deeper insights into potential price movements. It functions as a double indicator, enabling traders to enter or exit positions with more precision. This development may be particularly useful for both seasoned and novice traders, especially with its applicability across cryptocurrencies and traditional stocks, said Hilton.
The month-end closing is on the horizon! A fair amount of volatility was expected to kick in. But the current trade setup indicates the price may remain largely stagnant not only until the close but also for the next few weeks of August. Now that the price shows signs of a bullish breakout, the possibility of the price reaching the upper crucial target of around $35,000 emerges.
While the BTC price continues to trade within narrow regions, the adoption rate of the star crypto has surged. As per the data from Glassnode, the non-zero balance address and the other on-chain factors remain elevated, signalling an intensified adoption rate. Interestingly, the non-zero address count has marked a new ATH of 47.9 million.
Other than a rise in the non-zero address count, the BTC hash rate and cumulative hashes have also soared. Although the new address momentum continues to maintain a consolidated trend, holding above the lower crucial support indicates the strength of the bulls. Additionally, the long-time holders have also surged magnificently. The supply last active in 1+ years, 2+ years, 3+ years, and 5+ years has been soaring extremely high, indicating the participants tend to hold the token for a long term.
Therefore, now that the BTC price is trying to accumulate gains, the possibility of a bearish pullback is reduced, increasing the probability of a bullish breakout. Hence, the August trade is believed to remain elevated throughout the month. Hence, may reach the interim resistance at around $31,800 and a clear upswing beyond $33,000 in August 2023.
Last week was catastrophic for Bitcoin as it lost its support at $30,000, while Bitcoin (BTC) price continued to consolidate around $29,000 to $29,500 on Monday. This has left many crypto traders worried due to the short-term price fluctuations in the Bitcoin market.
Bitcoin’s Massive Bull Rally is On the Horizon?
But one such analyst is optimistic about Bitcoin (BTC) as he predicts the cryptocurrency is gearing up for an impressive bull run that could propel it to an all-time high before the year’s end.
In a recent video shared with his substantial Twitter following of 343,200, Credible Crypto identifies Bitcoin’s current trend as a five-wave uptrend, according to the principles of Elliott Wave theory, a technical analysis approach rooted in crowd psychology and wave patterns.
His take is on the third wave, he specifically points out that BTC is currently in the midst of its major third wave, which is typically the strongest and sets the stage for a parabolic surge to the upside. He sees a major bull run once the crypto breaks out of its current consolidation phase, expressing confidence in the potential for “monthly candles” around $10,000 once the breakout occurs.
BTC to Hit Its ATH in November?
Meanwhile, Elliott Wave theory suggests that rising prices occur in a five-wave pattern during a bullish rally, with waves one, three, and five characterized by more rapid increases in value. Furthermore, each major wave is further broken down into smaller movements (sub-waves) of five waves.
“Generally, the third wave is the strongest”
He placed his initial wager in stage three, and further analysis of his theory led him to conclude that Bitcoin is entering the most powerful third sub-wave of its third major wave. From here onwards, he forecasts that the next upswing might drive Bitcoin’s price to $42,000.
However, looking at the graph, it’s clear that Credible Crypto expects Bitcoin’s major wave three to push the price above $58,000 by the end of October. A retracement to $49,000 after this rise would finish the fourth big wave. Then, he believes BTC will continue to rise until it reaches $75,000 in November, marking the end of a five-wave advance.
As of the time of writing, Bitcoin is trading at $29,345. With Credible Crypto’s bullish outlook and the cryptocurrency’s history of significant price movements, the crypto community eagerly awaits to see if BTC can fulfil these ambitious targets and potentially reach new record highs.
Ripple’s recent victory in the SEC lawsuit has created a ripple effect in the crypto world with curiosity about XRP’s future price trajectory. What is more enticing is that Google Bard, an AI chatbot, has stepped in to offer intriguing predictions for XRP’s price at the end of 2023, 2025, and 2030.
Here is the Short to Long Term XRP Price Assessment plan of AI Giant.
XRP Price in Short Haul
As per the projections laid by Google Bard, for the short term, XRP could soar to $1.30 by the end of 2023, assuming the favorable outcome of the court ruling stands and the broader crypto market maintains its strong performance. Such an achievement would represent an impressive 83.3% increase from XRP’s current value. However, it should be noted that the SEC has suggested appealing the ruling. Moreover, if the verdict stands, XRP might soar again.
XRP Price in 2025, $10 or $2.50?
Revealing his optimistic outlook, Bard predicts that XRP’s price could spike in the medium term, eventually hitting $2.50 by the year 2025. However, some analysts have predicted that XRP will be worth $10 by the year 2025. A lot of excitement surrounds this prediction, which is contingent on institutionalized cross-border payments using the digital asset. With mixed reactions 2025 will be the year to watch out for the altcoins breakout.
Ripple (XRP) Price in 2030, Is the Year for Long-Term Holders!
Getting more specific, Bard’s most bullish estimate targets a historic achievement for XRP by the year 2030. In this hypothetical scenario, XRP’s price would soar to $10 or perhaps higher, representing an astounding 1,310% increase from its current level. For this optimistic forecast to come true, XRP must become the go-to cryptocurrency for international transfers and emerge as the market leader in this space.
These forecasts are optimistic, but it’s important to keep in mind that they’re based on assumptions and are subject to the volatility of the cryptocurrency market. The path of XRP is unpredictable because several factors can affect it. Most importantly the ongoing legal battle involving Ripple vs SEC.
As of now XRP is trading at $0.7090 and is striving hard to maintain its current position above $0.70. Though it has experienced a recent seven-day decline of 8%, XRP has still achieved an impressive 52% gain over the past month, drawing significant interest.
Anticipation is higher in the crypto space as experts project a bullish trend for Bitcoin’s price in the coming weeks.
Notably, the BTC is already entered its accumulation phase and as expected by everybody is eyeing a whooping $1,00,000 target before halving.
As highlighted by many there are several factors, including recent developments such as the favorable XRP lawsuit ruling and the increasing interest in spot Bitcoin ETFs by major institutions like Blackrock and Citadel, that are contributing to the positive sentiment.
One such analyst is spilling the beans about why there is an impulsive move in BTC Price.
$10K in the upcoming weeks? Analyst Theory
In a recent post in Platform X, the crypto analyst, CrediBull, stated that he has closely studied Bitcoin’s price movement and identified a significant build-up of upward momentum over the past three quarters. This suggests that a powerful surge is likely to occur in the near future, potentially propelling Bitcoin’s price above the $10,000 mark.
While displaying a strong parallel with past price movements, CrediBull notes that the previous upward surge from $24,000 to $31,000 was remarkable, and the next wave could be even more aggressive, possibly driving Bitcoin’s value up to an impressive $42,000.
But what is the reason behind such projections? He further explains that based on a pattern observed in the longer time frame, where the third wave tends to be a multiple of 1.67 times the projection of the second wave, which triggered the recent significant price increase.
However, there is one more interesting observation made by the analyst that the deviations in Bitcoin’s price since November 2023 have displayed strong upward impulses and relatively minor retracements, signalling a bullish trend.
While a minor dip might occur around the $27,900 mark before the next upward impulse, the current price range indicates that Bitcoin is potentially close to finding a local bottom. This situation has heightened expectations that an aggressive upward movement could be imminent within the next two weeks.