Bitcoin Plunge on the Horizon-Levels to Expect for the BTC Price in the Next 30 Days
Bitcoin price after the gigantic rally during the previous weekend appears to have drained a bit as it has ignited a notable descending trend. The price initially lost levels above $25,000 and now flashes signals to lose $24,000 in the coming days. Technicals have flashed a bearish signal and hence a significant correction may be on its way.
The BTC price is still stuck in the major range, range bound since July 2022. Presently, it does not appear a good time to go long as the price is displaying a huge possibility of remaining stuck around the pullback off the highs for a while. The range currently appears to be between $24,000 to $19,000 and only a breach beyond any of these levels may trigger the respective trend ahead.
Source: Tradingview
In the short term, the price is believed to undergo a major rejection from the current resistance levels that may follow the wave and reach the lower support below $19,000. However, after rebounding from the levels around $18,697.08, the price may regain its lost levels above $25,000. Moreover, an extended bullish trend may pave way for the price to surge beyond $26,000 also.
Bitcoin price is expected to remain highly volatile in the next couple of months as the rally continues to be bewildered by the impending trend. After maintaining a parallel range, a breakout may lead the price to rise between $25,500 to $28,000. Meanwhile, a drop below the major support could drag the price between $17,500 and $16,000.
Investors Brace for Fallout as Credit Suisse Shares Plunge, Bitcoin Price on the Line
Credit Suisse Group’s largest shareholder, Saudi National Bank (SNB), has announced that it will not purchase additional shares in the Swiss bank on regulatory grounds. SNB Chairman Ammar Al Khudairy cited the 10% share ownership limit as the reason for not increasing its stake.
Credit Suisse has been struggling to regain investor confidence after the recent crisis, and its shares fell by a fifth to record lows. This downturn came after the collapse of Silicon Valley Bank caused market fallout, leading to concerns about the impact on Bitcoin’s price.
A Series of Scandals
Credit Suisse has been facing difficulties due to a series of scandals that have led to the investor and client distrust. The bank’s customer outflows in the fourth quarter of 2022 amounted to over $120 billion.
Investors Brace for Fallout as Credit Suisse Shares Plunge, Bitcoin Price on the Line Furthermore, in its annual report for 2022, the bank identified “material weaknesses” in its financial reporting controls and has yet to stem customer outflows. This lack of confidence is a significant reason for the bank’s ongoing troubles.
Uncertain Future for Credit Suisse
The recent drop in Credit Suisse shares is a sign of a larger problem, with an average decline of 10% in bank stocks over a single day. Experts suggest that the stock’s downturn is an indication of a significant issue in the financial sector. The recent collapse of three cryptocurrency-friendly banks has caused concern for the digital asset industry. This situation raises questions about the impact on the wider market and the future of Credit Suisse.
Bitcoin Stands Strong
Investors are keeping a close watch on Bitcoin’s price, given the market turbulence and the recent collapses of cryptocurrency-friendly banks. Though the market has been volatile, with Bitcoin’s price briefly dropping below $20K due to collapsing traditional markets, the digital asset remains relatively stable.
The current price for Bitcoin is $24,919, which is up by 12% over the past seven days. It remains to be seen what impact the Credit Suisse crisis will have on the cryptocurrency market, particularly on Bitcoin’s price.
Attention Traders- ‘Dead Cat Bounce’ is Approaching- Will Bitcoin (BTC) Plunge to its Initial Levels?
The crypto markets have thrived in the past few days, with multiple events fueling the upswing. The global market cap increased by more than 10%, reaching levels above $1.1 trillion from lows of around $930 billion. Bitcoin’s price has surged heavily since the past weekend and has increased by more than 30% to mark the yearly high of $26,200.
However, the bulls appear to have vested to some extent as the prices have been consolidating very hard and also flashing the possibility of a minor pullback in the coming days. In such a case, the possibility of a dead cat bounce could be high, where-in the price may witness a steep drop, slashing the crucial support.
The BTC price has skyrocketed several times in recent times, making investors more optimistic. High volume columns are seen around the $20K area, and a similar column was witnessed around $24,000 also. Hence, it is flashing the signals of a correction after a very hot rally.
According to the technicals, the strength index is weakening on the hourly chart. Therefore, before a strong increase, one can witness a prior reflection of the strength index next to the price barrier support line.
Besides the 4hr timeframe, the strength index soared high to reach the peak and displayed a bearish divergence. Therefore, raising the possibility of a ‘dead cat bounce’ that may drag the price lower to $22,000 after it faced a steep rejection from the current level.
Bitcoin Prediction Today
Crypto Market Crash: Altcoins Plunge as Crypto Whales Offload Holdings
The cryptocurrency market is known for its volatility, and the past few days have been no exception. Some altcoins have been experiencing a massive sell-off, and the reason behind it may be the whales offloading their holdings. Crypto whales are individuals or entities that hold a large amount of cryptocurrency, and their actions can have a significant impact on the market.
The Altcoins Dumped by the Whales
According to Ran Neuner, the host of the popular YouTube channel “Crypto Banter,” altcoins are currently being dumped by the whales, adding additional supply pressure to the market. He believes that this is the reason why certain altcoins have sold off more than others. Neuner pointed out that the worst-performing tokens right now belong to Voyager, a crypto brokerage firm that owes its creditors $500 million.
The graph indicating Voyager’s Ether balance shows a sharp decline in the last couple of days. They have been sending 7 to 8 figures of crypto to Winter Moon and Coinbase daily. Neuner shared a screenshot of Voyager’s main portfolio, which includes assets like Decentraland (MANA), Phantom (XRP), Apecoin (APE), and Uniswap (UNI).
Neuner stated that the sell-off is putting additional pressure on a lot of these other alts. He warned that it’s much worse for top-end tokens like Shiba Inu (SHIB) and Chainlink (LINK), which are where the majority of the sell volume is happening. However, it’s still putting pressure on many other altcoins.
The Voyager Sell-Off
Voyager has been aggressively selling off its crypto holdings to pay off its creditors. This has put a lot of pressure on the altcoin market, as these assets are getting hit a lot more than other alts. Neuner noted that Voyager-related altcoins are significantly dropping, including Ether, SHIB, and LINK.
The Impact on the Market
The impact of the sell-off is felt more by altcoins that do not have as much volume, do not have as many buyers, and are not as popular. Neuner stated that the sell pressure did not matter when there was enough demand in the market. But with sentiment being so low and buyers not wanting to buy as aggressively, Voyager still needs to sell its assets to pay off its creditors.
Neuner advised investors to be cautious, especially with top-end tokens like Shiba and Link. These tokens are getting hit the most, but other alts are also being affected. The Voyager sell-off is putting additional pressure on the already uncertain market. Investors need to be cautious and keep a close eye on the market to make informed decisions.
Bitcoin Could Plunge To $13k Amid Deterioration In Demand, Silvergate Collapse: JPMorgan
JPMorgan Chase & Co. is a multinational financial services corporation based in the United States. It is the largest bank in the United States and the largest bank in the world in terms of market capitalization. Even though the bank placed a significant wager on cryptocurrencies, analysts at JPMorgan warned that the price of bitcoin might drop by another 25% in the aftermath of the FTX disaster.
Despite better indicators for inflation and the global economy, financial services firm JP Morgan forecasts that the United States will face a recession later this year. According to the report, the recession will most likely begin in the second half of 2023.
The company seems to be sticking to its predictions. Read on!
Analysis of the JP Morgan report
In a recent tweet thread, American journalist Carl Quintanilla reported that JPMorgan had remarked on the recent collapse of $SI, calling it yet “another setback for the crypto ecosystem.”
JPMorgan claims that it would be challenging to replace the immediate network for handling dollar deposits and withdrawals. Further, it pointed out the reverse in the futures spread, which it saw as a sign of a decline in demand.
Along with taking a dim view of digital assets, the bank also said that before changing its mind, it would need to see progress in two crucial areas: the expansion of stablecoins and the rate of venture capital investment in the cryptocurrency market. The bank has a negative outlook on the market for digital assets, which suggests that the road to recovery may be difficult and drawn out.
The $SI has nevertheless provoked heated discussion and debate among the cryptocurrency community, with some individuals voicing doubts about the long-term viability of digital assets while others continue to be upbeat about its potential for advancement.
The Silvergate fiasco
Silvergate Bank, a crypto industry MVP, has announced its closure and refund of deposits. The bank cited recent developments in the sector and in regulations as justification for its decision to close.
A pillar of the cryptocurrency industry, Silvergate Bank, has announced its closure and return of deposits. The bank cited recent developments in the sector and in regulations as justification for its decision to close. After the collapse of the bank triggered a crisis of trust in the sector, shares of companies involved in the cryptocurrency industry dropped on Thursday. Shares of Silvergate plunged 26%, while competitors Signature Bank and erstwhile Silvergate partners Coinbase Global Inc. both had declines of 8%.
The current price of bitcoin is at $19,838 with a market capitalization at $383,139,446,276.
As a result of the revelation that cryptocurrency-friendly bank Silvergate Capital (SI) was winding down, cryptocurrency investors lost around $307 million. Events like this raise the possibility that JP Morgan’s predictions of a recession this year will be actually realized.
What’s in Store for the Bitcoin (BTC) Price This Week-Will it Surge or Plunge Hard?
The price of bitcoin continues to fluctuate within the lower band that it established during the recent sell-off triggered by Silvergate, a bank that supported cryptos. The price was believed to trigger a rebound, aiming to soar back toward the previous levels. However, the trend currently appears to maintain a steep descending trend as the technicals continue to be bearish for an extended period.
The price appears to have become less volatile after the recent drop as it fails to secure levels beyond $22.500. Mainly, the volume has dropped heavily, which is hindering the rally from proceeding toward its lost levels beyond $23,000. Mainly, the Bollinger Bands are squeezing significantly, which indicates the price could undergo extreme price action very soon.
In the 4hr chart, the Bollinger Bands appear to spark a fresh trend depending on the volume induced, which is more likely in favor of the bears. The RSI is crawling along the lower support and possesses the possibility of plunging below the lower support. In such a case, the price may also drop below $22,000 and test the lower support in the coming days.
However, the platform’s liquidity is draining, and hence the progress of the rally may be lowered, impacting the price. However, the ongoing descending trend may be a little different than the previous one, as the traders remain bullish for Bitcoin despite the current sideways trend.
The balance on the exchanges has depleted heavily since the beginning of 2023, which is the lowest level since 2018. With this, it is evident that the traders continue to hold their reserves in their wallets instead of relying on the exchanges. The recent rounds of exchanges utilizing user funds without their knowledge could have compelled the market participants to remain away from the exchanges.
Therefore, a small sign of rebound continues to hover despite the prevailing trend but the bearish clouds may depart only when the bulls intensify their action by regaining dominance over the rally.
Top Reasons Why the Crypto Market May Plunge This Weekend!
The crypto markets have been on a roller coaster ride since the beginning of 2023, as the price has varied largely. The first two weeks witnessed a massive jump that raised the price by more than 40%.
Following which, the bulls seemed to have drained heavily, and the bears regained control and kept the markets under their control, including a couple of pullbacks.
With the recent drop, it appeared that the price would resume with a fine recovery, but multiple factors could keep the crypto space consolidated over the weekend.
It is well known that the crypto space reacts to external factors and surges and falls on a regular basis. The global market cap fell more than 5.3% over the weekend as extreme selling pressure mounted across the space.
However, the consolidated trend is believed to prevail for as long as multiple events are at the doorstep of the crypto space.
Here’s why a plunge could be on the cards this weekend:
Mt. Gox’s 142,000 BTC Unlock
Nearly 142,000 BTC are set to be released this year, with the creditors finally expecting to receive their holdings. The repayments are set to begin on March 10th, with the deadline set at September 10, 2023. A large amount of creditors may hold all or part of their original BTC, but the fear of liquidation continues to mount.
Ethereum Withdrawals-Shanghai Upgrade
The Shanghai upgrade allows the validators to withdraw staked ETH from the Beacon chain. The upgrade was initially scheduled in March but now has been delayed to April. Although the upgrade is likely to be a bullish catalyst for the ETH staking sector, it may generally create amplified selling pressure.
Silvergate Collapse
Silvergate, a Californian bank that primarily deals in crypto transactions, operates the Silvergate Exchange Network (SEN), which enabled the crypto exchanges to offer their users the ability to trade fiat currency.
However, it was exposed to FTX-collapse and suffered a $1 billion loss. As exchanges withdraw their support, it may have a reverse impact on the crypto space.
Macroeconomic Shift
There has been a shift in the microeconomic data as CPI and PPE results are coming in below expectations. The probability of an increase of 50 bps in the next FOMC meeting is quite possible, as it is currently at 26.2%. Therefore, the upcoming CPI data on March 13th may also have a deep impact on the crypto space.
Regulatory Crypto Clampdown
The crypto space is in the middle of the biggest crypto crackdown ever. The recent scrutiny on Kraken and Paxos highlighted the SEC’s newfound aggressive approach towards regulation focused on staking products.
Bitcoin News Today: BTC Price Ready for a Massive Drop-May Plunge Below $20K Soon
Bitcoin price is attempting to rebound from the lower trend despite massive selling pressure that has been mounted up. While market experts believe the price may rebound and rise finely, the BTC price is displaying the possibility of a bearish pullback in the coming days.
After the star crypto completed the first bullish impulse wave, which was a positive sign for the future, the unanticipated correction has been triggered. Moreover, if seen from the Elliot wave perspective, Wave 2 corrections are usually deeper, especially in crypto 0.618 FIB or even lower is a classic retracement.
Previously, during the upswing in the first fortnight of 2023, the BTC price soared high without any scope for correction and hence left an unfilled gap that may pose a threat. Therefore, considering the above conditions, a massive price plunge could be pre-programmed.
Presently, 0.618 FIB is around $18,568 and the start of the gap with POC of the previous consolidation structure is at $16,830. These two levels are extremely important that can offer a good entry point. In the chart above, a huge gap between $16830 and $20407 is seen which is believed to be filled sooner or later. Once the gap is filled the price may rise beyond $40,000 very soon.
Is Bitcoin Price Preparing For A Plunge To $20K Or A Bullish Trend Continuation? Here’s What BTC Traders Can Expect
As the crypto market entered the second month of 2023, investors witnessed noticeable volatility in the Bitcoin price chart. After an enjoyable bullish session in January, BTC price is now recording multiple higher highs and lows, creating turmoil among traders.
However, the critical factors affecting Bitcoin’s price are the regulatory steps and legal actions taken by the SEC and the worldwide decline in crypto adoption. However, Bitcoin seems to have ended its downtrend, as it has been hovering in bullish territory for the last few days.
Investors Bet Long On Bitcoin’s Volatility
Bitcoin’s market capitalization has surpassed that of payment processing giant Visa once again, as its price witnessed a 48% surge since January. Moreover, the strong battle between Visa and Bitcoin has surprised investors with its future potential to give tough competition to the traditional financial market.
According to on-chain analytic firm CryptoQuant, the 7-day MA of Bitcoin Puell Multiple has touched a 14-month high. In addition, the firm highlighted that the BTC price was trading approximately at $48,000 the last time Puell Multiple was at the current level. This metric calculates the ratio between the daily earnings made by Bitcoin miners and the 365-day moving average of their earnings.
When the value of the Puell Multiple trades is above 1, it indicates that miners are currently in profit and earning more than the yearly average. Conversely, if this metric reaches extremely high levels above the one mark, it is more likely for miners to sell as they tend toward booking profits.
Moreover, the firm clarified that when the indicator forms an ascending pattern above 1, it hints that miners are more comfortable with the current BTC price trend, and the probability of selling assets gradually decreases. Hence, it makes the Bitcoin price more stable with less volatility, developing a bullish scenario for investors.
Will Bitcoin Soon Break The $25K Level?
BTC’s price has sparked a glimmer of hope as it gained its momentum back and is heading toward the crucial resistance level of $25K. However, investors are worried whether Bitcoin will be able to successfully hold its trend above $25K or drop heavily.
As of writing, Bitcoin trades at $24,879, with a gain of nearly 1% in the last 24 hours. BTC recently made another effort to surpass the $25,000 resistance zone and gain momentum. Unfortunately, the attempt was unsuccessful as the digital asset was unable to hold above the $25,200 level and subsequently experienced a fresh decline.
Looking at the daily price chart, Bitcoin may initiate a downtrend soon after breaking the support at the $24K level. It is predicted that Bitcoin price may reach the buyer zone of $23.3K-$23.8K to spark a fresh increase to $25K. Moreover, the RSI-14 is trading on the boundary of an overbought region, weakening the bullish momentum of a trend continuation above $25K.
Crypto Live Price Today: This is How Altocins Reacted with the Bitcoin Price Plunge!
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Bitcoin delayed the breakout beyond $25,000 as it faced a significant rejection and dropped below $24,000
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While some altcoins thrived high, some of them fell into a deep bearish well, losing more than 10% of its value
It was after 6 long months, Bitcoin surged beyond $24,000 and displayed huge potential to slice through $25,000. Woefully, the bulls drained out of strength and the price faced a notable pullback. In the meantime, the altcoins like Aptos (APT) plunged heavily while Filecoin (FIL) leads the gainer’s list.
Filecoin(FIL)
Filecoin price kick-started a notable upswing in the first few days of February but soon dropped below $5 after maintaining a stagnant trend for a while. However, the price rebounded and soared beyond $6.5 with a huge spike in the trading volume of more than 300% and a notable jump in the market capitalization of more than 22% with an equal price rise as it approaches $7.
Aptos (APT)
The price maintained a descending trend from the first few days of February and despite a bullish push, failed to regain the lost levels. Presently, the price has dropped by more than 9% in the past 24 hours with a drop of more than 5% in the trading volume that plunged below $1 billion. The APT price is trading around $14.54 after recording a drop from the $16.27 level in the past 24 hours.
Cardano Price Analysis: Bearish Clouds Hover ADA Price Rally, May Plunge Back Below $0.3 Soon
Cardano has been gaining immense attention recently due to its rapidly growing network and robust fundamentals. Although the price trend has been more or less stagnant, it has now amplified its trend possessing its potential to achieve $0.5 in the next couple of weeks. However, as every action has an impulsive reaction, the rally may also attract the bears, who may slash the price harder in the coming days.
Elliott wave is an analysis to know the long-term price trend patterns considering the change in the sentiments of the market participants. It identifies the impulse wave setups along with the corrective wave. The ADA price trend is flashing the possibility of trending within an Elliott wave pattern which suggests that a major correction could be largely incoming.
The last cycle ended lower during the last few days of 2022 ignited a notable upswing ahead. The first wave (WAVE 1) ended at $0.281 and the pullback in WAVE 2 ended at 0.272. Further, the crypto extended higher in WAVE 3 towards $0.37 and woefully dipped in WAVE 4 which ended at $0.325. The final leg ended WAVE 5 at $0.414 which accomplished WAVE 1.
Later, a similar wave pattern was formed starting down the peak, the WAVE 2 pullback is in progress that had reached $0.38. After a rebound, WAVE 3 is expected to end at $0.407 followed by a lower price action with WAVE 4 ending at $0.403. The final WAVE is believed to extend lower to $0.38.
Here, the bulls are believed to hold the price very strong withstanding bearish actions. In case of negative price action, the price may tend to drop heavily below $0.3. Else, if the bullish Wave continues, a notable upswing may lead to a notable rise beyond $0.41 to reclaim the positions close to $0.5 in the coming days.
Bitcoin(BTC) Price Might Plunge Back to $22k levels, Here’s Why
The majority of coins are showing growth today, which is why the market is currently trading in the green. The market capitalization of all cryptocurrencies is currently $1.07 trillion, up 0.57% from yesterday.
As of this writing, the largest cryptocurrency, Bitcoin, has increased by 0.84% during the past 24 hours. For the second time this year, Bitcoin has surpassed the $23k milestone. Experts claim that the barrier level for Bitcoin, which the digital currency broke through last month, was 23,400.
However, in expectation of Bitcoin falling as low as $22,000, the analyst Smart Contracter said that he switched to stablecoins last week. The trader asserts that Bitcoin is currently at a low enough price to justify re-entering the market now that it has reversed its recent upward trend from a high of roughly $24,200 to a range of around $22,700. His new BTC target is above $25,000.
“Leaning towards the W5 on BTC being underway, now taking out those $25,000 highs. This might be the final push higher on daily before we get a deeper decline into the next few months. Make the most of it in my opinion.”
The trader bases his analysis on the Elliot wave theory, which says that the psychology of traders frequently manifests itself on charts in predictable waves of highs and lows.
According to Smart Contractor, he is also starting to accumulate Ethereum (ETH).
“Interestingly ETH has pulled back from the highs in only 3 waves, finding support near 0.618. So ETH may be gearing up for another leg. Not only that, but ETH/BTC still looks bearish in my opinion, which means maybe BTC has bottomed here too, and outperforms. I’m slowly gaining exposure again.”
The trader, who is also positive on Dogecoin (DOGE), noted that it has been gaining ground on Bitcoin for several weeks. Bitcoin’s recent plunge below $23,000 was properly predicted by the trader, and he now claims he’s prepared to re-enter the market.
Bitcoin Prices Predicted to Plunge and Volatility to Soar in 2023 Recession
Fueled by the Russian invasion of Ukraine, and rising global inflation, most economists are convinced a recession is imminent in the coming quarters. The past recessions have been characterized by the stock market plunge and high liquidations. With the crypto market recording high volatility, a recession could send prices on a nosedive, perhaps similar to the 2020 Black Thursday or worse.
Should a recession fail to happen, top economists have indicated the global economy will slow down this year. According to Kristalina Georgieva, managing director of the IMF, the United States – a country that controls about 25 percent of global economic activities – can engineer a soft landing through quantitative monetary policies to avoid a recession.
“The US economy is also going to slow down this year. But — at least, based on the data we have today — we think the US would be able to go through the year narrowly avoiding falling into recession,” Georgieva said in an interview on CBS’s “60 Minutes”.
Bitcoin and Crypto Under Recession in 2023
The Bitcoin market gained approximately 40 percent in January and saw heavy liquidations from short-term holders and miners. However, the economic slow growth and unresolved mega cases like FTX could push Bitcoin prices further down.
Senior macro strategist at Bloomberg Intelligence, Mike McGlone, thinks the crypto market may be facing the first real recession.
“The last significant US economic contraction, the financial crisis, led to the birth of #Bitcoin, and the possible coming economic reset may mark similar milestones,” McGlone noted.
With a high correlation between cryptos and top indexes around the world including the Nasdaq, Dow, and S&P 500, analysts warn their demise will trickle down to the former. Moreover, crypto cash inflow to DeFi platforms is heavily controlled by institutional investors ranked under top equity indexes.
Bitzlato Scandal Triggers $100 Million Liquidation, Bitcoin (BTC) & Ethereum (ETH) Prices Plunge
After experiencing a surge that began at the beginning of this year, Bitcoin and Ethereum have seen a significant plummet in the past 24 hours. Long traders have lost a total of $100 million worth of assets due to liquidations.
The cause of this decline can be attributed to the allegations of money laundering made against Bitzlato, a relatively unknown cryptocurrency exchange. This news was sufficient to trigger the sharp drop in value.
Specifically, the price of Bitcoin fell from a four-month high of around $21,550 to roughly $20,700, while the price of Ethereum dropped from $1,700 to $1,500.
According to recent allegations, Bitzlato, a Hong Kong-based cryptocurrency exchange, is accused of illegally transferring a total of $700 million in both direct and indirect transactions over the course of several years.
The United States Department of Justice has accused Bitzlato of marketing itself to criminals as a cryptocurrency exchange that did not require any identification or verification, which subsequently led to deposits totaling hundreds of millions of dollars. As a result, the plaintiff is now responsible for the damages caused by the negative impact that Bitzlato’s actions had on the cryptocurrency market.
Statistics provided by CoinGlass indicate that more than $106 million worth of futures bets that gambled on the growth of Bitcoin and Ethereum were liquidated in the last 24 hours, representing over 76% of all futures trades.
It is also alleged in the lawsuit that Bitzlato facilitated the laundering of illegally obtained cash by requiring minimal identification from its customers and that over $4.5 billion in cryptocurrency transactions had been conducted by the exchange since 2018.
As of this writing, Bitcoin is valued at $20,783 (down 2.3% in the last 24 hours), whereas Ether is at $1,527 (down 3.4% in the last 24 hours).
XRP Holders Get FLR Tokens Airdropped, FLARE Price Plunge More Than 50%
Flare Network which initially anticipated becoming a decentralized finance (DeFi) application has finally airdropped FLR tokens to XRP holders. After two and half years, the airdrop finally began Monday night i.e Jan 9 2023 which has excited the whole crypto community
The XRP holders received nearly 4.28 billion FLR tokens and these holders are the ones who had at least one XRP token since December 2020. Moreover, the airdrop was distributed like one FLR for every XRP token held. The initial FLR airdrop accounts for 15% of the Flare network’s total supply. Another 85% of the tokens will be distributed in the next three years.
Flare Airdrop, The Biggest Event Of 2023
Flare is basically a Layer 1 blockchain that allows developers to create interoperable applications. Layer 1 is nothing but a base of the blockchain which uses third-party services to gain information from other networks. These FLR holders will have a right to vote on the way the next airdrop is going to take place along with giving their opinion on other projects.
However, right after XRP holders received the FLR tokens, the holders dumped the tokens which they initially sold for 15 cents per token after which the FLR price plummeted
At the time of reporting, FLR is selling at $0.04011 after it lost 49.65% over the last 24hrs.
This airdrop happens to be one of the biggest events of 2023 in the crypto space where Flare partnered with lead exchanges like Binance, OKX, Kraken, KuCoin, and others who agreed to support the airdrop.
Bearish Flags Flutter for Ethereum, Is it the Right Time to Plunge back Below $1250?
The Ethereum price hovered around the liquidity zone below $1220 for quite a long time and quickly dropped heavily below $1200 to mark the bottom. However, at the beginning of the year 2023, the price inflated significantly and soared high to mark the yearly high of $1344 within just a couple of days. Meanwhile, the bears have dragged the levels lower which appears to get intensified in the coming days.
It is worth noting that the trading volumes have dropped considerably and moreover, the bullish volume has slashed largely. Additionally, the deliverances for trend reversals have already formed. Therefore, even if the ETH price bounces back to the interim resistance may face a strong rejection that may drag the price lower below $1280 initially.
With the first leg down, the ETH price may drop notably to test the immediate support levels at $1284. If the bulls fail to hold at this level then the plunge may get intensified and reach below $1250 and maintain a horizontal trend for a while. Further, the possibility of re-entering the liquidity still prevails if the bears manage to take back control of the rally.
Such a steep plunge may occur only if the market undergoes a steep bearish pressure led by some events. However, to undertake a notable upswing, the price is required to undergo a notable descending trend. A popular analyst believes that the ETH price may retrace from $1283 to $1235 to get triggered towards $1600, as ETH meets resistance at the X-axis of an ascending triangle.
To do so, the Ethereum price which has been witnessing a slight pullback from the interim highs needs to rebound and reclaim the levels at $1355. The current rejection may certainly not be considered the end of the bullish trend, but a minor consolidation to propel high.
Bitcoin Will Have Longest Bear Market in the History If BTC Price Plunge Below this Level
Since the beginning of its existence, Bitcoin has been roundly criticized for the extreme volatility and risky character of its market. However, recent occurrences in the cryptocurrency space seem to lend credence to the aforementioned worries.
Bitcoin’s value has decreased by 3.8% in the last twenty-four hours, bringing it down to $17,400 at the time of this writing. In spite of the fact that 2018 was a difficult year for the vast majority of the cryptocurrency market, there does not appear to be a shortage of believers that 2023 will offer a chance for recovery. This was demonstrated by a poll conducted by the renowned cryptocurrency analytics platform CoinMarketCap.
At the time of publication, the results are overwhelmingly optimistic, with 83.2% of respondents indicating a bullish outlook for the next year on the cryptocurrency markets, according to data obtained by Coinpedia on December 15. On the opposing side, 16.89% of voters are bearish about the future market conditions in 2023.
Benjamin Cowen, a cryptocurrency analyst who is also the founder of the well-known Into the Cryptoverse newsletter, recently sent a Bitcoin analysis video to roughly 800 thousand of his subscribers. In the video, he compared several Bitcoin bear markets.
The Bear Market Cycle Peak ROI is a helpful indicator that can be used to detect capitulation levels of the current cycle in bear markets. Analysts evaluate the extent of the market’s current losses by evaluating the Return on Investments from the top of the current cycle. The current bear market is in the green line.
According to the analyst, if April is regarded as the peak for BTC, then this bear market has been going on for 401 days, which is quite long and makes it the second-longest BTC bear market in the history of cryptocurrency.
The one that lasted from November 2013 all the way through January 2014, a total of 406 days, was the longest. That is to say, if Bitcoin (BTC) does make a new bottom in the next five days or more, it will break the record and become the longest bear market in the history of Bitcoin.
According to Cowen, there are a lot of reasons to believe there won’t be a new bottom, but there are also a lot of reasons to believe there will.
He went on to say that even if the BTC has reached the bottom, this does not indicate that the bear market is about to end.
Cowen believes that things will begin to turn around and become neutral sometime in 2023 and that as the halving approaches, we will begin to see some strong bullish signals.
What Can You Expect From BTC in the Coming Weekend?
Goldman Sachs opines that Bitcoin’s present value is driven by the breadth of its potential future use cases, making it both extremely volatile and a solution in search of a problem.
BTC’s recent price surge is an encouraging indicator of market demand. This is particularly true now that BTC has recovered from its plunge from $20,000 to $15,600 after the FTX crash and is trading at $17,600, just marginally higher than its June low.
Did Bitcoin (BTC) Price Plunge as Grayscale Refused to Show Proof-of-Reserve?
Proof-of-Reserve, first published by Binance was believed to be the one basis on which the financial stability of the exchanges could have been ascertained. Meanwhile, some of the exchanges including Binance, Crypto.com, Okex, Kucoin, Bitfiniex, etc have displayed their PoR, Grayscale refused to do so.
Is Proof-of-Reserve Important? If Yes, Why Grayscale is Refusing to Show?
A Proof-of-Reserve is an audit done by a third party to ensure that it has the assets on its balance sheet and balances, they claim. In short, it is a snapshot of the reserves of the exchanges backed by cryptographic proof. Meanwhile, concerns about faking the liabilities emerge, no matter how reliable PoR are. Hence, many experts believe PoR alone cannot solely be relied upon.
Hence, Grayscale recently refused to display its PoR, due to security reasons.
All the digital assets under Grayscale are stored under the custody of Coinbase Custody Trust Company, LLC. As mentioned by the asset management company, Coinbase performs on-chain validation very frequently. Hence, it made it clear that the company will not display the on-chain information publicly through PoR or in any other means.
How Will This Impact the BTC Price?
Proof-of-reserve, in short, reveals whether the exchange can manage the withdrawals or not. While the Grayscale announcement created many speculations about the company’s position with respect to the underlying assets. Such a move may trigger the investors, especially the institutional investors and the whales, who have a huge share.
Meanwhile, the BTC price has displayed a negative impact, with a drop of more than 3% in the past 24 hours. It touched the lower crucial zone, just below $16,000, a couple of times but recovered slightly. This price action substantiated the dependency of investor sentiment. If the current trend continues, the selling pressure is expected to drag the price back below the daily lows of around $15,870.
Ethereum on Brink Of 40% Crash – ETH Price May Plunge To 3-Digit in Coming Weeks
Cryptocurrencies retain the bearish mood into the weekend after a turbulent week, with both Bitcoin and Ethereum slumping.
On Saturday, Bitcoin fell beneath $17,000 once more after another development of the troubled FTX surfaced online.
Today’s decline in Ethereum’s price kept the currency below $1,300. . Following a carnage week, the markets were given a break by the fleeting glimmer of hope.
The future direction of Ethereum (ETH) depends on it holding a crucial support level, according to Mike McGlone, senior macro strategist at Bloomberg Intelligence.
McGlone said that the second-largest cryptocurrency may drop to a two-year low of roughly $500 if Ethereum’s support level above $1,000 slumps.
Ethereum
According to him, the Ethereum support at $1,000 might be an important turning point since it represents more of the financial-markets revolution taking place in cryptocurrencies, which is similar to the introduction of futures and exchange-traded funds.
In contrast to Bitcoin, the chart shows the No. 2 cryptocurrency’s consistent rising trend and also the absence of support after $1,000.
McGlone also said that Ethereum’s switch to a proof-of-stake consensus algorithm has had a positive influence on Ethereum.
“Shifting to proof of stake amid the energy crisis, Ethereum as the leading platform for crypto dollars has provided some relative buoyancy.”
Bitcoin
Looking at Bitcoin (BTC), McGlone said that for a bullish scenario to happen, the $20,000 resistance level needs to turn into support.
“Sustaining above $20,000 should be necessary to affirm recovery at levels we expect will eventually return Bitcoin to an elongated upward trajectory. Relapsing toward good support in the $10,000 – $12,000 area is the downside risk.”
FTX saga continues
Sam Bankman-Fried, the founder of FTX, made a long apology on Twitter on Thursday, outlining several problems at the company and announcing the closure of Alameda Research, a sister company. Later, FTX allowed for restricted withdrawals, which led to consumers withdrawing millions from the exchange
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Bitcoin Bull Run Is Not Happening Soon! BTC Price May Plunge Hard To These Bottom Levels
The FTX-Alameda drama has sent a bearish shockwave to the entire crypto market, wiping nearly 20% of the total global crypto market capitalisation since FTX’s native token collapse.
Moreover, the recent withdrawal of FTX’s acquisition deal by Binance has created enough turmoil to build massive selling pressure for leading assets like Bitcoin, pushing it below the support level of $17K.
Bitcoin Shows Warning Signs Of A Bearish Trend!
The domination of bears has been further triggered amid the current market crash led by FTX’s native token FTT’s collapse.
The global crypto market keeps itself under massive selling pressure, forcing Bitcoin investors to liquidate their positions to avoid any upcoming sudden loss-making price fluctuation.
Additionally, the crypto exchange inflow saw a surge of over 5000 BTC in the last 24 hours, hinting at a panic situation among investors.
A prominent crypto analyst firm, Rekt Capital, predicted that Bitcoin might retrace more to the downside as it recently broke its support level, formed during the previous crash in June.
According to Rekt Capital, BTC’s recent breakout below its monthly support level of $17,400 could turn into a fresh resistance level in the BTC price chart if it witnesses more dips.
Moreover, BTC may follow its historical price correction as it can make a bearish price correction of 84.5% following its 2021 bearish cycle. In that case, the BTC price may make a low of $11K in the upcoming days.
The analyst further highlighted that the crash of a crypto exchange has historically brought bear cycles for Bitcoin, and this bearish trend of BTC is no exception following FTX’s demise.
Rekt Capital mentioned that seller exhaustion is one of the major factors in accelerating the downtrend as it said,
“Capitulation cannot take place in one take. When sellers are exhausted on a strong move down, it doesn’t take many buyers to promote a strong bounce. But when the bounce loses steam, sellers return to pile on the pressure.”
BTC Tends To End On A Bearish Note
After slipping to the lows of $15.5K, Bitcoin has been making a slow and steady upward rise following the positive consumer price index (CPI) data released by the U.S. Bureau of Labor Statistics.
Our technical analysis reveals that there may be further bearish momentum for BTC before skyrocketing by the beginning of 2023.
The RSI-14 is hovering around a range of 34, gearing up to take BTC to the next support level.
The Bollinger bands are also getting closer as the lower limit is at $15.8K, an immediate support level for Bitcoin.
If BTC price retraces below and trades near $15K, we can anticipate a further bearish trend which can head towards the next support level of $14.1K by the end of December.
The MACD line is dropping vertically, building a quick support region for Bitcoin below 23.6% Fib retracement from its current value.
However, a bullish comeback for Bitcoin is not happening soon as BTC will likely consolidate in a bearish trend till this year’s end before sparking a fresh surge in 2023.
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Altcoins to Plunge Hard! Will the Crypto Winter Freeze the Holders for Long This Halloween?
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Popular altcoins which had registered a decent price movement, a few days before, now appear to have been influenced by strong waves of this crypto winter
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The investors do not appear to be keen on jumping in as the market remains largely consolidated without making an effort to breach these levels
The cryptospace had geared up significantly a few days ago, but the assets, primarily altcoins, have remained heavily consolidated in the last few days. Meanwhile, the Bitcoin price maintained a stagnant trend due to the fact that altcoins are unable to decide the next course of action. A popular analyst, Michael van de Poppe, pens down the possible price movements of some altcoins in a coming couple of weeks.
Quant (ONT)
- Quant maintained a notable upswing since the beginning of September, but the bears appear to have strengthened in the past couple of days that dragged the price lower
- The analyst believes the price may drop towards the lower support at $157.3 initially and try to attempt a rebound
- Meanwhile, if the asset fails to sustain at these levels, then a significant plunge may drag the QNT price lower to $142.7 levels
Chainlink(LINK)
- Chainlink price is trading within a pre-determined price zone for a pretty long time and is expected to kick off a significant upswing very soon
- After rebounding from the bottom the LINK price has surpassed the Stop-loss zone and may soon range high to reach the targets
- However, to do so, the LINK price is required to surpass the crucial price zones at $8 beyond which a notable upswing may rise the price beyond $10
Reserve Rights(RSR)
- The RSR price had rebounded from the lower support zone and laid down a firm upswing towards the interim highs
- Woefully, the bears dragged the price lower but the token managed to sustain above the crucial support zone and ignited a strong rebound
- The validation of the upswing could be when the price surpasses $0.00713 which may further induce a new impulse within the RSR price
Terra Classic On-Chain Volume Surge While Burn Volume Plunge
Terra classic (LUNC) is seeing no signs of bull run as LUNC price was once again rejected recently at a resistance of $0.000251. The current bearish pattern of Terra Classic has been seen since September which has resulted in a massive sell-off. Though there was a slight bull run recently the bulls couldn’t hold on to that for long which created a bearish trend.
Currently, Terra Classic (LUNC) is selling at $0.000231 with a drop of 7.69% over the last 24hrs. The immediate resistance lies at $0.000250 while the support is positioned at $0.000200 level.
On the other hand, on Oct 19 the Terra community approved the proposal 5234 which will reduce 1.2% tax burn to 0.2%. The proposal also claims to dedicate 10% of tax revenue to developing the network.
Surge In Terra Classic’s On-Chain Volume
Now, following the tax burn reduction, Terra Classic’s on-chain volume has spiked which was confirmed by a Terra influencer, Classy Crypto via twitter post.
The main agenda behind reducing 1.2% tax burn to 0.2% was to find some positive events within the Terra network. Earlier, after the 1.2% tax burn went live in September, on-chain volume had declined.
However, the one who proposed the tax reduction, Duncan Day claims that will have to wait for at least seven days to arrive at the final conclusion.
It is also important to note that along with seeing a rise in volume, the tax reduction proposal aimed to see an effective bur. However, there isn’t any notable effect on the burn mechanism because Changpeng Zhao, Binance CEO had claimed that decreased tax will see more burns. For example, on Oct 18, before tax burn reduction there was a burn of 190 million LUNC. However on Oct 19 after implementation of the proposal, there was only 150 million LUNC burnt. This decline pattern was followed on Oct 20 which saw just 49 million LUNC burn as per LUNC Burner data.
Well, as claimed by Duncan Day the final result of Terra Classic volume increase will be confirmed after seven day.
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Aptos Foundation Airdrop Failed Miserably, APT Price Plunge Hard
The post Aptos Foundation Airdrop Failed Miserably, APT Price Plunge Hard appeared first on Coinpedia Fintech News
On October 19th, Aptos Foundation announced an APT airdrop for eligible end users. It is reported that in total, 20,076,150 $APT will be airdropped to 110,235 participants.
As the platform released an airdrop without a strict anti-Sybil attack, users received a huge number of APT tokens. APT saw extreme selling pressure, which caused the token to flash drop from $15 to $13. Large sell orders started a chain of active sells that gradually pushed the token’s price down to $7 at the time of publication.
Bitcoin (BTC) Price to Plunge More Before Final Capitulation
The last seven days have been tough on the crypto market due to several macroeconomic factors that caused a plunge in several assets. Bitcoin has lost over 11% in its price after being negatively impacted by the CPI data. However, the bloodbath is not ending soon as the on-chain ratio of the short-to-long-term realized value (SLRV) now indicates a silent phase before a bearish storm.
The Bitcoin Accumulation Zone
Bitcoin’s price action mainly depends on the movements of its long-term holders, as they are solely responsible for creating volatility in the price chart. To check Bitcoin’s supply move, the SLRV ratio tool is used to measure the movement ratio between short-term and long-term holders to determine the future price developments of Bitcoin.
Invented by Capriole Investments, a cryptocurrency investment fund, this tool identifies the nature of the crypto market by utilizing the risk-on and risk-off allocations to Bitcoin. The SLRV ratio measures the percentage of Bitcoin moved in the last 24 hours with respect to the percentage moved during the previous six to twelve months by long-term holders.
According to on-chain data provider, Glassnode, the SLRV ratio of Bitcoin is currently in the pink zone, and the crypto king ventured into the area in June when its price touched the bottom at $17,600. The SLRV ratio is below 0.04, hinting at a historical accumulation phase before kicking off a bearish trend.
Preparing For A Downtrend
Digging further, it can be witnessed that Bitcoin previously went into the pink zone before joining a bull run, a pattern seen in 2018, 2015, and 2012. Therefore, it can be concluded that Bitcoin is going to follow the same historical pattern before driving its price upward by the beginning of 2023. The SLRV data suggests that Bitcoin will dive deep into the pink zone, resulting in more decline in its current price of $19,140 before making a bullish reversal.
To eliminate some issues related to the SLRV ratio, Capriole Investments introduced SLRV ribbons which utilize the short-term and long-term MA (moving averages) to the SLRV ratio to determine the transition of Bitcoin’s price movement.
The SLRV ribbons show that Bitcoin is now in a predominantly risk-off state after China’s ban on bitcoin mining. The SLRV MA-150 has been downtrend since bitcoin entered the pink zone, indicating a bearish rally and no signs of any reversal by the end of 2022.
The Net Unrealized Profit/Loss (NUPL) ratio of Bitcoin has also been trading downward due to low profits during the crypto winter.
As a result, Bitcoin has entered the capitulation zone twice this year, and it seems that it is the final time of the bearish phase before initiating a bull run.
The founder of blockchain firm Cryptoverse, Benjamin Cowen, said, “Comparison of the various bear markets, you know we spend a few months sitting at about 70% down from the all-time high, and then it’s like at the end of the year, or early the following year, we get that final capitulation.”
Unfortunately, this year has turned out to be disappointing for crypto investors in terms of profit capability. Besides being in the capitulation zone for the second time this year, Bitcoin has made it to the sixth time in its twelve-year price history.
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Bitcoin To Hit Bottom in Q1-2023! BTC Price Can Plunge to This Potential Low Level
The most prominent and leading crypto token is having a rough time this year due to the historical crypto market crash in May. Bitcoin price has lost more than 60% since the beginning of 2022. According to a recent tweet by a prominent crypto strategist Toni Ghinea, BTC price may drop to the bottom line in the chart and trade between $9K to $13K before gaining a positive momentum by the beginning of 2023.
BTC Price Is Predicted To Slip Downward!
Bitcoin price is struggling to break the $20K level after it significantly dropped on 6 October. It is now starting a fresh decline to 18K as it has been affected by several macroeconomic factors including the CPI data.
Toni Ghinea, a popular crypto strategist and analyst, predicts that BTC price can soon make new lows and hit the bottom line in Q1 of 2023. He previously predicted that Bitcoin would fall below the $16K level in the next 3-6 months, and eventually, it is now turning out to be true!
According to him, Bitcoin is predicted to reach a price level between $14K to $16K by the end of November. However, BTC will make a slight upward reversal to $18K before significantly dropping further between a price level of $9K to $13K in Q1 of 2023. The analyst has given a slight relief as BTC may project an upward trajectory above $18K by the beginning of April 2023.
How Will The Bitcoin Price React Next?
The Bitcoin price has slid down near its crucial support level after falling from $20K last week. Bitcoin is witnessing a slow and steady decline below the $19.5K pivot level and SMA-100 (simple moving average) trend line. As Bitcoin is correlated to the US stocks, its price can plummet more following the general market’s reaction.
According to CoinMarketCap, Bitcoin is currently trading at $18,316, with a downtrend of nearly 4% from yesterday’s price. EMA-50 and EMA-20 have dropped and traded near $19,000. Bitcoin has fallen by almost $1,000 today, with an intra-day low of $18,190.
The Bollinger band’s upper limit is at $19,400, where EMA-100 is currently trading, and it is near the 23.6% Fib retracement. To make an upward move, bitcoin investors need to buy in the dip and push its price above the immediate resistance level of $19,400. If Bitcoin successfully holds its price above this level, we can again see a $22K price range.
However, the bullish momentum is not expected to happen anytime soon as the RSI-14 trades at 37-level, hinting at a selling pressure due to the US stock market. The MACD line is also going downward and trading below its trend line. If bitcoin price falls below the $18K level, it can further push its price to the downside and trade near the next support level at $17,500.
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LINK, MATIC, AAVE Prices Set to Explode While ADA, EOS, TRX Prices May Plunge Hard Soon!
The crypto markets appear to have to withstand significant bearish action in recent times as Bitcoin prices continue to trade beyond $20,000. On the other hand, Ethereum prices also continue to sustain above $1300 due to the fact that the DeFi and NFT spaces are also manifesting acute strength. Amidst the coiling market sentiments, popular altcoins like Cardano, EOS & Tron are expected to drop hard in the coming days.
As per the data from Santiment, an on-chain analytical platform, ADA, EOS & TRX are the popular 3 assets that may foresee a reduction in the number of traders’ participation. Mainly due to the extensive consolidation within a reduced and narrow range.
Cardano’s price has been trading below $0.6 for more than 4 months now, while EOS price failed to sustain above the gained levels and quickly dropped below the neckline of the double top pattern. While TRX’s price dropped by nearly 17% to 18% in the past 2 months, that may have distanced investors from these altcoins.
On the other hand, altcoins like LINK, MATIC & AAVE are at the foothills of a massive explosion as they are flashing a short-time top signal. However, the upswing continues to depend on the stability of Bitcoin prices and hence requires the prices to sustain above $20,000 until the day’s close.
While BTC prices have sliced through the crucial trend line and are rising towards the north, they are failing to hold above the gained levels. The bears are believed to drag the price lower, below $20,000, which may further drop the bullish momentum mounted within the altcoins. Hence, the upcoming couple of days could be pretty important and may determine the next course of action.
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Coinbase Share Price Can Plunge Massively!
The post Coinbase Share Price Can Plunge Massively! appeared first on Coinpedia Fintech News
A big issue regarding Coinbase has been raised by Wells Fargo, a global provider of financial services. This could cause the share prices of cryptocurrency exchanges to fall. According to CNBC, Wells Fargo initiates Coinbase with underweight. The company has identified escalating macroeconomic pressures as potential destabilizing catalysts. Wells Fargo declared that they think the cryptocurrency exchange has value. However, the company recognizes that the early mover advantage has been diminished as a result of competition.
The price target is set at $57 per share, indicating a downside risk of just over 15% compared to yesterday’s closing price of $67.31. The analyst says Coinbase operates in a “challenged environment” which will continue to impact its operations.
Cardano to Plunge Hard at the Start of October! Analyst Maps Entry and Exit Levels For ADA Price
The Vasil Hard Fork seems to bring no change in the price action for Cardano (ADA) as Cardano is continuously facing rejection at $0.5. The price of Cardano has been trading below its resistance level throughout this month. However, some analysts mark this as a good entry point for a tremendous return on your investment.
Ultimate Buy Area For Cardano
The Vasil Hard Fork has brought some confusion to investors about Cardano’s future price movements. However, prominent crypto strategist and analyst, Michaël van de Poppe shared his thoughts about making an entry point in ADA’s price chart.
According to his analysis, a price range between $0.30 to $0.375 may turn out to be an excellent buying opportunity for investors. Investors should wait for a 14% to 31% drop from ADA’s current price to start buying the dip. Furthermore, Poppe also highlighted that investors are now in accumulation mode.
Van de Poppe stated, “This one is looking like we’re accumulating. The ultimate area to buy from is the region at $0.30-0.375.” The analyst also mentioned that a pattern, in the long run, could lure investors into accumulating more of the asset. He advised users to look for a breakout by researching a previous downtrend that formed in June, and a breakout in the downside could assure investors to make a long position.
Cardano To Start Bull Run
Cardano has failed to show any promising price movements; however, LunarCrush data shows a significant increase in social media mentions due to the Vasil fork. Last week, Santiment also pointed out an increase in social interest for ADA, Matic, XRP, ETH, and SHIB, while other assets, including Bitcoin, saw a decline. According to CoinMarketCap, Cardano is currently trading near $0.44, a drop of nearly 3% from yesterday.
The sellers of the Cardano network are now getting stabilized, and Cardano may form a fundamental support level at $0.42. Cardano can touch $0.36 by the beginning of October if the support level breaks. On the upper side, Cardano can soon break the resistance level of $0.5, and it can make a smooth bull run to $1 following positive market sentiments.
The leading RSI is also above the 47 levels, hinting at a bullish momentum in the price graph. However, investors are advised to conduct a proper analysis of ADA before investing as ADA is not in a good mood now, and its price can fall anytime.
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How are Investors Reacting To Ethereum Price Plunge After Merge Event – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum network successfully completed its Merge on September 15 which transformed the network from proof-of-work (PoS) to proof-of-stake (PoS) mechanism. However, Ethereum didn’t receive the expected result as the currency started its downward journey right after the merger.
If the ETH/BTC is considered, it appears like Bitcoin is about to see its worst days when Ethereum’s growth rate is considered. Ethereum surged by 60% against Bitcoin from July 13 to Sept 8.
But the last 60 day bull run wasn’t that eye-catching as the flagship currency picked up the dominance while Ethereum lost it after the Merge.
On the other hand, in just 10 days ETH gave up half of its profit after facing 20% correction. However, as per the daily chart Ethereum might see a trend reversal soon.
Ethereum Merge : Buy The Rumor, Sell The News
Meanwhile, Ethereum witnessed an increased selling pressure after the merger was successfully completed. However, a few of the market experts claim this event as Buy the rumor, sell the news.
Though there wasn’t any issue while the network was getting transferred from proof-of-work (PoW) to proof-of-stake (PoS), the zero effect on Ethereum price has created a sense of fear among investors and traders which provoked them to exit from their position.
At the time of reporting, Ethereum is trading at $1,367 with a fall of 3.67% over the last 24hrs.
Additionally, it can be seen that the lead altcoin is dropping against the US dollar as Ethereum price has declined at $1,300 level. Hence, it’s important for the currency to maintain its price range above $1,280 which was a resistance area during June’s trading.
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Ethereum Merger Done & Dusted! Crypto Markets Now Prepare for a Gigantic Plunge – Coinpedia – Fintech & Cryptocurreny News Media
The strength of the crypto space has reduced to a large extent as the intensity of the upswings has depleted heavily. Therefore, the recovery phase does not prevail for a long time, due to which, the bears continue to dominate the markets. While many market participants believe the Q4 trades could be somewhat profitable, the markets are set to drop more than 50% during the same time.
The global market cap continues to hover below $1 trillion for the 3rd consecutive day with a huge drop in the trading volume, specifically buying volume. The global market cap from the past couple of days was trading along the lower trend line which was pierced in the early trading day. Therefore a huge plunge is feared to drag the crypto space by 50% to 80% as predicted by a popular analyst.
The analyst predicted the plunge quite a long time ago, as the market cap was trading within a bearish pattern from the time since the markets began to rise. Now when the trend is approaching the apex of the rising wedge, a steep fall could be imminent.
Therefore, if the market cap witnesses a steep drop, it may eventually land up shedding more than 50% to hit levels below $400 billion. Presently, Bitcoin on the whole shares more than $350 billion market cap, if the market cap plunges as frames, BTC price may shed below $10,000 in the coming days.
In such a case, the markets may require more than a couple of years to recover and get back to normal.