Polygon Adoption is Exploding- MATIC Price Expected to Exceed $2, Landing in Top 5 Soon!
Polygon is among the platforms which hold immense strong fundamentals regardless of the price movements of its native token ‘MATIC’. The price experienced immense bearish action in recent times but the year 2023 ignited a notable upswing that is believed as a revival of a bullish trend. Despite the bearish interference, some indicators signal the uptrend may not stop until the MATIC price does not reach $2.
The Layer-2 chain has been holding a strong grip over the DeFi space with numerous projects and collaborations. The most recent to join the forces was a decentralized protocol Dopex Finance.
The MATIC price reacted positively and spiked notably which was also fueled by the bullish market sentiments during the past trading week. This comes soon after the chain completed its hard fork to increase the stability, and speed and also reduce the gas fees on the Ethereum chain.
In the meantime, MATIC’s price is displaying strong fundamentals as the positive sentiments prevail with the possibilities of a price continuing to swell in the coming days.
The MATIC price underwent a parabolic recovery to reach the pre-FTX price levels beyond $1.2 and appears to lay down a significant upswing after withstanding a minor bearish pressure. The RSI is maintaining the lower support at 60 and bouncing off at every contact pointing out toward the strength of the bulls and being self-assured of the impending rally towards the north.
Besides, MATIC has surpassed Shiba INU to become the most traded token of the top Ethereum whales, while the TVL of the Polygon chain has also surged notably. The social dominance of the token has also surged with a jump in the transaction volume. Hence considering all the factors, one of the top analysts believed the token to be featured in the top 5 very soon.
Moreover, Mike McGlone, a popular Bloomberg Strategist in his report says that Polygon has the 3rd-largest ecosystem for dApps with more developers compared to that rivals like Avalanche and Fantom. The report also highlights the growing adoption of corporate giants like Nike, Disney Starbucks, Coca-Cola, etc in form of collaboration.
“Based on Polygon’s string of brand-name partnerships in 2H22, this year could be the year of mainstream NFT adoption. The explosion in active users on the network stemmed from several blockbuster corporate partnerships struck by the company behind the network, Polygon Technology,”
US Recession Pops In, Bitcoin Price On The Verge Of $10K In April
The star cryptocurrency had a blissful start to the year 2023 as the currency witnessed a massive surge in January. However, currently Bitcoin is in bear market which has brought down most of the large cap cryptocurrencies. The flagship’s downward journey began just before the weekend hit in and yesterday the currency dropped below $23K.
At the time of reporting, Bitcoin is selling at $22,846 with a drop of 2.33% over the last 24hrs.
As per Mike McGlone, senior macro strategist at Bloomberg, cryptocurrencies might have been hit with their first recession. He also believes that this phenomenon might see assets hitting their lows with increased volatility. McGlone states this after the comparison between Bitcoin Nasdaq 100 index and claims if BTC moves towards recession, Bitcoin might hit a low of $10,000.
Bitcoin Price At $10K In April ?
The similar thought process was laid down by another crypto analyst, Michael van de Poppe who claims that crypto will face a disappointing February. Through his new strategy video on Youtube, he claims that Crypto might be hit with a recession and if that happens, Bitcoin will drop towards a range of $20,000 and $21,000 area.
Meanwhile, another fellow strategist known as Dark Defender goes through his predictions and lays down a bear target for Bitcoin. The analyst warns his 83,000 Twitter followers that when Bitcoin was trading around $16K in Dec 2022, he had predicted BTC to hit between $19k and 24K in Feb.
Further, the analyst asserts that on Feb 1 2023, Bitcoin reached $24,258 as predicted. Today, as per his claims Bitcoin is trading around $22,000. Hence, now Dark Defender questions whether Bitcoin will hit $10,000 level in April as per his forecasts.
However, the further action by Bitcoin and other cryptocurrencies will mostly depend on January’s Consumer Price Index (CPI) which is scheduled to be released on Feb 14.
Bitcoin Bears Regain Control – Can They Drive the BTC Price Below $20,000?
The past weekend was bearish for the entire crypto space as the Bitcoin bears strengthened their grip and slashed the price by more than 5%. The bearish volume has accumulated; hence, the price is expected to maintain a descending trend throughout the week ahead.
While the crypto verse hoped the price to surge beyond $25,000 and close the monthly trade around $30,000, the unexpected price slash may hinder the progress of the rally, clinching the levels below $20,000 in the coming days.
A significant ‘Sell Signal’ was lit off as soon as the BTC price marked the levels beyond $24,000 during the previous week. The price remained swinging between $23,000 and $24,000 for quite a long time, indicating the price zone to be extremely risky with a high probability of a swing trade.
Therefore, the next swing may compel the price to retrace into the next relevant support area between $22,000 and $20,000 within the rectangle as shown below.
If the rally holds strong within these support zones, a significant rebound may raise the price back above $24,000 which may further push beyond $25,000. However, this scenario appears to be unlikely as the recent upswing was a result of a short squeeze following the move in the Nasdaq and weakness in the USD.
Therefore, until and unless, the Bitcoin price does not leap beyond $25,000, the bullish trend may not be validated. The price is believed to display false swings in either of the directions till then that may induce distrust among the market participants. Once the price drops below $22,500, a bearish confirmation may set off, capitulating the market for the next couple of weeks ahead.
However, the price after experiencing an extended compression tends to break out of consolidation which may lay down a notable upswing to reclaim the lost positions beyond $24,000 soon.
Here’s When the XRP Price Will Break Out, Analyst Maps Next Levels
The post Here’s When the XRP Price Will Break Out, Analyst Maps Next Levels appeared first on Coinpedia Fintech News
The XRP price has bounced back from its multi-week falling trend line, thus decreasing the chances of continuing with the four-week relief rally. Down 4.2 percent in the past seven days, XRP price traded around $0.397653 during the early Asian market on Monday.
Analysts are more bearish on the XRP market in the coming weeks, with a short-term price target of $0.369. Moreover, its price has a strong support level of around $0.32, where the asset may bounce back to retest the weekly falling trend again.
XRP Price Action & Market Outlook
According to pseudonymous XRP trader Dark Defender, a pullback to the $0.36 area before a breakout is imminent in the coming weeks. A falling thesis is supported by the fact that the 50 and 200 WMA have crossed and turned to a resistance trend. Popularly known as the death cross, the XRP bulls will have a challenging time in the coming days.
“XRP is struggling to break $0.42. If this last for 4 more days until 9-Feb, we can expect our last corrective Wave C towards $0.3602. This structure is also similar to the one we had in mid-Aug-22. I still expect the break-out in March,” Dark Defender noted.
The XRP price breakout in the coming months is highly dependent on the ongoing Ripple vs SEC lawsuit. With uncertainty over the case increasing due to the past crypto events – FTX implosion and LBRY loss – the XRP price may remain choppy for a long while.
Nonetheless, the Ripple legal team is optimistic that the company will win the case as the SEC has brought in weak arguments and has nothing strong going for them.
#XRPCommunity #XRP @s_alderoty nails it. https://t.co/4Gm6LUrrZH
— James K. Filan
126k (beware of imposters) (@FilanLaw) February 5, 2023
Crypto Market Watch: What’s In Store For Bitcoin Price Ahead of Federal Reserve Chairman’s Speech
Bitcoin ended last week with a bearish trend for the first time in five weeks. It reached a high of $24k but dropped to below $23k during Monday’s Asian trading session. According to Coinglass, over $97 million was liquidated in the cryptocurrency market as traders took profits.
Moreover, there has been a shift in crypto funds moving from big-cap to small-cap altcoins such as BabyDoge, which rose over 200% in the past week.
As Bitcoin’s price is retesting the lower support level of a rising channel in a four-hour time frame, concerns of a market collapse have grown in the crypto community. Also, a well-known analyst known as il Capo of Crypto believes that Bitcoin’s price should not drop below $22.5K to maintain its bullish trend.
The crypto community is advised to stay alert for significant news, such as Federal Reserve Chairman Jerome Powell’s upcoming statement tomorrow. Powell holds significant power over the dollar and interest rates, which have caused inflation to soar.
Many analysts predict a recession later this year or early next year, and crypto investors are warned to keep this in mind as it could affect prices. However, the CEO of Wave Financial, Siemer, is more optimistic and believes that the recession will not be as severe as previous ones. He cites the resilience of consumers and the fact that the Fed’s actions are having a gradual effect, though the full impact on the economy may not be seen for another quarter or two.
Bitcoin Will Likely Witness A Bumpy Ride Next Week! On-Chain Metrics Suggest Short-Term Suffering For BTC Price
The crypto market has been on a roll lately as major cryptocurrencies like Bitcoin have witnessed significant price swings in the last few days. The Bitcoin price trend has been stuck in a choppy range as it swings sideways with 1% volatility, creating a blurred vision for long-term holders.
The primary reason behind this intense volatility is the recently released report on job growth by the US, pumping the dollar and weakening the BTC price. Hence, it caused a shift in investors’ sentiments and questioned whether Bitcoin price would form a dip next week or make a bullish reversal.
BTC On-Chain Metrics May Create Turmoil
As the US economy provides a bullish job report which strengthens the dollar, it creates a weakening situation for several crypto assets, including Bitcoin. Several analysts believe that Bitcoin is unlikely to witness a fresh bullish cycle in the next two weeks.
According to the on-chain analytics firm, Glassnode, the number of BTC addresses with a non-zero balance witnessed a spike of 300K on 2 February. A similar spike in BTC addresses was seen just after the collapse of the FTX exchange, which indicated the escape of BTC owners from a centralized exchange to a self-custody one.
If the non-zero BTC addresses continue to rise at the same pace, it may touch an all-time high by the end of February. Moreover, the analytic firm suggests that an influx of interest from investors in jumping on the BTC bull ride may create a massive concern in the Bitcoin market as it may develop a profit-taking sentiment among investors, resulting in a significant price drop in the BTC price chart after attaining a bullish goal.
Bitcoin Price To Form A Correction Next Week
Though Bitcoin has made a steady climb since the beginning of the new year, it is now facing several bumps on its upward trajectory, developing a slowdown in the price chart. As a result, it is predicted that the BTC price will be preparing for a downward correction by next week before entering into a bullish cycle.
As of writing, the BTC price hovers near $23,435, with a minor uptrend in the last 24 hours. A prominent crypto analyst, Solldy, predicts a short-term downward retracement in the BTC price chart as the RSI forms a bearish divergence with the current price trend.
The analyst mentioned that Bitcoin might consolidate longer near the $23.5K price level to gain enough selling pressure before dropping heavily. By the next week, the BTC price may form a support level below its 0.23 Fib level at $22.8K.
After that, Bitcoin is projected to witness its seventh golden cross, which may spark a lasting bull run with excellent medium to long-term buy signals after this minor downtrend.
BTC Price Forecast: Analyst Maps Potential High Levels For Bitcoin This Bull Market
The cryptocurrency market is experiencing an upturn in fortunes as Bitcoin continues to experience a positive increase overall. In 2022, Bitcoin saw an extended downward trend that led to a 60% reduction in its price, and the collapse of FTX in November significantly lowered market sentiments, and there were massive withdrawals.
However, Bitcoin is now showing strength and is fighting back with its charged bulls. With positive sentiments making waves on the internet, analysts and experts have started to predict the future of the largest cryptocurrency by market cap. Popular trader Crypto Tony wrote on Twitter,
“Seeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change.”
Credible Crypto highlighted how there can be another impulse just around the corner. He said, “Price action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse.”
Analyst Ash WSB said, “#Bitcoin jumping from anger zone Do you agree or do you think we are in a disbelief area and going to $30k?”
Macro investor David Brady said, “After such a long and deep sell-off, do we think the DXY is already done on the upside? I don’t. Lotta shorts to squeeze yet.”Michael Van De Poppe also had good news for crypto enthusiasts.
In 2023, the market mood for bitcoin underwent a big trend change. Since breaking out of its consolidation, Bitcoin’s momentum has changed to the upside, moving from a bear market to perhaps the very beginning of a new bull market. At the time of writing, Bitcoin is trading above the $23k mark and is currently in the green zone.
Bitcoin (BTC) Price to Surge 8x If This Scenario Plays Out – Here’s How and When
A three-year low was reached in the market when FTX crashed, wiping away billions in client deposits. As a result of the FTX fiasco, Bitcoin fell to $15,500 and appeared to be headed considerably lower. Bitcoin has since recovered and posted considerable returns and is now hovering near the $23k mark.
However, the market appears to be split; some analysts feel that Bitcoin’s low point was reached in November 2022, while others predict increased volatility and a still-lower low point in the near future.
According to research posted by an unnamed researcher going by the handle @TechDev 52 on Twitter, Bitcoin may be about to experience another impulse based on the indication that has anticipated its upsurges throughout the entire history.
The momentum indicator known as the moving average convergence/divergence (MACD, or MAC-D) is once again in the “green zone,” which is typically indicative of “bullish” emotion.
The analyst also monitored the changes in the rate of the China Government Ten-Year Bonds (CN10Y) relative to the U.S. Dollar Index (DXY). Just recently, this indicator crossed over its 1-year moving average line.
In 2010, 2012, 2013, 2017, and 2020, this combination of events constituted a reliable indicator for Bitcoin. When it last appeared, the price of Bitcoin increased by 8 times between Q4 2020 and Q1 2021.
After the US jobs report on Friday, bitcoin moved roughly 2% down to trade at around the $23,250 level. The US Bureau of Labor Statistics said that in the first month of 2023, the labor market added 517,000 jobs. The data showed an unexpected increase, surpassing the 188,000 economists had predicted.
XRP Price Set to Soar: Analyst Reveals When And How XRP Will Break the $1 Barrier
Ripple’s XRP followed the larger crypto market in the red this morning after a positive Friday session. As there were no new developments in the SEC v. Ripple case to offer guidance, XRP was left in the hands of the broader crypto market.
According to expert Egrag Crypto, XRP might soar to a high of $1.4 if it successfully reverses the current downturn in which the asset has been trapped since May 2021. In its current 21-month slump, XRP has developed a falling wedge pattern (This pattern is a bullish reversal pattern).
The analyst outlined two potential outcomes for the asset at its current price: a drop to $0.22 if the downtrend is maintained, and an increase to $1.4 once the trend reversal takes hold. The last time the price of XRP reached $1.4 was in May 2021.
When the price of an asset is heading downward but the price swings start getting smaller and smaller as they go down the slope, producing a wedge shape, a falling wedge pattern develops. This pattern, which implies that the buyers are taking control and the selling pressure is waning, is regarded as positive since it may portend an increase in price.
Egrag predicts that as XRP begins to see a trend reversal, the price of $1.4 would come into play. He did, however, mention that a crucial resistance level for the asset’s price movement would be the Fibonacci point at $0.786. Notably, XRP’s bullish run to $1.4 becomes significantly more possible if it can overcome the resistance at this level.
Since yesterday’s low of $0.4013, the price of XRP has been rising steadily for the past few days, and it is currently trading at $0.4150. The price has been able to climb above the crucial $0.4126 resistance level thanks to the bulls, and a good close above this level is likely to confirm that the current trend is up.
Bitcoin And Ethereum May Awaken Bears If Fail To Hold This Level! Here’s Where BTC And ETH Price Are Heading This Weekend
As the crypto market brings a worrying situation by trading on the verge of a flip price range, investors are keeping a close eye on leading assets: Bitcoin and Ethereum. With the weekend approaching at a fast pace, several analysts are wondering if BTC and ETH prices will be able to make a bullish comeback or form a price bottom.
BTC And ETH Prices Face Intense Pressure From Sellers
This week seems to bring a barrier in the price chart of Bitcoin and Ethereum as both face an ongoing consolidation near a critical price level. Market leaders claim that a slowdown in the upward journey may cause another bearish reversal, slumping leading assets to December price levels.
Bitcoin Price Analysis
This month has brought a high of $24K for Bitcoin since August 2022, pushing the trendline of BTC dominance exponentially. However, on-chain metrics suggest that Bitcoin’s dominance has recently started forming a dip after facing rejection near $24K, signifying an upcoming altcoin rally. Moreover, the largest Bitcoin corporate holder, MicroStrategy’s quarterly financial report, posts substantial losses, creating turmoil in the BTC price chart.
As of writing, BTC price trades at $23,665 with a decline of nearly 1%. A pseudonymous trader predicted a potential dip in Bitcoin’s price trend. The analyst predicts that the Bitcoin price may drop heavily if it witnesses profit-taking sentiment from investors at $24K. If Bitcoin falls below $23K, it may reach its November high of $21K, from which Bitcoin may trigger a possible upward retracement.
Ethereum Price Analysis
Ethereum price chart looks bullish as it maintains its momentum near the $1,650 price level. Moreover, the ETH network will activate its Zhejiang public testnet next week ahead of the Shanghai upgrade, which may develop a bullish scenario for the asset. However, a downtrend near $1,700 remains a concern as investors are looking to liquidate their holdings to avoid any upcoming risk that happened during the Merge event last September.
According to CoinMarketCap, ETH’s price trades at $1,662. Analyzing the daily price chart, Ethereum may face a rejection near the $1,700 level as the RSI-14 trades in an overbought region. Ethereum price may form a support level near the EMA-100 trend line at $1,563, which may spark a fresh bull run ahead of the much-anticipated Shanghai upgrade.
However, a bullish trend is expected if Ethereum breaks its monthly resistance level of $1,700, above which the ETH price may take bulls to the $2K price level.
Bitcoin Bulls On Fire: Analyst Predicts Massive Price Pump Before July
In the last few weeks, it has been made evident that the Bitcoin bulls are aiming to seize complete control of the market; nevertheless, we have not yet seen a particularly significant pump, and industry professionals continue to compare the year’s performance to that of 2019.
150% Pump Before July?
George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin would skyrocket by 150% in the next three to four months, taking it to a total of $50,000. A similar trend was seen in 2019 when Bitcoin’s price skyrocketed from $3,600 to $14,000 in the space of only a few short months.
Tung believes that 2023 is showing tendencies that are almost the same as those seen in 2019, and he is convinced that the king cryptocurrency will have a large increase before July, just as it did in 2019.
Bullish Dominance
As for Bitcoin, the fact that the king coin was able to recover after hitting the $22,800 support level on February 1 suggests that bulls are buying declines to this level. On February 2, the bulls were able to drive the price higher, over $24,000, but they were unable to maintain those higher levels.
Moving averages that are climbing higher and a relative strength index (RSI) that is in the overbought zone both suggest that the route of least resistance is upwards. The price of bitcoin may reach $25,000 if it moves higher from where it is now trading, which is $23,400. It is quite probable that this level will serve as a challenging obstacle.
A break and closure below the 20-day exponential moving average, which is now at $22,279, would be the first indicator of weakness in the market. This might cause the stops of a number of short-term traders to be triggered, which would result in the token falling to $21,480.
As a crypto enthusiast, what do you make of the current market conditions for Bitcoin? Will it reach $25,000 as predicted, or will it face some roadblocks along the way?
Shiba Inu Price Soars More Than 45%
The year 2023 has had a positive impact on the entire crypto market especially Bitcoin which saw a jump of 40% in just one month. As the flagship currency began its recovery rally, so did the other altcoins, including the meme currency, Shiba Inu. The Dogecoin killer managed to gain more than 45% in January alone.
Currently, Shiba Inu is trading at $0.0000138 with a surge of 11.78% over the last 24hrs and 15.72% in the span of seven days. If SHIB continues the bull run, the currency shall pass its immediate resistance at $0.0000145 and if it fails, it could fall below its support of $0.0000130.
Meanwhile, when looking at the reason for Shiba Inu’s massive spike there could be two factors. The first is the token burn and next is whale movements which has increased interest among the community members.
Two Reasons For Shiba Inu’s Bull Run
As per the data, the rate at which Shiba Inu’s SHIB is burnt has surged nearly 502%. Here burning refers to moving tokens to dead wallets which reduces the circulating supply. On the other hand, Whale Alert, a crypto transaction tracker claims that there was a huge amount of Shiba Inu transactions on the Ethereum blockchain in the last 24hrs. Overall, the data states that there were 10 different transactions which were worth between $5.7 million to $6.4 million.
Whenever such huge transactions happen, it suggests that these movements are from whales. The report further indicates that one of the Shiba Inu whales have transferred 499,999,668,400 SHIB from an address that is in connection with Binance to an unknown wallet.
However, the reason for such a huge transaction still remains unknown, but if the transfer was to accumulate these coins, Shiba Inu will have a bullish moment ahead. On the contrary, if investors are planning to sell through over-the-counter (OTC) deals, Shiba Inu price will see a downfall soon.
Ripple Close to a Victory Against SEC-Will XRP Price React or Remain Unstirred?
As the climax of the Ripple vs SEC lawsuit is looming around, the XRPArmy is expected to a massive green candle to occur in the daily XRP chart. However, considering the current trade set-up, it appears that the top crypto is preparing to undergo a bearish divergence as an outcome of rejection from the crucial levels during the coming weekend.
The lawsuit is speculated to have been approaching its end and the XRP price is currently under the huge influence of the bears. The price has reached the lower support of the curial price zone and may display an inverse action any moment from now. Moreover, the volatility appears to have slowly slashed and hence the price may experience a notable compressed pressure in the coming days.
The XRP price currently is on the verge to face a notable rejection from the crucial price zone and continue its journey within the descending triangle. The rejection may eventually result in the price slashing close to the lower support below $0.35 which may further trigger a notable rebound. In the meantime, the Ripple vs SEC lawsuit judgment which is expected to roll out in the next couple of months may bring back the value to its initial position above $0.4.
On the contrary, if the bulls are able to mitigate the compression that is materializing in the daily chart, then a positive outcome may uplift the price beyond $0.45. As the price is about to test the 20-day SMA which is the middle range of the Bollinger Bands, a rebound could be sparked. However, failing to hold these levels may invite a downswing which appears unlikely considering the present trade setup. Therefore, the upcoming weekend could be extremely crucial that may determine the upcoming trend.
Crypto Market Watch: Why is Bitcoin Price Down Today?
Bitcoin price has edged 2 percent lower today to trade around $23.4k on Friday. After retesting $24k twice on the four-hour time frame, the RSI indicator has formed a falling divergence that most often leads to a price dump. Bitcoin bulls should be extremely careful with the death cross, which entails the 50 and 200 WMAs, not to happen for the first time since its inception.
Furthermore, the 50 and 200 WMAs have acted as a support line for the past ten-plus years and would turn to a resistance line if the death cross occurs.
Nevertheless, popular crypto analyst Rekt Capital thinks Bitcoin will break the macro downtrend next month or in April. Moreover, on-chain data shows Bitcoin miners have reduced their sell pressure after taking profits in the past few weeks. Additionally, whales continue to accumulate more Sats irrespective of the price volatility.
Bitcoin Market Under Macroeconomic Influence
By now, it is safe to say that Bitcoin price has a significant correlation with global market indexes due to high institutional adoption and crypto regulations. During the last few days, Bitcoin price has reacted to the high-impact news from the Fed statement regarding interest rates. As the United States dollar exhibited more weakness, Bitcoin price edged higher to $24k.
“I do expect it’s likely DXY will retest what was support and now overhead resistance. This would align with my inverse expectation on BTC and Crypto moving down a touch before a final ‘blowoff’ high (not much higher imo),” Mathew Dixon, CEO Evai, noted.
With more high-impact news expected from the United States later today on the unemployment rate, more volatility is expected in the crypto market during the weekend.
Top Reasons Why Bitcoin Price May Soar Beyond $30,000 this Month
Bitcoin price again faced rejection in an attempt to rise beyond $24,000 for the second consecutive time in the past week, indicating the possibility of a bullish divergence soon. After starting the new year with a 40% upswing, the market participants were quite hopeful of the impending trend. However, after breaking the resistance at $23,300 that it held for nearly a week, the BTC price surged high to mark highs beyond $24,000.
But woefully, the levels quickly dropped, creating a sense of uncertainty among the market participants. However, the current trade setup displays larger possibilities of a bearish divergence but in the longer time frame, a breakout could be imminent.
The Bitcoin price is ranging within an expanding wedge that sets the upper target between $30,000 to $32,000. These resistance levels are extremely important as they carry a confluence of resistance points. Firstly, the crucial resistance zone between $31,100 and $31,800 collides with the upper trend line at $31,117. The formation of a bullish flag pattern may also uphold the possibility of a bullish breakout.
Moreover, the possibility of a continued upswing is believed to prevail for an extended period ahead. As the bull run which has been ignited just a moments ago is believed to mark their highs somewhere in September 2025 as predicted by a popular analyst TAnalyst
The analyst here offers substantial grounds to support his claims to the upcoming bull run that could resin for 2.5 years ahead. However, as per the prediction, the bear market is believed to kick in soon after the rally marks new highs for 2023 at around $45,000.
Shiba Inu Price Jumps 50% In Jan, SHIB Break $0.1 Mark In 2023?
After trading on a bearish cycle for months, it looks like the second largest meme currency, Shiba Inu price has finally started its move towards $0.1 level. Starting with Bitcoin, Shiba Inu has now spiked nearly 50% in just a few weeks. This comes as a surprise move for the investors as SHIB outperforms its rival currency, Dogecoin.
At the time of reporting, Shiba Inu Is trading at $0.00001245 with a surge of 3.30% over the last 24hrs.
Shiba Inu Price At $0.1 ?
Meanwhile, a veteran trader Ali claims that Shiba Inu is about to hit a target of $0.017. However, he believes that this can happen only if SHIB maintains its trade above $0.011.
It was on January 19 that Shiba Inu had its last trade below $0.000011 after which the meme currency is maintaining its trade between $0.000011 and $0.000012.
Shiba Inu was created in August 2020 which was then viewed as a pump-and-dump scheme. However, now the Shiba Inu network has developed tremendously well and all thanks to the team that is working strongly towards its use cases. The team is achieving this goal through various methods and one such is the business partnerships.
Recently, the Shiba Inu has entered into partnership with Flex network which is a known fraud-proof payment network. This partnership will allow SHIb holders to use their digital holdings in the US and Canada.
Binance Transfers 6.4 trillion SHIB To An Anonymous Wallet
The other reason for SHIB’s continued bull run is the hype for Shibarium, a layer-2 solution scheduled to be launched this year. One of the core developers, Shytoshi Kusams recently posted a testing tweet ahead of the Shibarium launch.
On the other hand, the lead crypto exchange, Binance, has moved 6.4 trillion SHIB to an anonymous wallet in the past day. The same was confirmed by Etherscan data. The reason for such a huge transaction is still unknown.
However, there was no impact on Shiba Inu’s SHIB price action as the currency is still among the top 20 gainers list
Aptos Price Poised For Correction! Here’s Why APT Traders Should Be Cautious
Despite a harsh trading session last year for the crypto industry, layer one blockchain protocol Aptos managed to maintain a stable price moment. The Aptos token has brought a golden time in the altcoin market this year as it gained over 400% in January, receiving a massive token accumulation rate from investors. However, the APT token fails to achieve a healthy trading session as it continuously faces multiple rejections to spark another bull run.
On-Chain Metric Worries Aptos Investors
This Aptos token has truly shined in 2023, proving itself to be one of the rising stars in the cryptocurrency world. With a stunning peak of $20.44 in January, Aptos has skyrocketed a whopping 448% from its bottom price range.
The Aptos network is supported by a wide range of investors from around the globe to push the network toward its goals. On Wednesday, the APT network announced a crucial node upgrade dubbed v1.2 which seeks to add new features and enhancements to improve performance, support new integer types, and reduce timeouts.
Despite overwhelming developments, the on-chain data of the Aptos token describes an opposite scenario. The Total Value Locked in DeFi has touched a low of 4.6 million APT tokens, which is much lower than its recent all-time high. Moreover, the number of transactions on the APT network has been on a downward spiral, and it is now close to reaching its all-time low.
According to on-chain analytics firm, AptosScan, the network processed only 612,715 transactions on 17 January, which is a far cry from its record high of over 2 million. This slump in users’ activity is undoubtedly a cause for concern, and it may build up a downward correction in the APT price chart.
What Lies Ahead For The Aptos Price?
Though the ongoing developments are enough to give bullish hopes, the Aptos token is printing negative momentum in the price chart. Furthermore, the Aptos token witnessed a total liquidation of nearly $6 million on Thursday, which gives a clear sign of profit-taking from investors.
As of writing, the Aptos token trades at $18.25, with an uptrend of 14.47% from yesterday’s performance. Analyzing the daily price chart, the Aptos token may witness a sharp increase in selling pressure if its price drops below the immediate support level of $16.17.
Moreover, the distance between the 20-EMA and 55-EMA is narrowing, hinting at a correction below the 23.6% Fib level from Aptos’ current price. The RSI-14 level is heading toward a neutral region as it flips near level 75, which may further strengthen a downward correction. A drop below the $16.17 level may slump the Aptos token’s price below the EMA-20 trend line at $12.
Conversely, Aptos may spark bullish expectations if it surges above the $20 resistance level, above which the token may witness solid buying pressure, pushing the price to $24.
Polygon Tumbles Near Crucial Resistance Level! Will MATIC Price End Up With A Death Rally?
Polygon investors enjoyed this month as its native token MATIC made overwhelming price momentum since the start of the new year. MATIC price has brought an ROI of over 40% in just two weeks, awakening bullish expectations among traders after a prolonged bearish trend.
Moreover, several analysts believe that MATIC’s price will astonish investors with a surprising breakout upward; on the other hand, some believe that the MATIC token may witness increased selling pressure if it fails to hold its price near the resistance level, resulting in a downturn in the trend.
Polygon Gets Support From The Community
Polygon price has been rallying upward continuously, with a staggering gain of 40% in January, becoming a rising star in the altcoin market with the most significant gain. Moreover, altcoin traders switched their attention to the Polygon network as it recently announced the entry of leading global investment firm Hamilton Lane.
According to the announcement, the NASDAQ-listed firm with nearly $829 billion assets under management (AUM) reveals its $2.1 billion funds on the Securitize platform, a Polygon-based tokenization vehicle. With this initiative from the Polygon network, MATIC’s price is expected to push its limit upward and accomplish its short-term bullish goals in February.
On-chain analyst firm, Jarvis Labs, noted that funding rates on the MATIC price remain neutral, and long-positions witness a significant spike over short positions, hinting at investors’ bet on long-term gain. Additionally, the number of addresses holding the MATIC token has witnessed a spike in January which signifies solid interest from the crypto community.
MATIC Price May Kick Off A Bearish Bloodbath
MATIC price is waiting for a major test as the ongoing market conditions, including the 25-bps interest rate hike, may loosen investors’ confidence. However, the MATIC token seems to get less impact as it continues its upward journey with great partnerships, including Mastercard.
As of writing, MATIC’s price trades at $1.23, with an uptrend above 12% in the last 24 hours. A well-known altcoin trader, TradingStat, predicts that MATIC may prepare for a downward correction as it fluctuates near its fundamental resistance level at $1.27. The analyst stated that a failure to trade above $1.27 might plunge the MATIC token below the 31.8% Fib retracement level to $1.12.
However, a bullish trend above the resistance level may gain investors’ trust in registering a further uptrend with intense buying pressure. A consolidation above $1.28 may take the MATIC token upward with a stable rise and form a next resistance at $1.5.
Ethereum Price Analysis: ETH Price To Have a Bullish Ride Soon! Here Are The Levels To Watch
Ethereum (ETH) is noticeably on the rise along with the overall increase in performance of most crypto assets. Though general crypto market sentiment continues to be the key driver of Ethereum price growth, network activity has boosted confidence among all Ethereum investors. In January 2023, Ethereum emerged from a downturn that had been in place since May.
According to the Titan of Crypto, Ethereum is forming a Bullish Cypher Pattern. “Just like for #BTC, a bullish cypher pattern is currently playing out on #ETH weekly chart as well,” he said on Twitter.
According to the anonymous cryptocurrency analyst Crypto Yoddha, Ethereum has successfully broken out of the symmetrical triangle or “pennant,” paving the path for its price to perhaps reach $3,500 soon.
This pattern specifically appears when the price of an asset consolidates in a way that results in two trend lines that are converging and have about equal slopes. Price is poised to either break through the top trendline for a breakout or the lower trendline for a breakdown as it progresses toward the apex.
According to experts, ETH’s Aroon Indicator shows a decline in positive sentiment. An analytical tool for determining trend strength and trend alterations is the Aroon indicator. The strength of the uptrend is measured by the “Aroon up” line, and the strength of the downtrend is measured by the “Aroon down” line. The Aroon Indicator shows that the bullish mood has dramatically waned during the last few weeks on the daily chart and at 21.43%, the Aroon Up line was seen.
At the time of writing, Ethereum is trading at $1,680 and is up by more than 7 percent in the last 24 hours.
This is When Cardano (ADA) Price May Ignite a Bull Run and Rise Beyond $1!
The post This is When Cardano (ADA) Price May Ignite a Bull Run and Rise Beyond $1! appeared first on Coinpedia Fintech News
Cardano is enjoying a bull ride as the market sentiments flip significantly soon after the launch of its algorithmic stablecoin Djed in collaboration with COTI. Soon after the launch, the reserves swelled to over 28 million in ADA with a reserve ratio of 636%. Moreover, the fresh FOMC interest rates ignited a significant rally beyond $0.4 for the first time since November 2022.
The ADA price began to break out from the bearish trendline ahead of the release of the fresh interest rates and on the announcement soared high slicing through the crucial resistance at $0.39 that it was stuck for the past few days. However, the bullish sentiments appear to have out shadowed the bearish clouds but, the ADA price is required to surge another 15% to trigger a significant bull run.
In the higher time frame, the ADA price has broken out of the crucial zones that were mandatory to cease the prevailing bearish pressure. The upswing enabled the price to rise beyond the descending broadening wedge with an impulsive rebound. The MACD turned bullish by forming a golden cross indicating higher possibilities of an upside swing toward the upper target area.
Moreover, the other technical and fundamental upgrades that drive ADA price higher could be a bearish outlook with the U.S. dollar and a lowered interest rate hike in the coming days. Nevertheless, the recent breakout has flashed possibilities of ranging beyond $0.42 which may further test the trend reversal zone around $0.46. If the bulls maintain their strength around these levels, then a notable upswing may spark driving the price beyond $1 before the end of Q2 2023.
Aptos Labs Announces New Features – APT Price Massive Surge On Horizon!
The Aptos (APT) network, a layer 1 (L1) blockchain that has attracted significant crypto attention, has rallied more than 385 percent in the past 30 days. Trading around $18.25 on Thursday, the APT market has recorded total liquidations of about $6.08 million in the past 24 hours. As more traders take profits, the APT bulls are losing the rising momentum that has existed for the whole of January.
As such, the latest layer 1 blockchain with huge on-chain activity may be looking into an imminent correction. Furthermore, the APT price in the four-hour time frame has broken from a rising trend line.
Nonetheless, the Aptos developers are busy building infrastructure to onboard more NFT and crypto traders. As a result, the Aptos price could rally onward to the price discovery region and set new ATH.
Aptos (APT) Network Welcome New Upgrades
Backed by hundreds of developers distributed around the world, the Aptos network is constantly getting upgrades to meet the demand for decentralized applications. On Wednesday, the Aptos blockchain announced the release of a new upgrade dubbed v1.2.4. Notably, the Aptos node upgrade is meant to bring new features and enhancements to the developers and reciprocate to users.
With the new upgrade, the Aptos blockchain added exponential back-off to reduce timeouts for full nodes in low-bandwidth environments. Additionally, Aptos v1.2.4 has made several small performance optimizations to reduce latencies and better handle timeouts.
Previously, the Aptos team had made several changes including some that could render the network incapacitated.
“Our team also fixed a couple of bugs that had the potential to crash the validator or DoS the system. We identified these issues as part of our routine third-party auditing and bug bounty program,” Aptos Lab noted.
Shiba INU (SHIB) Price Fails to Spark Healthy Upswing, How Will SHIBArmy React?
Shiba INU price surges marginally, although the bullish market sentiments have spiked within the crypto space. With the fresh interest rates released by the FOMC, Bitcoin prices surged beyond $23,800. Following the star crypto, the majority of the altcoins also spiked beyond their resistance levels. However, SHIB’s price despite accumulating enough strength could rise marginally, failing to flow along the current market trends.
The SHIB bulls appear to remain passive as the value rose not more than 1% at the momentum, indicating the bulls maintaining a safe distance. Moreover, the current trade setup indicates the possibility of a bearish reversal with the formation of an inverted bearish hammer.
Shiba INU prices surged by more than 60% since the beginning of 2023 but have been maintaining a significant descending trend over the past week. The asset failed to surge beyond the crucial resistance despite the recent bullish push triggered by the FOMC. The price is currently struggling hard to defend the $0.000012 level and prevent the rally from re-testing the lower support around $0.000011.
However, the bullish pressure has mounted, while the MACD remains within the positive ranges. On the other, RSI has been sliding down but somehow managed to halt the bearish trend and displayed a minor bullish divergence. Therefore, the possibility of a bullish reversal may not be completely eliminated but could be extended for a while.
Bitcoin Price Hovers Near $24K
Yesterday, the FOMC had its first meeting of the year and right after that the Federal Reserve claimed that there will be an interest rate hike of 25 bps and it is expected to continue. Even after the Fed raised the interest rate, the crypto market had a positive reaction as Bitcoin price steadily held its $23K level. Moreover, the flagship currency has now also gained its next crucial level of $23,500 area.
At the time of publication, Bitcoin is selling at $23,797 with a jump of 3.18% over the last 24hrs.
Bitcoin Price Above $24K ?
Meanwhile, crypto traders and investors are now looking forward to interest rate hike decisions to be made by the Bank of England and the European Central Bank. This interest rate hike is set to impact the US dollar and if the US dollar falls, the Crypto market is set to set its next foothold.
The Bank of England is expected to increase its interest rate by 50 bps to 4% which will mark its 10th interest rate hike. Meanwhile, the European Central Bank (ECB) is hopeful to raise its interest rate by 50 bps. It’s just not that, the ECB has further claimed to increase interest rate by another 50 bps in March and then in May.
On the other hand, as per the data, Bitcoin’s price action displayed in January has pushed the currency towards golden cross formation expected to happen in February. If this prediction turns out to be true, the King currency will experience a strong bullish cycle.
Usually, a golden cross occurs when the 50-day simple moving average intersects and moves above the 200-day simple moving average. However, what needs to be noted here is even though golden cross formation suggests a bullish cycle ahead, there are even instances that Bitcoin has failed to perform as predicted.
The Bitcoin Death Cross Looms: What Traders Can Expect Next For BTC Price?
The Bitcoin bulls have continued to surprise many in the past few weeks despite several calls for an imminent price correction. The largest digital asset has gained over 3 percent today to trade around $23.8k.
However, analysts are now convinced Bitcoin price must flip the 50-week and 200-week moving averages (WMAs) into support lines before a death cross occurs.
Historically, Bitcoin price has experienced a choppy market every time a death cross occurs. After the January crypto rally, the 50 and 200W MAs, which have never crossed since the inception of Bitcoin, are at their closest proximity as shown below.
Experts Weigh In: Bitcoin Market Outlook
According to content strategists Keith Alan, the recent interest rate hike is a key factor for the Bitcoin market to consider. Furthermore, the digital asset industry has shown tremendous correlation with market equities in the recent past following increased crypto regulations.
“Now, SPX has a triple top on the Monthly, and BTC is headed for a Death Cross on the Weekly. These are toppy signs, but the FED, FANG, and labor market are dealing wild cards,” Keith noted.
As such, the Material Scientist cofounder indicated that Bitcoin must deal with key moving averages to break out from $25k.
According to analysts Rekt Capital, Bitcoin price is still on a falling trend until it flips the $25k resistance level. The bull case scenario is likely to be extended by increased liquidations that result in a short squeeze. Notably, approximately $39 million has been liquidated in the Bitcoin market in the past 24 hours according to data provided by Coinglass.
Voyager Bankruptcy Leads to Massive 270 Billion Shiba Inu Transfer! SHIB Price Drop On Horizon?
The bankrupt cryptocurrency lender Voyager Digital has transferred 270 billion SHIB to Coinbase, Kraken, and BinanceUS over the course of three transactions totaling 90 billion each.
Today, crypto on-chain analytics firm Lookonchain made the announcement on Twitter, where they also shared a link to the transaction details. According to a snapshot that was supplied, the initial transfer was sent to what Lookonchain identified as the deposit address for BinanceUS.
The now-defunct cryptocurrency lender is said to be in possession of 6.8 trillion SHIB, as reported by Lookonchain and corroborated by the data on the Voyager address.
This move has aroused suspicions in the cryptocurrency world, with some believing that the bankrupt crypto lender is trying to cash in on the recent market boom in order to repay creditors, but Voyager has yet to comment on the matter. In addition to this, it has aroused worries about an impending sale of Shiba Inu, which has the potential to have a detrimental influence on the price of the breed.
How Shiba Inu is Doing?
As for SHIB, while continuing its ascent, the value of the meme token is being bolstered by a significant amount of support from the community. In the last thirty days, the price of SHIB has increased by more than 47 percent. Nevertheless, the recent revival of the cryptocurrency market was the primary driver of this spike. It is currently worth $0.00001201.
In conclusion, the most probable scenario for the Shiba Inu price forecast for the month of February is a bullish breakout, followed by a climb that is headed toward $0.000014. This bullish price projection, on the other hand, would be rendered worthless if the price closed below the support line of the triangle, which may set off a downward trend below $0.0000103.
Will MATIC Price Initiate Fresh Rally in February?
Ethereum’s layer 2 scaling solution Polygon (MATIC) has rallied by more than 56 percent since the calendar flipped in January. Trading at $1.22 Today, up approximately 11.6 percent in the past 24 hours, Polygon (MATIC) is just a few steps away from regaining its pre-FTX momentum. However, analysts expect MATIC to experience high resistance around $1.3, which will act as a crucial decision point.
According to on-chain analytics firm Jarvis Labs, Polygon (MATIC) will have to convert the $1.3 psychological resistance to strong support for the bull case scenario to extend in the coming weeks.
“Breakout of such a long consolidation range should not be taken lightly, although there are warning signs of a pullback as well. With the ZK2023 Mainnet announcement and release coming up, Matic might surprise us,” Jarvis Lab noted.
Polygon (MATIC) Market Outlook
The polygon ecosystem is a great beneficiary of Ethereum’s high network congestion and DeFi growth. More decentralized applications and institutional investors entering the crypto market are opting to tap on Polygon’s scalable and secure network to build DeFi protocols.
According to aggregate data provided by defillama, the Polygon network has a total value locked (TVL) of about $1.23 billion. Among the top protocols that have locked assets on the Polygon network include AAVE, Quickswap, and Balancer with $335M, $180M, and $170M respectively.
With the MATIC price recording high volatility on the daily time frame, Jarvis Labs has cautioned traders to be careful.
“When 30d price volatility goes up on Matic, it does not typically end well for the price action in short term. Right now, we see both price and volatility metric up on the 30d frame,” the analytics firm indicated.
Meanwhile, institutional investors including global investment manager Hamilton Lane Inc. are bullish on Polygon’s future outlook.
Here’s How Bitcoin (BTC) Price May Plan it’s Advent Beyond the $25k mark
Bitcoin, the largest cryptocurrency, has broken its one-year trend and is now waiting for its next move. In January, the crypto sector experienced a significant change as Bitcoin flipped important resistance levels into support. This has caused the coin to hover closer to the $24,000 mark, leading analysts to predict its journey beyond the $25,000 mark.
Analyst Benjamin Cowen has pointed out the convergence of several factors at the $25,000 mark for Bitcoin. He stated that the 50-week simple moving average (SMA) is moving down to $25,000, the 200-week SMA is moving up to $25,000, and $25,000 also marked the summer 2022 top. The only thing not yet at $25,000 is the current price of Bitcoin.
Technical analyst CryptoCon has warned about the possibility of pullbacks but suggests that taking part in accumulation and buying in at great prices will ultimately result in a return to the median price of $34,000 and a bottom of $15,500. Another analyst named Cillionaire.com highlighted an interesting fact, mentioning that the last time Bitcoin bounced back from its multi-year support, the price of Bitcoin went from $6,000 to $64,000 in a year.
A recent study by cryptocurrency services provider Matrixport showed that an improvement in the early part of the year often leads to a positive year-end performance for Bitcoin. The head of research, Markus Thielen, stated that the average gain throughout the year has been around 245% and that Bitcoin’s year-end performance has been favorable in five of the last six years when it had a January rally.
In conclusion, while pullbacks can be a concern, the convergence of various factors at the $25,000 mark for Bitcoin and the positive results from early improvements in the year have analysts optimistic about the cryptocurrency’s future performance.
Litecoin Price Hits 9-Month high
As Bitcoin, Ethereum and most other cryptocurrencies opened the year on a bullish note, a few of the altcoins couldn’t enter the race immediately. One such altcoin is Litecoin, a decentralized peer-to-peer cryptocurrency which failed to ignite a rally immediately. However, that bear moment was short lived as just after a week of 2023, Litecoin began its bullish momentum. Now, within a month, the Litecoin bulls have managed to push the altcoin from $75 to $100 level.
Currently, Litecoin is selling at $100.14 after a surge of 4.05% over the last 24hrs.
Meanwhile even the industry experts portray a bullish stance towards Litecoin and one among them is a closely followed crypto analyst anonymously known as CryptoDonAlt. The analyst claims that Litecoin has gained 150% against Bitcoin since June 2022. He also predicts a breakout target of 50% more.
Why Litecoin Price Is Surging ?
Further, the reason for Litecoin showing such a bullish trade could be for two reasons – increasing adoption and the upcoming halving. One of the main causes for increased Litecoin adoption is due to its low transaction cost with less time. As per the Santiment data, Litecoin addresses have added nearly 1.15 million LTC tokens in the last seven months. This has pushed Litecoins’ total supply by 0.5%.
The next is Litecoin’s halving which is set to happen in August 2023. Halving is basically done to reduce the currency’s supply and increase the demand. Another analyst and trader known as Satoshi Flipper claims that after Litecoin’s halving, the LTC price will surge between $180 and $200 area.
Hence, the next six months are very crucial for Litecoin price which will decide its further price action.
Crypto Market Up Today, Bitcoin Price Holds Steady!
Run towards a bullish weekend! The cryptocurrency market has opened the market on a positive note as the majority of large cap cryptocurrencies have turned bullish. This bull rally is led by the first born crypto, Bitcoin price which has now jumped above $23,500 level and is strongly moving towards $24K. It’s just not that, even Ethereum, BNB, XRP, Cardano, Solana and other top altcoins have regained their lost price rally.
At the time of writing, Bitcoin is valued at $23,793 after a surge of 3% in the last 24 hrs. While Ethereum has gained 5.52% over the last 24hrs and is now trading at $1,667 leading the altcoin rally.
Crypto Market Surge With Fed’s 25 bps Interest Rate Hike
This wasn’t the scene a day ago as the crypto market was dwindling before the FOMC meeting results. However, during the FOMC conference, Federal Reserve chair, Jerome Powell claimed that the committee is focused towards the 2% inflation target. The Fed also claimed that even though inflation has dropped it is still too high and needs to be curbed.
After the Fed Chair’s above statement, the crypto market did react negatively, but soon bulls took control once the US Federal Reserve announced interest rate hike. Following the FOMC meeting, the US Federal Reserve held its meeting and concluded with an interest rate hike of 0.25% or 25 bps.
Last year the financial market witnessed one of the highest interest rate hikes by the Fed which was raised from 4.5% to 4.75%. This aggressive approach was to bring down the increasing inflation rate. Meanwhile, the US stock market which the crypto assets tend to follow has also gained wherein, the S&P 500 gained 1.05% and Nasdaq 100 is up by 2.16%.
On the contrary, what needs to be noted here is, during the FOMC meeting the Fed Chair claimed that the inflation still remains high and the job is not done. This suggests that the interest rate hikes will continue further and hence, the investors and traders should consider the crypto market volatility before making any further decision.
Bitcoin (BTC) Price Set To Surge High As Miners Halt Selling
The Bitcoin market has seen an upward trend in the past 24 hours, reaching a high of $24,000 earlier today. With the current price trading at around $23,869 in the Asian market, the market has seen a 3% increase. Market analysts predict further growth in the future, driven by both fundamental and technical factors.
Bitcoin Price Outlook from Puell Multiple’s Perspective
One such indicator that maps out Bitcoin price is the Puell Multiple. This is calculated by dividing the daily value of Bitcoins in U.S. dollars by the 365-day moving average of its daily value. According to the Puell Multiple, there may be relief on the horizon for Bitcoin miners who have been under increased sell pressure in the past year.
In the past, every time the Puell Multiple entered the green zone, it resulted in significant returns in the following months. Currently, the Puell Multiple has been in the green zone for 191 days, which suggests further upside movement in the price of Bitcoin. Philip Swift, the founder of lookintobitcoin.com, highlighted the relief for miners, stating that
“the Puell Multiple shows recent relief for Bitcoin miners. After 191 days in the capitulation zone, the Puell Multiple has rallied, showing relief for miners via increased revenue and likely reduced sell pressure.”
If Bitcoin continues to rally, this could trigger a pump in other cryptocurrency markets, including meme coins such as Dogecoin, Shiba Inu, and Baby Dogecoin. Additionally, a study has shown that more money is flowing from large caps to lower caps. Overall, the outlook for Bitcoin remains positive, with market indicators pointing to further growth in the near future.