The wind of change is blowing across the cryptocurrency market, with experts hinting at an explosive union of Bitcoin and artificial intelligence (AI). As 2024 approaches, a convergence of key market events promises to reshape the industry. Drawing insights from Austin Arnold’s latest prediction, here is what the horizon looks like.
The S-Curve Momentum
The “S curve” popularly explains new technologies’ adoption and growth patterns. Initial adoption is slow, but growth explodes as more people get on board before finally stabilizing. Arnold said Bitcoin and AI are on the cusp of this explosive growth phase. The integration of these technologies promises a perfect storm of financial opportunities.
The anticipation surrounding 2024 is palpable, especially considering the pending decisions on Bitcoin spot ETFs. Within the next 21 days, a definitive decision will be made about approving or denying such ETFs. The big question is – who will lead the charge? BlackRock, Grayscale, or Fidelity? Whichever the case, 2024 seems ready to be a fantastic year for the crypto industry.
A Glimpse into the Future
Austin Arnold shared an interesting observation, pointing out the seemingly contradictory nature of AI’s limitless possibilities and Bitcoin’s inherent scarcity. Yet, this juxtaposition could fuel a tremendous spike in Bitcoin’s price. Additionally, the global monetary system, the debate over quantity versus price rules, and the complex details of cryptography all play a pivotal role in this anticipated growth.
Market Sensitivities and Behaviors
At its current value of $26,162, Bitcoin shows a downtrend on daily and weekly metrics, hinting at a cautious market sentiment. Having recently breached the crucial $26,500 support level—a former resistance barrier—it now eyes the next support at $25,300. Moreover, its position below the 50-day exponential moving average on the 4-hour chart suggests a further departure from its previous upward path. This behavior often mirrors broader market trends, indicating the need for investors to tread carefully.
Brian Armstrong, the CEO and founder of Coinbase, a pioneering public cryptocurrency exchange in the U.S., recently shared his insights on the future trajectory of cryptocurrency. Having weathered the storms of U.S. regulation and watched the digital currency space evolve, Armstrong’s take on what lies ahead is both fascinating and important for us crypto enthusiasts.
From the Internet to Crypto
Drawing a parallel between the internet’s early days and the current state of crypto, Armstrong reflected on how initial skepticism and distrust of new technology often transition to widespread acceptance. The internet, once perceived as an odd, alternative platform, has now overshadowed traditional media forms.
Similarly, while early crypto enthusiasts might have been seen as outsiders or high-risk takers, the field is gradually pulling in a more diverse crowd. It’s not just about the technology anymore but its broader applications, from the art world to remittances and beyond.
Battles With The Regulators
Armstrong is no stranger to regulatory skirmishes, especially with the Securities and Exchange Commission (SEC). But with recent legal victories suggesting a favorable tide for crypto, there’s optimism in the air. During the All In Summit, Armstrong touched on the vital theme of crypto regulation and his vision for the industry’s path forward.
Though advocating for innovation, Armstrong doesn’t shy away from the necessity of regulatory frameworks. Drawing from traditional financial industry practices, he believes in establishing essential rules that promote both safety and innovation. While centralized crypto entities should follow strict guidelines, decentralized platforms, he feels, should be treated more similarly to software entities.
While Armstrong extensively discussed the current state of cryptocurrency, he dropped hints about what the future holds. Predicting the next wave of crypto popularity and adoption, Armstrong suggests that a range of emerging use cases are paving the way for another significant bull run in the market during the first half of 2024. His reason is as the crypto industry matures and evolves, these triggers will catalyze a surge, bringing in a new wave of investors, innovations, and opportunities.
In September, Bitcoin experienced a significant bearish trend, only to rebound slightly to $27K as the month ended. Yet, October promises increased excitement with several major events on the edge, including the SEC’s verdict on Grayscale and multiple spot ETF launches. Consequently, we might see intense price fluctuations for BTC, potentially tilting in favor of the buyers.
October Has Historically Been Bullish For Bitcoin
The Securities and Exchange Commission has been delaying its verdict on a spot bitcoin ETF, but October could provide the much-anticipated clarity for fund issuers and the crypto sector.
The regulatory body faces a decision on whether to challenge its August courtroom setback in a lawsuit involving Grayscale Investments. Additionally, we might witness the launch of the first ETFs containing ether futures in the upcoming month. As a result, there can be a buying demand for Bitcoin next month.
Drawing insights from Coinglass data, Bitcoin’s performance in October has been predominantly bullish since its inception. Starting from 2013, the month of October has consistently witnessed a surge in Bitcoin’s price, with only two exceptions in 2014 and 2018.
Diving deeper into the numbers, Bitcoin has not only seen positive returns but has managed to yield an impressive average return of over 20% during this month. Hence, from this historical data and the average return rate, there’s a compelling case to be made for Bitcoin’s price trajectory in the upcoming October. If the trend holds true and the crypto market remains favorable, we could very well witness Bitcoin’s price soaring to an approximate value of $32,400.
While historical data provides valuable insights, the crypto market is known for its volatility, and external factors can influence price movements. Hence, it is advised to do your own research before investing in Bitcoin.
What’s Next For BTC Price?
After several days of challenges, Bitcoin surged past the moving averages recently. Currently, the bulls are working to prevent the bears from pulling the price below the 20-day exponential moving average, priced at $26,840. As of writing, BTC price is trading at $27,022, surging over 0.5% from yesterday’s rate.
There’s a rising bullish crossover in the moving averages, and with the relative strength index (RSI) showing positive signs, it suggests an upward momentum. A slight resistance is predicted at $27,500, but it’s expected to be surpassed.
The BTC price might then approach the next resistance at $28,201, and if successful, it might head toward $30,108, where a significant tug-of-war between the bulls and bears is anticipated.
On the flip side, the $26,000 mark is crucial. If breached, the bears might gain advantage. This could potentially lead the price to plummet towards the strong support level of $24,845.
Overcoming the market-wide correction phase, BCH price manages to avoid a sharp reversal seen in many altcoins. Bitcoin Cash’s price is moving close to the 50-day EMA and absorbs the incoming at $228 with grace.
Moreover, with the recent late-night jump in Asian markets, the BCH price is teasing the early phase of a bull run.
Taking constant rejections from the $228 overhead ceiling, the BCH price action displays a higher price rejection. Leading to a double top pattern, the Bitcoin cash’s price reverted to the 50-day EMA, increasing the chances of a downfall.
Delaying the breakdown with days of consolidation, the altcoin is now regaining the bullish momentum. Moreover, the altcoin price jumped by 2.71% last night, undermining the consolidation and a bearish candle to form a bullish engulfing candle.
Currently trading at $212.68, the BCH price is sustaining above the 50-day EMA with an intraday growth of 1.11%. This increases the chances of a prolonged uptrend to challenge the $228 overhead ceiling.
Moving to the indicators, the momentum indicators present a bullish reversal viewpoint for BCH price.
RSI indicators: The daily RSI reverses from the halfway line after forming an arch. The reversal indicates a resurgence in the bullish momentum.
MACD indicators: The MACD and signal lines avoid a bearish crossover with the recent price jump. This revives the bullish histograms and teases a prolonged uptrend.
Will BCH Price Touch $300?
Avoiding a drop to retest the broken trendline adds brownie points to the BCH price bullish team. However, the challenge will be sustaining the uptrend against the overhead supply at $228. Nevertheless, short-term traders can find the journey to $228 profitable.
Considering the buyers break past the $228 hurdle, the uptrend fueled by unleashed momentum will reach $300. On the flip side, if it encounters resistance at $228, then it could fall to the 200-day EMA and test the $180 support level.
Intriguing times lie ahead for Bitcoin enthusiasts as renowned analyst PlanB shines a light on the cryptocurrency’s future, forecasting a substantial surge in value slated to unfold post-April 2024. What’s the driving force behind this highly anticipated upswing, you ask? Well, PlanB points to none other than the next halving event.
PlanB’s Stock-to-Flow Model
The PlanB analysis is based on a forecasting model called the “stock-to-flow” model, which serves as the foundation for his predictions. This model revolves around Bitcoin’s increasing scarcity, consequently driving its price upwards.
You see, Bitcoin’s supply gets cut in half roughly every four years, which makes it rarer and more valuable. Consequently, experts anticipate this highly awaited process to begin following the next halving event, scheduled for April 2024.
Prepare for a Bull Run!
PlanB believes that this ongoing bullish market could extend for a minimum of eight months. Furthermore, there is speculation that Bitcoin may achieve its highest value by early 2025. This intriguing development holds considerable interest for individuals with investments in Bitcoin.
During the liquidation phase, PlanB has observed significant events, specifically the challenges faced by the Terra (LUNA) and FTX ecosystems. These developments highlight the ever-changing and occasionally unstable nature of the cryptocurrency landscape.
The Turning Point
PlanB believes that the bear market for Bitcoin may have already concluded in July 2023. Additionally, he noted that Bitcoin’s performance following the FTX phase left much to be desired. It’s worth noting that while PlanB’s model generally offers a broad outlook, it encountered difficulties in late 2021 when it failed to accurately predict certain market trends.
PlanB has simplified his model for better comprehension, instead of employing complex terminology, he now employs a more straightforward approach by utilizing the “accumulation-bull market-bear market-liquidation” model to discuss the fluctuation of Bitcoin’s price over time. This modification reflects the rapid pace of the cryptocurrency world.
Despite the implemented changes, PlanB maintains the belief that people’s sentiments towards Bitcoin will remain relatively unchanged throughout the upcoming bullish market.
As Bitcoin’s next halving event draws near, whispers and speculations are high. With only seven months left until the highly anticipated event, a well-regarded crypto commentator, known as Titans of Crypto, recently shared some intriguing insights that debunk the prevailing notion of an impending ‘Black Swan’ event.
The Bitcoin Halving Hype
Bitcoin’s halving is an event that occurs approximately every four years. It slashes the rewards miners receive by half, making the available supply of Bitcoin more scarce. Historically, this event has heralded significant price movements. The logic is simple: reduced supply often leads to increased demand, driving prices upward.
When examining previous Bitcoin price trends leading up to the halving events, Titans of Crypto highlighted some discernible patterns:
- 2012: Bitcoin experienced a noticeable price rally.
- 2016: Again, there was a surge in Bitcoin’s value.
- 2019/2020: Just as Bitcoin’s value began ascending, an unforeseen ‘Black Swan’ event disrupted the market. However, it wasn’t long before Bitcoin resumed its upward trajectory.
The Black Swan Dilemma
The term Black Swan refers to unpredictable events with potentially severe consequences. Given the sudden market downturn caused by a Black Swan event in 2020, many investors are on the edge, fearing another such occurrence. Some, though, want it to happen so they can snag BTC at a cheap price like it happened three years ago.
Regardless, Titans of Crypto argues that if everyone is anticipating a Black Swan, it contradicts the very nature of the event, which is its unpredictability. Moreover, with a considerable section of the market hoping for it, the likelihood of it actually happening seems slim.
So, with the past as our guide and the halving on the horizon, what’s the probable fate of Bitcoin? If Titans of Crypto’s insights hold, Bitcoin’s price might stay stable or even see a surge. Of course, like all things in the crypto sphere, nothing is set in stone. But for now, the majority might need to rethink their Black Swan expectations.
Bitcoin continues to trade within a very narrow range, displaying the possibility of accumulating strength to trigger a massive bullish wave. The price has encountered a drastic downfall in the past few months after a bullish attempt. Despite the traders having become a little pessimistic over the BTC price, the upcoming events may change their perspective to a large extent.
Blackrock, the world’s largest asset management company, recently sent shock waves across the crypto markets by filing for a Bitcoin Spot ETF. The market recovered from the bearish trap for a while, but the hopes for approval have kept the bullish momentum going. While speculation of whether the ETF will get approved or not is hovering within the markets, here are the top 6 reasons why Blackrock’s spot ETF will get approved.
- The approval rate for BlackRock is nearly 99.8% and only one ETF has been rejected with such a high rate
- The government seems to trust the company, as back in 2008, during the financial crisis, the asset manager was asked to draw up a plan to deal with the crisis
- The CEO of BlackRock has shifted his sentiment from calling Bitcoin to digital gold, which is a good alternative to diversifying the investment
- BlackRock already has launched a private Bitcoin ETF for institutional investors
- Bitcoin spot ETFs exist already in Europe and Canada
- Apart from Blackrock, many other asset management companies like Vanguard, Fidelity, etc. have also applied for a Spot ETF this cycle.
Bitcoin Price Prediction: What Can We Expect in 2024?
Bitcoin is all set to undergo a major network upgrade in 2024, ‘the halving’. After the halving, the rewards will be reduced, which in turn will reduce the issuance of new tokens, maintaining the scarcity of the network. This is believed to have a positive impact on the BTC price, as it has always happened during the previous halvings. Therefore, one of the popular analysts believes the price may continue to range between $24,000 and $50,000 until halving.
Here, the analyst compares the current price movement of Bitcoin with that of the previous halving. The price has manifested a similar action until now, and if it continues to do so, it may trigger a massive upswing after the halving. The upper target can be set at around $75,000, with the Bitcoin price prediction for 2024 ranging between $58,000 and $62,000.
There has been a massive downturn in the crypto market recently with Stellar (XLM) and Axie Infinity (AXS) among the tokens affected. The decline in the price of the tokens has made investors search for alternative projects that guarantee high ROI. On the other hand, Pomerdoge has attracted top investors with its unique offerings.
Can Stellar (XLM) See a Resurgence?
In the past weeks, the Stellar (XLM) token has been experiencing extended bearishness in price value. Stellar price dropped by 15% within the last 30 days. So far, there are no signs of the token pulling a reversal.
However, analysts are not expecting the XLM token to go below the $0.10 support level. Crypto price prediction platforms such as Bitnation project the token price to reach $0.18 before the end of the year. For now, Stellar is not doing great in the crypto market and a look at viable investment alternatives is on the cards for investors.
There are also other opinions that the token could rally soon if the Stellar Development Foundation’s smart contract platform, Soroban launch is successful. Soroban is nearing its official mainnet launch after being on the public preview releases for over a year. The launch will increase the token’s use cause, which might lead to a price increase.
Stats are not looking good for Axie Infinity (AXS) as the token continues its downtrend in the crypto market. Since the beginning of August, Axie Infinity has not been able to hit the $5 benchmark.
While the token’s bearish movement continues, there are fears that the token might fall below the $4 support level. However, experts believe Axie Infinity won’t reach that worst-case scenario.
According to a forecast by Changelly, the Axie Infinity token will trade above $6 in September. While waiting for a resurgence, most investors are moving to alternative crypto projects that guarantee profits.
Pomerdoge (POMD) Welcomes New Batch of Investors Into Their Project
Following the extended bearishness of both Axie Infinity and Stellar, investors from these projects have identified Pomerdoge as a fast-rising project with high growth potential. This is in view of the surging reputation of Pomerdoge as the token maintains steady growth despite the general market downturn.
Pomerdoge is a P2E gaming platform with an innovative environment to connect gamers across the globe. Individuals can also network on the platform while they compete. Pomerdoge consists of the Pomerdoge marketplace (Pomerplace), where users can sell, trade or buy in-game items.
There is also the Pomerdoge gaming platform (Pomergame), where revenue earned will be shared among presale investors. The platform will also have a 7,777 NFTs collection that will be available only to presale buyers.
Due to its growing potential, the Pomerdoge token is already taking the crypto market by storm. At only $0.009, you can buy the POMD token and position yourself for massive ROI in future. Pomerdoge will look to dethrone already-established meme coins like Shiba Inu, Dogecoin, and Pepe at the current price trajectory.
Also, the token’s liquidity will be locked for life. The project has passed its audit carried out by SolidProof and Cyberscope auditors.
Find out more about the Pomerdoge (POMD) Presale Today
Telegram Community: https://t.me/pomerdoge
In the turbulent waters of the cryptocurrency sea, having a guiding compass can be a game-changer. Cryptocurrency expert and influencer, Ben Armstrong, recently highlighted three coins he believes are primed for significant growth. Should the altcoin market take a nosedive, these are the crypto gems Armstrong suggests you turn your attention to.
Riding the XRP Wave
XRP has been making waves in the crypto community, not least because of its recent price fluctuations. While it experienced a rise, doubling in value, it subsequently faced a 50% decline, landing it around the $0.50 mark.
Many are speculating that should XRP’s value slide down to the $0.30 range, it would be an opportune moment to invest. Ben says that the aftermath of its lawsuit has largely settled, and as the next bull cycle approaches, having XRP as a primary asset in one’s portfolio might prove lucrative.
Chainlink: The Silent Connector
While much of the crypto community’s focus has been on Layer 2 solutions like Polygon and Arbitrum, Ben says Chainlink quietly carves its niche. Think of it as the bridge between the virtual world of blockchain and the tangible real world.
Chainlink’s oracles act as connectors, pulling data from the real world and integrating it into the blockchain. Despite its understated performance in the recent bull market, Chainlink, with its vast partnerships and strong community backing, remains the undisputed leader in the Oracle arena.
Ben believes the crypto will increase significantly during the next bull run.
The Dogecoin Surprise
Turning heads and raising eyebrows, Dogecoin’s endorsement comes from its potential integration into what many are dubbing the “Everything app” – a platform previously known as Twitter.
The brainchild of Elon Musk, this app could revolutionize microblogging by introducing an in-app economy, says Ben. While Bitcoin and Ethereum are expected mainstays, Dogecoin, with its anticipated integration into this platform, might just become the dark horse that astounds us all.
Amid concerns about Binance, let’s see what the CryptoQuant head thinks about the possibility of a “bank run” happening at the exchange. Julio Moreno from CryptoQuant has analyzed data to address worries about a potential sudden rush of people withdrawing money from Binance, similar to a bank run.
But why are people saying there might be a bank run at Binance, like what happened with FTX? Julio Moreno shared his thoughts on this matter. He looked at two main things from historical data. Firstly, Binance’s Bitcoin reserves, the amount of Bitcoin they have, have stayed mostly in line with their usual patterns.
This suggests that there might not be a big problem with people rushing to withdraw. Secondly, these reserves have not dropped by more than 16% from their highest point since 2018. Moreno says this number is important and that people who watch the market should pay attention to it.
What went Wrong?
Binance is facing many problems. They’re getting sued and watched closely by governments worldwide. The SEC says they broke finance laws, Brazil thinks one of their executives ran a pyramid scheme, and France is looking into possible money laundering. Recently even Mastercard has ended its operation with the firm fearing regulatory scrutiny.
Binance vs. FTX, Another Domino to Fall? Watch the sign!
Interestingly, Moreno compares Binance to FTX, the crypto platform created by Sam Bankman-Fried. According to him, FTX’s reserves did not recover after a significant decline in 2021, while Binance’s reserves have shown resilience and consistency.
Next up on the list are allegations that its CEO, Changpeng Zhao, is selling off Bitcoin holdings to support the exchange’s native token, BNB, and maintain its value around $200. These claims have raised concerns about Binance’s credibility. Prominent figures in the crypto community, like traders Peter Brandt and Mike Alfred, have expressed doubts about Binance’s actions.
With multiple charges of scams, fraud, and violating regulations this all came as a full circle for Binance. Not only that they are further charged for providing manipulated screenshots and automated bot accounts involved in raising alarms about withdrawal issues.
Since last December, the exchange has faced heightened scrutiny following the collapse of FTX. Binance saw a large BTC withdrawal, but its CEO remained confident and emphasized the importance of “stress testing” exchanges.
Notably after this withdrawal, a CryptoQuant report found no suspicious on-chain activities related to Binance, and the situation seemed to stabilize according to Zhao.
In a separate news development, Binance has reportedly renamed Russian banks facing sanctions on its peer-to-peer platform, which could suggest that the platform enabled these banks to keep operating despite the sanctions.
There is no doubt, the crypto community is fearing a ripple effect if Binance falls. And Moreno’s analysis adds fuel to the allegations. What do you say?
breakout, Bitcoin prices hold off the downfall above $25K. The sudden drop in BTC price puts multiple holders and whales under the stress of unrealized loss.
MicroStrategy, for example, currently holds 152,800 $BTC at an average of $29672. With the current price at $26,111, the unrealized loss amounts to approximately $85,564,800.
Nevertheless, smart money continues to flow as Bitcoin’s falling prices halt slightly above the $25K support zone.
Why $25K Support Zone is Critical For Bitcoin?
As the crypto market struggles to recover from its worst week after the FTX fiasco, Bitcoin price halts at $26K. However, the crucial support zone at $25K remains the next bullish fortress as per the Bitcoin price action.
Providing resistance multiple times and supporting the previous correction in BTC price before this fall makes $25K a high-action spot.
Similar to the $25K support zone, Bitcoin’s 49% market dominance level remains a crucial spot. In his recent tweet, Benjamin Cowen, CEO/Founder of ITC_Crypto, marks the importance of the 49% level.
Benjamin states that in June, many people said that BTC dominance would never break 49% and that alt season was about to begin. However, those same people criticize BTC dominance because it has returned to 49%.
Bitcoin Technical Analysis
Despite the support trendline breakout, Bitcoin prices find support at $26K as the trading volume subsides, indicating a fall in selling pressure. Moreover, BTC price action projects a potential double-bottom reversal from the $25K support zone.
Currently trading at $26,058, Bitcoin price action displays multiple lower price rejections and increases the reversal potential. However, the intraday loss of 0.57% and the consolidation within the 4-hour chart will determine the future trend.
Will Bitcoin Manage A Reversal?
For the 2023 bull run to survive, Bitcoin price must avoid a downfall below the $25K mark. A reversal at this level is extremely necessary to improve the market sentiment, and the lower price rejections display a bullish action in play.
If the BTC price reverses in the coming week, the possibility of retest will drive a selling force at the broken trendline. Therefore, short-term buyers can find this as a profit booking spot.
Conversely, if the Bitcoin market value falls below the $25K support level, the downtrend will crash the BTC price, potentially to $20K.
Investors around the world are eagerly awaiting the United States Securities and Exchange Commission’s (SEC) upcoming decision on whether to approve a Bitcoin spot exchange-traded fund (ETF). The decision will set a landmark for cryptocurrencies. The SEC could either take more time to decide or outright reject the ETF applications. While rejection is a possibility, many investors are betting on a delay.
Notably, prominent figures like Cathie Wood of ARK Innovation and BlackRock have shown interest by filing for a Bitcoin ETF. However, the SEC has already postponed Cathie Wood’s Ark 21Shares Bitcoin ETF application by several weeks. Now the question arises: If these ETFs are approved, could they benefit the world of cryptocurrencies? Let’s dive deeper into the details.
Bernstein’s Outlook: Let Fresh Money Enter the System!
A recent report from brokerage firm Bernstein suggests that the approval of Bitcoin exchange-traded funds (ETFs) might usher in a new phase of growth for the cryptocurrency market. According to the report, these ETFs could drive demand in the cryptocurrency market and signal regulatory acceptance, attracting both retail and institutional investors.
Key global asset managers are keen on Bitcoin spot ETFs and are working on strategies to address concerns raised by the SEC. This increased interest has raised the likelihood of approval, as per analysts led by Gautam Chhugani.
Bernstein predicts the emergence of a robust market for spot Bitcoin ETFs, potentially making up 10% of Bitcoin’s total market capitalization within two to three years.
Hence a strong potential source of new capital that could drive a fresh cycle of growth in the crypto market. These include the introduction of a new stablecoin supply, tokenization of traditional assets, growth in native crypto infrastructure tokenization, and the expansion of ETFs. For instance, PayPal Launched its coins, likewise, amazon pay, Google Pay, Stripe, and Apple Pay can also enter the arena and intensify the crypto space with new coins and new money into the system.
It is worth noting that, the on-chain assets have remained within a $40 billion range this year, while stablecoins’ circulation has reached about $120 billion. This hints at the potential injection of these assets into the cryptocurrency ecosystem. Do we see any change in Bitcoin price with the latest development?
Bitcoin Price Unaffected by Development
As for the impact on Bitcoin’s price, it appears to be relatively stable. The price has been hovering around the $30,000 level for almost two months now. With a new week beginning, Bitcoin might make a move toward $30,340. If Bitcoin consolidates around the $30,500 mark, it could be a suitable opportunity for those betting on a price drop. If this scenario breaks, consolidated price targets will be $28,138, $27,330, and $26,767.
Overall, Bernstein remains hopeful about Bitcoin ETFs, even if the SEC has delayed its evaluation of Bitcoin ETF filings from large firms like BlackRock and Fidelity Investments. The firm anticipates that these ETFs will benefit from strong branding efforts by major asset managers and wider distribution through retail brokers and financial advisors.
As we move into 2024, the upcoming halving event for Bitcoin takes center stage. Alongside this significant event, the next few months hold key factors influencing Bitcoin’s price trends: the establishment of clear regulatory guidelines, the growing adoption by large institutions, and the impending halving process.
As highlighted by Thinking Crypto’s new YouTube video, here are the five major use cases for Bitcoin and cryptocurrencies in the coming year that could impact their prices:
Mass Adoption of Cryptocurrencies: The question of where and by whom the first significant use case for cryptocurrencies will be established remains open. This early stage of mass adoption could lead to increased demand and price growth.
Crypto ETFs: Major financial players are creating crypto exchange-traded funds (ETFs), allowing cryptocurrencies to be bought on traditional stock markets. This could bring substantial buying power into the market, potentially driving prices up.
Amazon and Ripple: With Amazon’s CFO joining Ripple’s board of directors, there is speculation that Amazon might introduce its own cryptocurrency product. The exposure of Ripple (XRP) on Amazon’s official website indicates positive developments in the works.
Payment Systems and Adoption: Payment platforms like PayPal and others are integrating cryptocurrencies, making them more accessible to the masses. This increased adoption, especially by influential figures like Elon Musk, could lead to price surges.
Geopolitical Uncertainty: During global crises, Bitcoin has often been considered a safe haven. Recent geopolitical tensions, such as the situation in Ukraine, have ignited interest in cryptocurrencies as a hedge against uncertainty.
Investors are taking a lot of interest in the crypto world right now. This week, eleven new startups got nearly $60 million in funding. They’re mostly working on something called “liquid staking” and making smart contracts more secure. For example, Helio Protocol got $10 million to make a new kind of staking technology. Puffer Finance also got $5.5 million to improve staking.
Talking about Bitcoin Halving, the analyst said that it happens every four years and in 2024, even fewer coins will be around because institutions and people are holding onto them. This could make less supply and higher prices for Bitcoin.
The XRP price has gained the spotlight ever since the company, Ripple, was sued by the SEC, a couple of years ago. Since then, the price has faced extreme conditions, including a drought in volume. Now that Ripple has registered a huge partial win against the SEC that merged with the exchanges relisting the token, XRP has experienced a rise in its value and also adoption
Unfortunately, the impact of the win over the SEC appears to be fading largely, as the prices have shed nearly 35% of the value gained from their initial levels. Although, the market conditions also support the bearish narrative, the bullish strength of the XRP has faded, substantially. Meanwhile, in the long term, the XRP price appears to be on a path toward the next bull run that may lift the price above the current ATH.
Considering the other way around, after the recent victory, a lot of bearish sentiments and speculations surrounding the token have faded. As seen in the above chart, the XRP price in the long term is trading within a rising parallel channel where the top two resistance lines are direct copies of the bottom support line. Therefore, as the current trade set-up suggests, the price is preparing to shed some more of its gains and reach the lower support of the channel.
Further, a massive bounce is expected to follow, similar to what happened during the previous rally. Here, the XRP price is believed to soar high to mark a new ATH close to $7 which may again be followed by a huge crash, probably below $1 over the next couple of years. Therefore, XRP may certainly be bearish in the short term, but in the long term, it appears to be extremely bullish.
Ever since the markets witnessed the recent rejection in mid-July, the popular tokens have been maintaining a steep descending trend. Besides, Bitcoin remains stuck around $29,000 as a massive drop in volume is recorded, impacting the volatility to a large extent. This has halted the growing strength of the bulls, paving the way for the bears to intensify their action. Hence, the popular altcoins that have been holding lower support are believed to encounter a significant drop in the next 48 hours.
Bitcoin maintained a consistent trend between pre-determined resistance and support levels over a period. However, it appears to be uncertain of the next price action while the technical indicators are flashing bearish signals. The RSI is heading towards the lower support in the short term, indicating the price may drop towards the lower support just below $29,000 at $28,834 during the weekend.
The ETH price has been maintaining a consistent descending trend ever since the beginning of the month, hence forming a descending triangle. The trade has now approached the lower support of the triangle and looking out for a bullish breakout. The accumulated selling pressure had prevented it from doing so. However, the MACD is about to undergo a bullish crossover which indicates ease in the selling volume. Therefore, the price may witness a rebound but could remain within the descending triangle for the next few days.
The Solana price is trading within a descending parallel channel ever since it faced a rejection from the interim highs in July. the price after a healthy rebound has managed to trade within the upper bands of the channel, indicating the growing strength of the bulls. However, the Stochastic RSI is displaying some deviation in its path toward the lower support, which suggests the SOL price could maintain a sideways trend during the weekend.
The Cardano price has dropped below the ascending trend line that it followed for over a month. The bearish start to the month may prove extremely fatal for the token as it may continue to shed its gains and reach interim support at around $0.28. Moreover, the stochastic RSI is about to undergo a bearish cross, which may drag the price toward the immediate lows during the weekend.
The win over the SEC spiked the price by over 100% in a short time frame, but the post-rally impact turned out to be extremely bearish, which slashed the price hard. The price, with the fresh bearish attack, has dropped from the 0.5 FIB level and appears to be on its path to reaching the lower FIB level of 0.78, surpassing the 0.612 FIB level. If the bulls manage to hold on to either of these levels, then one can expect a healthy rebound, or else the XRP price may shed all its gains and reach the 0 FIB levels at its initial position at $0.468.
Ethereum (ETH) is currently facing a significant challenge as it struggles to surpass the crucial resistance level at $2,000, indicating a lack of demand at its current price range. The current market sentiments are mixed, and one prominent crypto analyst, Benjamin Cowen, has expressed a cautious outlook for Ethereum’s future, drawing insights from historical data.
Let’s analyze the price of ETH which is stuck between two critical key levels, static resistance at $2K and critical support at $1,850.
Where ETH Price is Heading?
In his recent video update, Cowen examines Ethereum’s historical average monthly return on investment (ROI) and identifies a seasonal pattern in its performance. He points out that Q3, which includes the summer months, has not been the most favorable period to accumulate or hold ETH. As per the historical data, this timeframe has shown relatively lower returns on investments.
On the other hand, Cowen highlights that late Q4, particularly December and January, have historically been the most opportune times to accumulate Ethereum. Investors who purchased ETH during these months have generally experienced better returns on their investments.
Ethereum Accumulation Period Starts in Late Q4 and Early Q1
The data indicates that there is a clear seasonality associated with Ethereum’s performance, with demand and ROI tending to increase as we move toward the end of the year and early Q1.
He further explains that “If you go out to two years (ROI), you’ll see the same type of thing: June and July are the worst, and January and December are the best.”
For instance, if an investor bought ETH with the intention to sell it one year later, historical data suggests that December and January have been the most favorable months for doing so. Conversely, July has been historically identified as the worst month for ETH performance, with prices not varying significantly from the current levels. Looking at longer time horizons, the trend remains consistent. For a two-year ROI, June and July have been the worst months, while January and December have shown the best results.
The current market cap for Ethereum is $1,858, but according to Cowen’s study of historical data, the cryptocurrency may not be ready to show its full potential for development just yet. Prior to making any decisions on the accumulation or holding of ETH, investors should take into account seasonal patterns and historical data. The biggest potential for significant returns may lie ahead in late Q4 and early Q1.
Despite the optimism, ADA dropped below $1 in May. Since then is trading in a tight range between $0.30 and $0.60. This period of consolidation has some wondering if Cardano is bottoming out before its next bull run. However, amidst market fluctuations, some intriguing predictions have emerged. Let’s see where Cardano is heading.
Cardano Price Forecast
Recently, Dan Gambardello, founder of Crypto Capital Venture and a huge Cardano supporter, made a bold prediction about where the price of ADA is headed. In a tweet, he predicted that Cardano’s price would hit a new all-time high of at least $7.80 during the next bull market.
Gambardello didn’t go into detail about the reasoning for his conclusion, but he did imply that the importance of cryptocurrencies would rise as existing financial institutions face difficulties. In his estimation, it will take around a year for the true crypto bull market to begin.
The analyst foresees a target of $7.80, which is as of now difficult to imagine, as to hit the target ADA has to climb almost 2400% from its current price. Having said that, the cryptocurrency market is renowned for its unpredictability, and significant price swings are not unprecedented.
Notably, during the past week, ADA has lost 3.24% of its value. Even if the 1-month change is positive at +11.17%, the 6-month view reveals a loss of 19.53%. So, what could be behind ADA’s price spike on the last day?
Going with the perspective of ADA Whale, a prominent Cardano-focused Twitter account, there is a potential bull run for Cardano, while they caution against expecting immediate results. Their perspective suggests that any major market movements might take time to materialize and shouldn’t be viewed as a quick “2023 story.”
A Technologically Advanced Network, Is the Answer!
But what is going in favor of Cardano is its latest update which is expected to create a market buzz, as reported in the latest update by Input Output Global (IOG), the team responsible for Cardano’s blockchain.
The recent release of node v.8.1.2 brought updates to the Plutus interpreter, contributing to the platform’s advancement. Furthermore, the launch of the Mithril protocol’s mainnet beta represents a notable milestone for the Cardano network. The Mithril team is closely monitoring the network and is optimistic about initiating the creation of certificates in the upcoming Cardano epoch.
While it is also evident that Cardano was badly impacted by the Fed’s rate hike last year and this year as well Fed is expecting to raise the rate, in such a situation, it will be interesting to see how Cardano will react to the two-way pressure of being an oversold asset so far. Trading ADA requires patience and caution.
Captain Faibik, a staunch Bitcoin enthusiast and respected crypto analyst, shared his bullish sentiment, predicting a significant surge for XRP in the coming market cycle. His forecast indicates that the token could experience an upswing to between $25 and $30. However, the seasoned expert provides critical advice to investors: patience and level-headedness are essential.
XRP Price Analysis
Amid his optimistic outlook, Captain Faibik encourages investors to steer clear of the FOMO – the Fear of Missing Out – that can cloud judgment during these exhilarating times.
The accumulation phase, he asserts, is not a sprint, but a marathon. It’s a stage where steady, mindful accumulation of assets, coupled with patience, is pivotal. Captain Faibik’s message is clear: a bull run is not an illusion, but an imminent reality.
The daily chart of XRP is painting an encouraging picture, suggesting a possible upswing. Technical analysis tools have picked up the presence of green arrows, which traditionally signal a possible positive shift in the asset’s value. These indicators hint at XRP potentially setting foot in bullish territory, hinting at a favorable time ahead for the token.
Vital Price Points to Overcome
For the XRP token to retain its momentum and sustain a bullish trajectory, there are important resistance levels it needs to break through. These are points where historically, strong selling pressure has caused the asset’s price to stall or even reverse. The critical price barriers to breach for XRP are $1.082, $0.96, and $0.89. Conquering these figures could allow the token to maintain its upward trend.
While potential uptrends are exciting, it’s equally important to prepare for potential downturns. XRP has established support levels at $0.70, $0.59, and $0.51. These figures could serve as a base to hold XRP’s price during a potential market decline.
At the moment of this report, XRP’s market price stands at $0.711. As with all markets, only time will reveal whether Captain Faibik’s bullish prediction for XRP will materialize in the timeline he forecasts.
Going by market capitalization, Bitcoin is the largest, number one. Ethereum comes second, and then USDT comes third. It has been like this for a couple of years.
XRP to Overtake USDT?
But XRP has fought for the third spot with USDT a few times too. The last time XRP was the third-largest crypto was three years ago in 2020 before the SEC filed its infamous lawsuit against Ripple.
Fast forward to now. XRP has been legally declared not to be a security. Of course, this has got the industry hyped. XRP’s price has increased significantly since the ruling came and because of this, predictions have been flying.
The latest comes from analyst Del Crypto, who says confidently that XRP is about to overtake USDT once again to become the third-largest cryptocurrency in the world. At the time of writing, XRP is number four and worth $0.71, bullish on its daily chart.
How XRP is Doing Right now
The current price is also where the 25-EMA line is located. If XRP manages to break through and close above this level decisively, it could go on to gain more value and reach the next resistance at $0.75. However, the 50-EMA crossing below the 25-EMA indicates a bearish sentiment.
In this case, the initial support level is at $0.6673. But, there are some signs of buying activity, which suggests that XRP’s price might have some positive momentum in the short term. Traders should keep an eye out for a closing price above $0.72 before considering a long position.
A Bright Future for Shiba Inu (SHIB)
XRP isn’t the only crypto Del made a prediction for. According to the expert, Shiba Inu is going to return to the top 5 cryptocurrencies in the world. Both predictions, he claims, will hold true during the next bull run.
Right now, SHIB is the seventeenth-largest crypto in the world, so its prediction is way more ambitious than XRP’s. But only time can tell if any or both of these predictions were accurate.
The crypto space has recently experienced a remarkable breakthrough, marked by significant events that have unfolded within its domain. Notably, triumphs in legal battles that were perceived to jeopardize the future of cryptocurrencies and the official acceptance of cryptocurrencies into the policies of various countries have played pivotal roles in reshaping the narrative surrounding this digital asset realm.
These victories and the ongoing bullish market trend have resulted in a paradigm shift in public perception, fostering immense growth within the crypto space. As a result, the current juncture presents an opportune moment for investors to carefully consider and capitalize on promising crypto projects, as the potential for substantial profits is now more evident than ever.
Standout Crypto Projects Worth Monitoring
Walbi stands as a hybrid DeFi platform that merges essential components for crypto enthusiasts. Seamlessly combining a crypto exchange, Web3 non-custodial wallets, and an AI assistant, Walbi introduces a streamlined and accelerated approach to crypto trading.
The platform demonstrates its cutting-edge capabilities for digitally managing finances as it undergoes its beta testing period.
Using an AI assistant, Walbi takes trading to the next level by providing personalized advice. This AI assistant leverages diverse data sources, including financial news, influential tweets, expert opinions, cryptocurrency price history, and technical indicators. So, by harnessing these insights, AI empowers traders to make well-informed decisions, minimizing the potential for human error.
Walbi also offers additional features such as Walbi Earn staking, Walbi Cloud Miner, and a compelling rewards program.
Open Exchange (OPNX) is a cutting-edge cryptocurrency exchange that offers users an all-in-one platform for accessing crypto claims, spot, and futures trading, with a core focus on security and transparency.
OPNX was created by a team deeply knowledgeable about the shortcomings witnessed in the last crypto cycle. Recent crypto sector failures have harmed approximately 20 million consumers, resulting in a $20 billion loss from assets locked up on multiple insolvent platforms. OPNX is the first exchange to help bankruptcy victims tokenize their claims (e.g., FTX and Celsius), allowing such claims to be converted into collateral for trading crypto futures and unlocking immediate liquidity.
Significantly, OPNX’s flexible crypto trading platform is driven by a powerful portfolio margin system enabling users to leverage their entire portfolio of assets, including $OX — its native platform token. The exchange just launched its oUSD credit currency, which allows margin trading by letting traders borrow against their crypto holdings and trade using oUSD.
Farmsent represents a groundbreaking farmer-centric blockchain platform that seeks to transform the global food trade and bolster food security. Through its unwavering commitment to empowering farmers, Farmsent establishes direct connections between them and buyers, fostering a transparent and highly efficient marketplace.
This decentralized ecosystem on a Polygon network ensures secure and traceable transactions, guaranteeing the safety and quality of food as it traverses the supply chain. By placing a special emphasis on supporting small farmers, Farmsent endeavours to create a fair and decentralized environment that enables them to access broader markets and receive equitable prices for their produce.
Leveraging cutting-edge web3 technologies, Farmsent’s mission is to promote sustainability, streamline intermediaries processes, and effectively tackle the challenges of modern agriculture. In doing so, Farmsent significantly contributes to the resilience and security of the global food system.
Intercoin is a forward-thinking corporation with a main architect named Greg Magarshak, who has worked tirelessly for five years to make crypto accessible to the people. The development of well-crafted smart contracts that serve communities all around the globe has been their major focus.
These contracts allow users to quickly and easily create decentralized autonomous organizations (DAOs), make their currencies and non-fungible tokens (NFTs), and organize and run exciting auctions and competitions. The group is proud of its impressive history of accomplishments, including the release of apps used by over a million influential people worldwide.
Their current efforts are focused on bringing innovative Web3 services to these areas. There are more initiatives in the works for Intercoin, and its worldwide debut is expected to occur later this year. Two of these initiatives are the novel post-blockchain distributed protocol Intercloud and creating a web-based wallet with a 2024 delivery date.
Asterizm, an innovative solution, has successfully graduated from the prestigious Techstars London accelerator, showcasing its cutting-edge capabilities. Asterizm offers a secure and confidential cross-chain communication platform tailored for enterprises utilizing both public and private blockchains, FinTech, CBDCs, banks, and web3 protocols. The team behind Asterizm provides valuable guidance and communication support to financial institutions, platforms dealing with tokenized assets, banks, and CBDC operators.
In addition to its impressive transaction speed, cost efficiency, and scalability, Asterizm stands out with its focus on enhanced privacy, ensuring compliance with stringent data privacy regulations by conducting all validity and integrity checks on-chain and eliminating the necessity to tokenize the infrastructure – a crucial advantage for enterprises.
Recently, Asterizm was launched on the mainnet, extending its support to EVM-based public and private networks and the first two non-EVM blockchains. The company was founded by Artem Avdeev, Denis Polulyakhov, and Alex Gotovets, who collectively aim to establish Asterizm as a key player in the blockchain interoperability domain.
Swaps stands as a fully compliant and regulated European company known for its commitment to industry-leading security and an exceptionally fast, user-friendly platform. The company’s primary goal is to democratize the world of cryptocurrencies, enabling individuals and companies, whether newbies or experts, to buy, sell, and receive crypto effortlessly.
The Swaps team set out on a mission to improve the user experience since they wanted to shorten and simplify the long and complicated procedure of buying cryptocurrency. Through their inventive mentality, they question and rethink the outmoded standards, bringing about the transformation the industry demands.
Having a team including top-tier expertise, Swaps has designed a stunningly elegant platform that removes obstacles and allows everyone access to the crypto world. Swaps offer consumers an ultra-fast and incredibly simple approach to interacting with cryptocurrencies by streamlining purchasing and selling operations.
Apiens is an innovative meta-fashion start-up with a solid community-oriented focus on introducing blockchain-integrated clothing (BIC). At the core of the company’s vision lies the mission to foster, empower, and reward a thriving community of NFT fashion enthusiasts.
In Q1 2022, Apiens successfully launched its Gen 1 NFT collection, an exceptional series of 4229 young 3D high Fashion apes immortalized on the blockchain. The team firmly believes that an NFT should transcend mere profile pictures; hence, they have introduced a groundbreaking concept to enable NFT holders to leverage their assets effectively.
The Gen 1 staking program offered by Apiens empowers NFT holders to stake their tokens, entitling them to various benefits. These encompass a royalty share on all secondary sales conducted on OpenSea and profit and royalty-sharing opportunities on forthcoming Gen 2 launches and sales. Additionally, stakers receive complimentary NFT airdrops, VIP whitelist access, exclusive entry into the partner ecosystem, and numerous other exclusive privileges.
The winds of change have swept through the crypto landscape, creating an era of transformation and endless possibilities. This flourishing ecosystem, powered by the ongoing bull run, has instilled newfound confidence in enthusiasts and skeptics, fostering unrestrained growth and innovation. As the sun rises on this new era of cryptocurrencies, it beckons both seasoned investors and curious newcomers to embark on a journey of discovery and prosperity. The future of the crypto space shines brightly, promising incredible rewards for those willing to seize the opportunities that await amidst the blockchain revolution.
To successfully execute the blockchain revolution across blockchains, there are advisors like Nick Perzichilli & his company AdvisorX which is guiding projects, enterprises and intellectual property owners in the next iteration of decentralized consumer behaviour.
“We work with partners in a range of capacities across all things blockchain & Web3 – from digital worlds to DAOs, gaming, DeFi and beyond,” says Nick Perzichilli.
Convinced by decentralization and building on the blockchain, AdvisorX is powered by a 300+ person team of advisors, service providers and professionals to help scale mass adoption in the years to come.
Following the Federal Reserve’s interest rate decision, Bitcoin’s price showed a notable short-term recovery as it successfully surpassed the $29,000 resistance zone. Despite recent fluctuations, several analysts remain optimistic about Bitcoin’s long-term prospects, asserting that it is still in a bull market. This sentiment is supported by the fact that many long-term holders of Bitcoin are still holding positions that are currently profitable.
According to Ali Martinez, despite Bitcoin dropping below $30,000, the Adjusted SOPR indicates that most BTC sellers are still making profits. It’s similar to selling items purchased at a discount.
Taking to his Twitter handle, he wrote, “Even though #Bitcoin fell below $30,000, the Adjusted SOPR suggests that many of those who are selling $BTC are still in profit. Think of it like people selling items they bought at a discount. Don’t let short-term price action blur the bigger picture.”
According to Daan Crypto, Bitcoin is experiencing its lengthiest period at or below the Weekly 200 Moving Average. The previous record was set in 2015, lasting approximately 9 months. However, the current situation has surpassed that, with Bitcoin staying below the Weekly 200MA for over 13 months now. This extended duration could have significant implications for the cryptocurrency’s price and market sentiment.
Credible Crypto said, “We’ve been repeating the exact same pattern with every single accumulation/consolidation structure since our bottom at 15k. It’s almost time for the next impulse.”
Ki Young Ju, the co-founder of Cryptoquant, believes that Bitcoin is still in a bull cycle. One of the indicators supporting this view is that approximately 71% of the realized capitalization of Bitcoin has remained unmoved for over 6 months. This data suggests that long-term holders are holding onto their Bitcoin, resulting in low selling pressure in the market at present.
In the past few weeks, Bitcoin’s price has been fluctuating between $30,000 and $31,400. However, on Monday, the cryptocurrency experienced a dip, pushing its value below the lower border to approximately $28,800. This resulted in over 90 percent of Bitcoin long traders being liquidated during early Asian markets on Tuesday. Despite this setback, many crypto traders believe that short-term bears are under control.
Bitcoin Price Analysis
Renowned cryptocurrency analyst, Captain Faibik, remains optimistic about the situation. He believes that the Bitcoin bulls are currently in control, but he also warns that challenges may persist, and further capitulation could occur in the coming days. According to the analyst’s prediction, Bitcoin’s next strong support level is expected to be around $24,700, followed by a potential rebound above $32,000 later this year.
A significant imbalance has been observed in the crypto-cash flow among various altcoins and Bitcoin itself. The inconsistent rise of some altcoins has contributed to this situation. The resistance/support level between $31,000 and $32,000 has proven to be intense for the bulls, further complicating the market dynamics.
Despite the recent dip, Captain Faibik remains bullish in the long term. He has issued a price prediction of $100,000 for Bitcoin in 2024. The much-anticipated bull run is expected to commence in November 2023, which could drive significant market activity. Additionally, Bitcoin dominance has dropped below 50 percent, potentially leading to further gains for altcoins like Dogecoin.
As Bitcoin’s year-to-date performance shows a remarkable 75 percent pump, Crypto Analyst, Doctor Profit argues that the current bullish outlook may have reached a saturation level. This comes as the altcoin market starts gaining momentum, drawing investors’ attention away from the flagship cryptocurrency.
Despite the positive sentiment surrounding Bitcoin, Doctor Profit doesn’t expect the digital asset to rally beyond its all-time high (ATH). Instead, he foresees a prolonged period of sideways trading, offering traders and investors limited price movement between the $21k and $38k price range.
While Bitcoin’s consolidation continues, altcoins are experiencing notable gains, with some even outperforming Bitcoin in terms of returns. This shift in attention to altcoins suggests a diversification trend among investors, as they seek potentially higher profits in alternative cryptocurrencies.
Bitcoin Bullish Factors
On a positive note, Ark Invest CEO, Cathy Woods, believes that Bitcoin has the potential to reach an astonishing $1.5 million per coin. She attributes this potential surge to mainstream adoption as more individuals and institutions turn to cryptocurrencies as an alternative to traditional banking systems.
Additionally, institutional fund managers, led by BlackRock, have shown increasing interest in Bitcoin. Many see Bitcoin as a hedge against rising global inflation, adding further support to its status as a valuable asset in a diversified investment portfolio.
While the market outlook remains uncertain, traders and investors are closely monitoring Bitcoin’s dominance in the overall cryptocurrency market. Currently hovering around 48 percent, Bitcoin’s dominance is approaching a critical support/resistance level. If it breaks below this level, it could indicate a further shift towards altcoins and a potential challenge to Bitcoin’s long-standing position as the dominant cryptocurrency.
As cryptocurrencies continue their descent into a bull market, renowned influencer Ben Armstrong recently outlined what he believes to be the most promising and safe altcoin investments for the bull market.
The Three Safest Altcoins to Invest in
Ben emphasizes the potential of Polygon, Ethereum, XRP, and Cardano. With their own unique technologies and compelling use cases, these cryptocurrencies represent promising opportunities for savvy investors.
Ethereum, with its smart contract capabilities, and Polygon, an Ethereum scaling solution, are touted for their technological advantages in the evolving blockchain space. At the time of writing, both coins are bearish on the daily chart.
XRP, with its recent win against the Securities and Exchange Commission (SEC), garners a vote of confidence from Ben. The digital payment protocol stands as a potent force in the cross-border payments landscape, and its legal clarification as a non-security is already making its price propel.
At press time, XRP was worth $0.78, with a staggering 6.3% increase in the past twenty-four hours. Cardano secures a spot on this list due to its impressive scientific philosophy and robust development approach.
The coin’s upside potential, given its plans for smart contract functionality and financial inclusivity, is not lost on Armstrong, who points out that its strengths make it a worthy consideration for investors. Currently, $0.31, with an increase of over 3% in the past twenty-four hours.
Regulatory Rumble: No Deterrent for Crypto Bulls
Ben does not discount the importance of the regulatory landscape in his analysis. He brings attention to the recent court ruling in favor of Ripple, hinting at a potential trend in which blockchain companies may successfully argue against security classifications.
The successful defense by Ripple will set a precedent for other cryptocurrencies like Tron and BitTorrent, whose legal statuses have been questioned but which Ben is confident will not be classified as securities.
Litecoin is just an inch away from undergoing the most important upgrade, the halving! The miner’s rewards are halved, and eventually, the issuance of the new LTC tokens is also slashed in half. This is generally considered a bullish factor for the cryptos working on the Proof-of-Work consensus mechanism. Moreover, the pre-halving phase is also witnessed by a significant upswing in the value of crypto.
Now that the Halving phase is just a couple of days away, the LTC price is constantly dropping and also failing to reclaim the lost levels. Therefore, it is assumed that the halving impact may have faded, but in reality, the price is accumulating gains that will explode after reaching the edge of the consolidation.
The current trade setup indicates a potential breakout pattern due to the formation of an ascending triangle pattern. The price has already gained 150% from the recent low and is aiming to surge by another 180% if the upper resistance is breached. As mentioned above, the price is trading within an ascending triangle within the weekly timeframe. This, combined with the recent volume spike, suggests a potential trend reversal and increased volatility to shake out weak buyers.
Therefore, a minor pullback towards $80 appears to be on its way, which may initiate order block activities. Further, a breakout above the resistance levels at $110 could propel the LTC price to the initial target at around $190 and later may try to achieve levels around $330. Conversely, a bearish scenario may be activated if the price breaks below $75, and hence the traders are required to be vigilant if the bulls fail to trigger a reversal at the support.
The Bitcoin price is facing extreme pressure from both the bulls and the bears as it lingers between $30,000 & $31,000, without surpassing any of these levels. The growing stress over the token is expected to wane as an extended compression may lead to a massive explosion. While the direction of the rally may be ascertained depending on the volume dominant at that time. However, no major price action is expected to occur in 2023, as the trend could remain consolidated for another few weeks.
As seen in history, the crypto markets usually inculcate huge bullish momentum as the trade approaches the end of the year. This usually happens if the price is not in the middle of a bear market, or if bears have drained the market, restricting the price below certain levels. Therefore, the BTC price, which has been maintaining a notable upswing since the beginning of the year, is expected to maintain a fine range of highs and lows till the end.
This could trigger a bull run that may intensify in 2024 to mark new highs. Alongside this, some of the catalysts may also fuel the rally and help to maintain its strength throughout the year.
Bitcoin Halving 2024
The star crypto, Bitcoin, is set to undergo a halving event in March-April 2024, where the miner’s rewards are halved. This event is considered one of the most important for the crypto markets, as there is a huge chance of triggering a bull run. The miners receive fewer rewards, so less BTC will be released for circulation. This keeps up the scarcity of the token, pushing prices higher. Historically, the BTC price has been reacting positively after each halving in the past and maintaining a steep upswing for the next 12 months to form a new ATH. Hence, a similar price action is expected after the 4th-Bitcoin halving in 2024.
Bitcoin ETF Approvals
Just a month ago, the crypto space was stuck under extreme bearish influence, which was triggered by the SEC suing the top two exchanges, Binance and Coinbase. Soon after this, the industry giants like BlackRock, Fidelity Investments, ARK Investments, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie filed for a spot in Bitcoin ETF which triggered a huge upswing. However, the filed ETFs are under process and could be reviewed and considered for approval in the coming days. Expects believe the approvals may not happen anytime before 2024 and hence this is the major catalyst to trigger the 2024 bull run.
US Presidential Elections 2024
The US Presidential elections are scheduled to be held on November 5, 2024, to elect the new President and Vice-President of the country. In times of crucial events, the crypto markets as well as the traditional markets remain highly uncertain, as the next price action depends on the results of the election. A change in government indicates a change in policies, rules, and regulations, which may be in favor of or against the crypto space. Therefore, the US Presidential elections may play a major role in pumping up the 2024 bull run.
Renowned crypto analyst “Louround” predicts a groundbreaking bull run for Bitcoin and Ethereum. In a tweet that quickly went viral, Louround stated that BTC could reach $100K – $200K, while ETH targets $16K – $34K, causing a stir within the digital asset community.
Bitcoin And Ethereum Price Forecast
In a series of tweets that have set the crypto community abuzz, well-known crypto analyst Louround predicts that Bitcoin and Ethereum prices will surge, in the near future.
He is been known for his accurate market assessments and bold predictions, Louround believes Bitcoin could hit $100,000 to $200,000. Ethereum might surge to $16,000-34,000. Eventually, his predictions were aligned with positive market sentiment fueled by institutional adoption and growing mainstream acceptance of digital assets.
Louround begins his analysis by highlighting a significant pattern in the crypto industry: the bull run periods triggered by Bitcoin halvings. The halvings, which result in a reduction of liquidity mining and selling pressure by miners, have been historically associated with surges in Bitcoin’s price. Louround suggests that the upcoming halving scheduled for April 2024 could initiate another bull run, similar to previous instances.
To support their projections, Louround conducts an analysis of CoinMarketCap data from 2015 to the present. While acknowledging the inherent difficulty in precisely forecasting prices, they believe that Bitcoin could surge 9 to 19 times from its bottom at $15,000, potentially reaching the range of $100,000 to $200,000.
Similarly, they anticipate Ethereum could climb from $16,000 to $34,000. However, Louround emphasizes that these figures should be considered as targets rather than certainties, given the unpredictability of the market.
Major Altcoin Market Growth in Next Bull Run
Further exploring the impact of halvings on the cryptocurrency market, Louround proposes that the market capitalization of altcoins will experience significant growth. They emphasize that the current market caps of major projects are relatively low compared to their potential in the next bull run.
While market cycles and halvings resemble patterns seen in real estate and stock markets, Louround acknowledges the unique characteristics of the crypto market, which operates at an accelerated pace. He expresses his belief in the irrationality often witnessed in crypto markets and acknowledges the challenges of forecasting exact numbers due to the relative youth of the industry. Unforeseen events, both positive and negative, can significantly impact these projections.
Market participants eagerly await the next bull run to witness if Louround’s persuasive arguments will materialize. The potential for Bitcoin and Ethereum to reach such remarkable price levels could have far-reaching implications for the entire crypto ecosystem, attracting increased attention and widespread adoption.
The market participants—bulls, whales, big institutions, and all the crypto enthusiasts—are waiting for the next bull run. Moreover, the traders have begun to accumulate BTC with the expectation of incurring huge profits in the long term. Besides, the developers have also aggressively worked during the bear market, which may attract the masses towards the next upcoming trend within the market.
After the ICO boom in 2017, which triggered the bull market then, the DeFi boom sparked the 2020 bull run. During the fourth quarter, the NFT boom also caused a massive upswing among the majority of cryptos. As per a recent update, nearly $24 billion has been injected into the crypto-gaming industry.
The Web3 projects are believed to rise by more than 100x in the upcoming bull run, much like the NFTs. Below are such Web3 projects which are expected to trigger a massive bull run in the coming days.
It is the first WebGL, AAA-level, Play-to-Earn, Metaverse for gamers which has a unique economy model. SIDUS is the native token of the platform which is used to pay rewards and it is also the main currency in the SIDUS marketplace along with other in-game and out-of-game services.
FitBurn is the world’s first AI-based burn-to-earn fitness App. This platform intends to revolutionize lifestyle and health using its cutting-edge AI mechanics with NFT rewards to motivate users to reach their fitness goals.
My Neighbor Alice (ALICE)
My Neighbor Alice is a farming-based play-to-earn builder game built on the Chromia chain. The platform targets a diverse gaming community within the traditional gaming market. ALICE is the native token of the platform which is used as a utility token.
Medieval Empires (MEE)
The Medieval Empires is a mid-core, multiplayer online blockchain strategy game which features actors, aiming to offer a jist of state-of-the-art open to all Web 3.0 experience to fans and gamers.
The platform was developed by game developers who intend to bring back value to the players with the help of Web3 and blockchain. GALA is a utility token of the platform, using which one can purchase NFT and also used as a gas token to cover network fees on the Gala blockchain.
Axie Infinity (AXS)
Axie-Infinity is a blockchain-based trading and battling which is partially owned and operated by its players. The native token, AXS price has been performing extremely well and also has achieved mainstream attention.
Crypto enthusiasts look forward to the bull run for the year after several signs of the coming volume. The cryptocurrency market came off a very rough ending to 2022 after the FTX crash. Prior to that, 2022 saw the downfall of several other centralized and decentralized ecosystems. These patterns often result in two to three years of crypto winter, where users are increasingly paranoid about the market, but we got the opposite reaction.
Bitcoin (BTC) hit a high in several months, new tokens have emerged, memecoins are building momentum, and airdrops have caused excitement. In the midst of all this buildup, MakerDAO and Uwerx are two cryptocurrencies to own.
MakerDAO (MKR) Presents Some Prospects
MakerDAO (MKR) is a top Ethereum-based DeFi lending protocol that enables users to take loans against their assets. MakerDAO operates like a bank but without that central authority; there’s a real user on both ends of the spectrum. Users are able to put their money up for lending for some passive yields, and borrowers can come on the protocol to lend funds but with collateral.
The collateral is usually another token like ETH, which allows borrowers to get the DAI stablecoin. Stablecoins are used because they protect users and the protocol against the volatility of cryptocurrencies. DAI is the largest decentralized stablecoin and the fourth largest stablecoin, right behind USDT, USDC, and BUSD, so that’s a huge store of value for MakerDAO. Recent news has reported a whale, Justin Sun moving a large amount of his holdings to an exchange, which could be a sell signal.
However, the long-term narrative for MakerDAO is great as the bull run approaches.
Uwerx (WERX) Is A Top Pick For Smart Investors
Crypto investors often look toward the assets that can make them the most money while offering minimal risk. Uwerx is the sole player with such attributes in the market as its presale continues to gain volume. The presale has raised over $1 million, with early adopters still rushing to catch the opportunity before the presale rounds off.
Uwerx is a new freelance platform, but it has earned all the traction it has because of its prospects for growth. The new freelance platform poses an incredible advantage over predominant Web2 platforms like Upwork and Fiverr. Uwerx will charge a low 1% fee on contracts on its platform rather than the 10% – 20% industry standard.
Existing on the blockchain also allows for unique features such as transparent pricing, incentivization of activity, personalized matching, and several blockchain-compatible built-in tools. Users can earn WERX as the standard currency or decide to transact with other cryptocurrencies.
This week, the presale will introduce a clickable prototype that encompasses freelancer registration and client registration pages. Moreover, the upcoming week will witness the unveiling of the Uwerx Vault feature, accompanied by a poll to ascertain the test airdrop’s date.
Uwerx has been audited by top security firms like SolidProof and InterFi Network, addressing concerns for new projects such as this. WERX on presale is $0.047725, and with predictions looking at $3 towards Q4 of the year, this is the biggest profit potential in the market at the moment.
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The crypto markets continue to consolidate as the global crypto market cap settles around $1.18 trillion, with a minor drop of 0.2%. Besides, the star crypto, Bitcoin, continues to trade within a narrow region as its dominance continues to rise. Amid the hustle among the major tokens, Solana is leading its own way towards higher targets.
The SOL price has maintained a decent surge since the start of the month and is expected to continue for the rest of the month. Presently, the price has broken through a bearish resistance line that has held strong for a couple of months. This could be a huge signal of rising volatility, which may be in favour of crypto in the long term.
As seen above, the price has risen above the interim resistance line or the descending trend line. The RSI is rising, and hence the price is also expected to maintain a notable upswing and test the immediate resistance between $26.29 and $27.02. The price during the weekend is expected to achieve these levels, and after a minor correction, it may continue to maintain a healthy upswing towards $30.
On the other hand, the RSI is heading towards overbought levels, and hence a minor pullback could be possible. Hence, the Solana price prediction for the week is pretty bullish and hence it may head towards $30 only if it surpasses the crucial resistance at $24 and later at $26.