XRP Price Might Surge To $0.83 Levels If This Scenario Playout
The beginning of the weekend has worked out well for the cryptocurrency market as the prices of the majority of coins continue to rise. Today, the price of XRP surged dramatically, reaching a four-month high as the digital currency benefited from positive sentiment. Investors banked their hopes on Ripple succeeding in its continuing legal struggle with the United States Securities and Exchange Commission.
Any good or bad news about the SEC case is sure to have a big influence on the price of XRP. Here’s what analysts, chartists and traders who have been keeping an eye on the XRP price, have to say about the current situation.
Analyst, who goes by the name JD on Twitter, dropped an update about XRP and said that it is still within the RSI trendline. He mentions a date and said that the end of the triangle is roughly April 17th.
However, whether XRP will break out or not, only time will tell. “Maybe that final “capitulation wick” to that 0.786 before? I’m ready both ways,” he added.
Does XRP have a catching up to do?
Market analyst Tara says that XRP has a lot of catching up to do. She said that once the coin breaks above the $0.43 barrier, there is no stopping and also predicts a rally which may extend to $0.83 levels.
A user by the name Kivvwi on TradingView wrote, “I’ve been keeping an eye on XRP for some time now. and I expect it to be around $0.55 in 1 or 1.5 months, for a long-term buy. for a shorter-term approach (1-1.5weeks), I would be looking at $0.45. And in any case price shouldn’t be falling below $0.33.”
According to a user by the name traderview2, the crucial level for XRP is 0.396. A significant shift will probably result from the judge’s ruling in the case. If the decision is beneficial to Ripple, XRP might soar to the green zones; if not, it may sink to the low 0.20s.
“The structure formed since June 2022 is odd to say the least. Its been seen two other times in history. 1st time was in early 2017 before XRP surged to 0.45 from 0.005. Second time was Dec 2018 – Apr 2019, which ultimately happened before its year long journey to 0.10.”
Will the Bullish Scenario Prevail until the Weekend?
Bitcoin price today has increased by nearly 1.98% and is trading at $23,752 at the moment. Meanwhile, the other altcoins witnessed a minor pump, painting the entire crypto space green at the moment. With the bullish sentiments growing market [articipants could be bewildered whether the price may sustain the upswing or it is just a short-term bounce.
Some analysts believe that the BTC price is primed to drop back below $20,000 while some of them believe in the bullish trajectory. The price holding above the crucial support could offer substance to the bullish claim. Besides, the hash rate or the computational power required to process a single block of BTC has marked new highs.
Source: Messari.io
The growth in the hash rate indicates the platform becoming more decentralized, more secure and less prone to any illegal activities. Also, it indicates a rise in the mining process as more nodes may have joined the network, making the validation process strenuous. Apart from this, the BTC price has managed to rise above the ascending trend line that it followed since the beginning of the year.
The Bitcoin price is currently trading in an ascending triangle, as the price approaches the apex of the consolidation. The RSI has displayed a bullish divergence, and hence a positive outlook emerges for the BTC price. Therefore, the star crypto may rise and test the immediate resistance above $24,500.
However, a bullish breakout is expected here, but the bearish volume has accumulated heavily and hence the upswing may not sustain for long, compelling the Bitcoin (BTC) price to drop back. within the triangle
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.
Solana (SOL) and Polygon (MATIC) Price May Face a Potential Drop If This Scenario Plays-out
The altcoin market has been experiencing an unexpected downtrend after a promising upward rally, giving bearish woes to investors’ portfolios. Two of the most talked-about altcoins, Solana and MATIC, are no exception, as they are following the ongoing market trend and developing a possible downtrend in the next few days.
Will Solana And MATIC Price Bring The Worst Situation?
Solana and MATIC are two of the fastest-growing altcoins in the market that have made a significant recovery rally after forming a price bottom in November. Since the beginning of 2023, these altcoins have caught investors’ attention and have been making headlines for their impressive performance. However, the bearish market sentiments have jeopardized the upward rally, and many investors are concerned about their future performance.
Solana Price Analysis
SOL price has been able to hold its trend above the $22 mark, which it gained a week ago. However, the next challenge for the altcoin is at $28.2, as a rejection near this level may plunge the asset below its 23.6% Fib level. As of writing, Solana trades at $24.18, declining nearly 1% in the last 24 hours.
A prominent crypto analyst, Momentos, predicts two scenarios for the upcoming Solana price. The analyst noted that the SOL price might become bearish if it fails to hold its pivot area at $26-$29, slumping the token to its EMA-20 trend line at $10.94. However, a trend above the pivot area may send this token to test its crucial resistance above the EMA-200 at $32.
MATIC Price Analysis
Polygon (MATIC) has recently faced a solid rejection near $1.18 and has quickly dropped to the bottom price zone near $1.1 as investors started their profit-taking operations to avoid any sudden price dump ahead. Moreover, the eyes of the altcoin traders are now on the FOMC meeting and Jerome Powell’s comment on interest rate hikes as it can shake up the MATIC price.
A well-known altcoin trader, RMDFinance, predicted that MATIC price is poised for a downtrend as it forms a descending channel pattern. A breakout below the weekly support level of $1.06 may begin bearish trading sessions as MATIC may witness a significant rise in short positions.
According to CoinMarketCap, MATIC’s price hovers at $1.11 with a downtrend of 0.49%. Looking at the daily price chart, the RSI-14 indicator may push the token upward to test its resistance at $1.2 to confirm a short-term upside retracement. If MATIC breaks its resistance at $1.2, it may pave an upward journey to $1.33.
Fox Business Journalist Shares Worst-Case Scenario if Ripple loses to SEC
The United States Securities and Exchange Commission (SEC) is continuing to place a high priority on its legal struggle against Ripple and is moving in the direction of an expected summary judgment. Even while the majority of people in the community hope that Ripple will prevail, we just can’t seem to get over the fact that SEC could really prevail.
Reporter Highlights Worst-Case Scenario If SEC Wins
In a tweet posted on January 5, 2023, a reporter for Fox Business named Charles Gasparino describes the worst possible outcome that may occur if Ripple were to lose its lawsuit against the regulatory body. This scenario begins with the premise that Ripple is unsuccessful in their legal challenge.
Then, buoyed by the result, SEC head Gary Gensler would very certainly initiate an assault on Ethereum in court due to Ethereum’s sales of the cryptocurrency, says Gasparino. According to the reporter, this would render two of the most promising cryptographic systems useless. He went on to say that the bulk of cryptocurrencies now available on the market are not backed by anything.
Gasparino’s words were:
“Gary Gensler could, probably will target Ethereum for its sales, crippling the two best technologies in crypto. Most of these coins are backed by nothing; Bitcoin’s tech is outdated. Ripple and Ethereum are real. Scary stuff.”
Despite saying he’s reviewing the Ripple vs. SEC case in detail, he questioned why the commission was giving more attention to the XRP case than the FTX case, which is a reasonable point to raise.
Conclusion
It should be noted that the SEC considers Ripple to have defied the agency’s authority by continuing to sell XRP despite warnings. This occurred despite the SEC warning Ripple to halt the sale, and the commission was eager to establish XRP as a security based on how Ripple was selling its original digital currency.
Gasparino’s predictions are unlikely to come true, as many in his tweet’s comments section have pointed out. Recall that crypto attorney John Deaton started a Twitter thread asking the community whether or not they expected Ripple to settle this year. The overwhelming majority of the respondents said yes. Only time will tell what exactly the outcome of this case will be.
Bitcoin(BTC) and Ethereum(ETH) Can Spike 2x in 2023 if This Scenario Playout
As 2022 came to a close and we entered a new year, it is natural that some members of the cryptocurrency community believe the worst is over and that the bear market will end this year.
Both Bitcoin and Ether have had a terrible year in 2022, and many market watchers do not see a turnaround for the leading cryptocurrencies any time soon. Even still, there are many who anticipate a bullish run this year. Is it feasible that Bitcoin and Ethereum could see a bullish run in 2023? If this is the case, then what steps must be taken to make it manifest?
Could BTC and ETH See a Bullish Run in 2023?
According to the most recent market analysis posted by the trading firm QCP Capital, Bitcoin and Ethereum are seeing something of a catch-up bounce at the beginning of the year, similar to gold’s performance.
As stated by the company, the important breakthrough mark on the upside is at 18 thousand dollars, despite the fact that Bitcoin has seen a mini-rally recently. Bitcoin is still trading in an incredibly tight falling wedge.
QCP Capital predicts that $28,000 will be pivotal in the short to medium term as it represents the 61.8% Fibonacci retracement level between the $3,858 2020 low and the $69,000 2021 high. See its chart below.
Even if trading in Ethereum is occurring in a consolidation pattern, the analysis continues to suggest that the outlook for the largest altcoin is much more favorable than that of Bitcoin.
The trading firm states:
The top of the triangle comes in at 1,400 but the big resistance zone lies between 1,700 to 2,000 to the topside. On the downside we expect 1,000-1,100 to be very decent support. QCP’s chart is below.
Similarly, ShapeShaft CEO and vocal bitcoin advocate Erik Voorhees predict that the next crypto bull run might last anywhere from six months to three years.
In addition, he forecasted that the price of the most popular cryptocurrency might reach $40,000 by the summer, a 140% rise compared to its current price. These are, of course, nothing more than speculations. We are only able to conjecture and hope that the bear market will end as soon as possible because no one can definitively determine when it will cease.
MATIC Price May Surge To $0.83 If This Scenario Plays Out!
The cryptocurrency market has fallen over the last few days, with the majority of coins trading in the red heading into this weekend. However, the market began to stabilize and as of the time of this writing, the majority of the coins had begun to reverse their drop. Affected by the crypto winter, Polygon MATIC Price rose before falling to lower levels. The current price is 65% lower than the year’s opening price.
If the bullish signals identified by analyst Ali Martinez are true, a chart showing MATIC’s chances to soar to the $0.83 level has been predicted. According to the analyst’s tweet, the Polygon chart has two buy signals: nine red candles and a green number 13 that follows them.
When the screenshot was taken, MATIC was trading for $0.77. Martinez predicts that if these signs are confirmed, the token’s price might increase to $0.80 or even higher, to $0.83. The coin is currently trading at $0.79.
MATIC’s Latest Developments:
Every other week, new projects have been actively launched by the Polygon MATIC. As the bearish market for 2022 continues, the price of MATIC has not yet responded to these developments.
While looking at the important developments of 2022, the most recent updates included alliances with Reddit, Google’s BigQuery, Starbucks, Nike, Disney, and Meta, among others.
The guild’s programme will also be expanded by the ecosystem until 2023. The project can connect with local communities through the programme, which has been quite successful in India. They will restart the Advocates programme in light of its achievements in uniting the community.
Their recent tour of India, which brought together hundreds of developers from around the nation for a community-building event, has just come to a close. At ETH India, out of the 450 projects submitted, developers built 300 on the protocol, demonstrating the technology’s acceptance.
Bitcoin (BTC) Might Surge 40% In November, If This Historical Scenario Plays-out
The global cryptocurrency market has stabilized during the past 24 hours after a few turbulent days, with a 0.58% increase in the market capitalization of all cryptocurrencies.
On Monday, the price of bitcoin held steady despite a decline in US markets. The price of bitcoin was $20,700, which was a little less than the peak of approximately 21,090 reached the previous week.
A cryptocurrency analyst has issued a warning to Bitcoin owners, saying that the recent BTC rise may have been the last leg up before a more significant corrective move.
According to a new strategy session by analyst DonAlt, if BTC bulls fail to maintain the present rise, Bitcoin’s support near the $18,000 mark, which has held the king cryptocurrency reasonably constant since June, would probably not hold.
“So basically, if you’re bullish, you’re going to have to pray that this resistance ($21,000) goes. You have to break it. If you’re bearish, if you sold into resistance, you have a pretty neat entry, and you can bet on basically [a] breakdown just based on the fact that we’ve had for once had a little bit of an impulse [rally].”
The analyst argues that even if a potential correction may be approaching, BTC bulls still have the power to dismiss his analysis and spark a 40% rally for the leading cryptocurrency.
He said that the target is quite high. One can therefore aim for $29,000 if this breakthrough holds.
After staging a significant return, the price of BTC has been in a consolidation period for the past few days. It continues to be marginally above the significant psychological threshold of $20,000 as well as the 25- and 50-day moving averages. Only time will tell if Bitcoin has finally changed direction.
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XRP Price Might Hit $1 By the End of 2022 If This Scenario Plays out!
XRP is back on the bullish track as it gains a significant value in the last few days. The native token of Ripple Labs continues to witness positive sentiments as a crypto proponent, Blockchain Association has recently filed an amicus brief in supporting Howey’s interpretation in the SEC Vs Ripple lawsuit.
Ripple Gets Backed By Crypto Proponents
Ripple gets closer to victory against the SEC in the lawsuit as the crypto community supports the payment giant. Moreover, the Blockchain Association, a prominent crypto firm, has made an amicus brief in the court against the US regulator SEC.
Elaborating on this, the Blockchain Association said, “The securities laws do not contemplate how an asset that may have been issued as a security can exist when it is no longer attached to any form of investment contract, a crucial consideration when attempting to apply Howey.”
The Securities and Exchange Commission (SEC) filed a case against Ripple Labs in December 2020 for distributing its native and governance token XRP as an unregistered security. The case has witnessed several filings and motions since then, and now the case currently favors Ripple Labs.
XRP Price May Build A Strong Bullish Potential!
According to Ripple’s latest earning reports, the payment giant holds less than 50% of XRP’s total token supply. Brad Garlinghouse, CEO of Ripple, said,
“Below 50% – a huge milestone! For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security, and scalability for the movement of value. As more customers use XRP in their payment flows, it’s clear there is real utility here.”
XRP Price Analysis
XRP’s recent bullish candles may be an indicator of its initial phase of a strong bull run. In the last month, XRP gained over 60% in value, adding bullish vibes to its community and investors. According to CoinMarketCap, XRP is currently trading at $0.47 with an uptrend of 0.97%.
The daily price chart of XRP reveals that it traded in a consolidated range between $0.54 and $0.42. XRP’s trading volume also saw an increase, indicating its bullish future potential.
However, the current uptrend is forming a countertrend pattern in the price chart where a downtrend is poised to take place. If XRP breaks its immediate resistance level at $0.55, it may reach the Bollinger band’s upper limit at $$0.67. If XRP holds above $0.66, the uptrend may continue and hit $1. The RSI-14 continues to trade above the 50-level, indicating bullish territory for XRP in the upcoming weeks.
However, a downtrend may appear if XRP fails to follow the predicted pattern. XRP may witness a downward retracement to $0.34, a 30% sell-off from XRP’s current price. The Bollinger band’s lower limit is $0.42, below which XRP can experience a sharp fall and trade at $0.3.
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Bitcoin (BTC) Price Can Surge 10x If This Scenario Repeats – Predicts Kraken Analyst
Once again, Bitcoin has resumed its downward trade. Is the asset for a bearish yearly close?
Every cryptocurrency specialist will most likely have a unique assessment or forecast regarding the price of Bitcoin. However, many continue to believe that Bitcoin’s value will eventually rise to $356,841 in the future, despite the recent price drop and volatility in the cryptocurrency market.
However, not all predictions are entirely realistic.
US-based cryptocurrency exchange Kraken has detailed an extremely lofty price target for Bitcoin. Read on!
What’s In Store For Bitcoin?
The technicians at Kraken utilize historical price data for Bitcoin to forecast BTC’s potential long-term direction in a new letter to traders.
The projection provided by the exchange is predicated on how far the price of Bitcoin (BTC) has historically gone above its 200-week moving average during past bull runs.
After reaching its 200-week moving average, Bitcoin has traditionally experienced a spike of 10x to 15x, as determined by the experts working for Kraken.
This would put the estimated future cost between $237,894 and $356,841.
Kraken has also evaluated Ethereum’s history to evaluate how much it could surge.
Ethereum’s logarithmic growth curve
- The exchange utilizes the logarithmic chart of Ethereum and its regression rainbow, which depicts the curve of ETH’s price range over time.
- Kraken claims that the longer it takes ETH to reach the next resistance level, the higher the probable market cycle peak will be because the rainbow tends up.
- Ethereum will increase by 1,839% from its current price to a price point of $28,471 if it moves to the upper band.
The volatility of both Bitcoin and Ethereum has increased during the past 24 hours after a protracted period of low turbulence.
At the time of this writing, Bitcoin has increased by 4.1% to reach $20,121. Meanwhile, Ethereum is now at $1,469 after a 9.1% price increase.
Final thoughts
Industry experts remain bullish on the Bitcoin price, which indicates that positive sentiments dominate the market despite adverse circumstances. While it appears that significant change might only manifest next year, there is still hope for price surges in 2022 before the year comes to an end.
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Massive Bitcoin Crash! BTC Price to Drop Heavily If This Historical Scenario Repeats
Bitcoin (BTC) recorded its worst-performing year on record in 2018. The asset closed at a more than 70 percent lower price than its yearly open. Considering price action and network value, 2018 was a historically bad year for bitcoin.
In an interview with Kitco News, crypto analyst Aaron Arnold claimed that the Bitcoin (BTC) Price seems to be showing similar market sentiments as of the 2018-19 bear cycle market.
As per the analyst, BTC price is hovering in a price range of $19,000 to $20,000. This is very similar to the 2018-19 trend when it was consolidating near $6,000.
Back in 2018 when traders and investors believed that bitcoin’s bottom was in, the flagship currency continued to drop more than 50%. Aaron highlighted that the risk of a similar scenario repeating is possible. Thus, he predicts Bitcoin price is likely to plunge to the $11,000 to $14,00 level or even drop to $6,000 in a worst-case scenario.
The analyst sees a number of factors hinting at a price drop. The factors include high inflation, dollar devaluation, sovereign debt crisis, OPEC oil production cuts, and also the fact that BTC is still highly correlated with stocks.
Trading Volumes Give Hope for a Sustained Market
However, on other hand, Trading firm Cumberland shared a report mentioning that the market is still healthy despite the price crash with daily trading volumes of over $50 billion.
As per a report, Bitcoin price could also be showing signs of decoupling with the stock market.
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Bitcoin Crash Alert! BTC Price to Hit New Lows in November If This Scenario Plays Out
The bloodbath of the cryptocurrency market continues to flow due to the meltdown of crypto market capitalization and worst-than-expected inflation data despite the Federal Reserve’s efforts to minimize it.
Bitcoin investors are waiting for a new catalyst as the crypto king has been trading in a range-bound area since last week. However, according to the all-time price chart of Bitcoin, it now seems that Bitcoin may fall to 11K as it forms a similar pattern before crashing to $3.2K in 2018.
BTC Price To Plunge Below $11K Following 2018’s Pattern!
Looking at Bitcoin’s all-time price graph, BTC is forming a consolidation level at $19,500. This formation of BTC is similar to 2018’s price graph, as BTC built a range-bound zone near $11,400 before crashing to $3,200 during that year.
Therefore, it can be concluded that Bitcoin’s death dance is not yet over, as Bitcoin may fall to $11K following 2018’s graph formation. The graph further indicates that Bitcoin may start its bullish phase after reaching the bottom line by the end of next month. Bitcoin may be projected to touch a high of $40.4K by the end of the first half of 2023.
The crypto market capitalization is also following 2015’s bear market, as LMACD made the same breakouts in 2015 and 2019 before initiating an upward trend. If the same applies to the current crypto winter, investors can definitely witness a bullish phase of the crypto market in 2023.
CPI Data Becomes A Catalyst For Bitcoin’s Volatility
The world has been moved due to an exponential inflation rise, and so has the cryptocurrency market. The latest CPI data has left a profound impact on cryptocurrency prices as the inflation data touched highs in the last four decades. To dominate the inflation rate, the FED implemented additional interest rates to which the crypto’s market reaction is not mesmerizing.
According to CoinMarketCap, BTC is currently trading at $19,700 with an uptrend of nearly 4%. It is to be mentioned that investors used the CPI data to manipulate Bitcoin price, as Bitcoin made a low of $18,190 yesterday. Bitcoin gained nearly $2K in just a day, which indicates a deep price manipulation.
However, Bitcoin price is now again moving towards its primary resistance level of $20K, and if it holds above this level, we can see an upward move to the next immediate resistance level of $22K, where the EMA-100 is currently trading. EMA-20 and EMA-50 are presently in an upward motion, and EMA-50 is trading near the $20K level, hinting at a short-term recovery.
Conversely, the Bollinger band’s lower limit still remains at $18K, and below this level, Bitcoin price may plunge to its critical support level of $17,500. The RSI-14 is trading below the 50-level, which indicates that the current positive momentum of Bitcoin is short-term as BTC price may soon follow its previous trends and end up this year with bearish woes.
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Here is the Worst Case Scenario for Cardano(ADA) Price
Cardano’s price, in the past couple of hours, broke down from the crucial levels and almost reached the yearly lows. However, the bulls prevented the price from cementing at the lower support, yet the fear of revisiting these levels haunts the ADA price rally. While the scope of recovery or growth is pretty narrow at the moment, a failure at this point may further lead to a massive sell-off, dragging the price below $0.3 very soon.
The ADA price has been trading within a descending triangle for quite a long time, and the recent price action dragged the price below the crucial demand area. Moreover, the asset re-visited the yearly lows at $0.384, which has triggered a bearish trend for a long time. Therefore, the next couple of hours appears to be extremely crucial for the asset
A drop below $0.38 may lead to a plunge close to $0.35. If the bulls fail to hold at these areas, then a massive drop may lead the price to decline below $0.3. The bearish scenario is further substantiated by the whale holdings, which have dropped significantly in the past couple of months. As per the data from Santiment, the whales holding more than 100K ADA coins have dropped notably.
While the number of holders with ADA tokens between 1000 to 100K are rising which may indicate a bullish trend in the near future. However, considering the trade set-up at the monument, the bears seem to have dominated the entire rally. The Sharpe ratio has dropped heavily to -4.47 which indicates that the investment in ADA right now may attract huge losses or that the investment itself is very risky.
Overall, the situation does not seem to be in the bulls’ favour right now because the majority of the metrics are quite negative and point to the emergence of a bearish trend. Market participants shouldn’t be shocked if Cardano’s (ADA) price adds up to zero in value if the bulls persist in staying offshore for an extended period of time.
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Bitcoin Price to Have a Bullish September Close-While The Bearish Scenario Still Prevails
For the past couple of days, Bitcoin has been displaying significant bullish momentum, and as a result, the price is currently trading above $19,500 at the moment. However, the price is expected to increase and reach levels beyond $20,500 very soon. The market sentiments appear to have coiled up to some extent, which may enable the price to rise high.
To begin with, the BTC price has formed a bearish ‘H&S’ pattern and was believed to plunge hard, slicing through the neckline. However, invalidating the bearish thesis, the BTC price flipped from the lows and is now heading towards immediate resistance above $20,000. While the star crypto is believed to close September on a bullish note, the bears are well-positioned to hammer the price down.
One of the well-known analysts, il Capo, has been warning about the upcoming price plunge for quite a long time. As per the analyst, the BTC price is primed to pump to $20,000 to $20,500 and later may experience a huge dump, which may be fueled by some external factors. Therefore, the price may reach beyond $20,300, where-in the bears may drag the price lower to the crucial support zone around $18,500.
If the price fails to sustain here, a notable dump may compel the price to plunge below $17,500 in the first few days of October. On the contrary, despite the bearish scenario, Bitcoin is still speculated to hover within a bullish trend as the 172-day ratio has surged above the Ichimoku cloud, flashing bullish signals.
The Ichimoku cloud usually displays the support, resistance, momentum, and trend of the asset in one view. Hence, if the indicator is bullish, the Bitcoin(BTC) price may be primed to rise beyond the initial target of $20,000.
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Analyst Maps Worst Case Scenario For Bitcoin – BTC Price Might Drop To This Level
While the world’s first cryptocurrency, Bitcoin, is struggling to surge above $19k, one of the renowned analysts is predicting a bullish momentum for BTC amidst a bear market.
The analyst who is anonymously known as Pentoshi informs his 612,300 Twitter admirers that since the time Bitcoin reached its all-time high in November 2021, the macroeconomic environment has changed.
As per the analyst, the Federal Reserve’s terminal rate has widely changed from that of last year which is pointing towards the macro bottom. He claims that the terminal rates for this year will be 4.6% which is more than that of last year. Last year in December 2021, the terminal rates stood at 2.1%. Hence, he says it is difficult to see any upside as there are more possibilities for a downward trend.
Further, he asserts that after Bitcoin broke out from its lows on September 9th, his bearish stance towards the currency reversed. He believes that even Consumer Price Index (CPI) is on a quick pace due to which it’s hard to be bearish any longer.
A Short-Term Rally For Bitcoin (BTC)
At the start of September, the Federal Reserve claimed that it plans to increase the interest rate until it reaches 4.6% which is assumed to hit in 2023. Hence, as the interest rate is crawling closer to Fed’s claim, Pentoshi predicts a short-term rally for the flagship currency.
He claims a $12,000 to $14,000 range for Bitcoin after the currency sees a short-term rally
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Bitcoin Death Cross – Historical Data Hints BTC Price To See Worst Case Scenario Dropping This Level – Coinpedia – Fintech & Cryptocurreny News Media
Investors anticipate that the Federal Reserve will increase interest rates once again this week, which has caused significant losses for Bitcoin, Ether, and the overall crypto market. Despite a bullish shift in the market a day earlier, it was unable to reverse the trend.
Rekt Capital, a well-known crypto expert, expects that the price of Bitcoin might drop below $13,900 and reach $11,500 in the worst case scenario.
The Bitcoin price is currently failing to break the $20,000 mark on a monthly basis, displaying volatility. The $20,000-$23,350 region will mostly determine bulls and bears in this market.
However, the lackluster price movement in September shows that $20,000 is currently acting as a resistance level. The following support levels for Bitcoin are $17,165 and $13,900 if the price of the cryptocurrency falls below $20,000 by month’s end.
After a Death Cross, historically, the price of Bitcoin (BTC) develops a bottom at or below the 200-weekly moving average (WMA). Retracements following the Death Cross have ranged from -42% to -73%.
What does death-cross say?
Therefore, based on previous post-Death Cross retracements and support levels, it is expected that the price of bitcoin would bottom out at roughly $13,900. In the worst-case scenario, the price of bitcoin would fall to $11,500.
The drop looks most likely because the price of bitcoin has already fallen below the 200-WMA and the psychological milestone of $20,000.
However, compared to prior eras, there is a significant change in the market cap size, liquidity, and institutional and retail use of Bitcoin now.
In 2015, there were 547 days before the Bitcoin halving, while in 2018, there were 517 days. The bottom will therefore happen in Q4 of this year if Bitcoin is going to reach its lowest point 517–547 days prior to the planned April 2024 halving.
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Global Finance Market Might See Worst Case Scenario If Inflation is Not Controlled
The Consumer Price Index (CPIS) has revealed that the inflation rates have kind of cooled down as they have dropped from 9.1% to 8.5%. However, even then, the broader picture states that currently, the inflation rate is high, resulting in decreased trust among market participants in the global economy.
Global economic growth continues to decline, posing a major threat to the crypto sector. If inflation is not controlled by this year’s end, we will likely witness a situation of havoc.
Debt Crisis
In an interview with Kitco news, Michael Gayed, a portfolio manager at Toroso events, spoke about what could have increased the inflation rate and what else could go wrong if inflation is not brought under control. The expert then says that there could be a debt crisis with an increased treasury revenue because the other countries will not repay their loans.
This is because, as per Gayed, while the dollar increases the other currency values plunge and it turns out to be real funding pressure as they don’t have a reserve currency.
Next, the expert says that there is a lot of indifference in the economy while the US dollar rises. Explaining his point, he claims that the global economy might end up at a point where the leverage is very high and the capital gains shall see an end. When this happens, he says, all of us will have to wait for things to settle down on their own.
The portfolio manager further stated that there might be deflationary incidents if the market refuses to pay back its dollar-denominated debt. This will point toward a default crisis.
In a nutshell, the path that inflation will take is still uncertain; thus, traders and investors should be cautious about their next step.
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Decoding the Worst Case Scenario For Bitcoin For This Week! Here’s What BTC Traders Should Know – Coinpedia – Fintech & Cryptocurreny News Media
All crypto assets, and particularly for Bitcoin, the past two weeks have changed significantly. Although the prices on the cryptocurrency market made some upward advances in July, the majority of tokens were unable to continue growing after that.
Recently, there have also been additional losses in the cryptocurrency market, which have upset the market’s mood.
The next potential market bottom may be examined when several price models were examined. A probable bottom is indicated by the delta pricing model to be slightly below $15,000. Given the current price action, this may be the most likely or closest thing to the true bottom. According to Crypto Quant’s findings, the model’s price estimate indicates that a possible bottom might be reached around $14,478.
It is uncertain whether Bitcoin will fall further lower in the foreseeable future. A number of unfavorable macroeconomic circumstances in recent years have caused the cryptocurrency to experience external turbulence never before seen.
BTC is unable to stay above the $20,000 resistance due to the bulls’ inability to maintain momentum. For the BTC bulls, clearing the $20,600 and $21,000 overhead resistance is proving to be quite difficult.
Since the indication in the Bitcoin price analysis gets more negative, the downtrend line rules supreme in the hourly charts.
BTC’s dominance drops
Bitcoin’s market capitalization share as a percentage of all other crypto assets is on the decline. Only 39.59% of the market is currently occupied by Bitcoin, with Ethereum coming in second at about 19%.
Bitcoin’s market share today is less than half of what it was in January 2022, when it was just under 72%. When compared to the share in recent months, the current levels are noticeably lower. BTC continued to hold a 47.49% market share in June 2022.
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On-Chain Data Hints Bearish Scenario For Bitcoin, Will BTC Price Drop Below $18K? – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin (BTC) is a hot news sensation, and it seems that things have gone awry once again. According to Glassnode’s report, Bitcoin experienced turmoil in the network activity, leading to a series of sell-offs in the last 22 days.
When BTC made its all-time high of $68,789.63 on 10 November 2021, did investors know that the dream of $100K would go in vain in 2022?
The Long-term Holders and Short-term Holders Realized Price are two significant factors in preparing the on-chain analysis. The market becomes highly oversold when the short-term realized price exceeds the long-term realized price.
The Bears Are On The Move
During the first half of 2022, the price of BTC had dropped below by over 60%. As a result, the crypto king Bitcoin closed H1 at the $18,000 price level.
In July, however, BTC gave relief to its holders as the coin kept itself above the realised price for 23 consecutive days. Furthermore, BTC’s price had surged by over 15% within the 31-day period, according to data from CoinMarketCap.
It is an essential factor for Bitcoin’s price that indicates meagre profitability if BTC drops below the realized price of short- and long-term holders. It is possible to witness two probabilities from here.
First, we can see a pump in BTC trading volume if institutional investors start adding BTC to their portfolio in the bearish phase or a sudden increase in selling of both short-term and long-term investors to exit at this price, taking a slight loss.
Glassnode discovered that investors having less than one BTC and whales with over 10,000 BTC (excluding exchanges and miners) accumulated and distributed BTC after it crashed below $20,000.
In case you want to ape in and buy the dip, Glassnode stated that there exists a general lack of speculative interest in BTC. Thus, it results in a decline in the exchange flows of Bitcoin.