Binance, the giant cryptocurrency exchange, is caught in an inevitable downturn. From regulatory crackdowns to executive walkouts, the firm’s multifaceted issues could have industry-wide implications. Here’s a comprehensive look at how one of the biggest crypto exchanges in the world is becoming an FTX-like cautionary tale.
January: The BUSD blunder
The year kicked off with Binance owning up to a $1 billion collateral shortfall in its stablecoin, BUSD. While the company claims to have “fixed” the issue, regulators and investors are left asking: How did this happen in the first place?
February: The Paxos Drama
Just when you’d think it couldn’t get worse, the New York Department of Financial Services and the SEC turned their eyes toward Paxos, the issuer of BUSD. The scrutiny led Binance to initiate a “phased wind-down” of BUSD, causing Coinbase to promptly suspend its trading.
March: Accusations Fly
Then the CFTC filed a lawsuit against both Binance and its CEO, Changpeng Zhao, alleging severe regulatory violations. The case has escalated both the legal complications and public scrutiny
April to May: Withdrawals and Investigations
April saw Binance U.S. back out of a significant acquisition deal with Voyager Digital. By May, the platform decided to shut its Canadian operations amid more serious allegations of mingling customer funds with company revenues.
June: The SEC Suit
A lawsuit filed by the SEC in June, presenting 13 charges with compelling evidence, hinted at a bleak future. Speculation erupted that CZ might be stepping down, with Richard Teng possibly in line to replace him.
July: The Great Executive Exodus
In a startling show of internal disarray, three top Binance executives—including the general counsel—resigned, citing disagreements with CZ’s handling of regulatory interactions.
August to September: Partnerships Severed, Executives Leave
Mastercard cut ties with Binance, and its credit card processor, Checkout.com, also halted its services. Meanwhile, Binance struggled to produce financial records as demanded by the SEC. On top of that, the firm’s head of product exits.
Now, the Questions on Everyone’s Mind
- With his personal fortune, could CZ prevent Binance from collapsing?
- CZ has a more solid reputation in Asia. Could this blind spot keep Binance afloat?
- Given the lack of clarity on customer deposit liabilities, is Binance about to collapse?
The coming months should provide some answers, but until then, all eyes remain fixed on this slow-moving train wreck.
The year 2021 posed challenges for the crypto market, but analysts foresee the potential for all-time highs in the coming year, particularly for Bitcoin. The same analysts who predicted the 2021 market downturn are now optimistic for 2024, forecasting record highs for Bitcoin.
Pseudonymous analyst Dave the Wave, known for predicting the 2021 crypto market downturn, has now projected a positive outlook for Bitcoin. He anticipates that Bitcoin’s ongoing market correction and bearish trends will persist until year-end, followed by a favorable period for investors.
Bitcoin’s recent decline of over 11% this week breached the crucial $25,000 support level, triggering bearish sentiment among traders. Despite this, the star cryptocurrency boasts a market capitalization of $508 billion. Its trading volume has surged to approximately $9 billion, marking a 12.42% increase in the past 24 hours, as indicated by market reports. However, Bitcoin’s dominance, representing its overall market share, currently stands at 48.01%, having dipped slightly by 0.12% throughout the day.
Bitcoin Price Prediction: When ATH?
Dave the Wave employs his logarithmic growth curve (LGC) model to predict Bitcoin prices, aiming to filter out medium-term volatility. According to this model, Bitcoin currently resides near the lower end of the LGC, signaling a favorable zone for investment. Dave suggests that Bitcoin could experience further downward fluctuations until next year, followed by a potential surge to $69,000 by mid-2024.
Dave also highlights the Monthly Moving Average Convergence Divergence (MACD) analysis, noting a bullish turn that implies long-term momentum. He suggests that the current price presents a more reasonable investment opportunity compared to 2.5 years ago, especially for those seeking exposure to the market.
In a separate development, Tom Lee, co-founder of Fundstrat Global Advisors and a prominent Bitcoin bull, predicts that the approval of an Exchange-Traded Fund (ETF) could propel Bitcoin’s price to $150,000. Lee emphasizes that the ETF’s potential approval might reshape Bitcoin’s supply and demand dynamics, leading to price appreciation.
Cryptocurrency expert Nicholas Merten, known for his insights on Bitcoin (BTC), has issued a warning about the current state of the market on his Youtube Channel. He points out that Bitcoin has been experiencing a period of stagnation, hovering around the $28,000 to $32,000 range.
Interestingly, this same price range previously acted as strong support during the last cycle. However, since it was breached in June 2022, it has now turned into a formidable resistance level. This is a significant shift, as buyers previously found comfort in this range, but now it’s posing challenges for the digital asset.
Is Trend Reversal, The Catalyst for BTC Decline?
Merten on a highly anticipated note warns that if Bitcoin’s trajectory reverses, it might plunge sharply. His analysis suggests that Bitcoin is a few hundred dollars from a trend flip on a key indicator. On the other hand, it is also reaching a crucial resistance threshold, which suggests that the current level will operate as a supply zone rather than a support area.
BTC Bottomout: What Are the Chances?
In light of the uncertainty surrounding Bitcoin’s future, the expert presents two possibilities. If the cryptocurrency can’t maintain its position in the upward trend and instead breaks out of the long-term resistance band, the momentum indicator will likely turn negative.
If this occurs, analyst says Bitcoin’s value is likely to fall back into its long-term accumulation channel. Market prices may drop to below $16,000, which is below the lows of the market in 2022. He expects this will happen by the Q4 of 2023 or the Q1 of 2024.
There have been several ongoing debates on what the SEC will do next in the Ripple case. Popular Legal expert James Murphy (alias MetaLaw Man) has recently shared the four options he believes the SEC is considering in its lawsuit against Ripple.
In response to this discussion, prominent Pro-XRP Lawyer Bill Morgan has shared his insights and reasoning. Let’s delve into the details.
Bill Morgan Advocates for Safeguarding Ripple in ODL Sales Appeal
Following its loss in the lawsuit against Ripple, there have been numerous predictions on SEC’s next move in the lawsuit. Legal expert James Murphy, known as MetaLaw Man, recently shared four possible options that the SEC might be considering.
This includes requesting an interlocutory appeal (before final judgment), filing a standard appeal after a trial, pursuing an immediate appeal without permission, or settling the case. MetaLaw Man predicts SEC may request interlocutory appeal due to political pressure.
Bill Morgan, a well-known Pro-XRP Lawyer, agrees with MetaLaw Man’s prediction that the SEC is likely to pursue an interlocutory appeal, which he believes is driven by the SEC’s policy of regulation through enforcement.
If this happens, Morgan suggests that Ripple should also seek an interlocutory appeal specifically related to sales to ODL customers. He argues that these sales were wrongly categorized as investment contracts along with other institutional sales.
This measure would safeguard Ripple in case they face unfavorable outcomes on programmatic sales, ensuring that U.S. ODL customers can continue to purchase XRP from Ripple or exchanges.
What Happens If SEC Appeals?
The SEC’s decision to appeal has caused insecurity for the XRP community, and there have been debates on how this could affect the XRP holders. However, Pro-XRP Attorney and amicus curiae in the lawsuit, John Deaton, has provided his insights.
Pro-XRP Attorney John Deaton has reassured the XRP community, stating that an SEC appeal would not impact XRP holders. Deaton explained that the appeal process could extend for up to two years, during which the summary judgment would remain in effect. The exact timing of the SEC’s appeal in response to the ruling remains uncertain.
A prominent crypto analyst has made a bold prediction, suggesting that Solana (SOL) could experience a meteoric rise of over 870% to reach $250 once Ethereum (ETH) enters its much-anticipated bull market.
Do you think Ethereum’s price surge will occur sooner or later than expected? How might this impact Solana’s growth timeline? Let’s read the analyst’s prediction.
The Analyst’s Bullish Insight on Solana, BTC & ETH
In a recent strategy session shared with his substantial YouTube following of 446,000 subscribers, the InvestAnswers host outlined his bullish projection for Solana. He indicated that the cryptocurrency could potentially surge to $250, marking a staggering increase from its current value of $25.75.
Ethereum to up by $9,700 by 2025? Will Solana follow the path?
“Well if Ethereum goes to $9,700, what’s the price of Solana?’ I calculated it for you. It’s going to be at least $250 if ETH hits $9,700.”
Solana’s upward trajectory, according to the anonymous expert, will most likely be strongly tied to Ethereum’s Cancun upgrade. This improvement is intended to greatly improve Ethereum’s scalability, which has piqued the interest of the crypto-financial services business Blofin.
Blofin forecasts that following the Cancun update, Ethereum might reach an all-time high of $9,700 per ETH by the first quarter of 2024. Based on this forecast, the analyst predicted that Solana’s price may reach $250 if Ethereum does really reach the expected $9,700 threshold.
While the analyst acknowledges the potential for Ethereum’s price surge, he cautions against expecting it in the coming months. He believes that hitting $9,700 for Ethereum may be more realistic in early 2025 rather than the first quarter of 2024. Nonetheless, his forecast suggests a promising future for both Ethereum and its impact on the broader crypto market.
Bitcoin Sets Target for $42000 before Halving
In addition to the predictions for Solana and Ethereum, the analyst reiterates his earlier forecast for Bitcoin (BTC). He believes that the flagship cryptocurrency could experience a significant rally of over 40% from its current levels by early next year. His target range for Bitcoin is set between $42,000 and could potentially be reached sometime between January and April of 2024.
At the time of reporting, Bitcoin is trading at $29,804, showcasing the dynamic nature of the crypto market and the potential for significant price movements in the future.
Riding in the wake of Ripple’s recent triumph in the SEC lawsuit, which resulted in XRP being officially recognized as a non-security, the buzz in the crypto arena is hitting new heights. XRP has leaped from $0.47 to $0.72 in just two days.
Potential Rollercoaster for XRP
An intriguing forecast by market analyst Johnaldinioh could stir up even more excitement among investors. According to his analysis, based on repetitive historical patterns on XRP’s daily chart, the crypto coin might be on a rollercoaster ride of several value dips and pumps.
John’s prediction starts with XRP’s value taking a plunge to $0.52. This downtrend, he suggests, comes on the back of XRP’s decline from a peak of $0.9380 on July 13. However, he proposes that this dip is just a prelude to an exhilarating ascent to $4.30.
Peaks and Valleys on the Horizon
The analyst’s prediction doesn’t stop there. He foresees another valley in XRP’s journey, with the price retracting from the $4.30 peak to $1.60. But this downturn, he says, will be followed by a rebound to $7.40.
John’s analysis also suggests that another dip to $6 might be expected before a stunning upswing takes XRP to an all-time high of $18. The expert, while confident, emphasizes that this forecast is not a guarantee but a projection based on historical patterns. He points to mid-September as the timeframe for these price movements.
Split Opinions in the Crypto Community
Reactions to John’s forecast range from optimistic agreement to skeptical rejection. While one user sees the prediction as an opportunity to increase profits and bolster their XRP stash following the anticipated drop, another labels it an “absolute work of fiction.”
Despite the disparate views, Johnaldinioh stands by his forecast, reminding users that his analysis is a fractal – a reflection of historical data on current times – rather than an incontrovertible fact.
Polygon (MATIC) has displayed remarkable resilience amid bearish sentiments in the crypto market for the past 18 months. As a prominent layer two (L2) scaling solution, it has attracted significant interest from institutional investors seeking entry into the decentralized financial (DeFi) sector through the Ethereum ecosystem.
Experts predict that Polygon (MATIC) will emerge as one of the top-performing altcoins, boasting substantial liquidity during the upcoming crypto bull market, which is expected to be triggered by the next Bitcoin halving in the coming year.
Too bold of a prediction? Let’s delve in to understand it better.
Captain Faibik’s Polygon Analysis
Renowned crypto analyst Captain Faibik, boasting a Twitter following of over 62k, recently shed light on Polygon (MATIC)’s gradual approach towards a macro-symmetrical triangle. Captain Faibik urges crypto traders to accumulate and hold the altcoin, predicting a potential rally of up to 1500 percent following a breakout in MATIC’s price.
Good Times Ahead, Folks!
On the fundamental side, the Polygon (MATIC) community celebrated a favorable ruling concerning XRP and Ripple, which was seen as a partial victory for the altcoin industry in the United States. Moreover, the community now has a better understanding that most crypto exchange sales are not classified as securities in the country.
Exciting developments continue within the Polygon community, with a proposal to change the native token’s name from MATIC to POL. If approved, the POL tokens will carry a 2 percent inflation rate, with the proceeds benefiting the community treasury and network validators.
In the continually unfolding saga of the Ripple lawsuit, Ripple’s Chief Technology Officer (CTO), David Schwartz, has shared his expectations on the forthcoming decision timeline for the summary judgment. As per Schwartz’s recent tweet, he has anticipated Judge Analisa Torres’s verdict to be rendered by the end of September 2023.
Anticipating Ripple Vs SEC Judgment
Schwartz has sought to temper the restlessness of Ripple’s community. He empathized with the community’s frustration with the delay but reassured them that it is nothing out of the ordinary.
He expressed his wish for an earlier ruling but indicated that until the close of September 2023, the delay is to be considered part of the standard judicial process.
Legal Perspectives on the Timeline
John Deaton, a prominent crypto lawyer, and Ripple advocate, agreed with Schwartz’s projected timeline. He noted that a decision pending beyond September 31 would mark the first time Judge Torres lands on the six-month “naughty judge list.”
It would also mean her decision would be outstanding for over nine months, which, according to Deaton, is an unusually long duration for a case under Judge Torres.
Transparency Becomes a Double-edged Sword
In an earlier incident, Deaton took to social media to highlight the lack of regulation in the crypto space. The prominent Ripple supporter criticized the Securities and Exchange Commission (SEC) for exploiting Ripple Labs’ transparency.
Ripple had voluntarily implemented a cryptographic escrow and started providing quarterly reports regarding XRP sales. However, Deaton argued that this openness had been weaponized against Ripple and its CEO, Brad Garlinghouse, by the SEC.
Deaton further drew attention to a speech by the SEC’s ex-Director of the Corporation Finance division, Hinman, back in 2018. Hinman’s speech involved a discussion about whether crypto assets qualify as securities, a claim now insisted upon by the SEC’s Chairman Gensler. As the crypto community watches closely, it’s clear that the final verdict will have a significant impact on where crypto goes.
In the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) over the digital asset XRP, lawyer John Deaton has clarified his position on the timeline for the issuance of a summary judgment in the case. The extended duration of the lawsuit has raised concerns among the crypto community, prompting a discussion on social media.
The Wait Game: Why Is It Taking So Long?
The discussion started when a Twitter user, Mr. Huber, referred to a statement made by Ripple Labs CEO Brad Garlinghouse last year. Garlinghouse had suggested that a decision on the lawsuit would be reached within “weeks.”
Additionally, pro-XRP lawyer John Deaton had previously mentioned that the lawsuit was nearing its conclusion. However, it has been over a year since Garlinghouse’s statement, and no verdict has been announced, leading to inconsistencies in the information provided to the public.
On the other hand, Mr. Huber pointed out these discrepancies and called for consistency in the communication surrounding the case. In response, lawyer John Deaton explained that as a regular speaker, he sometimes needs to be more articulate, and quoting him out of context would be misleading. He urged Mr. Huber to consider all of his previous statements regarding the potential timeline for a summary judgment in the Ripple vs. SEC case, rather than focusing on a single word or statement.
Setting the Record Straight: What the Lawyer Has to Say
Surprisingly, Deaton recalled different timelines for summary judgments issued by Judge Analisa Torres, who is presiding over the Ripple vs. SEC case. He mentioned instances when the judge ruled on summary judgment simultaneously with her well-known Daubert ruling, as well as cases where there was a 2-month, 4-month, or 6-month time difference between the two rulings.
Deaton acknowledged that he had made a mistake in assuming that the public interest in the case would lead to a quicker resolution, expressing surprise that the lawsuit extended beyond June.
“He was surprised and not shocked that the lawsuit went beyond June.”
In conclusion, the clarification provided by lawyer John Deaton offers insights into the potential timeline for a summary judgment in the XRP lawsuit. It highlights the complexity of the legal process and the need to consider multiple factors when predicting the outcome.
As the case continues, market participants and XRP holders eagerly await the judge’s ruling and the potential implications for Ripple and the wider cryptocurrency industry.
Amid the intense volatility in the market, Ripple’s XRP has consistently held its ground as a significant player. The ongoing lawsuit between Ripple and the SEC, a pivotal factor in XRP’s future, is pending a decision. However, XRP has managed to maintain a steady performance, attracting a broad spectrum of investors and traders. Currently, XRP’s price is in a consolidation phase, hovering below the $0.49 mark, creating hopes of a big move ahead.
XRP’s Bullish Developments Spark Confidence
In a week that has seen the cryptocurrency market experience a significant surge, digital asset investment products have witnessed a great inflow of $125 million. While Bitcoin undoubtedly attracted the lion’s share of investor interest, with a remarkable inflow of $123 million, it was Ripple’s XRP that truly shone, drawing in over $400,000 and maintaining its upward momentum.
As per the latest weekly report from CoinShares, XRP’s exchange-traded products have demonstrated exceptional performance. June alone saw an influx of $2.8 million, a figure that outshines all other altcoins. Since the onset of 2023, XRP-related products have accumulated an impressive $6 million in fund flows.
Nevertheless, a wave of apprehension has recently swept through the XRP community. This unease stems from Ripple’s recent decision to unlock 1 billion XRP tokens, a move that has ignited concerns about a potential downward trend in the market.
Ripple Labs has conducted three transactions, releasing a total of one billion XRP coins from escrow. The initial transaction unlocked 300 million XRP tokens, followed by two more, releasing 200 million and 500 million tokens, respectively, to boost liquidity.
Although the release of XRP might be perceived as a concern by some, it could potentially provide an opportunity to accumulate more of the asset in the near future.
What’s Next For XRP Price?
XRP price is currently facing bearish consolidation trading as it sees domination from sellers near the low of $0.48. Though bears are attempting to send the price below the immediate support line at $0.47, buyers are preventing further drop. This movement indicates that XRP still has a chance to surge upward as bulls continue to buy near the current dip. As of writing, XRP price trades at $0.4836, declining over 0.5% from yesterday’s rate.
The 4-hour price chart underscores the significance of the $0.44 mark as a vital support level to keep an eye on in the near term. If XRP’s price falls from its current support line, it could target the $0.44 level. A breach below this point could lead to a further decline to $0.4. However, this level could also incite considerable buying from optimistic investors.
The 20-day EMA remains a crucial barrier that bullish traders need to surpass. If buyers manage to break through the $0.5 mark, it could set the stage for a surge toward the key resistance level of $0.53.
Bitcoin’s rise above the $31,000 mark is a major milestone. It reached a one-year high despite the ongoing bear market. And the upward trend may continue. The Bitcoin price experienced a significant surge on Tuesday, June 27, reaching a near-one-year high and this rise coincided with the news of Fidelity Investments filing for a spot Bitcoin ETF. The potential introduction of a legitimate spot ETF has the potential to attract new capital, increase trading volumes, and generate greater overall interest in the market.
A popular cryptocurrency analyst known as Kaleo has shared his prediction on when Bitcoin (BTC) is likely to reach a six-figure price for the first time. Kaleo suggests that Bitcoin will surpass the $100,000 mark in late 2024 or early 2025. He speculates that the timing could even be as early as late 2024, making the year 2025 an exciting one for Bitcoin enthusiasts.
Kaleo’s projection aligns with Bitcoin’s upcoming halving event scheduled for April 2024. Historically, such events have influenced significant price movements in the cryptocurrency market.
The analyst is closely monitoring Bitcoin’s price performance in relation to the Nasdaq 100 index (NDX). Kaleo highlights that Bitcoin is currently breaking above a bearish downtrend against the NDX, a pattern that has historically signaled the beginning of substantial rallies for the leading cryptocurrency.
“Bitcoin vs. NDX. This is still one of my favorite chart comparisons to watch. BTC historically has had massive rallies vs. tech when it has broken above HTF (high time frame) bearish downtrends like the ones shown below. This is where you stack.”
One of Kaleo’s favorite chart comparisons is the correlation between Bitcoin and the NDX, and he encourages investors to pay attention to these trends, suggesting that this could be an opportune time to accumulate Bitcoin.
In a recent interview with CNBC, Mark Yusko, founder and CIO of Morgan Creek Capital, shared his optimistic outlook on Bitcoin (BTC) and the cryptocurrency markets, suggesting that they have entered a bullish phase. Yusko believes that the ongoing rally in Bitcoin is just the beginning of a larger bull market, driven by the four-year cycle surrounding Bitcoin’s halving events.
Bitcoin’s halving, which occurs every four years, involves adjusting the block rewards in the Bitcoin blockchain. According to Yusko, the next halving event is expected in April, leading to a period of accumulation before a potential speculative blow-off. This blow-off might be followed by an overreaction on the downside, commonly known as “crypto winter.”
Yusko emphasizes Bitcoin’s top use case, positioning it as a replacement for gold as the base layer of money. He views Bitcoin as digital gold with the potential to fulfill the role that gold has played for thousands of years. Gold has traditionally served as the foundation of currency, with fiat currencies backed by debt built on top of it. Yusko sees Bitcoin’s permanence, divisibility, and immutability as advantages that make it suitable for serving as the base layer of new money in the future.
While Yusko is bullish on Bitcoin, he sees Ethereum and other blockchain applications as potential replacements for fiat currencies, rather than direct competitors to Bitcoin’s role as digital gold.
BitMEX co-founder Arthur Hayes has shed light on the potential rally of Bitcoin, stating that the recent Treasury General Account (TGA) refill will not significantly impact the liquidity of the US dollar, and risk assets like Bitcoin will soon start to rally once again.
Bitcoin Is Poised To Soar
Hayes, known for his bullish stance on Bitcoin (BTC), reassured investors on June 20 that the TGA refill conducted by the US Treasury Department would not have a major impact on risk markets. He pointed out that the US dollar net liquidity currently stands at a substantial $77 billion, indicating that there is no cause for concern.
Arthur Hayes’ Investment Strategy
In light of the “positive” net liquidity index, Hayes plans to continue buying cryptocurrencies. However, he mentioned that if the index turns “negative”, he will slow down or halt his purchases. He further predicted that the US Treasury will reduce the issuance of T-bills or debt once the TGA balance exceeds $450 billion.
Tracking The TGA Refill
If one were to compare the TGA balance during the debt ceiling deal, which was below $40 billion, to its current value of $250 billion, it is evident that the US Treasury is accumulating funds without negatively impacting financial markets or US dollar liquidity.
Interestingly, Hayes has even created a customized US dollar liquidity index to closely monitor the impact of the TGA refill on the liquidity of the US dollar. By analyzing the values of the Repurchase Agreement Facility (RRP) and TGA, he aims to gauge the net effect on dollar liquidity.
Crypto Markets Gain Momentum
In the midst of this news, the crypto market has experienced a rebound, with Bitcoin gaining momentum after bouncing back from the expected support level of $24,800. The price of Bitcoin surged above $27,000 due to increased buying activity from whales.
As of now, Bitcoin is trading at $26,796, representing a 2% increase in the last 24 hours.
Meanwhile, Ethereum (ETH) has also maintained stability near $1,750, with a slight increase of 0.50%. The price fluctuated between $1,705 and $1,750 over the past 24 hours.
Market participants are eagerly awaiting the key events this week that could impact the prices of these cryptocurrencies.
The Bitcoin (BTC) market succumbed to selling pressure on Wednesday following the United States Federal Reserve’s decision to halt its monetary tightening cycle and pause interest rates. As expected, the Fed announced an interest rate of 5.25 percent, and the FOMC economic projections underscored the Biden administration’s commitment to combating inflation.
While Bitcoin’s price dropped by nearly 4 percent in the past 24 hours to trade around $24.9k, its dominance in the market remained high at approximately 49 percent compared to the altcoin market.
Bitcoin Price Analysis
My prediction to see $40K during this bear market rally was wrong.
My thesis was always built upon time based growth in respect to Bitcoin’s Halving cycle.
Comparing the current structure to that of 2019, the clock on hitting those numbers has… pic.twitter.com/3g2xcz4cNd
— K A L E O (@CryptoKaleo) June 15, 2023
Kaleo (@CryptoKaleo), a popular crypto analyst and influencer on Twitter, believes that the chances of Bitcoin reaching $40k during the bear market rally have significantly diminished. Previously, the analyst had expressed optimism about Bitcoin hitting $40k earlier this year, but those bullish sentiments have since waned. Consequently, the analyst expects Bitcoin’s price to range between $20k and $30k leading up to the next halving.
It is important to note that Kaleo based his prediction on the 2019 Bitcoin structure, which he believes no longer applies. “Comparing the current structure to that of 2019, the timeframe for reaching those numbers has already expired,” Kaleo pointed out.
What Comes Next?
The crypto market is currently largely influenced by the ongoing litigations in the United States involving the SEC and prominent cryptocurrency entities such as Binance, Ripple, and Coinbase Global. Once the court delivers its rulings on these three cases, the crypto market could receive the green light for mainstream adoption, driven by regulatory clarity.
In the meantime, Kaleo believes that now is an opportune time to accumulate more coins in anticipation of a bullish rally in early 2025.
Egrag Crypto, a renowned cryptocurrency expert, recently forecasted a potential meteoric rise in Ripple’s XRP value. He anticipates a staggering 9600% hike, mapping out his timeline on Twitter.
#XRP A color code signal indicates the path to Valhalla:
Currently, we remain in the accumulation zone until we break through the lower yellow region. Conviction is needed for #XRP to enter the white area. Until then, a drag is possible until Q1 2024.
There’s still potential… pic.twitter.com/Ay85b558Mt
— EGRAG CRYPTO (@egragcrypto) June 13, 2023
Sounds great, but are his arguments strong enough? Let’s explore.
The Journey to Valhalla
Egrag’s color-coded prediction charts a journey to the metaphorical “Valhalla” for XRP. However, according to his observations, the cryptocurrency is currently in a holding pattern, awaiting a breakthrough from the lower yellow region of his schematic.
XRP needs a robust thrust to push into the white region of Egrag’s chart, and until that momentum is achieved, he believes the digital asset might linger in its current position until the first quarter of 2024.
Despite the current plateau, the crypto analyst maintains an optimistic outlook. He envisions the potential for XRP to make its first significant leap towards the lower echelons of the “Valhalla” range, anywhere from $2.8 to $4.6.
This upward move would represent Wave 1 in Egrag’s broader schema. After accomplishing this initial boost, he suggests a possible brief correction down to $1 before XRP embarks on an arduous journey toward Wave 3.
Wave 3 To Be The Game Changer
In his analysis, Egrag outlines that Wave 3 is typically 1.618 times the length of Wave 1, and can occasionally reach up to 2.618 times its size. Based on this theory, he estimates a future valuation of $12 for XRP at 1.618 and a massive leap to $50 if the 2.618 prediction materializes. That would be an increase of nearly 10,000%.
Egrag’s bold predictions did not go without skepticism. One Twitter user, presumably an XRP holder, expressed doubts, citing the recent price drop in response to the Hinman document release instead of the anticipated rise. In response, Egrag urged patience, reiterating that XRP is still in the early stages of a potentially remarkable ascent.
As of the time this article was being written, XRP has suffered a 4.00% decrease in value over the past week, and the current value of XRP stands at $0.507446.
Will Egrag Crypto’s bold predictions become a reality? We can only hope! Stay tuned to Coinpedia for all the latest updates.
While Bitcoin continues to hold the pivotal trend line, Ethereum has already lost its levels. The second largest token has been displaying consistent strength for over a period of time, but the fresh bearish action led by the SEC’s crackdown, squashed the bullish trajectory, probably for a long time.
Presently, the ETH/BTC price appears to be in a decisive phase, which may be overcome by a bullish push. But viewing things realistically, the price is closer to a major drop.
The ETH price against USDT and BTC has correlated since the beginning of the year, being contrasted on a couple of occasions.
Therefore, now that ETH/USDT is displaying strength and preparedness to trigger a massive upswing, the ETH/BTC pair is speculated to collapse heavily. A popular analyst, Benjamin Cowen, believes ETH/BTC is about to ‘collapse’.
ETH/BTC usually means, both cryptos can be traded for each other or the amount of BTC required to buy 1 ETH. The BTC price is trading under an acute bearish influence as Ethereum is acting as a hedge in the trading pair.
Whenever the token traded against USDT fails to hold, the pair with BTC surges heavily. However, the present forecast flashes the possibility of a major drop as the pair is failing to hold one of the major supports.
The analyst here believes the ETH against BTC may display huge weakness and may slip initially close to 0.05 BTC.
Here a slight rebound is foreseen, following which a major drop may drag the price too as low as 0.035 BTC by the end of 2023. Therefore, with this, the speculations for an extended bearish market until the end of the year emerge.
The highly anticipated Bitcoin halving event, scheduled for April 2024, has created a buzz in the crypto community. Many analysts and investors have predicted that leading up to the Bitcoin halving, which occurs approximately every four years, the price of BTC would enter a period of consolidation. Analyst Credible Crypto’s expectations suggest that Bitcoin’s price would range between $20,000 and $40,000 for approximately 12 months.
A Bitcoin halving is when the reward for mining new blocks is cut in half. Miners receive 50% fewer bitcoins for verifying transactions. This happens approximately every four years until a total of 21 million bitcoins are generated.
Expectations: “The Bitcoin halving is in April 2024. Expect $BTC to go sideways between 20-40k for about 12 months which is when we accumulate as much Bitcoin as we can. Once the halving hits, we start our next bull run to 100k+ into 2025. WAGMI.”
Reality: BTC makes a new ATH…
— CrediBULL Crypto (@CredibleCrypto) June 3, 2023
The next Bitcoin halving is expected to occur in April 2024, around the time when the number of blocks reaches 740,000. At that point, the block reward will decrease from 6.25 bitcoins to 3.125 bitcoins. The exact date of the halving is not known because block generation time can vary, but on average, a new block is generated every ten minutes.
Contrary to these expectations, the year 2023 witnessed a remarkable turn of events in the Bitcoin market. Instead of entering a sideways trend, Bitcoin had a remarkable run at the beginning of 2023. The coin experienced a notable surge since December 31st, marking a partial recovery from the significant decline it faced in 2022. However, currently, the token is encountering challenges as its value hovers around the $30,000 range.
Despite recent fears about the US regional financial crisis, the crypto market has shown signs of stability, suggesting a correction phase after two big gains since 2023. The US debt ceiling deal has prevented another Bitcoin price spike, but industry analysts are confident about the cryptocurrency market’s future.
Despite the turbulence in the banking sector, Bitcoin has demonstrated resilience, maintaining a steady course amidst regional banking concerns. This stability has provided a sense of reassurance to investors and traders who closely follow the cryptocurrency market.
Arthur Hayes, renowned for his expertise in the field, has presented a pragmatic forecast for Bitcoin’s growth in the coming months. Recognizing the importance of patience and monitoring the actions of the US Federal Reserve, Hayes suggests that the bullish path for Bitcoin could gain momentum by October 2023. His analysis centers around the potential impact of increased dollar liquidity on the US economy, leading to the acquisition of risk assets like Gold, Bitcoin, and AI tech stocks as he mentioned in his blog post.
Understanding the Factors Behind
Notably, Hayes’ projection takes into account the current economic landscape and potential market catalysts. By assessing the influence of the US Federal Reserve’s interest rate policies and the broader implications of dollar liquidity, he suggests that Bitcoin’s growth is likely to align with these factors.
Late in Q3 and early in the Q4 of 2023, Hayes expects the real Bitcoin bull market to commence. Despite acknowledging the possibility of price fluctuations, Hayes firmly states that retesting the $20,000 mark or similar levels is unlikely.
Based on Hayes’ predictions, it is reasonable to expect Bitcoin’s price to remain within its current range, with a potential floor above the $23,000 mark even in the worst-case scenario. It is crucial for crypto investors to consider Hayes’ forecast alongside the countdown to the Bitcoin halving event, scheduled to occur before June 2024, aligning with the timeframe he has provided.
Scott Chamberlain, a former attorney, and co-creator of XRPL’s Evernode, recently used Twitter to address the concerns of XRP investors about the ongoing SEC vs Ripple lawsuit. He mentioned that several community members expressed dissatisfaction with Judge Torres’ lengthy decision-making process.
However, he argued that rendering a verdict in such a complex case in just a few months would be extraordinary. Chamberlain cited an instance from his local jurisdiction in which the Canberra Supreme Court took an unprecedented four and a half years to deliver a judgment.
Latest on Ripple’s Legal Struggle
Last week, Ripple shared an update on the legal battle that has persisted for more than two years. The update highlighted the March 6, 2023 order from Judge Analisa Torres, which determined which expert opinions from both the SEC and Ripple might be considered by the court during the summary judgment.
Renowned cryptocurrency lawyer and XRP supporter John Deaton recently projected that the summary judgment in the Ripple versus SEC case may be issued on or before May 6, 2023. Additionally, Ripple’s CEO anticipates the ruling could come within the first six months of 2023.
In Ripple’s Q1 2023 financial report, the company anticipates the summary judgment decision will be made before the year’s end. However, the report stresses that the timing of the summary judgment is ultimately in the court’s hands.
Remarkable Growth in XRP Sales and On-Chain Activity
In spite of legal obstacles and intensifying regulatory examination in the United States, Ripple’s XRP sales saw a substantial increase in Q1 2023, with net sales amounting to a staggering $361.06 million, compared to the prior quarter’s $226.31 million.
The XRP Ledger on-chain activity also witnessed a significant rise, with decentralized exchange volumes growing by 34% to $115 million in Q1 compared to Q4 2022. Furthermore, XRP’s average daily volume on centralized exchanges leaped 46% to $1 billion from $698 million in the previous quarter.
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, has expressed a strong belief in Bitcoin’s potential to reach new all-time highs. In a recent Fox Business interview, Hougan predicted that the leading cryptocurrency would not only break through the $30,000 barrier in the near future, but also achieve new all-time highs by next year.
A Rocky Road to Recovery
The crypto markets faced a challenging period last year, with several scandals and rapid growth causing instability. Despite these obstacles, cryptocurrencies have shown resilience and are now on track to recover from the fallout. Hougan notes that the crypto market has cleaned up and reset, with Bitcoin’s impressive 77% year-to-date increase cementing its position as the world’s best-performing asset class.
In light of this progress, Hougan is optimistic about Bitcoin’s future trajectory. As per his assessment, the $30,000 threshold is well within our grasp, albeit not in the immediate future.
While he remains optimistic about the prospects, he cautioned against expecting record-breaking heights this year. Nevertheless, he expressed a strong belief that we will indeed scale these heights by the next fiscal year.
Navigating Uncertain Waters
While Bitcoin’s short-term price action remains unpredictable, traders and analysts are paying close attention to longer-term trends. Rekt Capital, a popular trader, and analyst, has pointed to the possibility of historical bullish patterns confirming the end of the bearish trend seen last year. In a tweet on April 27, they highlighted Bitcoin’s break from its downtrend and emphasized the need to continue the new uptrend.
Regulatory Hurdles for the Crypto Industry
One of the main challenges faced by the cryptocurrency industry is the need for clear and comprehensive regulation. Hougan criticized SEC Chair Gary Gensler for attempting to apply rules created in the 1930s to modern technological innovations. He remarked:
“This is the only industry in America that’s begging for more regulation. We’re asking for more rules, more clarity, so that the benefits can apply to the American people. And Gensler and the SEC are trying to apply these rules that were written in the 1930s to a technology in the 21st century. It doesn’t work.”
As Bitcoin currently trades around $29,300, traders and analysts are keeping a close eye on its performance, hoping that the market leader will soon surpass the $30,000 mark and go on to reach new all-time highs.
In these uncertain economic times, investors are on the lookout for safe havens to protect their assets. According to Mark Yusko, the founder, and CEO of Morgan Creek Digital, cryptocurrencies may hold the key.
In a recent Blockworks Macro interview, Yusko predicted that the crypto market is about to heat up with a “crypto summer” bull run starting in May. As the world faces pre-recession and war-related issues, more investors are turning to cryptocurrencies as a way to safeguard their investments.
How Is Global Liquidity ‘Fueling The Fire’?
Yusko attributes the rise in cryptocurrency prices to a massive increase in global liquidity. He cites China‘s trillion-dollar printing since October, Japan‘s couple hundred billion, and the Federal Reserve‘s $300 billion put back on its balance sheet. This resulted in $1.5 trillion of liquidity sloshing around, which Yusko says is going towards buying things that people like, including cryptocurrency.
“Bitcoin and Ethereum are the biggest beneficiaries. But it’s going down the ladder too.”
Bitcoin Aims At New ATH
The Bitcoin price surged back above $30,000 on Tuesday, a key level for many traders. The rise was fueled by the liquidity of the opening trading sessions on Wall Street on April 18th.
Yusko added that Bitcoin has hit new record highs on several metrics, including adoption. He pointed out that Bitcoin’s hash rate is at an all-time high, as is the number of wallets with greater than 0.1 Bitcoin. Transaction size and volume are also coming back to being close to all-time highs.
“Bitcoin’s hash rate, a new all-time high. The number of wallets is at a new all-time high. The number of wallets with greater than 0.1 Bitcoin, is a new all-time high. Transaction size and volume, not all-time high, but coming back to being close.”
Is A Bull Market Around The Corner?
Yusko predicts that the bull market will begin in a couple of weeks, starting on his birthday, which falls on April 18th. He also emphasized the importance of staying focused on long-term investment strategies rather than short-term price movements.
“Focus on the long-term, don’t get caught up in the short-term noise. Stay focused on what you believe and have conviction.”
Investors and crypto enthusiasts alike will be watching closely to see if Yusko’s prediction of a bull market in cryptocurrencies comes to fruition. With global liquidity fueling the rise in prices and Bitcoin hitting new record highs on several metrics, it’s an exciting time for the crypto market. As always, it’s important to keep a long-term investment strategy in mind and not get caught up in short-term fluctuations.
There might be economic turmoil at present, but this seems to be working well for the crypto markets. Remember to focus on long-term investment strategies and don’t get caught up in short-term price movements!
Chris Burniske, a respected crypto analyst, recently tweeted about Ethereum’s future, making a bold prediction that its price could reach $10,000 by 2025.
While some might consider this an ambitious goal, it’s important to note the increasing popularity of cryptocurrencies as traditional banking systems face significant challenges. Additionally, the crypto market has demonstrated massive price surges in the past.
Burniske’s tweet is aimed at Ethereum naysayers who have consistently been bearish on the cryptocurrency, even as its price has risen from $1 to almost $2,000 in just a few years.
Shanghai Upgrade Set to Boost Ethereum
The upcoming Shanghai upgrade of Ethereum’s network is expected to positively impact the cryptocurrency. It will attract more capital to staking and increase network security.
The upgrade, scheduled for April 12, will allow network validators to withdraw funds locked since December 2020, completing the network’s transition to a proof-of-stake system that began in September 2022 with the Merge.
Evaluating Ethereum’s Current Performance
As of writing, the Ethereum price stands at $1,858, with a 24-hour trading volume of $6.5 billion. Ethereum experienced a 1.1% increase over the last twenty-four hours.
Ethereum’s immediate support level is at $1,850, and if candles close above this level, a bullish bounce-back could push the price toward $1,920 or even $1,945.
However, if the price breaks below the $1,850 level, a decline in ETH’s price towards $1,800 or even the double-bottom support zone of $1,770 is likely.
Are you planning to invest in Ethereum, given its promising future?
Many in the cryptocurrency community expected a decision yesterday based on a forecast made by attorney James Filan, who closely studied the case. However, there was no ruling made. The cryptocurrency sector has been on edge as it waits for the court’s decision in the case.
Now, Attorney John.E Deaton has said that there was no deadline for Judge Analisa Torres to issue the decision yesterday. Deaton, who is representing thousands of XRP holders, made this clarification via a thread on Twitter yesterday.
Significantly, the Civil Justice Reform Act of 1990 (CJRA) requires that every district court motion that has been pending for more than six months be listed in a report that is produced semi-annually by the director of the Administrative Office of the United States Courts. But according to Deaton, the Ripple case verdict has only been on hold for a little over three months.
“Only motions that have been pending more than 6 months must be reported on a list to Congress. The 6-month list does not apply to Judge Torres’ summary judgment ruling b/c the motion has been pending for a little over 3 months.”
The ruling may even come the next hour
He stated the outcome might be known in an hour or it might take another 30 to 60 days. He explained that based on prior cases, Judge Torres usually gives her summary judgment decision within a few months following her Daubert/Experts decision.
Early last month, the Daubert motions decision was announced, and it was largely heralded as a triumph for Ripple. Stuart Alderoty, the chief legal officer for Ripple, suggested at the time that the decision had given the defendants more confidence.
By winning this case, the SEC might be able to put its regulatory agenda for cryptocurrencies into action. Furthermore, if the commission is successful in defining XRP as a security, a variety of other assets and various parts of the cryptocurrency business will come under its jurisdictional power
“99.9% of all Court rulings don’t have the importance and significance this decision may prove to have. Not very often does a Judge’s decision impact not only the U.S. but the world. International holders have been held hostage. 17 amicus briefs at the district court level. Etc.”.
As a result of Bitcoin’s stellar performance in the first quarter of 2023, its early adopters were rewarded with a price increase of over 70%. Is this likely to trigger a bullish rally, possibly forming a new all-time high?
In 2018, well-known investor Tim Draper forecasted that the price of bitcoin would reach $250,000 by the year 2022.
On a recent podcast, Draper and Scott Melker discussed the latest iteration of Draper’s forecasting timeline.
Tim Draper’s Bitcoin Prediction
In a recent podcast discussion with Scott Melker, Tim Draper changed his Bitcoin price increase timeline. “I’m guessing $250,000 Bitcoin. I expected it before June, but it may be delayed
“explained Draper. “We’re running. It may occur. Three months before the halving, I think ” he added.
Draper was referring to the upcoming “halving” event, which is expected to take place in April 2024. Mining rewards will be 50% lower during this event. He expects Bitcoin’s price to rise three months before the halving, reaching $250,000 by early 2024.
Factors Driving Bitcoin’s Price Increase
Institutional adoption could boost Bitcoin’s price. In recent months, MicroStrategy, Square, and Tesla have invested extensively in Bitcoin. This has legitimized Bitcoin as an asset class and drawn institutional investors to it. Draper says
“institutional investors pouring into Bitcoin…a that’s major swing, and it’s occurring now.”
Another factor that could drive Bitcoin’s price increase is the increase in mainstream adoption. The asset is becoming more widely accepted, and numerous countries, including El Salvador, have legalized it. As more people use Bitcoin for daily transactions, its value may rise.
According to Draper,
“I think we’re going to see a lot more countries start to accept Bitcoin as a currency…I think the world is going to become much more Bitcoin-friendly.”
Although Draper is bullish on Bitcoin’s future, there are risks associated with investing in cryptocurrencies. The cryptocurrency market is highly volatile, and the price of Bitcoin could drop just as quickly as it has risen. Additionally, regulatory risks could affect the value of Bitcoin, as some governments have taken a hostile approach to cryptocurrencies.
Despite the risks, Tim Draper’s Bitcoin prediction may not be as far-fetched as it once seemed. Bitcoin has come a long way since its early days and has gained increasing acceptance from both institutional and retail investors. Whether or not Bitcoin reaches $250,000 remains to be seen, but one thing is certain: the cryptocurrency is here to stay.
If you’re considering investing in Bitcoin or other cryptocurrencies, it’s important to do your research and understand the risks involved. However, if Tim Draper’s prediction comes true, early investors could stand to make a significant profit.
After the crisis experienced by the traditional finance system due to the pandemic, cryptos were widely adopted and attracted many authorities. Since then, the space has been closely monitored in an attempt to bring it under control. While the crypto companies were under the radar, it appears that stablecoins may soon join the fray.
As per some reports, the largest stablecoin, USDT, has been widely used by Russia to send money to the west, evading KYC & sanctions imposed. Nearly 3 OTC (over-the-counter) brokers have been identified in Moscow who sell thousands of dollars in stablecoins for cash and further exchange it to the UK for pounds sterling. These are all carried out for cash but without any KYC.
So with this, the global regulatory bodies may soon shift their focus onto USDT and search for a strong excuse to ban it. The USDT dominance is waning and has been under bearish influence for a quite long time as traders are now more focused on Bitcoin & other altcoins. However, if the authorities hit hard on Tether, the whole crypto market may come under threat.
Presently, the market cap and the USDT dominance, are both falling apart and may soon reach lower support as they are both trading along the descending trend line. If this happens, then more problems could arise in the coming days.
Therefore, cryptos may soon come under attack from all sides of technology, despite their constructive intentions. Hence, if the levels drop as mentioned above, then there is a fair chance that a significant crash may chase the crypto space.
Bitcoin’s price is undergoing a consolidated price action as the trend is stuck within a narrow range. Presently, the rally does not appear to regain the bullish momentum as the new traders continue to remain off-the-shore for a while. However, the possibility of a bullish breakout may not be distinguished as one of the crypto veteran frames a 6-digit target for the star crypto.
A seasoned trader and a well-known analyst tell in a new update that the star crypto could be gearing up for a massive explosion that may go as high as $300,000. The trader reveals a new strategy and believes that the price could explode between 792% and 1,238% from the current prices in the next bull market.
“So this is my projection. There are two paths. We can hit this line [diagonal resistance] twice as we did in the last cycle . [or[, we can hit this line once near the end like we did in the prior cycle  If we hit it near the end, we’re going to go higher [$300,00]. If we hit it twice, we’re going to go lower[$200.000]. Personally, I’d rather [we] hit it twice. I’m tired of Bitcoin being this cheap.”
The trader refers to the above chart and believes that the price could rally toward the initial target of $200,000 somewhere in 2025. Moreover, the trader further believes that the price may even rise beyond $300,000. In the short term, the trader believes that the Bitcoin pullback is not over yet.
“The [previous] week closed poorly. Which at the moment sets us up for a pullback all the way down to the long-term moving average and $20,000,”
The Bitcoin (BTC) price is trading around $22,401.73, with a drop of 0.03% in the past 24 hours. The market capitalization is around $432.74 billion, and the trading volume is around $14.17 billion, which is largely dominated by bears at the moment.
With the price of Bitcoin and other cryptocurrencies falling, the cryptocurrency market is being shaken up. At the time of writing, the price of bitcoin has slightly traded above the $23,000 mark and has lost close to 2% of its value over the past day. Also, the daily chart shows that the bearish action may extend below the $23,000 support level.
Recently released macroeconomic data that indicates a faltering economy may have been the root cause of this. Quarter-over-quarter GDP growth fell from 3.2% to 2.7%
A popular cryptocurrency analyst has predicted that Bitcoin (BTC) will likely experience a big midterm increase. According to Altcoin Sherpa, Bitcoin is expected to drop before experiencing an upside breakout.
He said that as for BTC, his area of interest is $21,500. The analyst said that BTC is getting closer to the HVN (high volume node) area and the 200-day EMA [exponential moving average]. In these circumstances, the price can still move higher overall even after a 15% retracement. However, he still thinks BTC will finally reach $30,000 in the midterm.
HVNs are price zones where there was a high volume of activity, indicating periods of
consolidation that serve as support or resistance. If Bitcoin follows Altcoin Sherpa’s forecast, the market leader might first fall to a price of $21,500 before rising to a price of $30,000, indicating an upside potential for BTC of around 40%.
Another analyst is concerned that many traders are currently losing money in the cryptocurrency markets. Altcoin Psycho claimed that January was a profitable month, but February came without warning.
“After almost a full month, BTC is still at the same level as February. Monthly Open. Late bears and bulls alike have been punished by a chop.”
CryptoRUS’s George Tung has released a new analysis video discussing Bitcoin’s potential to hit $50,000 by June. Tung presents three reasons for his argument.
Why Bitcoin Price Can Hit $50k Soon?
Tung’s first reason focuses on angel metrics, which indicate that Bitcoin is recovering from its bottom. Tung cites several indicators, including the Rhodo ratio, MVRV score, realized cap hold of waves, and reserve risk, which all suggest that Bitcoin has hit its lowest point using previous data.
Additionally, the fractal pattern that is similar to 2019, when Bitcoin shot upwards after going sideways for a few months, also supports his claim.
Tung’s second reason is institutional adoption. He highlights that BlackRock and Fidelity have invested in Bitcoin-related companies and introduced their own Bitcoin funds and exchanges.
BlackRock has a $15 billion Bitcoin fund and holds physical Bitcoin, while Fidelity is already involved with miners and institutions. This increased institutional adoption shows that these companies are serious about investing in Bitcoin and will likely bring in a significant amount of money into the space.
Lastly, Tung notes Bitcoin’s growing use case. The recent success of the first Bitcoin NFT collection indicates a demand for digital art, and upgrades to the Bitcoin blockchain will allow for the storage of images on it. The Stacks project also helps dApp makers program on top of Bitcoin, with 35,000 smart contracts already deployed.
This, combined with the use of the Lightning Network, makes Bitcoin a great medium for exchange and a potential store of value against inflation, which is appealing to many investors.
While Tung is confident in his prediction, he advises investors to exercise caution and conduct their own research before making any investment decisions. As of press time, BTC is worth $24,876.
With Bitcoin currently trading above a crucial level, renowned cryptocurrency expert Michael van de Poppe has reemphasized his prediction of an imminent massive surge for the cryptocurrency.
Bitcoin At $40k? Here’s How.
As of writing, Bitcoin is trading at $22,726, below the resistance level of $23,200 identified by van de Poppe. Despite anticipating a potential pullback to $21,700, he acknowledges that the increased trading activity in Bitcoin signals a growing momentum in favor of bulls. This suggests that the leading cryptocurrency may experience a dramatic rise to reach $40,000 by June 2023.
Michael van de Poppe, the expert, predicts that breaking through the $23,200 level would drive Bitcoin to surge toward the next immediate resistance level of $25,000. Although he acknowledges the potential for a drop to extract liquidity, he believes this could provide a favorable buying opportunity.
Currently, Bitcoin has a trading volume of $40.7 billion and has experienced a 2% decrease in value over the past 24 hours.
With a market capitalization of $438.2 billion, it retains its position as the number one cryptocurrency.
If Bitcoin’s price fall below its current level, it may experience a further decline to the estimated target of $22,100, supported by an ascending trendline. The technical analysis reveals rising selling pressure, as indicated by the RSI and MACD indicators, potentially leading to a new low of $22,050 in the near future.
The 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250, despite the overall bullish trend. If it surpasses this level, it may reach as high as $23,500, indicating a potential increase in value. It remains to be seen which direction Bitcoin will take.
The anticipation surrounding the upcoming Federal Open Market Committee (FOMC) meeting has got investors on the verge of their seats. As the crypto market eagerly awaits the outcome, Bitcoin has started feeling the heat, and it is consolidating in a range-bound zone.
Despite its recent struggle to establish a solid trend, there’s a glimmer of hope that the FOMC meeting could spark an upward rally in the BTC price chart. With the US economy showing steady signs of improvement and the inflation rate slowing down, the stage is set for a potentially bullish dance for Bitcoin.
Bitcoin Witnesses The Best Month Since October 2021
Since the beginning of the new year, BTC’s price has gained over 40%. According to on-chain analytic firm, Glassnode, BTC has performed relatively well in January since October 2021, when it saw a jaw-dropping 41% gain in value.
To describe the reason behind the overwhelming performance, Glassnode hints at a combination of historic spot demand and a series of short squeezes, which has created a perfect storm in driving up the price of Bitcoin and sending it soaring to new heights.
Moreover, the firm claimed that the daily BTC transaction had touched a high of 50K, signifying investors’ interest in the asset. In addition, the flow of Bitcoin in and out of exchanges has stabilized significantly as a daily average of around $625 million is moving in both directions, bringing the exchange flow in a balanced shape.
This balanced situation in exchange flow signifies a healthy and robust BTC market, as buyers and sellers engage in a steady back-and-forth dance. This starkly contrasts with the turbulence of late 2022, when outflows dominated the scene.
Glassnode stated, “We also note that initial impulse of exchange outflows, in the aftermath of FTX, have calmed to neutral and are now balanced by newly motivated inflows.”
Will BTC Price Bring Golden Times Above Golden Cross?
Investors are busy predicting the next price movement because the BTC price gets stuck in the range of $23K-$24K in the last three days. As the market’s FUD situation hops in, analysts are closely watching the golden cross formation, which may spark bullish hopes in the BTC price chart.
A well-known crypto analyst, CryptoRand, predicts that Bitcoin price is poised for a bullish breakout by the next few weeks as it forms a golden cross in its price trend. The analyst noted that the 50 MA is building potential to cross above the 200 MA, known as the formation of a golden cross. The golden cross indicates a bull market for BTC, and it is strengthened with high trading volume, acting as a catalyst in the next Bitcoin bull run.
In 2019, one of the most significant golden crosses in Bitcoin’s history took place, and it made BTC the hottest investment in the crypto world by pushing its price by 600% in two years.