Bitcoin and Ethereum Prices Are Heading to these Levels Next Week! Here’s What Traders can Expect
The crypto market is buzzing with excitement as Bitcoin and Ethereum, two of the most popular cryptocurrencies, appear to be poised for significant price momentum in the coming week. As we approach the end of the month, traders are eagerly anticipating a continuation of the recent upward trend in the cryptocurrency market. Over the last few weeks, these two leading cryptos showed massive gains, and investors are now waiting for an extended bullish rally to maximize their gain.
Volatility is Waiting for BTC And ETH Prices
Amid high banking crisis and crypto market’s regulatory concerns, Bitcoin and Ethereum prices are not slowing down to reach new highs. Despite overall bearish market sentiments, investors are still betting on long-term gains on BTC and ETH as there is an astronomical spike in trading volume and buying pressure, creating possibilities of a new bull run next week.
BTC Price Analysis
Bitcoin reached a new nine-month high by surging past $29,000 recently, but the celebration was short-lived as the asset experienced a sharp retracement in the hours that followed. Following a loss of $28,000 the previous day, weekend trading remained relatively stable as traders awaited a break before the resumption of traditional finance markets, resulting in a lack of usual volatility.
Bitcoin price is currently showing an inside-day candlestick pattern, signifying a state of FUD among buyers and sellers. Although the bulls aim to extend the up-move, the bears remain firm and unwilling to give in, leading to the price remaining within a narrow range.
As of writing, BTC price trades at $27.5K, with a decline of 2% in the last 24 hours. The weekly price chart indicates Bitcoin price will likely consolidate below $30K for the next few days. However, a breakout above $30K is expected next week, and the BTC will head toward the crucial resistance of $34K-$38K.
ETH Price Analysis
Out of all the altcoins in the cryptocurrency space, Ethereum’s price closely mirrors the performance trend of Bitcoin. Multiple successful breaches of the $1,800 level have been achieved by the digital asset, resulting in increased profits and attracting more investors.
Ether breached the overhead resistance of $1,800, but the bulls could not maintain the breakout, as evidenced by the long wick on the candlestick.
The bears are currently attempting to reinforce their position by pushing the price towards the 20-day EMA ($1,698), which is a crucial level to monitor for potential downsides. ETH price is currently trading at $1,753, declining by 1% from yesterday.
The weekly price chart indicates a minor downward correction for ETH price next week, as the altcoin may drop below the EMA-50 trend line and reach the bottom levels of $1,500 before sparking fresh surges.
XRP Price Revs Up for Potential Breakout! Traders Anticipate a New High This Week
Bitcoin and Ethereum, which are high market capitalization assets, have remained stable, while altcoins such as XRP have experienced overnight double-digit gains. According to crypto experts, Bitcoin’s increasing dominance indicates that the “popcorn effect” is imminent, and the gains will keep spreading to XRP. XRP’s 20% upward rally has been majorly attributed to the potential resolution of the lawsuit filed against Ripple by the SEC in December 2020, which is expected to conclude in the first half of 2023.
XRP Gains the Altcoin Market’s Attention
Today’s crypto rally has been driven by Ripple, as enthusiasts of XRP have been buying up the cryptocurrency in anticipation of a verdict in the ongoing court case between the Ripple company and the SEC. If Ripple comes out victorious, it could set a crucial precedent for the entire cryptocurrency industry.
Within the past 24 hours, the XRP token has surged by 22.4%, reaching price points that haven’t been seen in months and earning the distinction of being the top-performing cryptocurrency among the top 10.
According to CoinGlass data, liquidations in the last 24 hours have totaled $16.69 million, with the majority of the losses ($12.48 million) coming from short positions, indicating that bears have been hit the hardest.
Following XRP’s surge in trading activity, Binance has declared the expansion of its range of investment products that focus on XRP. As a component of this announcement, all Binance users will be able to access weekly options contracts for XRP/USDT.
It is noteworthy that Binance introduced new investment options for XRP just a day after the token exhibited the strongest price movement among the top cryptocurrencies. Yesterday, XRP surged by over 30% and reached a four-month high of $0.493 per token, marking the end of a consolidation period that had been ongoing since November 2022.
What is Waiting for XRP Price Next?
During the previous week, XRP established a support level above $0.35 and gradually began to rise above the $0.37 resistance area.
Eventually, the buyers were able to overcome a significant barrier near the $0.4 level. Furthermore, a contracting triangle with resistance near $0.398 was broken, resulting in the token surging by 25%, and the $0.45 resistance level was clearly surpassed.
As of now, XRP price is trading at $0.45, with a gain of nearly 5% in the last 24 hours. Analyzing the daily price chart, the XRP token is currently witnessing a downward correction after facing rejection near $0.5. As a result, it is predicted that XRP may drop to $0.42 support region, from which a fresh increase is expected to $0.585.
Bitmex Outlines Crypto Market Outlook for 2023 – Here’s What Traders Can Expect
The cryptocurrency exchange, BitMEX, has released a report on the state of the crypto industry and the potential scenarios that could play out in 2023. In the report titled “Crypto Outlook,” BitMEX discusses the industry’s possible future and how investors can make the most of upcoming developments.
The report suggests that risk assets could gain traction if central bankers slow down or halt rate hikes, which could lead to a market recovery. BitMEX expects central bankers to slow down or halt rate hikes by the second half of 2023 and begin cutting rates towards the year-end.
This is likely to resume the flow of funds back into global capital markets, including crypto assets, and trigger a rally. With the crypto industry having learned from 2022 and ridding itself of badly run businesses and suspect models, BitMEX expects a swift and healthy rebound in high-quality assets like Bitcoin and ETH.
The report also suggests that risk assets could lose ground if external events keep inflation high and force monetary policymakers to continue raising rates. This would damage investor appetite for various asset classes, including crypto, and prolong the industry’s downturn.
However, the report notes that Bitcoin’s price has been relatively stable around current levels for the past several months, even during the worst of the crisis. While a prolonged period of risk-off sentiment is a lower-probability outcome, investors are nevertheless advised to exercise caution and focus on projects driven by legitimate use cases and broad user adoption, which help generate healthy cash flows and are the hallmark of successful business models.
According to BitMEX, crypto assets could become a less risky asset over time after business models were tested last year. Innovations helped broaden and scale up use cases while regulations evolved to protect investors. BitMEX believes that regulators will continue to embrace the technology and its advantages, with discussions occurring at the most senior levels within governments. The rise in use cases has led to a growing acceptance and endorsement of crypto assets by institutional investors, prompting policymakers to work on evolving regulations. BitMEX expects regulations to continue to evolve throughout 2023.
As adoption grows and regulations evolve, blockchain tech will open the door to a range of new use cases until there is a shift away from the perception of crypto technologies as mere financial assets; instead, people will begin to see them as the future of how we create and validate assets, as well as identify and transfer ownership of them.
Is Altcoin Season Finally Here? Here’s What Traders Should Know
Bitcoin’s recent price surge has been nothing short of remarkable, with the cryptocurrency gaining over 25 percent in just a few days to trade around $28,000 on Tuesday. This is not entirely unexpected, as Bitcoin is often seen as a “safe haven” asset in times of economic uncertainty, which has been the case with the recent global banking crisis.
The resulting flight to safety narrative has significantly contributed to Bitcoin’s rally, hitting a nine-month high of around $28,400. Looking ahead, analysts anticipate that Bitcoin could continue its upward trend after tomorrow’s FOMC statement, although there is also a solid chance of a pullback to $25,000 before the rally continues to $30,000 and beyond, according to most experts in the industry.
However, while Bitcoin’s price continues to soar, the altcoin industry seems to be relatively unaffected, maintaining a steady state.
An altcoin pump is expected to happen after the money flow moves from Bitcoin to large, medium, and small-cap crypto tokens in the coming weeks. Nonetheless, Bitcoin is expected to hold its market dominance as more institutional investors flee to risky assets from inflationary pressures.
Altcoin Season Underway
According to YouTuber crypto analyst Miles Deutscher, the altcoin season is yet to materialize as Bitcoin is still in its pumping stage. However, Miles thinks Bitcoin price is approaching the resistance level on the weekly chart around $30k. As such, Miles indicated that Bitcoin is at a critical stage that could see the digital asset spike to $40k or rebound to $25k in the coming weeks.
With all attention focused on Wednesday’s Fed’s interest rates release, Miles thinks now is not a time to FOMO into the crypto market.
“The main thing to note, though, from an altcoin perspective, is that altcoins vs BTC have been bleeding. We’ve seen the ETH/BTC chart continue to break down …. Since most people are buying Bitcoin driven by the spot market amid an impending financial crisis,” Miles noted.
As such, Miles indicated that a proper altcoin buy entry would be confirmed after the ETH/BTC reversal on the four-hour chart happens.
Will MemeCoins Rally 100x This Altcoin Season? Here’s What Traders Can Expect
The post Will MemeCoins Rally 100x This Altcoin Season? Here’s What Traders Can Expect appeared first on Coinpedia Fintech News
Meme tokens have taken the crypto world by storm, capturing the attention of investors worldwide. The allure of skyrocketing profits and the thrill of hopping onto the latest meme bandwagon has led to the emergence of several meme tokens. While some may dismiss these tokens as fleeting internet fads, others see great potential in them. Here are four top meme tokens to keep an eye on this week:
Shiba Inu (SHIB)
Shiba Inu has been one of the most talked-about meme tokens, with a market cap of over $6 billion and a circulating supply of 590 trillion SHIB. Despite a recent decline in price, I believe that SHIB has the potential to rebound in the near future. Its dedicated community and constant updates to its platform make it a formidable player in the crypto world.
Dogecoin, with a circulating supply of 140 billion DOGE and a market cap of over $10 billion, has proven to be a force to be reckoned with in the meme token space. Although it has experienced a slight dip in price recently, I believe that it is only temporary. The Dogecoin community is known for its loyalty, humor, and enthusiasm, which has helped drive its popularity.
FLOKI is a relatively new meme token that has been gaining attention recently. With a market cap of over $372 million and a circulating supply of 9.8 trillion FLOKI, it has shown promising signs in the crypto world. Its unique branding and dedicated community have helped drive its popularity, and I believe that it has the potential for significant growth in the near future.
Bone ShibaSwap (BONE)
Bone ShibaSwap is a decentralized exchange platform with its native meme token, BONE. Despite a recent decline in price, Bone ShibaSwap is worth watching this week. Its platform is focused on providing decentralized exchanges, and its community is highly supportive. With constant updates and developments to its platform, Bone ShibaSwap has the potential for significant growth in the near future.
Bitcoin (BTC) Price To Soon Hit $30K, Altcoin Season On Horizon – Here’s What Traders Can Expect
Amid the global banking crisis and fears of worldwide recession, analysts have plotted macro money inflow into the Bitcoin market in the past few weeks. As a result, the Bitcoin price printed its largest weekly gains since the January 2023 market reversal.
Having invalidated the 2022 crypto bear market, the Bitcoin price has continued to stay above the 200 WMA. Despite the 200 WMA acting as a crucial support level, the fears of a pullback induced by the weekly death cross still linger in most swing traders.
Consequently, most analysts are watching if Bitcoin can close the next few weeks above $25k, which could mean $30k is around the corner.
With the Federal Open Market Committee (FOMC) data on interest rates expected tomorrow, Bitcoin’s volatility is expected to heighten, and perhaps reach $30k. A continued bull case tomorrow will induce a fresh bull run on the altcoin market, where most traders make more profits on low-cap projects.
Analyst’s Take on Bitcoin Market and Alt Season
In his latest YouTube video, popular crypto analyst Joe Parys disputed the recent narrative that Bitcoin can hit $1 million in 90 days. According to Parys, Balaji’s bet is not sensible as at the moment Bitcoin price has been moving towards diminishing returns. As such, the analyst noted that high returns are currently based on altcoins like HEX, which has gained over 59 percent in the past 30 days.
Arguably, Bitcoin is bound to hit $1 million due to more countries like Venezuela whose economies are struggling with hyperinflation.
Notably, Parys thinks the altcoin season is about to kickstart with Ethereum headed for $2,000 soon. Moreover, Parys noted that Bitcoin’s dominance has historically declined after a bull market, which typically flows to the altcoin industry.
Attention Traders: Bitcoin Price May Display a Diverse Trend in the Next 10 Days-Here’s the Potential Target
The whole world is watching the American banking condition with fear while the crypto markets continue to stand strong and thrive. The recent bank to join the ripple of fallouts is the First Republic bank. The banking giants like JP Morgan, Bank of America, CitiGroup, etc are making uninsured deposits and trying to save the bank from collapse.
Besides, Bitcoin made a surprising move above $27,000 as the banks continue to collapse. The wave of fallouts has benefited the crypto space massively as the recent report of First Republic Bank facing issues, raised the BTC price above crucial levels. However, the upswing may be halted for a while as the possibilities of a minor downswing emerge.
The market is currently at a stage where there is a certain dissonance between the news background and price movements. The BTC price is displaying a giant price movement which may be subjected to massive correction sooner or later. The price still carries the potential to rise beyond $28,500 and reach the target of $30,000 but only after a certain correction phase is triggered.
As seen in the above chart, the price is trading forming a wave pattern, which displays the prospects of the crypto market in the coming days. The Bitcoin (BTC) price is expected to rapidly drop from $21,000 to $21,500 where-in the traders are expected to accumulate heavily. This may trigger a strong rebound that may rise the price levels close to $30,000 in the next couple of weeks.
Therefore, the upcoming couple of weeks may be very important for Bitcoin and the entire crypto space as a significant plunge is expected to induce a catapult action over the crypto.
Attention Traders: The Crypto Market May Experience a Massive Crash Soon, Here’s the Timeline!
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.
Is Crypto Bull Run at Stake? Here’s What Traders Can Expect from the Market
As Bitcoin’s price made a new 2023-high above $26K price level following the release of CPI data, it has sparked signs of an upcoming bull run in the crypto market by Q1’s end. However, the BTC price has met a sharp rejection near $26.4K, which develops fear among investors of an upcoming bearish rally. As a result, investors are now wondering if Bitcoin’s massive surge is a sign of a crypto bull run or if a bearish rally is waiting on the way.
Crypto Bull Run May Not Happen Soon
Bitcoin has surged to a nine-month high above $26,000 despite the banking crisis in the United States and the latest inflation data. However, the founder of Paxful, Ray Youssef, remains skeptical of the uptrend. In a tweet on March 15, he expressed doubts about the recent surge, describing it as “weak.”
Although Bitcoin’s value has increased, Youssef believes the upside momentum is weak due to the low trading volumes accompanying the recent price surge. Trading volume is an essential indicator of participation and interest among traders, and its low levels may indicate a lack of enthusiasm for Bitcoin’s recent gains. He stated:
“This btc pump has low volume, even the ordinals pump had more volume. I would beware and take a bit of profit. The empire shall continue striking back hard. Buy back later and keep a 2-year time frame always.”
Hence, a downward projection is anticipated in the crypto market, extending the waiting period for a bull run.
Crypto Market Reacts to BTC’s Price Trend
In the last 24 hours, Bitcoin’s value has dropped below $25,000, coinciding with an increase in on-chain activity from large cryptocurrency holders known as “whales.”
Santiment, an on-chain analytics company, has reported a significant surge in whale activity, reaching its highest point in four months. The “whale transaction count” indicator, which tracks transfers worth at least $1 million on the Bitcoin blockchain, shows a significant increase in such transactions.
Although the current situation is not certain, the accompanying price trend may provide some insight into the recent increase in whale activity. For instance, during a previous price drop about a week ago, whales carried out a significant number of transfers. Following this surge in activity, the asset hit a local low before rising sharply, indicating that these transactions were likely made to accumulate Bitcoin at low prices.
However, in the current situation, the asset’s value has declined since the spike in whale transactions, with Bitcoin’s price dropping below the $25,000 level. This suggests that a considerable portion of these recent transactions may have been made for selling purposes. Hence, a further uptick in whale activity may halt the potential crypto bull run.
Will Bitcoin (BTC) Price Hit $30K by March End? Here’s What Traders Can Expect
Bitcoin has reached a new yearly high of $26,000, with investors experiencing incredible FOMO and wanting a piece of the action.
However, market uncertainty continues to prevail, as the Federal Reserve’s upcoming policy update looms, and the Consumer Price Index (CPI) numbers have been released. Michael van de Poppe, a renowned cryptocurrency trader, and analyst offers insights on Bitcoin’s trading opportunities amidst this apprehension and uncertainty.
A Remarkable Rally
Bitcoin has seen a significant reversal after a mild correction, with a 30% increase over the past three days. Investors are anticipating a big bull run, with targets set between $50,000 and $70,000. However, Powell’s upcoming Federal Reserve policy update raises questions about the continuation of hikes or a cut in his entire policy.
Uncertainty and Instability
The CPI numbers are also a matter of concern, with the core CPI stabilizing at 4.5% and then dropping substantially to 6%. In contrast, inflation has risen to 8% in the Netherlands, leading to stagnation in the European markets.
The apprehension in the markets is due to the fact that no one knows whether we’re heading into a period of high inflation similar to the 1970s or 1980s. Powell’s dilemma is that he might have to push to see that inflation goes down, or if he hikes interest rates again with 25 bibs, more banks might fall apart, leading to the collapse of the entire system.
The uncertainty in the market has brought about a positive outcome for the crypto market, with the US seeing crypto as a threat and possibly banning stablecoins. This has attracted more people to investigate what crypto means, and it’s a positive outcome for the market as a whole.
Trading Opportunities for Bitcoin
Van de Poppe suggests being cautious with Bitcoin’s trading opportunities, as the market can reverse quite fast. He suggests several scenarios for traders, such as continuing the rally towards $28,000, taking long positions around $23.3 if there’s a correction, or making a bounce play around $24.8, followed by short positions around $22.5 to $21.
With the market being on the edge, investors need to be cautious. Van de Poppe’s insights offer a helpful perspective on Bitcoin’s trading opportunities amidst market uncertainty. It remains to be seen what the Federal Reserve policy update will bring and how it will affect the crypto market. At press time, BTC is worth $24,982.
Attention Traders- ‘Dead Cat Bounce’ is Approaching- Will Bitcoin (BTC) Plunge to its Initial Levels?
The crypto markets have thrived in the past few days, with multiple events fueling the upswing. The global market cap increased by more than 10%, reaching levels above $1.1 trillion from lows of around $930 billion. Bitcoin’s price has surged heavily since the past weekend and has increased by more than 30% to mark the yearly high of $26,200.
However, the bulls appear to have vested to some extent as the prices have been consolidating very hard and also flashing the possibility of a minor pullback in the coming days. In such a case, the possibility of a dead cat bounce could be high, where-in the price may witness a steep drop, slashing the crucial support.
The BTC price has skyrocketed several times in recent times, making investors more optimistic. High volume columns are seen around the $20K area, and a similar column was witnessed around $24,000 also. Hence, it is flashing the signals of a correction after a very hot rally.
According to the technicals, the strength index is weakening on the hourly chart. Therefore, before a strong increase, one can witness a prior reflection of the strength index next to the price barrier support line.
Besides the 4hr timeframe, the strength index soared high to reach the peak and displayed a bearish divergence. Therefore, raising the possibility of a ‘dead cat bounce’ that may drag the price lower to $22,000 after it faced a steep rejection from the current level.
Bitcoin Prediction Today
$4.14M Profit In 48 Hours: On-Chain Data Unveils Shiba Inu (SHIB) Trader’s Lucrative Moves!
USDC, the fifth most popular cryptocurrency coin, and trusted stablecoin, lost its peg to the US dollar on Saturday, March 11, 2023. The coin’s value decreased from $1 to a low of $0.887. The majority of cryptocurrency investors are shocked by this because it hasn’t happened since the first introduction of USDC in 2018. After a 15% loss, the token’s market capitalization fell below $40 billion.
The crypto whales have reported significant losses as a result of these incidents and seem to have started a series of capital flights to safeguard assets. It is reported that the losses amounted to over a billion dollars in stock and deposits.
However, it seems like not everyone took a loss and some have actually profited from it. Here’s how.
Lookonchain Reveals a Smart Address That Made $4.14M Amid USDC Depeg
Lookonchain, an on-chain analyzer, in a recent series of tweets has revealed the specifics of a smart address that profited $4.14 million by trading Ethereum during the USDC de-pegging.
Lookonchain highlighted how smart the user is by pointing out how they sold their ETH before LUNA crashed and how they bought Shiba Inu early and sold it at its peak in May and October 2021. Also, it was noted by the on-chain researchers that the address currently has over $71.72 million.
Lookonchain determined that the 15 addresses that purchased 47,670 ETH for 67.58 million USDC at $1,418 on March 10 were likely owned by the same person. This is due to on-chain data showing that on April 21, 2021, a sizable sum of SHIB was sent to these addresses from the same address. Later, the user sold 47,688 ETH for $1,505 for a total of 71.72 million USD. At a 6% ROI, the user made $4.14 million in just two days.
Some clever SHIB trades were also mentioned. On-chain data indicates that the user was an early Shiba Inu investor and purchased 5.5 trillion at 180 ETH ($400k) before its price increase in May 2021. As the price of SHIB reached its all-time high in May and October 2021, the smart address sold all of the SHIB for 35k ETH.
Prior to the demise of LUNA, the user exchanged ETH for USDC. At the time of publication, the majority of the user’s funds were split among 15 addresses and were in USDT. The price of USDC has increased by 3.47% during the past 24 hours to $0.9892.
At times of uncertainty and upheaval, the user appears to have made some incredibly smart decisions. Profits would result from being able to capitalize on unpredictable moments like these.
Crypto Market’s Outlook for Next Week: Is a Severe Crash Waiting for Traders?
The crypto market has witnessed a severe plunge this week, and traders are now wondering if the market has reached its bottom or if another crash is on the horizon. As several macro events continue to shake the industry, the next week is crucial as several game-changing events will take place, determining the crypto market’s movement in the upcoming week.
Volatile Sessions Will Rule The Market
Today, the crypto market witnessed a massive selloff as investors identified risks after the collapse of the crypto-friendly bank Silvergate. Moreover, President Joe Biden’s proposed budget aims to “reduce mining activity” and could potentially subject crypto miners in the United States to a 30% tax on their electricity costs, resulting in a negative impact on the crypto space’s future.
The U.S. jobs data is under close scrutiny by traders, who are looking for signs of strong growth like in January with a low unemployment rate. Recently, the Labor Department released data showing that the U.S. economy added 311,000 jobs in February, with the unemployment rate increasing to 3.6 percent. The gain in jobs exceeded economists’ expectations, potentially increasing pressure on the Federal Reserve to accelerate rate hikes.
This could result in an extension of rate hikes and a 50-bps rate hike announcement this month. However, doubts over the Fed’s monetary policy in the upcoming months will be clarified after the release of U.S. CPI inflation data on March 14.
Hence, a rate hike after 14 March will eventually bring more volatility for crypto assets and lower the demand from investors willing to invest in the sector.
Bitcoin To Determine Next Week’s Trend
If the Fed comes up with strict monetary policies and rate hikes to combat the high inflation rise, it may significantly affect Bitcoin’s price and plunge the asset with another crash to the $15K level.
As of writing, Bitcoin price trades at $20K, with a decline of over 7% in the last 24 hours. The sharp decline in the BTC price chart has forced other assets to witness a similar meltdown. Over the past day, Dogecoin, Shiba Inu, Solana, and XRP have all experienced losses of approximately 10%, 9.20%, 9.50%, and 8%, respectively. The global crypto market also saw a downturn, falling by almost 8% and dropping below the $1 trillion mark for the first time since mid-January to reach $918 billion.
If the crypto market comes across another bad news next week, it may plunge Bitcoin’s price to December levels near $16K, marking another crash for the industry.
Crypto Traders Will Face Tough Times in 2023 – Predicts Top Crypto Analyst
Bitcoin analyst Benjamin Cowen has updated his 2023 Bitcoin price forecast and warns that both bulls and bears are expected to suffer losses this year. At a recent strategy session, Cowen said that similar to 2015 and 2019, Bitcoin’s price will fluctuate for the remainder of the year following the bearish market of 2022.
Cowen believes that both bulls and bears in the market will be doomed this year. He noted that in 2015 and 2019, the years that followed these down markets were relatively turbulent, causing both sides to suffer significant losses. He added that some people want the market to be more complicated than that, but he does not see this year being any different.
Cowen predicts that the market will be quite choppy and that it will destroy both the bulls and the bears. However, he highlighted that the bears have already suffered significant losses at the beginning of the year, and he expects the same to continue throughout the rest of the year. In the short run, Cowen will be looking to see if Bitcoin can maintain its price above $22,200.
If Bitcoin’s daily closing falls below $22,200, the market may appear weaker in the near term. However, Cowen believes there is still some potential upside, even if it does not reach a new high. Bitcoin could start to rise from the bottom of this channel and test some prior levels around $25,000 that it did not spend much time at before. He concluded by stating that he will be closely monitoring Bitcoin’s performance in the coming weeks.
Will XRP Bulls Initiate a Smooth Rally Above $0.4? These are the Levels Traders Need to Watch Closely
Over the past few weeks, the price of XRP, the native token of Ripple, has remained stable due to the impending summary judgment in the XRP lawsuit. The outcome of the judgment, whether in favor of Ripple or the US SEC, is anticipated to have a significant impact on the XRP price, potentially sparking a surge or dumping it. However, XRP bulls remain positive on the upcoming price trend as Ripple is confident in the lawsuit and focused on bringing new developments.
Ripple Shows No Sign Of Slowing Down In Developments
XRP has become a favorite asset for whale investors as the community has witnessed a spike in interest in accumulation over the past few days. According to the data, Ripple has released 1 billion XRP tokens in several transactions, valued at around $378 million. This means that approximately 51 billion XRP tokens are now in circulation, representing 51% of the total supply. Hence, it created fresh excitement among investors and the XRP community ahead of the final judgment.
Moreover, Ripple has taken a bold move as the payment giant is now dealing with 20+ banks to develop a CBDC. While major countries such as China and the United States have concentrated on creating a central bank digital currency (CBDC) through the public sector, smaller nations with limited resources are choosing to engage companies like Ripple to create a CBDC that meets their specific requirements. As Ripple is moving toward real-use cases of blockchain technology, the firm is gradually adding value to its native token XRP to make it a dominant asset in the crypto market.
XRP Price Is Preparing For An Upswing
XRP has demonstrated remarkable resilience and attracted investors by bouncing back from previous lows despite the uncertain market conditions. Moreover, its impressive ability to maintain crucial support levels has boosted investor confidence.
However, the XRP token has again faced rejection at $0.385 near the crossover of EMA lines on the daily price chart. It seems that the token is now preparing for a heavy pump after a minor setback in the next few days.
As of writing, XRP price trades at $0.376, with a decline of 1.4% in the last 24 hours. A prominent crypto analyst, CryptoCheck, predicts that XRP may soon skyrocket above the resistance of $0.4 following some important factors. A surge above the 23.6% Fib level will send the token to $0.45, from which the token can experience an extended upward rally to $0.65.
Crypto Market Liquidity Dwindling, Sparks Concern Among Traders
The Bitcoin (BTC) and Ethereum (ETH) industries have a combined crypto market dominance of approximately 61 percent. Most of the altcoin and the stablecoins industries significantly depend on the success of the top two digital assets. As such, market analysts closely monitor the liquidity of the top two digital assets to understand how well the industry is performing.
A significant drop in Bitcoin and Ethereum’s liquidity means crypto whales are bound to struggle to trade large volumes. On the other hand, deep liquidity means cryptocurrency traders can exchange their coins without underlying prices fluctuating significantly.
The fall of Alameda Research, a sister crypto firm to the FTX exchange, significantly contributed to the crypto liquidity crunch that most traders face.
Notably, the commonly used metric for assessing crypto liquidity conditions is 2 percent of market depth – a collection of buy and sell offers within 2 percent of the mid-price or the average of the bid and the ask/offer prices.
Analysts Warn Thin Liquidity in Bitcoin and Ether
According to aggregate data from Paris-based crypto firm Kaik, Bitcoin’s 2 percent market depth for Tether USDT pairs aggregated from 15 centralized exchanges has slipped to 6,800 BTC, the lowest since May 2022, surpassing the post-FTX low.
“Thin liquidity means more drastic moves, particularly in alternative cryptocurrencies,” Matthew Dibb, chief investment officer at Astronaut Capital, said.
Dibb added that fund managers are forced to wait more extended periods, days or weeks, for large trades to be executed.
“Realistically though, dwindling market depth has also meant that most large funds have not been participating at the same level as previous due to the amount of slippage associated,” Dibb noted
As a result, the analyst expects more volatility ahead, particularly in the altcoin market, which has lower liquidity.
XRP Price Shows Weakness! Here’s What Traders Can Expect
As Ripple Labs is not slowing down in bringing new announcements to the network, including XRP Ledger and confidence of a victory against the SEC in the final judgment, it creates hope of a new era for the XRP token ahead. However, the XRP price is not giving any results as it focuses on extending its bearish rally for another couple of days.
XRP Reflects Strong Community Support
The debate over whether XRP is security has come a long way, and now it is heading toward its finishing line. John E. Deaton, the founder of CryptoLaw, is presenting a more compelling argument for why crypto tokens should not be classified as securities.
In response to a Twitter user’s assertion that nearly all coins or tokens are securities, the lawyer representing XRP holders rebutted by stating that this claim is false. Deaton argued that the SEC’s viewpoint, which regards the token as a security, should not persist in the cryptocurrency sector.
Deaton clarifies that the fact that a token can be presented, promoted, and traded as a security does not automatically mean that the underlying token or asset is a security. Instead, he asserts that the token is merely a software code at its core.
Furthermore, Deaton argued that the term “security” or “investment contract” was never intended to describe the underlying asset itself but rather the specific circumstances surrounding its sale and offers.
These statements from Deaton are strengthening the XRP community and filling them with the confidence of a one-sided win against the US regulator.
XRP Price May Witness A Steep Fall Below This Level
The release of Personal Consumption Expenditures (PCE) data on Friday made a bearish impact on the crypto market, plunging several altcoins to their weekly bottom levels, and XRP is no exception.
For the past few days, the XRP price has been hovering close to the support line of the descending channel pattern. However, despite the bulls’ efforts, XRP made a downward breakout and is continuing to drop further.
As of writing, XRP price trades at $0.378 with a decline of 2%. Analyzing the daily price chart, the XRP token is preparing for a breakout below its 23.6% Fib level at $0.365. If XRP trades below $0.36, it may head toward a support region of $0.31 before validating any further movement. Moreover, the RSI-14 trend line hovers near the boundary of a selling region at 44, and a drop to 35 will trigger a more bearish bloodbath ahead.
These Altcoins Can Breakout In Coming Week! Here Are The Levels Traders Should Watch Out
In recent times, there has been a noticeable shift in sentiment among crypto investors towards altcoins, as opposed to Bitcoin. This shift is partly attributed to the growing understanding of altcoin’s diversity and future potential beyond Bitcoin’s dominance. Altcoins, such as Tezos, SingularityNET, and LUNC, has garnered significant attention this week, which may send them to new highs soon.
Altcoin Traders Are Closely Watching These Assets!
The cryptocurrency industry has experienced a remarkably positive first quarter of 2023. The industry has exceeded expectations despite earlier projections from investors predicting a short-lived bull run at the beginning of the year. In addition, several altcoins have emerged with a transparent roadmap, surpassing Bitcoin’s dominance in the market.
Tezos (XTZ) Price Analysis
Despite the ongoing market downturn affecting most cryptocurrency prices, Tezos’ (XTZ) value has gained significant attention due to Google Cloud’s partnership. Tezos may make a bullish reversal in the coming week with a target of $1.75.
As of writing, the XTZ token trades at $1.25 with a decline of 8%. Looking at the daily price chart, the Tezos token is currently on a downward trajectory and is aiming to test its support near EMA-100 at $1.1. However, as the RSI is still in a bullish region with a spike in buying pressure, the XTZ token may rebound next week and head toward the resistance of $1.75.
SingularityNET (AGIX) Price Analysis
As AI platform ChatGPT’s popularity is constantly rising, AI altcoins like AGIX have gained enough attention to break their upcoming resistance levels in the next week. AGIX is currently trading at $0.42, with a gain of 6.5% in the last 24 hours.
On the 4-hour price chart, the AGIX token has formed a triangle pattern with the potential of breaking its 31.8% Fib level. If AGIX breaks above $0.45, it may witness an exponential surge to its Bollinger band’s upper limit of $0.66.
Terra Luna Classic (LUNC) Price Analysis
The price movement of Luna Classic is currently in an intriguing position that indicates the potential for an upward trend in the near future. However, this projection is not as simple as it appears. To initiate this bullish surge, LUNC must first overcome a resistance confluence.
LUNC price is currently trading at $0.00016 with a minor downward retracement. In late November 2022, Luna Classic’s price formed a consolidation of 31% between $0.000145 and $0.000194. As of now, the altcoin is still trading within this range without any significant movement. A breakout above the EMA-100 and $0.0002 will push the LUNC token beyond $0.00027 by next week.
The impact of Bard, ChatGPT on Fetch.ai, Bullish signals of Ocean Protocol are not being noticed, Traders have hope for TMS Network
Fetch.ai (FET) was founded by Thomas Hain, Humayun Sheikh, and Toby Simpson. Fetch.ai (FET) was designed to train digital twins, and forms a crucial part of smart oracles and contracts on the platform. Through Fetch.ai (FET), users can deploy their set of digital twins on the network. Staking of Fetch.ai (FET) tokens also enables validation nodes.
Ocean Protocol (OCEAN) helps unlock data that is challenging to access. Ocean Protocol (OCEAN) does so by allowing users to tokenize their database and release it on the Ocean market. This method by Ocean Protocol (OCEAN) allows data publishers to earn additional income, and supports researchers and scientists in accessing data for analysis.
TMS Network (TMSN) has taken the trading world by storm by launching a decentralized trading platform. The new platform by TMS Network (TMSN) has revolutionized the way traders transact. TMS Network (TMSN) platform allows traders to deposit and withdraw funds via crypto instantly.
Has Google Bard killed the AI hype and caused Fetch.ai (FET) to fall?
ChatGPT and other AI narratives have proved beneficial for AI-tokens like Fetch.ai (FET). After the emergence of ChatGPT, Fetch.ai (FET) has rallied almost 1000%. This also prompted Google to launch Bard, ChatGPT’s AI competitor.
After rallying for several months, Fetch.ai (FET) has dropped nearly 17%. This is mostly owing to negative news surrounding AI and Bard. Fetch.ai (FET) has outperformed the market for a long time and experts claim that a new bull market could be beginning. Although Fetch.ai (FET) suffered two drawdowns during the previous bull market, experts believe that it could rise again and this presents a good buying opportunity. Fetch.ai (FET) is priced at $0.3867.Ocean Protocol (OCEAN) shows no signs of slowing. Can it continue this way?
Ocean Protocol (OCEAN) has shown tremendous growth and outperformed almost all cryptos. Ocean Protocol (OCEAN) shows no signs of slowing down and market conditions are staying in its favor. The current Ocean Protocol (OCEAN) price is $0.4253, and the RSI level is around 80.
Experts, however, say traders should exercise caution when investing in Ocean Protocol (OCEAN). This is because the uptrend of Ocean Protocol (OCEAN) depends on the 21-day moving average. If the barrier breaches, there is a potential of market decline in Ocean Protocol’s (OCEAN) value by as much as 50%.
TMS Network (TMSN) is committed to improving transparency and reducing trading fees
The new TMS Network (TMSN) decentralized trading platform allows for a secure trading environment. TMS Network (TMSN) has eliminated the need for intermediaries and traders can trade any of their assets on the platform.
TMS Network (TMSN) new platform has a friendly interface that makes it easy for beginners to access and use it. Another initiative by TMS Network (TMSN) is utilizing trading fees for the development of the platform, and rewarding token holders. All TMS Network (TMSN) token holders will benefit from the commission revenue model as the platform scales. TMS Network (TMSN) token is available at $0.0047.
You can find out more about TMS below:
Whitepaper | Presale | Telegram | Twitter
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MATIC Price Shows Strong Signs Of Dropping Heavily! These Are The Levels Traders Need To Watch Out
Though the Polygon network is not stopping bringing revolutionary developments to the platform, MATIC’s price is losing bulls confidence in maintaining its uptrend.
However, recently, the developing team has sparked bullish expectations among MATIC traders as Polygon is set to launch its zero-knowledge Ethereum Virtual Machine (zkEVM), which is an Ethereum-compatible smart contract to run on Polygon with improved speed and efficiency.
This is a significant breakthrough for Polygon, as it can potentially make the platform one of the market’s most competitive Ethereum Layer 2 solutions.
MATIC Price Shows Unstable Momentum Ahead Of zkEVM Launch
The upcoming launch of the zkEVM has been touted as a game-changer for Polygon, and many investors and analysts have high hopes for the native token MATIC’s future price potential. The zkEVM aims to address the scalability and cost issues that have plagued the Ethereum network for years, allowing Ethereum-compatible smart contracts to run on Polygon with improved speed and efficiency. This could lead to a surge in adoption and value for the platform.
Moreover, MATIC price has surged over 60% in the last month, developing a buying opportunity for Polygon’s investors. The huge developments in the Polygon network have pushed the token, creating a challenging situation for Cardano as there is a strong battle in market capitalization.
Whale investors have increased their accumulation rate as on-chain data identifies huge transactions. According to WhaleStat, MATIC whales moved over 20 million MATIC tokens in the last two days, signifying their interest ahead of the zkEVM launch.
However, despite the potential benefits of the zkEVM, the price of MATIC has yet to show a clear bullish or bearish trend leading up to the launch. This could be due to a variety of factors, including overall market volatility, investor sentiment, regulatory scrutiny, and uncertainty surrounding the actual impact of the zkEVM launch.
MATIC Price To Plunge Hard To These Levels
The price of MATIC appears to have its sights set on reaching $1.5, but recent market trends have reminded investors that this may not happen anytime soon. The latest rejection has caused the formation of a descending pattern, and the price is currently heading toward a critical support level.
As of writing, the MATIC token trades at $1.4, with a drop of 5.4% in the last 24 hours. Looking at the daily price chart, MATIC price is preparing for a minor downward retracement. If MATIC witnesses bear domination near the immediate support of $1.37, it may extend its bearish rally below the 31.8% Fib level. A drop below the EMA-20 trend line may strengthen bearish analysis, and MATIC may trade near the Bollinger band’s lower limit of $1.14.
However, the MATIC token is not far behind breaking the crucial resistance of $1.5. A weekly candle above $1.56 may send the token to its next resistance of $1.75 ahead of the zkEVM launch.
Is Bitcoin Price Preparing For A Plunge To $20K Or A Bullish Trend Continuation? Here’s What BTC Traders Can Expect
As the crypto market entered the second month of 2023, investors witnessed noticeable volatility in the Bitcoin price chart. After an enjoyable bullish session in January, BTC price is now recording multiple higher highs and lows, creating turmoil among traders.
However, the critical factors affecting Bitcoin’s price are the regulatory steps and legal actions taken by the SEC and the worldwide decline in crypto adoption. However, Bitcoin seems to have ended its downtrend, as it has been hovering in bullish territory for the last few days.
Investors Bet Long On Bitcoin’s Volatility
Bitcoin’s market capitalization has surpassed that of payment processing giant Visa once again, as its price witnessed a 48% surge since January. Moreover, the strong battle between Visa and Bitcoin has surprised investors with its future potential to give tough competition to the traditional financial market.
According to on-chain analytic firm CryptoQuant, the 7-day MA of Bitcoin Puell Multiple has touched a 14-month high. In addition, the firm highlighted that the BTC price was trading approximately at $48,000 the last time Puell Multiple was at the current level. This metric calculates the ratio between the daily earnings made by Bitcoin miners and the 365-day moving average of their earnings.
When the value of the Puell Multiple trades is above 1, it indicates that miners are currently in profit and earning more than the yearly average. Conversely, if this metric reaches extremely high levels above the one mark, it is more likely for miners to sell as they tend toward booking profits.
Moreover, the firm clarified that when the indicator forms an ascending pattern above 1, it hints that miners are more comfortable with the current BTC price trend, and the probability of selling assets gradually decreases. Hence, it makes the Bitcoin price more stable with less volatility, developing a bullish scenario for investors.
Will Bitcoin Soon Break The $25K Level?
BTC’s price has sparked a glimmer of hope as it gained its momentum back and is heading toward the crucial resistance level of $25K. However, investors are worried whether Bitcoin will be able to successfully hold its trend above $25K or drop heavily.
As of writing, Bitcoin trades at $24,879, with a gain of nearly 1% in the last 24 hours. BTC recently made another effort to surpass the $25,000 resistance zone and gain momentum. Unfortunately, the attempt was unsuccessful as the digital asset was unable to hold above the $25,200 level and subsequently experienced a fresh decline.
Looking at the daily price chart, Bitcoin may initiate a downtrend soon after breaking the support at the $24K level. It is predicted that Bitcoin price may reach the buyer zone of $23.3K-$23.8K to spark a fresh increase to $25K. Moreover, the RSI-14 is trading on the boundary of an overbought region, weakening the bullish momentum of a trend continuation above $25K.
California Tests Recording Vehicle Details on Tezos; Polkadot Tops In Developmental Activity; While Traders brace to earn more with TMS Network’s (TMSN) Uniqueness
TMS Network (TMSN) is ready to enter the crypto market with a massive value proposition and market viability. The presale demand for TMS Network (TMSN) has been quite convincing. Meanwhile, Tezos (XTZ) and Polkadot (DOT) have also been on a positive track due to new developments on their networks.
Tezos (XTZ) Collabs With US State
Tezos (XTZ) has secured significant government recognition in the United States. The US state of California has partnered with Tezos (XTZ) and Oxhead Alpha, a crypto software provider, to explore crypto adoption in the Department of Motor Vehicles (DMV). With its partnership with Tezos (XTZ), DMV aims to create blockchain-powered digital wallets and car title NFTs. Once completed, it will be a blockchain-based repository of DMV’s records. Such global recognition has pushed Tezos (XTZ) upward on the growth chart. The price of Tezos (XTZ) has soared by 61% in the last month. On the weekly chart, the price of Tezos (XTZ) has increased by 4.16%. Currently, the trading price of Tezos (XTZ) is $1.15, which is 90.55% below its all-time high of $12.19.
Number of Users and Developers Increases on Polkadot (DOT)
Polkadot (DOT) has emerged as one of the most attractive platforms among developers. This can be understood by the fact that Polkadot (DOT) has topped the chart of development activity on the network, leaving Kusuma (KSM) and Cardano (ADA) behind. Besides, as per the data shared by CryptoGlobe, the number of users on the Polkadot (DOT) network has surged by 300% in the last year. The increased number of users and development activities on the network has pushed the price of Polkadot (DOT) up. The price of Polkadot (DOT) has risen by 56% in the past 30 days. Besides, Polkadot (DOT) has risen by 1.33% on the daily price chart. As a result, the current trading price of Polkadot (DOT) is $6.58, which is 88.04% below its all-time high of $55.00.
TMS Network (TMSN) Set To Become A Huge Hit In 2023
TMS Network (TMSN) is a first-of-its-kind decentralized trading platform that aims to disrupt traditional trading models. TMS Network (TMSN) has garnered much fanfare due to its unique business roadmap that paves an efficient way for traders to trade in several digital assets, including cryptocurrencies, CFDs, stocks, and Forex, using crypto as payment.
TMS Network (TMSN) is a blockchain-based platform that ensures transparency and security in activities related to the trading of digital assets. TMS Network (TMSN) utilizes smart contracts to manage all transactions on the platform. One of the most important features of TMS Network (TMSN) is its scalability. The platform can easily drive an increasing number of transactions without jeopardizing its speed.
TMS Network (TMSN) also helps users conduct market research with its educational resources, such as market analysis and trading signals. Since TMS Network (TMSN) is not limited to cryptocurrencies, and also allows the trading of stocks, CFDs, cryptocurrency, and Forex, it can successfully maintain enough liquidity. Sufficient liquidity on any platform allows traders to execute their trades more quickly.
It is predicted that TMS Network (TMSN) will become the market leader in the trading industry. Since TMS Network (TMSN) has a one-of-a-kind business roadmap, investors are optimistic about its rapid growth. The presale of TMS Network (TMSN) is set to begin soon.
1000x ICO Opportunity Awaits You! The current price of TMS Network (TMSN) is $0.0047 in presale stage 1 and analysts predict it to be the next 100x token in early 2023.
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Why Did the Bitcoin Price Rise Today? Did the Traders Swap their Alts for BTC?
The value of Bitcoin is increasing! And now is the time to shell the bears, as the largest bear trap in history has recently been completed. The price of Ethereum (ETH) is approaching $1700, the prices of Cardano (ADA) and Ripple (XRP) have risen above $0.4, and the price of Litecoin (LTC) has risen above $100. It appears that the bulls have completely taken over the rally at the moment. It also indicates that the traders have swapped all their altcoins back to BTC to pump the prices harder.
The above chart validates the claim, as the alt/BTC pairs are bleeding heavily. It indicates that most of them were swapped for Bitcoin. As a result, there is a chance that they will take their profits and return to Alt/BTC pairs that are nearing their interim bottoms. Therefore, a close watch on the volume needs to be maintained as the trend is believed to flip at any moment.
Moreover, whales have been accumulating BTC ever since the bear market was confirmed in 2022. After halting the accumulation of BTC during Q4 2022, the whales appear to have again started to do so. Therefore, it is important to follow the whale movements, including the trading volume.
The altcoin dominance, which had been rising significantly in January, experienced multiple hurdles in February, fluttering between pre-determined resistance and support levels. While the market dominance of Bitcoin is rising, the altcoins’ dominance began to shrink. The levels have surged beyond 44.8% while the altcoin dominance is 11.49% at the press time. The recent flip in their respective trends points to the possibility of a continued BTC price rally in the coming days.
Bitcoin Traders Could Be Forced to Liquidate Positions, Warns Peter Brandt
The Bitcoin market continues to give neutral signals despite the weekly death cross that occurred during the weekend. Up approximately 2 percent in the past 24 hours, the top digital asset is exchanging around $22,127 on Wednesday. With over $81 million liquidated in the crypto market, about $23 million involved Bitcoin pairs. The spike on Tuesday is largely attributed to the CPI data that came in hotter than forecasts.
As the Fed continues to tighten monetary policies to curb the high inflation, crypto traders anticipate more choppy markets ahead. Moreover, the increased fear due to regulatory crackdowns in the United States could further exacerbate the selling pressure.
Notably, the SEC has argued that crypto staking and stablecoins programs should be registered as securities. As such, crypto liquidity is expected to crunch down in the coming quarters.
“Cryptos are weakening as every trader worries about how crippling this SEC wave will be with the cracking down on staking products and stablecoins,” said Edward Moya, an analyst at broker Oanda. “The news flow has been rather bearish for crypto.”
Closer Look at Bitcoin Analysis
The Bitcoin price action is heavily monitored due to its effect on the altcoin market and the general crypto trend. While the short-term price action remains undecided, most analysts are bullish on Bitcoin’s long-term success.
For instance, Ark Invest’s Cathy Woods has reiterated severally that Bitcoin is bound to hit $1 million in the next decade. Robert Kiyosaki, the author of Rich Dad Poor Dad, has indicated that Bitcoin will trade at $500k by 2025.
On a short-term basis, Veteran Trader Peter Brandt has asserted that Bitcoin could be forming a 3-day trailing stop rule signal. Notably, the trailing stop rule is a risk management strategy formed when a daily candle closes higher than the high of the candle that created the present low (the set-up day) and is validated when the next daily candle breaks the set-up day high (the trigger day).
CPI Data Is Here Again! Crypto Traders Buckle Up for More Volatility
Global crypto traders cannot afford to close their eyes on this year’s Valentine’s Day as the United States Bureau of Labor Statistics prepares to release the Consumer Price Index (CPI). Notably, the CPI data has been found to have a huge impact on crypto prices than any other macroeconomic data. Moreover, consumer prices account for a majority of overall inflation, which most crypto assets are fighting to bear in the long term.
For instance, in the last two CPI data on December 13 and January 12, Bitcoin price bumped by a factor of more than 10 percent. A rise in Bitcoin is historically correlated with an uptick in the altcoin market. As such, crypto investors are waiting for today’s CPI data to see if Bitcoin price will invalidate a bearish sentiment.
“….The main result is that Bitcoin is orthogonal to all macro news that we consider except CPI. This is in stark contrast with the other assets that we use for comparison (gold, silver, S&P 500, and various bilateral exchange rates). All other traditional assets respond to macroeconomic news with an economically large and significant coefficient,” the Fed recently noted in a research report.
Closer Look at Today’s CPI Data and Crypto Volatility
Putting all other macro aspects aside, including heightened regulatory scrutiny from the United States and recession fears, today’s CPI data will significantly determine if Bitcoin price will rebound to $24k or continue declining toward $20k. As the Fed continues to tighten its monetary policies to combat high inflation, analysts’ expectations are for 0.5 percent (MoM) and 6.2 percent (annual), and about 0.4 and 5.4 percent for core CPI.
A deviation to the lower end is expected to weaken the dollar further, which crypto investors interpreted as a bullish thesis.
Why Crypto Market is Plunging- Here’s What the Traders Need to do!
Bitcoin price is falling now, as the market has begun to pull a significant leg down that could break through the critical support level of $21,500 at any time. The major altcoins also display the possibility of drop close to their respective support levels which may create a ‘death valley’ within the crypto space.
The fresh weekly trade began with a significant price squeeze as the majority of the cryptos were hovering within a narrow region. It was believed that the upcoming CPI rates have begun their impact on the market. However, recent events like Paxos being sued by the SEC have fueled the rally toward the lower targets.
Will the crypto markets rebound and rise high or did the space just triggered the revival of the bearish trend?
Bitcoin price is holding the lower support from the past few days, rebounding on every contact. However, the selling pressure has been squashing the past gains of the past few days which remains the major concern. Therefore, the traders are expected to consider the impending volatility before getting in and placing risk accordingly.
Although the BTC price is hovering very close to the lower support, the token continues to flash minor bullish signals. The price is trying very hard to bounce from the lower support at $21,500 and secure levels beyond $22,400. Despite the selling pressure mounting over the token, the Fear and Greed Index is neutral, indicating that traders expecting a rebound soon.
Top Reasons Why Bitcoin Traders Continue to be in Profit Amid the Prevailing Bearish Trend!
Bitcoin rose nearly 40% in the first few weeks of 2023 before plunging into a bearish well. With this, the global market capitalization also dropped finely and may hit the threshold of $1 trillion in the days to come.
Meanwhile, bitcoin dominance surges with a jump of 0.11% in the past 24 hours, reaching 41.24%. The growing dominance reflects the market following the trend triggered by star crypto that appears to flip the bearish trend any moment from now.
Moreover, amid the rise of AI-based tokens like SingularityNET, Fetch.ai, The Graph token, etc, Bitcoin holders continue to remain under huge profits. Below mentions are the catalysts that point out a notable BTC price rally which is fast approaching.
- SOPR or the Spent Output Profit Ratio holds above 1.0 for the first time since April 2022 indicating that the market has realized profits
- The realized Profit/Loss ratio is in the profit which means the market realizes a greater proportion of USD-denominated profits than losses. The sellers have been exhausted with unrealized losses
- The 30-SMA has moved above 365 DMA which indicates the expansion of the network which is at its highest level since 2021. This is also an indication of an early bull market as an uptick in the daily users is recorded along with more transaction throughput.
- The Bitcoin price is above the 200-day SMA and the realized price which previously appeared in December 2021. When these levels are broken it indicates the start of a bull run
Collectively, the bear market is getting closer as the bulls exhaust the bears’ strength with frequent minor spikes. Once they are completely depleted, a significant upswing may be triggered to reach the targets beyond $50,000 at first.
Will Bitcoin (BTC) Price Hit $25K By End Of Feb? Here’s What Traders Can Expect
Bitcoin’s price has again created an exciting trading session by surging with a minor upward retracement. BTC price witnessed a 2% gain after the market got influenced by Federal Reserve Chair Jerome Powell’s speech that sent ripples through the cryptocurrency world.
However, the market focused only on one sentence: Declaring 2023 to be a year of disinflation, which first sparked bullish hopes among crypto investors but later came to a realization that Fed intended to increase interest rates throughout the year, resulting in a panic situation in the crypto space.
As BTC price witnesses massive whale movements ahead of the golden cross, traders are preparing for an upcoming wild ride.
Golden Cross Ignites Bitcoin Whales To Make Massive Moves!
As Bitcoin price is approaching the final hour of its much anticipated technical event called “Golden cross,” it awakens the whales of the BTC market to accumulate a massive amount of coins. BTC’s 50-day EMA is about to cross above its 200-day EMA, which may put a nail in the coffin of short-sellers this week. On-chain analytics firm, CryptoQuant, predicts this golden cross will lead Bitcoin to make a new yearly high with a support level of $25K.
As the market prepares for this technical event, Bitcoin whales, or large investors holding significant funds, have been making massive moves that are creating a buzz in the community. In just the last 24 hours, multiple large transactions were recorded, totaling hundreds of millions of dollars in Bitcoin being moved from one wallet to another. In addition, on-chain tracker PeckShield Alert recently recorded a transaction of 412 BTC from an ancient wallet that was inactive for 11 years, hinting at a big price action ahead.
Is BTC Price Heading For $25K?
The last 24 hours brought a rollercoaster of emotions to Bitcoin investors due to the speech of Federal Reserve Chairman Jerome Powell. The BTC market shifted with every word he spoke, causing a tumultuous 24 hours for those invested in the crypto space.
As of writing, Bitcoin price hovers near $23.1K with a gain of 0.5%. A prominent crypto trader, MonoCoinSignal, predicts that BTC is set to flash an uptrend above its 38.2% Fib retracement. The analyst predicts that the BTC price may form a resistance near the 0.61 Fib level at $23.6K. On the other hand, a breakout below the EMA-20 level at $22.6K may plunge the asset to the bottom level of $21.2K.
It is to be noted that BTC whales may be positioning themselves for the golden cross with the expected price increases that will come up. But conversely, a freefall is expected if whales sell their assets after the event to avoid being caught in a downward trend.
Bitcoin Prices Tanking Down-Did Traders Miss Powell’s Comprehensive Speech?
Bitcoin price somehow managed to rise slightly above $23,000 with minor gains of 2% to 3% soon after Fed Chair Jerome Powell addresses the post-meeting press conference. As usual, the BTC price rose quickly as fresh interest rates were introduced and plunged in no time after the following speech by the chairman.
Therefore, it appears that traders only considered a small sentence of his speech where he says, “the disinflationary process has started,” and became bullish on Bitcoin. He never said that inflation would get to 2%; rather, he said it would take more hikes and longer to lower the inflation rates. More hikes mean more strength for the USD, flashing bearish signals for the crypto space.
Presently, the BTC price action displays no specific price action as the bulls are unable to hold the price above $23,000, while the bears are failing to slash the price below $22,800. Hence, leaving the price in jeopardy, without indicating the possibility of the impending move.
Bitcoin price has been trading above the crucial support that is acting as strong support and offering a nice push in the times when it suffers a setback. The bulls are trying hard to uplift the price from the current levels, but in case the bearish action intensifies, the price could test the lower support region between $22,466 to $25,519. If the bulls fail to trigger a rebound, an acute bearish action may drop the price toward the next level, which is pretty distinct.
Therefore, the Bitcoin price that appears to have been trading within narrow regions is expected to kick-start a firm upswing shortly. Until then, the brawl between bears and bulls may continue, compelling the price to consolidate.
Traders Suspect Crypto Market Correction In Feb- There Is A Catch
The crypto market has been quite fluctuating lately, especially Bitcoin which is hovering around $23,000 and $22,000 area. The King currency had opened the day on a brighter note, but ended on a bearish trend as the currency has once again dropped towards $22,000 level.
At the time of writing, Bitcoin is valued at $22,826 with a fall of 0.42% over the last 24hrs.
When looking at the other side of the coin, Bitcoin has started the year on a bullish cycle as in January alone the currency had gained more than 45% after hitting a high of $24,300. This momentum pushed Ethereum and other altcoins towards their recovery cycle.
Bitcoin On A Bull Ride Soon
However, while the crypto market is moving towards its recovery phase, traders and investors are not so confident about Crypto’s future and are predicting a correction ahead in Feb. Now, what’s interesting is that the on-chain data platform Santiment claims that the market usually leans where traders least expect.
This suggests that when most of the traders are showing a negative stance towards the future of crypto, it creates less selling pressure and more buyers. If this happens, the crypto market will witness and increased demand which will push the cryptocurrency prices towards their next bull run.
The similar claim has been made by a technical analyst, Adrian Zdunczyk aka Crypto Birb where he believes that the crypto market is currently in a disbelief mode.
As per the data, often disbelief is the result of fear of missing out on profits and also its a fear of being caught in market correction. However, looking at the broader picture and the increasing institutional interest in Crypto, the market is expected to see continued growth.