Crucial Weekend Ahead for Bitcoin (BTC) Price
The crypto markets have again shifted back into the consolidated range after experiencing a slight relief. While the momentum continues to remain bearish, the latest plunge was much anticipated. However, the technicals have been raised from being bearish to neutral. Hence, the price action in the next few days may be extremely crucial for Bitcoin and the entire crypto space. This may determine the next course of action.
Considering the long-term perspective, the Bitcoin price continues to remain uncertain, with fewer chances of a bullish reversal in the short term. The BTC price, after an extended consolidation, has formed a bull flag, which largely pushes the prices upwards. However, to accomplish the task, the price is required to fulfill some prerequisites during the coming weekend.
As seen in the above chart, the Bitcoin price is trading within a rising wedge. After the recent rejection, the price is driving back towards the lower support, which is stuck within a range. The price is trading between the major resistance and support levels, which collide with the 50-day SMA as resistance and the 50-day EMA as support. Therefore, any movement above or below these levels may attract huge liquidity or otherwise trigger mass liquidation.
The technicals are currently neutral, which suggests the price may deviate in any direction depending on the volume induced. Hence, a minor pullback could trigger a healthy rebound, wherein the price may drop back towards the support range of $29,132 to $28,626 initially. Further, the price may trigger a strong rebound to reach the upper resistance between $30,143.72 and $30,607.36.
Once, the Bitcoin price reaches these levels, the bulls may drive the price higher towards the resistance of the wedge. This may form a new yearly high above $33,000 that may attract bearish interference, dragging the price lower close to $30,000.
Huobi Exchange Faces $64 Million in Outflows over the Weekend!
Huobi, one of the largest cryptocurrency exchanges, faced a tremendous outflow of $64 million, contributing to the long-term decrease in its total value. According to DeFiLlama, the exchange’s TVL has dropped from $3 billion to $2.5 billion in just a month. This is a significant blow to Huobi, which has been facing regulatory issues in China and struggles to maintain its market share. Many cryptocurrency investors are concerned about the safety of their assets on Huobi and are moving their funds to other platforms.
How Will the Past Weekend Fluctuations Impact the Bitcoin (BTC) Price in the Coming Week?
Over the weekend, the Bitcoin price experienced significant price variations in both positive and negative ways. Although the price raised above $30,500 recently, it remained only briefly as it underwent an acute plunge. The downward trend was robust that completely engulfed the previous bullish candle. Therefore, considering the present trade set-up, it appears to be extremely difficult for the token to regain the yearly highs at $31,800, which is extremely important for further growth.
Besides, the upward line or the ascending trend line has been breached in the short time frame which indicates the potential of the token to reverse the trend soon. Currently, the BTC price is trading within a range channel, while bearish flags continue to flutter over the token with the lower targets being around $28,155. Now that the price is dropping slowly from $31,700 to $30,000, the bearish targets may have been activated.
The bears appear to have gained momentum and strength at the moment and larger changes of a bearish breakdown emerge. If in case, the BTC price breaks below the crucial support at $30,000, it may further confirm a further downward movement with the BTC price heading towards the next significant support level at $28,500. Therefore, the traders can expect a mid-term retest of around $28,500 before a potential bounce or recovery.
On the other hand, if the BTC price manages to maintain its position above the $30,000 support level, then the possibility of a continued upward movement emerges in the short term. Hence, the traders are required to monitor the crucial levels at this support zone which may further help to access whether it can sustain its current level or if a temporary peak is likely before further market developments unfold.
In short, the Bitcoin (BTC) price movements have experienced a bearish trend in the shorter time frames. Hence, now that the price is trading very close to the lower support at $30,000, a mid-term retest at $28,500 could be possible before it finds a new peak in the future.
Here are the Bullish and Bearish Bitcoin (BTC) Price Targets for the Weekend
The bitcoin price has been trading within a pre-defined range for the past few days, due to which the volatility has been hampered to a large extent. The bulls refrain from triggering a notable upswing. The market conditions also remain pretty misty, due to which the rally continues to trade close to the newly formed support at $30,000. However, the price continues to display decent chances of a bullish breakout, but a bearish impact also emerges. that may drag the price close to $29,000.
In the short term, the BTC price is trading along the descending trend line as the resistance levels are depleting. On the other hand, the support levels remain the same at $30,000, due to which the price is getting compressed. In the next couple of days, if the rally maintains a similar trend, then excess compression may lead to a massive explosion.
However, the direction of the explosion may certainly not be known as bullish and bearish possibilities emerge.
The BTC price in the short-term has rebounded from the immediate lower support at $29,857 and is heading toward interim resistance above $31,000. As the price reaches one of the major resistance levels at $31,029, the bulls are required to trigger a fine upswing. This may pave the way for the price to rise towards the next level close to $32,000, which appears less likely.
The weekend is fast approaching, and hence, volatility is also expected to rise. Here, the RSI is maintaining a significant upswing while the MACD is closer to undergoing a bullish crossover. Therefore, the price may again rise beyond $31,000 during the weekend but may again face a rejection, which may keep the rally contained within a narrow range.
Bitcoin Live News: BTC Price Dips to $26.3K Amidst Weekend Trading as Investors Assess Interest Rate Outlook
As the trading week in Asia commences, Bitcoin and Ether face minor setbacks, with Bitcoin down 0.5% at $26,366 and Ether down 0.2% at $1,724. Despite these fluctuations, the past week has seen relatively stable performance for the two leading digital assets, with Bitcoin recording a 1.6% increase while Ether faced a slight decline of 1.7%.
Joe DiPasquale, CEO of BitBull Capital, a crypto fund manager, believes that the recent decision by the Federal Reserve to leave interest rates unchanged is supportive of a potential crypto asset rally. However, he notes that the market struggled after the Fed indicated that rate cuts were not expected in the near future.
DiPasquale suggests that Bitcoin and other major cryptocurrencies have held up relatively well, presenting a favorable opportunity for mid-to-long-term accumulation. He emphasizes that the focus will remain on Bitcoin, especially as its dominance has increased due to selling pressure on alternative coins. As long as Bitcoin remains within the range of $20k – $22k, bullish sentiment should prevail.
Declining Bitcoin Balance on Exchanges Reflects Growing Uncertainty
Recent data from Glassnode, a blockchain analytics firm, reveals that the amount of Bitcoin held on cryptocurrency exchanges has reached its lowest point in three months. The Bitcoin balance on exchanges dropped to 2,281,978.198 BTC, just below the previous low of 2,282,204.204 BTC recorded on June 17.
This significant decrease in on-exchange reserves could indicate mounting uncertainty among investors following regulatory actions targeting prominent players in the crypto industry.
Regulatory challenges have affected major cryptocurrency exchanges such as Binance and Coinbase, both of which have faced lawsuits from the U.S. Securities and Exchange Commission (SEC). The intensified regulatory scrutiny in the loosely regulated crypto market has instilled anxiety among investors, leading to a shift in Bitcoin holdings away from exchanges, potentially towards private wallets for enhanced security.
Further corroborating this trend, the daily on-chain exchange flow data indicate a net outflow of Bitcoin amounting to $56.3 million. This reinforces the notion that investors are becoming more cautious in light of regulatory pressures. A net outflow suggests that more Bitcoin is being withdrawn from exchanges than deposited into them, indicating a preference for self-custody solutions amid the ongoing regulatory turmoil.
Ripple News: Will XRP Price Hit $0.56 Level This Weekend?
As the weekend approaches, the cryptocurrency market braces itself for potential fluctuations in volatility. Speculation is rife regarding two crucial aspects: regulatory scrutiny within the United States and the increasing institutional adoption of digital assets. Among the most heavily traded cryptocurrencies worldwide is XRP, backed by Ripple. Renowned for its market depth and promising prospects, XRP’s future hinges on the ongoing SEC vs Ripple case, with a ruling from Judge Analisa Torres anticipated imminently.
With the final judgment on the lawsuit eagerly awaited, the XRP community finds itself on tenterhooks, poised for a sudden fear of missing out (FOMO) should the ruling favor Ripple. Currently, the XRP price is undergoing a retest of a logarithmic macro downtrend, which could potentially pave the way for an imminent rebound.
Twitter’s influential crypto analyst, @CryptoTony, offers insights for daring XRP scalp traders. The analyst suggests keeping a close eye on possible hourly timeframe rebounds, potentially pushing the price toward $0.485. However, @CryptoTony cautions traders to exercise patience and wait for a discernible trigger before entering any trades.
Another trade i am looking to enter if we can press up against the highs at 0.485c. For now just waiting for a trigger to form before i look to enter pic.twitter.com/2Yz6Cl2GR4
— Crypto Tony (@CryptoTony__) June 16, 2023
@CryptoTony presents a compelling argument, suggesting that the XRP price may be in the process of forming a downtrend after encountering substantial resistance around 56 cents, marked by a significant bearish engulfing pattern.
Ripple’s Advancements
As one of the pioneering digital assets, XRP has garnered considerable attention from investors due to its inherent utility. Ripple, the driving force behind XRP, has made significant strides with its On-Demand Liquidity (ODL) feature, harnessing the power of XRP for seamless cross-border payments. Additionally, Ripple’s acquisition of prominent crypto firms, such as Metaco, serves as a testament to its commitment to fostering widespread adoption of XRP.
Bitcoin live Price: Will BTC Price Drop Below $24K This Weekend? Here’s What to Expect
An analyst who accurately predicted the bottom of the 2018 bear market for Bitcoin (BTC) suggests that the ongoing correction for the cryptocurrency is not yet complete.
Analyst Bluntz, anticipates a brief rebound for Bitcoin before it continues its downward trend. The trader points to the bearish chart of Bitcoin as an indication that more negative news could be on the horizon for the crypto market.
Bluntz states, based on the current price action, it seems probable that Bitcoin will drop below $24,000. The four-hour chart shows a sideways-running triangle pattern, with the overall trend currently pointing downward.
now that PA has unfolded a bit longer i think sub 24k is probably likely, defo feels like some kind of sideways running triangle forming here on 4h with the underlying trend currently down.
RR is gone now but defo looking to reshort any bounce up over the next day, just the fact… pic.twitter.com/g6CQa7NHmg
— Bluntz (@Bluntz_Capital) June 12, 2023
While the risk/reward ratio is no longer favorable, he will be monitoring any upward bounce over the next day to initiate short positions. The fact that crypto is showing this behavior while other risk-on assets are surging suggests that there may be more unfavorable news in the near future according to him.
He also acknowledges the possibility of a bullish scenario unfolding in the form of a bull flag on a higher timeframe. However, the analyst believes that Bitcoin will likely reach lower levels before any potential upward movement occurs.
Currently, a stand-off between the #btc
monthly MACD and its signal line.In macro terms, reduced volatility/ an increasingly stable price.
Technically, on the longer time-frame looks poised to move higher from just below the zero line.
Bullish and still in the LGC buy… pic.twitter.com/MBYFxNjWs7
— dave the wave🌊🌓 (@davthewave) June 12, 2023
On the other hand, Dave the Wave, another crypto strategist, is focusing on Bitcoin’s monthly chart during the market downturn. Notably, Dave accurately predicted Bitcoin’s collapse in May 2021. He now suggests that Bitcoin appears to be bullish in the long term based on the monthly moving average convergence divergence (MACD) indicator.
“Currently, a stand-off between the BTC monthly MACD and its signal line. In macro terms, reduced volatility/an increasingly stable price. Technically, in the longer timeframe, (MACD) looks poised to move higher from just below the zero line. Bullish and still in the logarithmic growth curve buy zone.”
This is How Markets May Trade During the Weekend!
The crypto bulls have once again marked their presence as the global market capitalisation is back above $1.2 trillion, with a jump of over 1.33% compared to the past day’s close. However, the markets are about to experience high volatility, probably in the coming weekend, which may lift the crypto space.
Bitcoin, on the other hand, is trying hard to recover from its recent losses. The price is displaying a bullish trend as it has recorded some gains in the last 24 hours. The BTC/USDT pair surged to reach beyond $26,700 as investors showed more interest in the star crypto. The short-term price trend indicates a fresh rise may be triggered after breaking some crucial levels.
The Bulls appear to have made a successful comeback after being passive for quite a long time. The current conditions appear to be much in favour of bulls, as the price with the next breakout is believed to rise beyond $27,000. The Bollinger bands are widening, which suggests the markets are about to experience significant volatility soon. Besides, the RSI is also rising, indicating the rise of buying pressure within the markets.
The MACD is also closer to displaying a bullish crossover as the selling volume has waned, allowing the buying volume to accumulate. Therefore, the bullish momentum has been building steadily for the past few hours, and if it persists, the BTC price may soon reach the interim target of around $27,000. Although the bears may intervene at frequent intervals, the bulls may counter all the bearish waves and keep the prices above $26,000.
Moreover, technical indicators have turned positive, which suggests the prices may remain elevated throughout the weekend.
Top Reasons Why Bitcoin’s Price May Reach $30,000 Before This Weekend!
The Bitcoin price has been bullish since the early trading hours, as the prices have risen up from the previous day’s lows at around $26,500. The price is currently trading above $27,200 but requires a minor boost to break above the crucial resistance at $27,500. Although, the token displayed a bewildered price movement, the possibility of a bullish breakout appears to be pretty high after the recent upswing.
The moving average, or MA, levels are considered one of the important resistance or support levels. The hourly or daily MA levels offer the base in case of an extended bearish trend, and hence rising above these levels, flashes bullish signals for the crypto in the short term. However, if the price surges above the weekly MA, then it can be considered bullish in the long term, regardless of whether the rally is trading under the bearish influence in the short term.
Presently, the BTC price is trying to bounce off the 200-week MA levels, which displays the accumulated strength among the bulls. The bulls are slowly elevating the price, which appears to be a sluggish trend for the bears. Therefore, this may be the reason that the price has remained stuck within the region without rising above the resistance or plunging below the support levels.
Therefore, it is now important for the Bitcoin (BTC) price to sustain above $27,000 and try to surge beyond the crucial resistance at $27,500 initially and later at $28,000. However, the price is required to reach above $29,000 anyhow which may trigger a healthy upswing to test $30,000. Although the bears may quickly attempt to dominate the rally, the bulls may hold the price above the support levels and trigger a fine upswing ahead.
XRP Price Displaying Weakness-Here’s What Can You Expect in the Coming Weekend!
The XRP price has been pretty bullish for a long time, recording consecutive bullish candles. Moreover, the Ripple vs SEC lawsuit is gaining more traction in recent times as the speculations around the procurement of the final ruling revolve around the crypto space, and the volatility of the token is believed to rise, impacting the price positively.
Conversely, the bulls are also displaying weakness at the moment, ahead of the price approaching a crucial juncture. The bears are slowly outperforming the bulls as the volume has dropped to a large extent. Moreover, the potential divergence between the value of the token and the RSI is hinting at a potential pullback in the near future.
After the recent upswing, the XRP price failed to rally in the past few days and faced a crucial resistance level at $0.46. This is due to the lack of buying pressure, which is mainly because of the sluggish price trend of the star crypto, Bitcoin, which has caused the altcoins to trade sideways. Moreover, the higher highs produced in recent times have exhausted the buyer’s strength to a large extent.
Currently, the possibility of a bearish divergence appears to be higher as the price is now hinting towards an extending descending trend. Therefore, the targets can now be revised to $0.426, which is the first lower target. Further, if the bearish pressure intensifies, the price is believed to drop below $0.4, reaching $0.392. Therefore, it constitutes a drop of 8% initially, and an extended drop my hint at a 15% plunge soon.
What can we Expect from DOGE Price in the Coming Weekend?
The crypto space has been experiencing a roller coaster ride since the beginning of the month. The major crypto assets have remained stuck within very narrow regions, and the new tokens have displayed acute strength. Meanwhile, the DOGE price is closely accumulating within a restricted region, but the upcoming price action appears to be misty.
Dogecoin recently launched its version of Bitcoin ordinals amid the ongoing hype of the BRC-20 tokens called ‘Doginals’. Soon after the DRC-20 standard was launched, the daily transactions propelled highs, marking levels not seen in recent times.
The daily transactions surged to 1.12 million from levels around 200K during the last trading day, marking a jump of more than 5,500%. These ordinals are nothing but NFTs on Dogecoin, much like the BRC-20s which are NFTs on Bitcoin. Recently, Litecoin also launched its own LRC-20 standard, which impacted the price to a large extent. Unfortunately, the DOGE price continues to remain within the same contracted region.
The DOGE price is trading along the lower trend line and is currently triggering a rebound from the lows. After a notable flip, the price is now believed to reach the 0.236 FIB level someplace above $0.081. Once the bulls sustain above these levels, then the rally may maintain a significant upswing to rise and reach the upper targets and may also probably slash a zero from its price gaining the levels above $0.1.
Traders Short on Bitcoin; Here are the Levels Closely to Watch for the BTC Price This Weekend!
No sooner had the Bitcoin price risen above $27,000, than the bears became extremely active and slashed the price below those levels. The rising adoption of new tokens like PEPE, and BRC-20 tokens has compelled major tokens like Bitcoin or Ethereum to hover in a sluggish trend. Currently, the BTC price has plunged back below the crucial support, which has raised many concerns among the market participants.
As the prices dropped back below $27,000, a sense of fear prevailed among the traders, who believed a fair descending trend may be on the horizon. As per a popular on-chain platform, Santiment, Bitcoin’s social volume has spiked extremely high as traders are discussing the price to maintain a sloppy trend ahead.
“With Bitcoin revisiting the $26K level, traders are showing increased worries of prices falling back to the $20K to $25K range. BTC’s social dominance has jumped high again, typically a sign of fear. Fear signals increase the probability of a rebound,”
The BTC price failed to hold the major support levels between $27,000 and $27,200, and hence now it becomes mandatory to hold the next support zone. If the price fails to hold around these levels, a popular analyst Michael van de Poppe predicts a clean sweep towards $25,000 may be imminent.
Collectively, the Bitcoin price continues to maintain a sluggish trend throughout the coming weekend, which may drive the prices extremely lower. Although the BTC price may maintain a steep downswing, the primitive tokens are expected to maintain a notable upswing Hence, the altcoins are believed to maintain a decent surge regardless of Bitcoin price.
XRP Price Analysis: Here Are the Weekend Targets for the Ripple Price!
The XRP prices recorded a minor drop of just 0.32% during the previous trading day and extended their losing streak. The price began the current trading day under the bearish influence and also fell below one of its major supports at $0.4596 and the second major support at $0.4545. However, the price witnessed a minor upswing, raising the levels beyond $0.46 but failing short of the first major resistance at $0.4681.
The XRP price has been deeply impacted by the updates to the Ripple v. SEC lawsuit. However, the recent trial was another quiet session with no major updates. As the lawsuit remains at the focal point, the FED also raised interest rates by 25 bps which soared the crypto market close to its pivotal resistance.
Moreover, the FED delivered a less hawkish interest rate decision as the members considered halting the interest rates, which have been surging for nearly 10 months in a row. This may be a bullish indicator for the XRP price which has been accumulating gains for the past few days.
The analyst here highlights the current condition of the XRP price rally which is hovering close to the red zone which is also the buy zone. He believes the price is primed to drop to the buy zone between $0.39 to $0.30 and may hold for a while. After a brief consolidation, the price may eventually rebound and rise finely from $0.50 to $0.55 initially.
Here, the bears are expected to intensify their presence, and withstanding minor selling pressure, the XRP price could resume surging high. The rally is believed to undergo a breakout from $0.58 and quickly rise high to reach the pivotal resistance at $0.88. Once these levels are secure, achieving $1 may not be a tedious job.
Bitcoin May Continue to Trade Flat While Altcoins Could Bleed! Here’s What to Expect Until the Weekend!
The crypto market appears to be recovering from the losses incurred in the past couple of days as the star crypto somehow managed to jump above $28,000. With a reasonable jump of nearly 4%, the BTC price has prevented the entire crypto space from incurring hefty losses by maintaining a firm bearish trend. However, the question remains whether the bulls have strengthened their position or if this is just a passing fad.
The recent price bounce resulted in a drastic rise in Bitcoin’s social dominance, while its dominance over the market continued to drop. Besides, major altcoins continued to drop, which raised many concerns.
Generally, high dominance happens during market euphoria, but in this case, it appears to be out of fear. The chart above shows the rising social dominance of BTC, meaning the traders appear to have become more disoriented and are constantly searching for information about the crypto and its next plan of action. Hence, a rebound appears to be imminent.
Also Read : Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?
Now that the sentiments have turned somewhat bearish, these sentiments may impact the price negatively. Moreover, the upcoming FOMC meeting may also induce significant volatility within the space. Therefore, the chances of Bitcoin’s (BTC) price maintaining a consolidated descending trend appear to be pretty high.
Crypto Market Analysis: Top 3 Altcoins to Closely Watch this Weekend
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As Bitcoin hovers within a narrow range, altcoins have slowly begun to manifest some diverse price action.
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Tokens like Arbitrum, Fantom, Optimism display acute strength while Polygon, Solana display a loss in strength
The crypto space appears to be in the midst of a significant upswing as the bulls appear to have relaxed a bit after pushing the prices higher. Meanwhile, the total crypto market cap is approaching the crucial $1.28 trillion level with a slight drop in BTC dominance. This could keep the altcoins in the mainstream, but some of them require more attention.
Arbitrum (ARB)
- ARB price, in the past few days, is following the lower trend line which is acting as a strong base in case of a bearish action
- The price hits the upper band of the Bollinger bands, drops below the average levels and rebounds to test the upper band again
- After the recent rejection, the price is approaching the average levels of the band, after which a giant upswing is imminent
Fantom (FTM)
- The Fantom price with the recent price jump, sliced through the bearish trade setup and jumped high
- The price is currently testing one of the major resistance levels, clearing which may trigger a significant upswing toward the first target at $0.57
- However, bearish interference appears to be slightly high at these levels but as the ADX is bullish, the price may continue rising high to reach the interim target at $0.64
Optimism (OP)
- Optimism price appears to be extremely bullish as the price is heading high to breach the upper resistance
- While the ADX has just shown a bullish divergence, the possibility of breaching beyond the symmetric triangle appears
- However, a minor pullback within the triangle may also be imminent and compel the price to reach the apex and trigger a bullish breakout
Besides, popular altcoins like BinanceCoin, Polygon, Solana, Dogecoin, etc, and many more appear to be waiting for the next Bitcoin price action. Therefore, if the BTC price triggers the next bullish move, these altcoins tend to follow. However, the above-mentioned altcoins, Arbitrum, Optimism, and Fantom may come out as the biggest hold for the next bull run.
Top 5 Altcoins That May Undergo a Bullish Breakout This Weekend
Litecoin (LTC)
Litecoin’s price is currently squeezing past the crucial hurdle as it is trading within a bullish pennant formation. The latest ascent of 35% in March has formed a flagpole that is largely considered bullish. The continuation of the pattern may further witness another 35% jump to reach $125, which may be triggered after a successful breakout.
Curve DAO (CRV)
The start of the month facilitated a 17% jump in the CRV price, which signaled the start of a notable upswing. In a recent update, the platform has achieved $32.9 billion in swaps on Ethereum during the Q1 2023 trade.
Presently, the CRV price is coiling up in a tight consolidation pattern after bouncing from $0.892. The price, which is trading within a symmetrical pennant, may rise to $1.173 in the event of a bullish breakout. While a drop to $0.985 may also be considered, that appears more unlikely.
Cardano (ADA)
Cardano’s TVL is about to experience massive growth that may make the platform the top contender in the DeFi due to its unique Proof-of-Stake model. This model has enabled the developers to build powerful decentralized applications (dApps), which may further attract more TVL onto the platform. Besides, Cardano’s thriving community, which comprises developers, enthusiasts, and investors, may play a vital role in boosting Cardano’s TVL in the coming days.
Lido DAO (LDO)
Ethereum is closer to accomplishing the Shanghai upgrade, due to which a 30% jump is expected in LDO prices. The altcoin has been consolidating along the trend, which may offer more returns for investors. As the bulls seem to be buying the rumor, the LDO platform may expect a decent rise in momentum.
Currently, the RSI and the Awesome Oscillator, are both positive, which suggests that buyers are leading the market. A breakout from the current consolidation may raise the levels to $2.42, or rejection may lead to a plunge below $2.
Ripple (XRP)
Ripple’s price has been observed very closely as the historical event of the closure of the Ripple vs SEC lawsuit may occur soon. The final ruling is expected to spark a fine upswing to reach $1. Beyond this, the XRP price is believed to revive a sine bullish trend which may continue to rise high, testing the higher targets in the coming days.
Crypto Market Analysis: Bitcoin (BTC), Ethereum (ETH) And Ripple (XRP) Prices May Witness Explosive Growth This Weekend
The crypto industry has been especially attentive to the happenings of the past two weeks. Initially, the SEC launched an extensive probe into the crypto market, followed by a series of consecutive failures of three crypto-friendly banks in the USA: Silvergate Bank, Silicon Valley Bank, and Signature Bank. As a result of these events, crypto prices experienced a sharp decline. However, Bitcoin has rebounded from its critical price levels following the release of CPI data, resulting in a heavy pump in the crypto market this week.
Will There Be a Profitable Weekend for Crypto Market?
According to CoinMarketCap, the crypto market cap surged from $922 billion on March 10 to $1.1 trillion on Friday. Investors are aware that crypto markets are cyclical, which means that price declines are typically followed by booms and vice versa. This creates a profitable opportunity for them.
After a steep decline in the crypto market, several assets, including Ethereum and XRP prices, are now gaining strength and enough buying pressure as Bitcoin’s price broke multiple resistance levels, hinting at a profitable weekend for traders.
Bitcoin Price Analysis
Following the announcement by the US Federal Reserve that it would lend $300 billion to select struggling banks, including Silicon Valley Bank and Signature Bank, Bitcoin experienced an approximately $2,000 surge in just one day.
BTC’s price has recently broken its nine-month high of $27K and is currently hovering near $26.6K, with a gain of over 8% in the last 24 hours. Over the last few days, the price of Bitcoin has been on an upward trajectory, and it appears that the dominant cryptocurrency may reach the potential resistance level of $30K.
On the 4-hour price chart, Bitcoin is predicted to break its $28K resistance and face a slight rejection near $29K this weekend. However, after taking support near $26K, BTC price is expected to surge again and form a new high near $32K.
Ethereum Price Analysis
As Bitcoin’s market cap surged above $500 billion, its dominance over altcoins has increased to 45%. Ethereum’s price has rebounded from its bottom level of $1,630 and is currently making attempts to break its EMA-100 trend line on the weekly price chart.
As of writing, Ethereum’s price trades at $1,740, with an uptick of 5.19% from yesterday’s price. This weekend, bullish sentiment is expected for ETH as its price continues to trade above both its 50-day and 200-day Simple Moving Averages (SMA). Furthermore, a well-known crypto analyst, MMB trader, predicts that Ethereum may reach $2K this weekend if it breaks above its resistance of $1,800.
Ripple (XRP) Price Analysis
According to Coinbase’s CLO Paul Grewal, if Ripple wins its lawsuit against the US Securities and Exchange Commission (SEC), the largest crypto exchange in America will reintroduce the XRP token to its platform.
Following this announcement, the price of XRP has increased by 3.17% in the past 24 hours and is currently trading at $0.377. XRP is expected to approach the 50-day Exponential Moving Average (EMA) at $0.38, which could lead to further gains this weekend if successfully surpassed.
Bitcoin Price Surge Above $26K, Will BTC Hit $28K This Weekend?
The volatility in the cryptocurrency market, precisely the top digital asset, Bitcoin, spiked during the Asian and London trading session. According to our latest crypto market data, Bitcoin price is up over 6.6 percent to trade around $26, 797 at reporting time. Having printed a new high since mid-August last year, most crypto analysts are bullish as the weekend approaches.
With over $153 million liquidated from the crypto market in the past 24 hours, Bitcoin longs could push Bitcoin towards the next technical and psychological hurdle, around $28k. Moreover, the banking crisis, which has seen the United States Fed abandon its monetary tightening measures and fight against high inflation, has increased overall Bitcoin confidence. Self-custody amid the banking crisis has been the new slogan in the crypto industry.
Bitcoin Price Analysis
Having retested $25k for the third time since the crypto capitulation in June last year, Bitcoin bulls have the upper edge in reclaiming the ATH. According to on-chain analytics firm Glassnode, Bitcoin has now confidently broken above the Adjusted Realized Price at $24.6k. Notably, the average cost basis variant excludes the tremendous profit held by lost coins. Additionally, Glassnode noted that the Bitcoin market recently found support for the classic Realized Price of $19.8k.
As a result, famous crypto trader, Michael van de Poppe, highlighted that Bitcoin bulls need to continue pushing upwards during the weekend to avoid a bearish divergence.
A similar sentiment was shared by Markus Thielen, head of research and strategy at Matrixport, who noted that Bitcoin’s next technical hurdle is at $28k.
“Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000 ….. Within larger price swings, bitcoin has rallied, reacted, and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28K, Thielen noted.
Here is the Next Plot for the BTC Price Over the Weekend!
Bitcoin’s price continues to consolidate below $25,000 for the second consecutive day but the buyer’s dominance has surpassed the selling pressure. However, this is not the criteria to justify the claim of rising bullish dominance, but it does shed a ray of hope for the revival of the next bullish wave. Meanwhile, will the impending weekend offer a similar boost as the previous one and raise the price above the yearly high?
The price recorded large consecutive bullish candles and squashed the bearish narrative for a while. Presently, the fear & greed index is gaining levels, indicating that market sentiments are slowly turning bullish. At the same time, the price of the largest crypto, Bitcoin, has again encountered a bewildering condition.
Source: Twitter
A popular analyst, Justin Bennett presents some crucial levels to watch.
“This is the BTC intraday range to watch.
$23,950 – $26,500. Notice how the mid-range comes in at the $25,200 multi-month key level.
Reclaim the $25,200 mid-range, and we likely see $26,000+
$23,950 is support with a break below that opening up the $23,130 monthly open.
$23,130 is the more macro hinge between bullish scenarios and bearish ones,”
Overall, the markets are slowly sliding off the bearish captivity, while the bulls continue to accumulate strength. Hence, the star crypto in the recent past has encountered similar situations as it appears that Bitcoin is following a calculated approach without attracting bearish attention. Therefore, the upcoming weekend may turn the tables for the BTC price, while the direction of the rally currently remains misty.
Bitcoin Price Today
Bitcoin Price is Falling Today- What’s Waiting for BTC and Altcoins Until the Weekend?
The bitcoin price is falling over the past few days, which was fueled by the recent announcement of the 30% tax on the electricity used for BTC mining that was proposed by Joe Biden, the president of the United States.
Soon after this, the crypto space plummeted, incurring massive losses as the global crypto cap dropped by nearly 7%. In the meantime, Bitcoin failed to hold the crucial support level at $21,500, which directed a steep drop below $20,000. A few days ago, BTC’s price registered a massive single-day surge of nearly $1500; a similar event was witnessed but in an inverse way.
So what’s next for the Bitcoin (BTC) price? Will the price continue to plummet and mark new lows? Or is it just a short-term impact that may be reversed soon?
As Bitcoin’s price heads towards its crucial support level at $19,800, a clear rebound is the need of the hour. If the price fails to hold these levels, the price is believed to drop toward the next strong support level at $18,500, as predicted by a popular analyst at Titan of Crypto.
However, analysts also say that the weekly close may be important, as may a close above the ‘Kijun line’ which is a component of the Ichimoku cloud indicator, located at $20,358. Presently, Bitcoin appears to have reached the ley support levels between $18,900 and $19,600, wherein 1.2 million addresses bought 576,390 BTC.
Therefore, if the price fails to hold at these levels, a mass liquidation may trigger, driving the price extremely low. Besides, if the price experiences a healthy rebound, then a stiff resistance is located at $23,000, where 1.5 million addresses hold 768,870 BTC.
Collectively, bearish clouds haunt the Bitcoin price rally ahead as market sentiment does not appear to be in favor of bulls. Therefore, the upcoming weekend may be extremely crucial for the BTC price and the entire crypto space, as the bears have gained enormous strength, enough to keep the levels restricted.
Top Reasons Why the Crypto Market May Plunge This Weekend!
The crypto markets have been on a roller coaster ride since the beginning of 2023, as the price has varied largely. The first two weeks witnessed a massive jump that raised the price by more than 40%.
Following which, the bulls seemed to have drained heavily, and the bears regained control and kept the markets under their control, including a couple of pullbacks.
With the recent drop, it appeared that the price would resume with a fine recovery, but multiple factors could keep the crypto space consolidated over the weekend.
It is well known that the crypto space reacts to external factors and surges and falls on a regular basis. The global market cap fell more than 5.3% over the weekend as extreme selling pressure mounted across the space.
However, the consolidated trend is believed to prevail for as long as multiple events are at the doorstep of the crypto space.
Here’s why a plunge could be on the cards this weekend:
Mt. Gox’s 142,000 BTC Unlock
Nearly 142,000 BTC are set to be released this year, with the creditors finally expecting to receive their holdings. The repayments are set to begin on March 10th, with the deadline set at September 10, 2023. A large amount of creditors may hold all or part of their original BTC, but the fear of liquidation continues to mount.
Ethereum Withdrawals-Shanghai Upgrade
The Shanghai upgrade allows the validators to withdraw staked ETH from the Beacon chain. The upgrade was initially scheduled in March but now has been delayed to April. Although the upgrade is likely to be a bullish catalyst for the ETH staking sector, it may generally create amplified selling pressure.
Silvergate Collapse
Silvergate, a Californian bank that primarily deals in crypto transactions, operates the Silvergate Exchange Network (SEN), which enabled the crypto exchanges to offer their users the ability to trade fiat currency.
However, it was exposed to FTX-collapse and suffered a $1 billion loss. As exchanges withdraw their support, it may have a reverse impact on the crypto space.
Macroeconomic Shift
There has been a shift in the microeconomic data as CPI and PPE results are coming in below expectations. The probability of an increase of 50 bps in the next FOMC meeting is quite possible, as it is currently at 26.2%. Therefore, the upcoming CPI data on March 13th may also have a deep impact on the crypto space.
Regulatory Crypto Clampdown
The crypto space is in the middle of the biggest crypto crackdown ever. The recent scrutiny on Kraken and Paxos highlighted the SEC’s newfound aggressive approach towards regulation focused on staking products.
Top Predictions for Bitcoin, Ethereum, and Ripple for the Coming Weekend
The post Top Predictions for Bitcoin, Ethereum, and Ripple for the Coming Weekend appeared first on Coinpedia Fintech News
Bitcoin(BTC) Price Analysis
- Bitcoin price had regained its spot within the symmetrical tragle after the recent surge in the first few days of 2023
- The price however, slashed hard and is testing the lower support of the triangle being on its way approaching the edge of the consolidation
- If the bulls manage to hold the price within the triangle, a notable flip may be expected else a drop may drag the price into a deep bearish well
Ethereum (ETH) Price Analysis
- The Ethereum price also underwent a massive drop as it tested the upper resistance and plunged heavily by more than 4%
The price could continue surging down and test the lower support close to $1500 that could be the last point of defense as a failed attempt may drag the price around $1360
- Meanwhile, a rebound could be triggered after testing $1500 support zone and hence a decent upswing may uplift the price again
Ripple (XRP) Price Analysis
- The XRP price has been displaying immense strength amid the ongoing bearish market trend ans sustains above the support zone
- The price dropped by more than 2% but has held above $0.36, indicating the possibilities of a bullish breakout very soon.
- With a rebound, the price may quickly head towards the upper resistance back above $0.38 and later try to breakout of the symmetrical triangle.
Crypto Market Analysis: Golden Cross to Lift the Ripple (XRP) Price Beyond $0.4 This Weekend
Altcoins are consolidating heavily as the star crypto, Bitcoin, has remained extremely sluggish in the past few days. However, the XRP price has not followed the trend and has remained in an ascending range.
Meanwhile, the token is about to undergo a bullish event, which could propel the price above critical resistance levels.
A few days ago, Bitcoin experienced a ‘Golden Cross’ that is believed to have lifted the price from the current consolidation. The very first weekly ‘Death Cross’ that occurred soon after nullified the impact and forced the price to remain consolidated.
However, in the coming days, Golden Cross is set to strike the crypto space, but this time it’s with XRP.
The XRP price has been trading within a decisive triangle for quite a long time and has been rising high from the lower support and ranging high.
Therefore, the bullish momentum is growing slowly, and the upcoming event may offer a nice boost for the XRP price, which is required to rise above $0.4 at the moment.
However, the critical resistance lies around $0.5129, clearing which the bears may sign off from the XRP price.
The technicals also have been displaying strength. Although the RSI remained flat in February, it is now poised to confirm a bullish divergence.
Besides, the MACD is about to undergo a bullish cross-over and rise high. Therefore, bull flags flutter around the Ripple (XRP) price, which may elevate the price beyond $0.4 in the next few days and above $0.5 before the end of the month.
Will the Bullish Scenario Prevail until the Weekend?
Bitcoin price today has increased by nearly 1.98% and is trading at $23,752 at the moment. Meanwhile, the other altcoins witnessed a minor pump, painting the entire crypto space green at the moment. With the bullish sentiments growing market [articipants could be bewildered whether the price may sustain the upswing or it is just a short-term bounce.
Some analysts believe that the BTC price is primed to drop back below $20,000 while some of them believe in the bullish trajectory. The price holding above the crucial support could offer substance to the bullish claim. Besides, the hash rate or the computational power required to process a single block of BTC has marked new highs.
Source: Messari.io
The growth in the hash rate indicates the platform becoming more decentralized, more secure and less prone to any illegal activities. Also, it indicates a rise in the mining process as more nodes may have joined the network, making the validation process strenuous. Apart from this, the BTC price has managed to rise above the ascending trend line that it followed since the beginning of the year.
The Bitcoin price is currently trading in an ascending triangle, as the price approaches the apex of the consolidation. The RSI has displayed a bullish divergence, and hence a positive outlook emerges for the BTC price. Therefore, the star crypto may rise and test the immediate resistance above $24,500.
However, a bullish breakout is expected here, but the bearish volume has accumulated heavily and hence the upswing may not sustain for long, compelling the Bitcoin (BTC) price to drop back. within the triangle
Crypto Market Analysis: Bitcoin And Ethereum Prices Tumble! Bottom Levels Waiting This Weekend?
Crypto Market Analysis: Since the last three days, Bitcoin and Ethereum have erased almost a significant percentage of the gain they made during the one-day surge. In addition, cryptocurrency investors experienced various outcomes in the past week as Bitcoin reached a six-week peak of $25.1K on Tuesday but shortly fell below $24K after the Federal Reserve released the minutes of its January meeting.
As a result, BTC’s price influenced the altcoin market greatly, plunging ETH price near $1.6K as it has created uncertainty for long position holders.
Where Are BTC And ETH Prices Heading This Weekend?
Crypto investors seem to get trapped in a range-bound region as Bitcoin and Ethereum prices have changed their mood with a downward correction this week. However, as the bearish retracement has not become severe, it creates hope of an upward correction this weekend.
Bitcoin Price Analysis
Bitcoin’s recent surge in price and subsequent setback at the $25,000 threshold may cause apprehension for certain investors. Bears are now resisting at the $25,000 level, and there have been multiple rejections to surpass this level between 16 February and 21 February. Presently, it appears that the $23,500 resistance is gaining more strength to validate BTC’s next movement.
As of writing, Bitcoin trades at $23.8K, with a decline of 1%. Looking at the daily price chart, Bitcoin may surge above $24K this weekend as data shows a spike in long positions near the $24K level. If Bitcoin breaks above $24.2K, there is an 80% probability that it will follow buyers’ goals and reach $25K.
On the other hand, there is a 20% probability of a bearish reversal near $24.2K, which may slump the asset again at the $23K level.
Ethereum Price Analysis
Following a recent rally that led to a weekly high, the price of Ethereum (ETH) appears to be lacking bullish momentum. This depletion of energy resulted in a slight pullback, causing ETH to transform a recently established support level into a barrier of resistance.
As of writing, ETH price trades at $1,636 with a downtrend of 1.27% in the last 24 hours. Ethereum price now struggles to hold above $1.7K, which may soon trigger bears to start a bearish rally this weekend. If Ethereum opens a daily candle below $1,625, it may pave its way toward the EMA-200 trend line at $1,575.
BLUR Price Prediction: Will $BLUR Token Price Hit $1.5 By This Weekend?
Blur, an NFT marketplace backed by veteran crypto investor Paradigm, has attracted significant traders’ attention one week after launching. Blur’s native token, BLUR, has recorded a spike in trading volume to about $439 million during the past week. However, the underlying value of the BLUR tokens has declined by nearly 76 percent.
The spike in trading volume has seen Blur marketplace surpasses OpenSea’s daily traded amount. Nonetheless, some analysts argue the company could facilitate wash trading to spike NFT traded volume.
According to the company, there are over 146,823 total users on the Blur NFT platform who facilitated actual volume. However, on-chain data shows Blur token has approximately 45,164 holders with the OKX crypto exchange among them.
BLUR Price Analysis
The Blur token has a market capitalization of approximately $476,422,663, thus making it a low-cap altcoin with huge potential of rallying further during bull markets. The Blur token has been on a rising trajectory in the past few days. A push beyond $1.4 could see the asset scale toward $1.5.
“BLUR is one of the most exciting charts out there. If the bullish structure is not broken, expect this NFTs coin to outperform ETH in the next run,” popular Degen Ape Trader tweeted.
The blue token is, however, to be traded longer for most indicators, including the moving average and the RSI, to show reliable data. With Blur prices having consolidated in the past three days, intraday traders eagerly await a strong breakout on either side before entering the market. Nevertheless, intraday traders should be cautious of stop-hunt winks that depict false breakouts.
Bitcoin Weekly Death Cross is Happening-Here’s What Can You Expect From the BTC Price Over the Weekend!
The crypto markets are trying to recover offering a tough fight to the bears. The bulls, however, are unable to restrain the descending trend as the bears are extracting profits after petty jumps. The buying volume is largely dominated by the bulls, but the levels have dropped since the early trading hours, by more than 16%. This indicates the buying pressure is fading away which may be outpowered by the bears at any moment.
Moving ahead, the upcoming weekend is expected to be extremely important as the much-awaited ‘Weekly-Death Cross’ is in progress. The token has been closing the past couple of weeks on a bearish note and an additional bearish weekly close may pave way for the bears to slash the prices very hard.
Will the dreams and hopes about the bull market will get crushed or the bulls regain strength and rise high?
Bitcoin price is following a similar pattern that assisted the price to rise during the first fortnight of 2023. After struggling hard to sustain the crucial support between $22,267 and $22,382, the price broke down below the levels and consolidated within a descending parallel channel. If the price repeats the pattern, then the price may continue consolidating within narrow braces and quickly drop hard below $20,000 in the coming days.
A ray of hope maybe when the volume spikes notably, triggering a rebound. But the market sentiments are slowly flipping. The Bitcoin Fear & Greed index that smashed highs at 65 recently has dropped below 50 at 48 indicating that bullish sentiment has ceased and the traders are now expecting a retracement, which may be towards $20,000.
Therefore, the upcoming weekend may set the tables for the trade in the coming week. If the trend remains bearish, then the price may drop to mark the bottom, which may be followed by a rebound. Despite a rebound, market participants may remain uncertain compelling the Bitcoin (BTC) price to remain largely consolidated below $24,000 until the end of the week.
Bitcoin And Ethereum May Awaken Bears If Fail To Hold This Level! Here’s Where BTC And ETH Price Are Heading This Weekend
As the crypto market brings a worrying situation by trading on the verge of a flip price range, investors are keeping a close eye on leading assets: Bitcoin and Ethereum. With the weekend approaching at a fast pace, several analysts are wondering if BTC and ETH prices will be able to make a bullish comeback or form a price bottom.
BTC And ETH Prices Face Intense Pressure From Sellers
This week seems to bring a barrier in the price chart of Bitcoin and Ethereum as both face an ongoing consolidation near a critical price level. Market leaders claim that a slowdown in the upward journey may cause another bearish reversal, slumping leading assets to December price levels.
Bitcoin Price Analysis
This month has brought a high of $24K for Bitcoin since August 2022, pushing the trendline of BTC dominance exponentially. However, on-chain metrics suggest that Bitcoin’s dominance has recently started forming a dip after facing rejection near $24K, signifying an upcoming altcoin rally. Moreover, the largest Bitcoin corporate holder, MicroStrategy’s quarterly financial report, posts substantial losses, creating turmoil in the BTC price chart.
As of writing, BTC price trades at $23,665 with a decline of nearly 1%. A pseudonymous trader predicted a potential dip in Bitcoin’s price trend. The analyst predicts that the Bitcoin price may drop heavily if it witnesses profit-taking sentiment from investors at $24K. If Bitcoin falls below $23K, it may reach its November high of $21K, from which Bitcoin may trigger a possible upward retracement.
Ethereum Price Analysis
Ethereum price chart looks bullish as it maintains its momentum near the $1,650 price level. Moreover, the ETH network will activate its Zhejiang public testnet next week ahead of the Shanghai upgrade, which may develop a bullish scenario for the asset. However, a downtrend near $1,700 remains a concern as investors are looking to liquidate their holdings to avoid any upcoming risk that happened during the Merge event last September.
According to CoinMarketCap, ETH’s price trades at $1,662. Analyzing the daily price chart, Ethereum may face a rejection near the $1,700 level as the RSI-14 trades in an overbought region. Ethereum price may form a support level near the EMA-100 trend line at $1,563, which may spark a fresh bull run ahead of the much-anticipated Shanghai upgrade.
However, a bullish trend is expected if Ethereum breaks its monthly resistance level of $1,700, above which the ETH price may take bulls to the $2K price level.
Will There Be A Meme Coin Rally This Weekend? SHIB And DOGE Prices Are On The Verge Of A Bullish Rally
In recent weeks, the crypto market has seen a surge in the popularity of meme coins as popular cryptocurrencies like Shiba Inu and Dogecoin are leading the meme coin rally this year. The price action of SHIB and DOGE has created a buzz amid the bullish market trend and has gained investors’ attention to accumulate enough buying pressure in the price chart.
Shiba Inu And Dogecoin Prices To Surge Above These Levels
As meme coins are less affected than significant crypto assets like Bitcoin and Ethereum from the ongoing macroeconomic factors, investors gain more confidence to invest in this asset category.
Shiba Inu Price Analysis
Shiba Inu is on the cusp of a game-changing moment as it heads toward its key resistance level. Though the recent interest rate hike by the Fed has brought some uncertainty in the crypto market, it hasn’t demotivated big players from grabbing massive amounts of SHIB tokens. If the token manages to break above this resistance, a wild ride in the North may be witnessed with intense volatility.
As of writing, the SHIB token trades at $0.00001234 with an uptrend of nearly 2% from yesterday’s performance. A well-known altcoin trader, Bizmark, noted that Shiba Inu had formed a triangle pattern in the price chart. He predicts that SHIB’s price may gear up for a bullish trend continuation if it breaks above the level of $0.0000128, which may push SHIB’s price to a short-term bullish goal of $0.00001386.
Dogecoin Price Analysis
After a solid bullish trading session, the DOGE price has been rejected from its critical resistance level and is currently hovering in a red region. Moreover, the accumulation rate from DOGE investors witnessed a downturn as the meme coin failed to spark any promising upward journey.
According to CoinMarketCap, Dogecoin’s price trades at $0.092 with a minor uptick. Looking at the daily price chart, Dogecoin hovers around a crucial price zone as it can build up two scenarios. First: if the DOGE price moves above the 23.6% Fib level and breaks its immediate resistance of $0.098, it can test its crucial price level at $0.111, above which it may confirm a clear uptrend.
Second: the DOGE market may see domination from bears if bulls fail to maintain its price above the EMA-100 trend line at $0.085. A breakout below $0.078 may plunge the meme coin by 16% and force it to trade below $0.065.
BTC Price Santa Rally: Will Bitcoin Spike Above $17.5k This Weekend?
The forthcoming Christmas holiday, according to a popular crypto expert, will bring about a rise in the Bitcoin (BTC) price.
Analyst Kaleo, who uses a pseudonym on Twitter, has 552,400 followers and claims that the king cryptocurrency is about to see a celebratory surge that nobody saw coming given its consistently high hash rate.
What to Expect in “Santa rally” season?
Since most people expect a crash, he argues the opposite is likely.
He claims that his entire timeline is set up for a catastrophic downward spiral. A common rule of chronological consensus is that everyone is mistaken when they agree on anything.
Bitcoin will “continue the grind up to $17,500, then accelerate and commence the squeeze to $18,500,” he predicts.
In one frequently watched metric, the hash rate, Kaleo claims that Bitcoin is exhibiting strength. Despite Bitcoin trading for less than $20,000 since the FTX collapse, he claims the hash rate has remained high.
Looking at the graph below, Bitcoin’s hash rate is one of the most eye-catching you’ll find. Even though Bitcoin has been trading below $20,000 for nearly a month, miners have yet to give up.
What does the hash rate suggest?
He said that the hash rate, which is the rate at which a Bitcoin miner solves an algorithm, is a measure of the Bitcoin network’s processing capacity. A more robust and secure network is indicative of a greater hash rate.
Nevertheless, he wonders how much longer the current hash rate can hold out.
“The chart below compares BTC pricing to miner production costs. There are many factors, and certain miners may have lower average prices, but it makes you wonder when someone will cave.”
How is BTC Price Likely to Perform in the Days to Come?
However, other crypto specialists that are widely respected have predicted that the price of bitcoin will almost certainly crash.
The cryptocurrency analyst known as Capo, who successfully predicted the previous major market crash, has informed the 690,000 people who follow him on Twitter that the price of bitcoin will drop to roughly $12,000.
Bottom line
Bitcoin is currently trading at $16,835 as of this writing. Hence, this December’s cyclical pattern may bring traders terrible news. However, considering merely the figures, the crypto community may have something to celebrate this holiday season.