Crypto analyst PlanB has explained why the Bitcoin price may never drop below $100,000 again. This comes as market participants continue to speculate on whether the flagship crypto could fall below this psychological level if a full-blown bear market were to occur. Bitcoin Price Has Likely Turned $100,000 Into Support PlanB stated in an X post that he will not be surprised if the Bitcoin price does not drop below $100,000 again as the market witnesses the $100,000 resistance turn into $100,000 support. The analyst further noted that the September close was the fifth consecutive monthly close above that psychological price level. Related Reading: Here’s The Best Time To Buy Bitcoin As Impulse Wave Sets Path To $150,000 PlanB stated that the same thing happened when the Bitcoin price was trading at $10,000, $1,000, $100, and $10. The analyst’s remarks came as he noted that 63% of people think that Bitcoin will drop below $100,000. Notably, there were more calls for a drop below $100,000 towards the end of September when BTC dropped to as low as $108,000. Crypto influencer Ansem was among those who predicted that the flagship crypto would likely retest $90,000. However, the Bitcoin price has since staged a remarkable comeback from the $108,000 lows, rallying to a new all-time high (ATH) above $126,000 to start the month. As a result, BTC is already up 7% to start the month, with October notably the flagship crypto’s second-best performing month after November, based on historical data. It is worth noting that the Bitcoin price has traded above $100,000 since May 8 and has now been above this psychological level for over 150 days, its longest streak. Meanwhile, market participants are currently betting that it will likely stay this way. According to Polymarket data, there is only a 25% chance that BTC will drop below $100,000 by the end of this year. BTC Bull Market Still On Crypto analyst Titan of Crypto declared that the crypto market is still on and questioned why market participants were in a rush to call the top. The analyst noted that the Stoch Relative Strength Index (RSI) crossovers keep aligning with strength. He added that the chart will tell them when the bull run is over, but for now, that is not the case. Related Reading: Bitcoin’s 2021 Playbook Shows The Final Price Target For This Bull Cycle In another analysis, Titan of Crypto revealed that the Bitcoin price continues to print higher highs and higher lows. Based on this, he raised the possibility that BTC could rally to as high as $160,000 by the end of the year. This aligns with predictions by JPMorgan and Standard Chartered, which predict that BTC can reach $165,000 and $200,000, respectively, by year-end. At the time of writing, the Bitcoin price is trading at around $122,000, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com
Recent data has shown what the XRP price would be if it flips Ethereum’s market cap. Such a development would also lead to a new all-time high (ATH) for XRP. Meanwhile, crypto experts have given their opinions on whether XRP could indeed flip Ethereum. How High The XRP Price Would Be If It Flips Ethereum’s Market Cap MarketCapOf data shows that the XRP price could reach as high as $3.94 if it flips Ethereum’s market cap. This is significant as a rally to this price level would mark a new ATH for the asset. Flipping ETH’s market cap also means that XRP will become the second largest crypto by market cap. Related Reading: XRP Price Continuation After Crash Below $2.4? New Targets Emerge The XRP price is already on the heels of the Ethereum price. It currently occupies the number four spot with a market cap of $135 billion while ETH boasts a market cap of $227 billion. Crypto analyst Egrag Crypto had previously predicted that the altcoin will flip ETH in this market cycle. In a recent X post, the analyst suggested that it will still likely happen. He asserted that the XRP price’s dominance is exhibiting “tremendous strength” as it is on the verge of closing above the 2021 high of 6%, surpassing Fib 0.5. The analyst added that a close above that level would be super bullish since Fib 0.5 is a critical level. Egrag Crypto predicts that the altcoin could surge straight to Fib 0.888 if it successfully closes above 0.5. He noted that this would align with the highs from 2015. The analyst stated that this prediction for the XRP price isn’t just speculation. He seems confident in this prediction because of the asset’s utility. While Egrag Crypto believes XRP could flip Ethereum, crypto expert Ansem argues that XRP can never flip Ethereum because its use cases cannot be compared to ETH’s, which boasts a robust ecosystem. The $2 Support Level In The Spotlight Crypto analyst Ali Martinez has again highlighted the importance of the $2 support level. He noted that the price is shaping up a head-and-shoulders pattern on the weekly chart, which spotlights the $2 support level, as holding this price level is crucial. His accompanying chart showed that XRP could drop to as low as $1.2 if it loses this support. Crypto analyst Dark Defender also highlighted $2.04 and $2.22 as the critical support levels for the asset. He suggested that it was important for XRP to hold above these price levels as it eyes a rally to the upside targets at $4.2932 and $5.8563. A rally to as high as $5 could see it flip Ethereum, especially if the latter continues to underperform. Related Reading: XRP Price Eyes 40% Gains, Analyst Reveals The ‘Best Level’ To Buy And Hold At the time of writing, the XRP price is trading at around $2.3, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Medium, chart from Tradingview.com
On-chain investigator ZachXBT has accused well-known influencer Ansem of operating pump-and-dump memecoin scams in the most recent crypto contrroversy. The conflict started after prominent cryptocurrency personality Murad Mahmudov’s statement spurred discussion over the emergence of meme coins in the current market cycle. Related Reading: Nvidia Under Fire: SEC Supports Supreme Court Crypto-Related Class-Action Lawsuit A […]
Crypto trading sensation Ansem, known on X (formerly Twitter) as @blknoiz06, has directed the market’s gaze towards the Bitcoin Runes ecosystem, labeling it as the nascent grounds for the next 100x crypto opportunity, as NewsBTC reported yesterday. Ansem, whose prowess is well-documented through his previous astronomical gains of 170x on Solana (SOL), 520x on dogwifhat (WIF), and 80x on Bonk (BONK), stirred the crypto community with his recent Dogecoin comparison. On the cusp of Bitcoin’s highly anticipated halving today, Ansem doubled down on his initial assessment, particularly highlighting two tokens within the Bitcoin Runes ecosystem: Bitcoin Wizards (WZRD) and PUPS. He equates WZRD with Dogecoin, suggesting it has the potential to mirror Dogecoin’s viral success. In contrast, he compares PUPS to the lesser-known but highly profitable dogwifhat (WIF). Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today? In a tweet that caught the eye of both investors and enthusiasts, Ansem elaborated on his reasoning behind the picks, stating: Great thread, been saying, I believe Runes are next asymmetric 100x opp in crypto. The meme that got DOGE founder interested in Bitcoin & the phrase magic internet money is still used today – representative of bitcoin culture. DOGE equivalent = WZRD, WIF equivalent = PUPS. Ansem references a thread on X by Immutable Edge (@ImmutableSOL), who delved into the historical and cultural significance of the “Magic Internet Money” meme, originally sparked by mavensbot’s viral Reddit ad. The “Magic Internet Money” meme dates back to February 18, 2013, when mavensbot, a digital artist, submitted a hand-drawn depiction of a blue wizard to promote Bitcoin on Reddit. This ad, created during Bitcoin’s early adoption phase, was crucial in cultivating a cultural ethos around Bitcoin. It resonated deeply within the community, encapsulating the whimsical yet revolutionary nature of Bitcoin’s rise. The ad’s simplicity and authenticity resonated with the Reddit community, propelling Bitcoin from a niche internet experiment to a major financial phenomenon. Within weeks of the ad’s debut, Bitcoin’s value surged from $27 to a record high of $1,132 by November 2013. Related Reading: Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over Bitcoin Wizards, one of the highlighted tokens, aims to rekindle this original spirit. The token leverages the iconic imagery and cultural narrative of the “Magic Internet Money” meme to foster a new wave of interest and adoption. The creators of WZRD are not only paying homage to Bitcoin’s roots but are also embedding this storied meme within the mechanics of a modern cryptocurrency, aiming to capture both nostalgia and innovation. The Bitcoin Wizards project is part of the broader Bitcoin Runes ecosystem, which reached a lot of hype prior to its launch. According to Ansem, WZRD’s history and deep roots in memes give it the perfect ingredients to become the next Dogecoin, just on Bitcoin Runes. Moreover, the analyst assessment comes at a critical time for the crypto market, which is often influenced by the narratives that capture the community’s imagination. As the Bitcoin halving event unfolds, many eyes will be on the Bitcoin Runes ecosystem to see if it can indeed replicate the meteoric rises seen in BRC-20 tokens and Ordinals. At press time, WZRD traded at $12.15, up 70% in the last 24 hours. Featured image created with DALL·E, chart from TradingView.com