Crypto analyst Bull Theory has explained why the Bitcoin price has been crashing recently. The analyst pointed out that Wall Street traders were responsible for the price declines, indicating that these trading desks were manipulating the market for their own benefit. Analyst Explains Why The Bitcoin Price Is Crashing In an X post, Bull Theory blamed Jane Street for the Bitcoin price’s constant crash at 10 a.m. ET when the U.S. market opens. The analyst pointed out that BTC erased 16 hours of gains in just 20 minutes after the U.S. market opened. This has notably been happening since early November, when the flagship crypto fell below $100,000. Meanwhile, a similar price action also played out in the second and third quarters of this year. Related Reading: Confirming The Bitcoin Price Direction: Analyst Reveals What You Should Look Out For Bull Theory noted that another analyst, Zerohedge, has claimed that Jane Street is most likely the entity responsible for this Bitcoin price crash. The analyst stated that the chart shows a pattern that is too consistent to ignore, with a clean wipeout within an hour of the market opening, followed by a slow recovery. He added that this is classic high-frequency execution and that it fits Jane Street’s profile. Bull Theory stated that Jane Street is one of the largest high-frequency trading firms in the world and that they have the speed and liquidity to move markets for a few minutes. The analyst claimed that their behavior is simple: dump BTC at the market open, push the Bitcoin price into liquidity pockets, and then re-enter at a lower price. By doing this, the analyst claimed that Jane Street has accumulated billions in BTC. The trading firm is said to hold $2.5 billion worth of BlackRock’s Bitcoin ETF, which is its 5th-largest position. Bull Theory added that this means most of the dump in the Bitcoin price isn’t due to macro weakness but manipulation by this entity. He expects that BTC will continue its upward momentum once these big players are done buying. Bitcoin At Risk Of A Decline Post-FOMC Crypto analyst Ali Martinez indicated that the Bitcoin price was at risk of a significant decline following today’s FOMC meeting. He pointed out that BTC has consistently reacted negatively to FOMC meetings, with six out of seven meetings this year leading to corrections for the flagship crypto. Related Reading: Bitcoin RSI Shows Shocking Similarities To 2012-2015, But What Happened Last Time? The Bitcoin price had rallied to as high as $94,500 yesterday in anticipation of a third rate cut this year from the Fed. According to CME FedWatch, there is currently a 90% chance that the Fed will lower rates by 25 basis points (bps). A CryptoQuant report noted how these rate cuts have turned out to be a ‘sell the news’ event on the two occasions the Fed lowered rates this year, with the probability of this price action playing out again. At the time of writing, the Bitcoin price is trading at around $92,600, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com
Crypto analyst Tony Severino has revealed a historical bearish pattern that could send the Bitcoin price to as low as $42,000. This bearish outlook for BTC comes amid a rebound for the flagship crypto, with a recent surge above the psychological $90,000 level. Bitcoin Price Risks 50% Drop To $42,000 Based On This Pattern In an X post, Severino stated that the Bitcoin price likes to retrace to subwave 3/4 of wave 3/4 of its impulse. Based on this, the analyst indicated that BTC could crash to as low as $42,000 on wave C of this move to the downside. His accompanying chart showed that this decline could happen sometime at the start of next year. Related Reading: Bitcoin Price Can Hit These ‘Realistic’ Bullish Targets Before The Bear Market Begins This bearish Bitcoin price prediction comes amid BTC’s rebound above $90,000 following the end of quantitative tightening (QT) by the U.S. Federal Reserve. The flagship crypto has also rebounded amid optimism of another rate cut at this month’s FOMC meeting. CME FedWatch data shows there is almost a 90% chance that the Fed will lower rates again this month. However, despite these macro positives for the Bitcoin price, analysts such as Tony Severino have suggested that BTC is in a bear market and is likely to trend lower in the coming months. In an X post, he highlighted the BTC monthly chart, suggesting it showed a subtle volume breakout that confirmed a “not-so-subtle” trendline breakdown. Meanwhile, market technician JT described statements that the QT ending is bullish for the Bitcoin price as being a “fallacy.” He alluded to the possibility that the Bank of Japan (BOJ) may hike rates this month as one of the stressors to liquidity beyond QT. Peter Brandt Predicts Drop To Mid $40ks In an X post, veteran trader and analyst Peter Brandt predicted that the Bitcoin price could drop to mid $40,000. He stated that the upper boundary of the lower green zone starts below $70,000 and that the lower support boundary is in the mid $40,000. Notably, Brandt had previously predicted that BTC could drop to around $50,000 before it then rallies to around $200,000 in the next bull market. Related Reading: Bitcoin Price Breaks Below 50-MA For The First Time This Cycle, Why A Crash To $38,000 Could Be Coming The veteran analyst noted that there have been five major bull market cycles for the Bitcoin price since its inception. He further stated that in all previous cycles, the violation of the dominant parabolic advance has been followed by a 75% plus correction with no exception. As such, he expects BTC to undergo another significant correction in this cycle, potentially dropping below $50,000. At the time of writing, the Bitcoin price is trading at around $93,000, up almost 7% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
Historical data provides a bullish outlook for the XRP price this month, with the altcoin likely to record significant gains based on past performance. Specifically, the average monthly returns show that XRP could even record double-digit gains. Average Monthly Returns Point To Notable Gains For The XRP Price Cryptorank data shows that the XRP price has historically recorded an average monthly return of 13.8% in September. This suggests that the altcoin could again record positive returns this time around, especially as it looks to reclaim the psychological $3 level. Meanwhile, it is worth mentioning that the altcoin has closed the last three Septembers in the green. Related Reading: Is XRP A Meme Coin? Analyst Reveals How Whales Are Playing The Game In September 2022, the XRP price recorded a gain of 46.2%, its largest over the past 4 years. It also saw an increase of almost 8% in September 2023. The altcoin has so far recorded a gain of nearly 3% this month and looks on course to replicate its historical positive performance in September. Notably, there are bullish fundamentals that could spark a run for the XRP price. This includes the projected 25 basis points (bps) rate cut that the Fed is expected to make at the September 17 FOMC meeting. There is currently a 99.7% chance that the Fed will make this cut, according to CME FedWatch data. A Fed rate cut is bullish for altcoins, including XRP, as it could lead to increased risk-on sentiment among investors and cause more liquidity to flow into these assets. Meanwhile, the XRP ETFs are expected to receive the SEC’s nod in October, and given the market’s forward-looking nature, the XRP price could rally in anticipation of this occurrence next month. The ETFs are expected to attract new capital into the altcoin’s ecosystem. XRP Eyes Rally To $3.40 In an X post, crypto analyst Egrag Crypto predicted that the XRP price could rally to around $3.40. He noted that with the altcoin currently trading at around $2.877, all eyes are on how it will perform around this level. If XRP closes above $3.077, the analyst stated that it could increase the chance of breaching the $3.40 mark. Related Reading: XRP Price Action Turns Bearish, Analyst Says Crash Below $1 Is Coming Interestingly, the analyst suggested that the XRP price could rally by over 200% and reach $6.12 if it successfully breaches the $3.40 mark. His accompanying chart showed that XRP could claim this $6 range this month. Meanwhile, in another X post, Egrag Crypto said that the range of $3.077 to $3.13 is a key area, as a strong close above it with high volume could pave the way for the next move. At the time of writing, the XRP price is trading at around $2.85, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
Bitcoin hit a new all-time high (ATH) on August 13, providing a bullish outlook for the leading cryptocurrency. Ethereum has also recorded remarkable gains in the last seven days, bringing it close to its ATH. This development has occurred thanks to macro factors, which are boosting risk-on sentiment. Bitcoin Hits New ATH While Ethereum Records Massive Gains CoinMarketCap data shows that Bitcoin has reached a new ATH of $124,400, surpassing its previous ATH of around $123,091, which it hit just a month ago. Meanwhile, Ethereum is up almost 30% in the last seven days and is now just about 2% away from its ATH of $4,891. With the crypto market boasting this bullish momentum, ETH is expected to reach a new ATH sooner rather than later. Related Reading: Pundit Predicts ‘Near Term’ Bitcoin And Ethereum Prices, There’s Still Room To Run These rallies for Bitcoin and Ethereum have occurred on the back of positive macro developments such as the U.S. CPI data, which has boosted hopes of a September Fed rate cut. The July CPI inflation data came in at 2.7%, which showed that inflation in the country was steady. This reading was also lower than the expected 2.8%. Meanwhile, earlier on, the July job data had suggested that the U.S. labor market was weakening after nonfarm payrolls rose to 73,000, lower than the expected 147,000. Meanwhile, May and June figures were revised to 19,000 and 14,000 from 144,000 and 147,000, respectively. These developments have proven bullish for Bitcoin and Ethereum as the odds of a 25-basis-point (bps) September Fed rate cut have reached as high as 99%, according to CME FedWatch. These odds are now at 95% while there is a 4.2% chance of a 50 bps, which would be more bullish for these crypto assets if it happens. Rate cuts inject more liquidity into the market and boost investors’ appetite for risk-on assets like BTC and ETH. Higher Prices Still Likely For BTC Crypto analyst Ezy said that the Bitcoin price is in the ‘Sign of Strength’ phase, signaling that this is the beginning of a major bullish move after a period of accumulation by whales. The analyst added that the first target in this phase is typically the 1.618 Fibonacci, which is around $130,000. Related Reading: None Of These 30 Bitcoin Bull Market Top Indicators Have Been Triggered Meanwhile, the Ezy stated that the second target is at the 2.0 Fibonacci level, near $145,000, and the final target is around $166,000. His accompanying chart showed that Bitcoin can reach these targets between September and October, around when the monetary easing cycle is expected to begin. At the time of writing, the Bitcoin price is trading at around $122,600, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay chart from Tradingview.com
The Bitcoin price has continued to trade sideways since hitting a new all-time high (ATH) of $111,900 earlier in May. Amid the current price action, crypto analyst Decode has provided insights into whether the leading crypto will rally to $120,000 or drop below $100,000 next. Analyst Reveals What’s Next For The Bitcoin Price In an X post, Decode shared an accompanying chart in which he made an ABC wave analysis of the current Bitcoin price action. Based on his analysis, the leading crypto is expected to drop below $100,000 before it rallies to a new ATH of $120,000. The chart showed that BTC could fall to as low as $96,500 on the Wave B corrective move. Related Reading: Bitcoin Price Bounces Off Re-Accumulation Zone: Why $120,000 Could Be Next This drop to $96,500 is expected to happen this month. Once that is done, Decode predicts that the Bitcoin price could rally above $120,500 before the end of July. This will mark the Wave C impulsive move to the upside. This aligns with veteran trader Peter Brandt’s prediction that BTC could reach as high as $150,000 by late summer. However, crypto analyst KillaXBT has predicted that the Bitcoin price could hit the $120,000 target by mid-June. This coincides with the June FOMC meeting, which is scheduled for June 17 and 18. A Fed rate cut could serve as the catalyst for such a parabolic rally from the current BTC price level. According to CME FedWatch data, there is a 97.4% chance that the Fed would keep interest rates unchanged. As such, market participants aren’t expecting a rate cut, which is why the Bitcoin price could pump massively if Jerome Powell and the FOMC were to surprise everyone. Moreover, US President Donald Trump yesterday urged the Fed to cut rates by a full point. A Breakout Might Be On The Cards In an X post, crypto analyst Titan of Crypto suggested that a breakout could be imminent for the Bitcoin price. He noted that BTC is progressing inside a 4-hour falling wedge, which indicates a bullish reversal pattern. If confirmed, the analyst stated that the breakout could target the $107,500 and $109,500 zones, which are the Fibonacci confluence areas. Related Reading: Crypto Analyst Puts Bitcoin Price At $120,000 If This Range Breakout Happens Crypto analyst Kevin Capital highlighted the solid V-shape recovery for the Bitcoin price after the leading crypto dropped to as low as $100,000 on May 5. However, the analyst noted that BTC’s rebound back to the $105,000 zone won’t matter until it breaks above the $106,800 level. The leading crypto must also show actual follow-through with 3-day to 1-week closes to support a breakout. At the time of writing, the Bitcoin price is trading at around $105,000. Up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com