The overall bearish sentiment for Cardano (ADA) continues to rise as analysts now foresee a massive 33% price crash for the altcoin. This pessimistic projection comes as ADA struggles to gain traction in the market, with its value remaining stagnant or steadily dropping to lower levels. Cardano (ADA) Crash Incoming Compared to other prominent altcoins in the crypto market, Cardano has performed poorly, struggling with price declines and sluggish growth. Consequently, a crypto analyst, identified as ‘Financialfreedomgoals’ on TradingView, predicted that cryptocurrency is likely to experience more than a 30% crash to new lows. Related Reading: BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target The analyst notes the broader negative state of the current crypto market, highlighting that most altcoins are stuck in a “bearish rut.” He disclosed that rather than achieving new all-time highs, these coins have been setting fresh lows, underscoring the persistent downtrend and decreased confidence amongst investors. Cardano, in particular, has had its share of negative sentiment and volatility. The cryptocurrency has stayed unwaveringly below the Exponential Moving Average (EMA) 200 line, a key technical indicator traders often use to gauge long-term trends. Typically, when the price of a cryptocurrency stays below this line, it tends to signal a continuation of a bearish trend. Given the present bearish state of the market, the crypto analyst has dismissed the idea of an upcoming altcoin season, where the majority of cryptocurrencies excluding Bitcoin experience significant price gains. On the daily time frame, Cardano is trading below the EMA 200 line and the bearish trend line. Initially, a rising wedge pattern had formed on the cryptocurrency’s price chart, however instead of breaking out, Cardano saw a series of negative candlesticks alongside a bearish crossover on the Moving Average Convergence Divergence (MACD). This series of negative indicators suggests that bears may be tightening their grip on Cardano’s price. As such, the crypto analyst foresees the ADA continuing its descent to reach fresh lows at target areas: 0.2506 or 0.2197. These targets are calculated using the Fibonacci retracement ratios of 1.272 and 1.618. 0.3815 Resistance Could Trigger Bullish Surge Despite maintaining a largely bearish stance on Cardano’s price outlook, Financialfreedomgoals has hinted at a potential bullish turnaround. He has suggested that a price reversal for ADA could be possible if the price of the cryptocurrency manages to break above the key resistance at 0.3815 Fibonacci level. Related Reading: Time To Convert Bitcoin To Ethereum? ETH/BTC Charts Gears Up For 180% Surge Crypto analyst Sssebi shares an even greater bullish outlook for Cardano. He highlights that during the previous bull market, ADA’s value increased by more than 100X. As a result, the analyst believes that ADA will rally by at least 20X in this current market cycle, expressing even stronger confidence that the cryptocurrency will reach $5 soon. As of writing, the price of ADA is trading at $0.3576, reflecting a significant increase of 11.39% over the past week, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Dan Gambardello has highlighted the Cardano (ADA) roadmap to a new all-time high (ATH). The analyst also suggested that Cardano was halfway to reaching a new high, noting what part of its cycle the coin was currently at. Cardano Is In Stage 3 Of Its Cycle Gambardello remarked in an X (formerly Twitter) post that Cardano is in stage three of its cycle. He claimed that this part of the cycle for ADA is the “Told you. You should’ve listened” stage. This refers to the point where investors begin to capitulate, thinking that the crypto is unlikely to surge in the bull market given its bearish price action. Related Reading: XRP Price To Crash To $0.33 Before Surge To $9 Post-SEC Appeal; Analyst Reveals Once this stage is done, Cardano is expected to move to the next stage of its cycle, which Gambardello called the “Here we go again, another bull trap” stage. This stage will help shake out the short-term traders who jumped on ADA, believing its price would rise soon enough. Once the non-believers have been shaken out, the analyst predicts that Cardano will move to the last part of its cycle, when it will shatter its ATH and reach new highs. In his accompanying chart, Gambardello predicted that Cardano would rise to as high as $15 by year-end 2025. The analyst also indicated that ADA will enjoy a price surge beyond 2025, expected to mark the end of this cycle’s bull run. Interestingly, he forecasts that Cardano’s price will double in a year and rise to $31 by year-end 2026. A rise to $31 means that Cardano will have a market cap of $1 trillion. For context, the crypto market currently has a market cap of $2 trillion, meaning that figure is set to increase exponentially if ADA alone becomes valued at $1 trillion. The analyst didn’t provide any reason for believing the crypto can experience such massive growth in two years. A More Conservative Price Prediction Crypto analyst InvestingHaven has offered a more conservative price prediction for Cardano. In an X post, the analyst stated that the crypto will reach a “super bullish target of $1.95” in 2025. He also questioned whether ADA was ready for a breakout, claiming that the $0.443 Fibonacci level was the key to unlocking higher prices. Related Reading: Bitcoin Forms Golden Cross On 2-Month Chart, Here’s What Happened Last Time InvestingHaven added that the 2025 outlook for Cardano is full of potential, reaffirming that this is when the crypto will enjoy a parabolic rally. ADA has had a rough 2024 despite bullish developments like the Chang Hard Fork, which ushered in a decentralized governance system for the Cardano network. It is one of the worst-performing crypto assets this year, with a year-to-date (YTD) loss of over 40%. At the time if writing, Cardano is trading at around $0.35, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
BlackRock, the prominent American multinational investment management corporation, has once again emphasized the enduring belief surrounding the Bitcoin potential as a strategic asset. In a recent statement, the firm reiterated a school of thought that has been gaining momentum within the financial world for years. According to the investment company, BTC is a good tool for hedging against increasing global disorder, which might arise from growing distrust in governments, banks, and fiat currencies. Reflecting on this perspective, renowned cryptocurrency analyst Michaël van de Poppe aligns with BlackRock’s outlook, predicting a Bitcoin price as high as $600,000 in the current market cycle. BlackRock’s Involvement With Bitcoin There’s no denying the fact that BlackRock’s decision to foray into Bitcoin in 2023 through applications of Spot Bitcoin ETFs was a turning point for the cryptocurrency. As the biggest asset manager in the world, this move sent ripples throughout the investment community and affirmed Bitcoin’s growing role as a legitimate asset class. Related Reading: XRP Price To Reach $40? Crypto Analyst Says You Should Get In Right Now CEO of BlackRock, Larry Fink, who was once a proud Bitcoin skeptic, changed his stance and became an advocate of investors adding Bitcoin to their portfolio in order to hedge against inflation. According to him, Bitcoin “is an asset class that protects you.” In a similar statement, Blackrock noted that Bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.” This comes amidst inflation concerns in economies all around the globe since the beginning of the year. The company’s perspective echoes the sentiments of many investors who believe that as the cracks in conventional financial systems become more apparent, BTC will play a critical role in preserving wealth as its value continues to increase in the future. An example of such investors is Michaël van de Poppe, who is a staunch Bitcoin enthusiast. In reply to a social media post mentioning BlackRock’s comments, van de Poppe noted that Bitcoin’s current valuation is still very low. In terms of a correct valuation, the analyst notes a target between $300,000 and $600,000. Bitcoin currently trades at $57,983, which represents price increases of 417% and 935%, respectively. This explains it all. The current valuation of #Bitcoin is still super low. I wouldn’t be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A — Michaël van de Poppe (@CryptoMichNL) September 12, 2024 What’s Next For BTC? Although BTC is up by 3.89% in seven days, it continues to hover beneath $58,000 in what seems like forever. This is because Spot Bitcoin ETFs, which recently went on two days of inflows after weeks of consecutive outflows, recently registered another day of outflow. This could suggest a slowdown in a growing bullish sentiment among institutional investors. Related Reading: Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover? From a technical perspective, Bitcoin faces critical resistance at several key price levels. The first significant hurdle for the cryptocurrency would be breaking through the $60,000 mark, and then $62,000 with strong upward momentum. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst is mega bullish on the future outlook of the XRP price, predicting a massive price surge to $40 for cryptocurrency. Despite XRP’s stagnant price growth over the years, this crypto analyst remains confident in the cryptocurrency’s short-term and long-term prospects. XRP Surge Incoming, Don’t Panic Sell XRP, the native token of the XRP Ledger (XRPL) is currently showing incredibly bullish signals according to ‘Steph Is Crypto,’ a market expert on X (formerly Twitter). Sharing a video discussing his analysis of the XRP chart, Steph Is Crypto disclosed that cryptocurrency is gearing up for a substantial breakout in the immediate short term. Related Reading: Analyst Says Bitcoin Is In A ‘Healthier’ Place Now, Here’s Why The analyst disclosed that XRP is currently shaping a “larger inverted head and shoulders” technical pattern. As a result, he predicted that a breakout would be confirmed in XRP when a daily candle was seen close to the neckline at the $0.65 level. Once XRP closes above this crucial price level, the cryptocurrency could witness a price increase to $1.11, representing a 106% surge from its current value. Steph Is Crypto further revealed that on the monthly time frame, XRP’s price is getting closer to the apex of its distinctive symmetrical triangle pattern. A symmetrical triangle is a neutral chart formation consisting of two converging trend lines that suggest a potential price breakthrough after a period of sideways trading. Based on XRP’s triangle chart pattern, the analyst believes that the cryptocurrency could experience a massive price surge to $40 in the next few weeks. Considering the ambitious nature of this price forecast, Steph Is Crypto has warned investors to take it with a grain of salt, noting the market’s unpredictable nature. However, should XRP break above the downward-sloping resistance line on its symmetrical triangle pattern, the cryptocurrency could see a rapid move to the upside. A jump to $40 would mean that the XRP will require a 75.5% rally from its present price of $0.53. Looking at the Fear and Greed index of the broader crypto market, the majority of investors are in a fearful state due to the recent market decline and volatility. However, Steph In Crypto has urged XRP investors to stay bullish, emphasizing that now is the worst time to panic sell their holdings. He also revealed that XRP is witnessing a significant build-up of liquidity from short positions. As a result, he recommends that investors keep an eye out on the cryptocurrency’s liquidity margin, predicting a short squeeze or a move upwards soon. Related Reading: Bitcoin Recovery Path To $60,000: Analyst Reveals Why $55,881 Is Important Update On XRP Price Analysis Despite XRP’s bullish forecast from analysts and its newfound legal clarity, the cryptocurrency continues to experience sluggish growth. CoinMarketCap’s data has shown that XRP is still consolidating around the $0.5 price level, showing only modest gains even during favorable market conditions. In the last 24 hours, the price of the cryptocurrency has jumped by 1.06%, however in the previous week it also fell by 1.90%. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin might be stuck in a downtrend, but fundamental analysis suggests it is in a healthy position. According to a recent analysis by crypto analyst Kaleo, Bitcoin is currently putting up healthier dynamics than it did in the previous halving cycle. This intriguing outlook for Bitcoin comes amidst the cryptocurrency’s struggle to stand firm above $54,000 and break above $57,000. Bitcoin Is In A Healthier Place Kaleo’s Bitcoin analysis, which was posted on social media platform X, compared the current BTC price performance since the recently concluded April 2024 halving to its performance after the previous halving in May 2020. It has already been 141 days since the last halving, but the BTC price has yet to perform up to expectations that many expected. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December The analyst highlighted that Bitcoin is currently trading 19% below its all-time high of $69,434 reached during the last market cycle. While some may interpret this underperformance as a sign of a prolonged bearish trend, Kaleo pointed out that Bitcoin is actually still holding up well. This is because, at the same time, after the 2020 halving, Bitcoin was already down 46% from the 2018 top. This historical context reiterates BTC’s stronger position today despite its current struggles to break above substantially. At the time of writing, Bitcoin is trading at $56,616. The lack of sustained bullish momentum since August has caused several crypto analysts to scale back their once-optimistic predictions. There have now been many negative and bearish predictions given the current market situation. However, Kaleo reminds us of a sentiment similar to that that dominated the market shortly after the 2020 halving. Back then, negative outlooks were prevalent. Many market participants expressed doubts and negative predictions about BTC’s future. Yet, Bitcoin bulls eventually defied these predictions, driving the cryptocurrency’s market cap above the $1 trillion level for the first time. This also triggered a significant rise in the value of many altcoins and the emergence of new sectors like NFTs. #Bitcoin / $BTC What if I told you Bitcoin is in a healthier place now than when it was at the same point post halving last cycle? It’s currently only down ~19% from last cycles top (141 days post halving). In 2020, it was down ~46% from the 2018 top 141 days post halving.… pic.twitter.com/tZ0mFey15I — K A L E O (@CryptoKaleo) September 9, 2024 What’s Next For BTC? Kaleo’s analysis suggests that despite the current pessimism, history might repeat itself, and Bitcoin will once again rise above market expectations. Furthermore, the analyst suggests the crypto ecosystem is now in a better place to support a stronger price surge. Institutional investors, for instance, are now able to efficiently invest in BTC through Spot Bitcoin ETFs. Regulatory clarity surrounding the crypto industry has also improved massively in the last four years. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When Another analyst, Rekt Capital, examined previous halving cycles and proposed that if history repeats itself, the next Bitcoin breakout could occur in October, which has historically been a strong month for Bitcoin. History also shows that the market peak could occur between 518 and 546 days after the April halving. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin recovery at the beginning of the week has been a welcome development, especially given the incredibly bearish movements of the last month. However, even with the price on the up and up, there is still some danger lurking around that could stop the rally dead in its tracks. So, it has become important for the BTC price to hold some important levels if the rally is to continue, and one crypto analyst has identified one of the major support levels for this. Bitcoin Must Hold $55,881 Crypto analyst Rekt Capital took to X (formerly Twitter) to inform his 500,000 followers of what is ahead for the Bitcoin price. According to the crypto analyst, the bitcoin price has been able to protect an important level so far and that is the bargain-buying area. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December This bargain-buying area that Rekt Capital is referring to is the $53,250 level, one to which Bitcoin has held up quite nicely. Despite the breakdown, the fact that this level held shows strength for the digital asset. But even with this, the pioneer cryptocurrency still has a long way to go. As the crypto analyst explains, the fact that the Bitcoin price held the bargain-buying area happened beneath the black Downtrending Channel. This means that bulls would have to hold up momentum to continue the rally, and the best way to do this is to reclaim and hold the $55,881 level as support. #BTC The good news is that Bitcoin has Weekly Close above ~$53250 to protect the very bottom of the bargain-buying area (orange) that has formed beneath the black Downtrending Channel To build on this momentum, Bitcoin would need to next reclaim $55881 (blue) as support to try… https://t.co/pSYJZpk8E3 pic.twitter.com/Y3wPkLouRH — Rekt Capital (@rektcapital) September 9, 2024 If this support holds, then the crypto analyst forecasts a possible continuation of the rally. But not just any continuation, one that would drive the price above $60,000 once again. In this case, Bitcoin could be set on a path to a brand-new all-time high. BTC Hitting A Bottom It seems that sentiment is starting to recover as crypto analysts are predicting a rally for the Bitcoin price. Another analyst known as Cousin Crypto on X has pointed out that the BTC price might reach its bottom soon, giving a couple of reasons for this. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When For one, the crypto analyst points out that the BTC price has marked its first higher low in 200 days. Next, the potential Fed rate cuts that could happen next week could help strengthen the Bitcoin price. Third on the list is that the market is still sitting in Extreme Fear, which usually marks market bottoms. Given all of these, the analyst believes that there are bottom signals flashing for the Bitcoin price. In line with Rekt Capital’s analysis, if the Bitcoin price does bottom, then the next leg-up could put the price above $60,000 quickly. Featured image created with Dall.E, chart from Tradingview.com
With only a few weeks before Q4 begins, investors and market watchers remain vigilant of the market’s performance. Many expect the next quarter will kickstart the rally’s second leg up, suggesting that most altcoins will explode in the coming months. Several analysts are bullish about the upcoming performances, hinting that the time to accumulate these cryptocurrencies is near its end and that the alt season is near. Related Reading: Crypto Investor Loses $16 Million Amid Friend.tech’s Controversy And Token Crash Investors’ Last Call Before The Altseason Bitcoin (BTC) and Ethereum (ETH) have taken a hit throughout Q3’s market retraces. Since July 1, the flagship cryptocurrency’s price fell more than 10%, while the “King of altcoins” plunged by over 30%. Nonetheless, several altcoins have led the market bounces amid the volatility, displaying a remarkable performance during the shakeouts. Many of the alts have outperformed their BTC pairs, as crypto analyst Michaël van de Poppe stated. Per the post, many technical indicators show that “the Bitcoin pairs of many of the altcoins have been crawling up.” The analyst also considers that BTC and alts have bottomed out and that a market’s next moves will “be great.” Moreover, altcoins’ dominance seems “ready to take the spotlight.” Analyst and trader Titan of Crypto recently noted that Bitcoin dominance “is on the verge of printing a new lower high.” To the analyst, this could trigger the Altseason between Q4 2024 and Q1 2025, which could last until mid-2025. Meanwhile, crypto analyst Alex Clay suggested that investors’ chance to accumulate alts might end soon as “Uptober” approaches. To the analyst, the second correction wave of the Elliot Impulse Wave is over. As a result, cryptocurrencies, excluding BTC and ETH, are ready to begin the third bullish wave. Clay highlighted that the second correction wave displayed a bullish flag pattern. Additionally, he noted that altcoins’ market capitalization has been supported “at the strong confluence of EMA 100 + MA 200 + Key zone.” Based on this, he forecasted the sector’s mid-term target could hit a market capitalization of $1.3 trillion by May 2025 before the fourth wave. Clay also predicted a “conservative” long-term target of a $1.65 trillion market cap for the final impulse wave. Will Altcoins Hit $2 Trillion? Miky Bull highlighted Altcoins’, including ETH, market cap impulse. To the trader, the cryptocurrencies’ market cap is getting ready to break from the bullish flash pattern, potentially targeting a mark above the $1.8 trillion level. Miky previously suggested that the alts chart follows “the 2020 blueprint.” However, he considers they will differentiate by the duration of the re-accumulation phase, as he deems this cycle’s expansion will be “longer and huge.” Related Reading: Analysts Say Bitcoin Will Break $90,000 In Q4 2024 But This Must Happen First Another crypto analyst, Moustache, noted that alts have been in a 2-year-long cup and handle pattern, which is considered extremely bullish. The pattern suggests that altcoins’ market cap will significantly increase from the handle lows. To the trader, if this scenario plays out, alts target a $2.14 trillion market cap by 2025. As of this writing, altcoins sit at a market cap of $558 billion, a 10% decrease since Q3 began. Featured Image from Unsplash.com, Chart from TradingView.com
Much like Bitcoin (BTC), the price of Ethereum (ETH) has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum’s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom. Ethereum To Hit Price Bottom By December Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a YouTube video discussing Ethereum’s price movements, highlighting a potential correlation between ETH’s price declines with the rising United States (US) unemployment rates. Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000 Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a price bottom during the same month in both 2016, and 2019. With the unemployment rate currently rising in the US, Cowen suggests that a continuation of this economic trend could lead to a peak in December 2024, potentially coinciding with a price bottom for Ethereum. For the past few months, the price of Ethereum has been on an unusual downward trend, crashing by over 20% earlier this year and dipping below $3,000. The cryptocurrency had mirrored Bitcoin’s price declines, bleeding red almost immediately after the broader market turned bearish. Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs), ETH has failed to gain enough momentum to propel its price to previous highs. Considering the cryptocurrency’s extensive decline trend, Cowen predicts that Ethereum could witness a 50% decline soon. Although the analyst did concede that the projected decline might not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is probable. As a result, Cowen has set a new target for Etheruem’s price by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value. While drawing parallels between Etheruem’s price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) post that ETH might temporarily fall below its recently formed a wedge pattern before finding a price bottom. The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant price recovery. As of writing, CoinMarketCap’s data reveals that Ethereum’s price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours. Selling Pressures Increase For ETH Amidst price declines and broader market volatility, Ethereum has also been experiencing an increase in selling pressures. On September 10, Lookonchain reported that MetaAlpha, a hedging and trading service company, had executed another major transaction in a deposit of 10,000 ETH tokens valued at $23.45 million. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When Over the past four days, the company has moved a total of $33,589 ETH, worth about $77.55 million, to the Binance crypto exchange in the past four days. Meanwhile, the Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem recently sold another 100 ETH tokens, bringing its total ETH sales since January to 2,616 ETH. Featured image created with Dall.E, chart from Tradingview.com
Despite seeing multiple crashes over the last few months, the expectations for the Bitcoin price remain incredibly high. Predictions have ranged from hundreds of thousands of dollars to millions, but they all maintain one thing in common, and that is the fact that the Bitcoin bull market is far from over. To this end, pseudonymous […]
Shiba Inu (SHIB) investors have been given a major reality check as crypto analysts issue a more cautious and pessimistic outlook for the meme coin’s price. While still confident in Shiba Inu’s long-term bullish potential, the analyst urged investors to temper their expectations, warning them that a dramatic price spike would be unlikely anytime soon. Shiba Inu Days […]
The recent Bitcoin and crypto market crash has seen prices plunge into the red across the board. As a result, sentiment among crypto investors has plunged rapidly and this has caused the Fear & Greed Index to plunge into the Extreme Fear territory. This suggests that investors are less likely to put money into the market, but it could also come with good news for the market. Fear & Greed Index Sitting At Extreme Greed The Bitcoin Fear & Greed Index is one of the best indicators of telling how investors are feeling toward the market at any time. This index uses a scale of 1-100, representing sentiments ranging across Fear, Extreme Fear, Neutral, Greed, and Extreme Greed. Each of these can show how investors are feeling and could be a tell for where the Bitcoin price could be headed next from here. Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play Usually, when the Fear & Greed Index is sitting on either extreme, it could mean that the price is about to swing in the opposite direction. So, for example, the Bitcoin Fear & Greed Index is in Extreme Greed could suggest that the price is about to fall, and vice versa. This trend would be positive for the Bitcoin price right now as the Fear & Greed Index has fallen into the Extreme Greed territory. As of Friday, the Fear & Greed Index had fallen as low as 22, which put it firmly in the Extreme Fear territory. Going by the Bitcoin price having a tendency to recover when the index is in the red, it could mean that the price is reaching a bottom. An example of this is when the Bitcoin Fear & Greed Index fell to 20 in August, before the crypto market seeing a quick rebound. If that happens here, the Bitcoin price could be on the verge of a recovery. Bitcoin Rebound Not Likely In September While the Fear & Greed Index sitting in the Extreme Fear territory could point towards a bottom, the rebound may not materialize for a while. This is because the month of September has historically been very bearish and expectations are that this month will not be different. Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here’s Where Price Is Headed Next Veteran analyst Benjamin Cowen outlined this in a post on X (formerly Twitter), revealing that this month is already on track with previous September months. So far, the Bitcoin price has already fallen 8.16%, and “If BTC closes the month at this price, it would be a fairly typical September,” the analyst explains. The avg. return of #BTC in September is -6.3% So far this month, BTC’s return is already -8.16%. The only time in the last 5 years where the Sep. monthly return was worse than this was 2019 (-13.91%) If BTC closes the month at this price, it would be a fairly typical September pic.twitter.com/bZ9cRIl9OU — Benjamin Cowen (@intocryptoverse) September 6, 2024 However, the month of October is usually bullish, so if this trend continues, then September is likely to end in the red. But then when October rolls around, prices are expected to pick back up. Featured image created with Dall.E, chart from Tradingview.com
Recent developments show that Ethereum has entered oversold territory. This is undoubtedly a bullish development for the second-largest crypto by market cap, as it looks set for a price rally that could send it as high as $6,000. ETH Ready For Liftoff Having Entered Oversold Territory Crypto analyst Titan of Crypto suggested in an X (formerly Twitter) post that Ethereum is ready for liftoff, having entered oversold territory. He noted that historically, ETH sees a rally or a short-term pump whenever the relative strength index (RSI) is in or near oversold territory on the 3-day chart. Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play While it remains to be seen whether it will be a rally or just a short-term pump, Titan of Crypto added that an upward movement looks to be around the corner for Ethereum either way. The accompanying chart the crypto analyst shared showed that ETH could reach $6,000 if it is a price rally, while the crypto will at least reach $3,000 if it is just a short-term pump. Crypto analyst Crypto Wolf also recently shared an Ethereum update and noted that sentiment is at rock bottom and herd interest in ETH is fading. He added that according to his updated chart, TH is likely approaching a bottom. In line with this, he called for patience as Ethereum will experience a bullish reversal once it finds a bottom. His accompanying chart showed that Ethereum could rise to $2,900 following a price recovery and will set its sights on $5,600 if it breaks the resistance at $3,900. Crypto analyst Poisedon also hinted at an imminent price recovery for ETH, asserting that manipulation is done and that it is time for expansion. Poseidon’s accompanying chart indicated that ETH must reclaim $2,600 if the market structure is to shift to the upside. Based on the crypto analyst’s analysis, this shift to the upside could send Ethereum as high as $3,200 in the short term. Spot Ethereum ETFs Have A Role To Play The Spot Ethereum ETFs undoubtedly play a role in any potential price recovery for ETH. According to data from SoSo Value, these funds have witnessed a cumulative total net outflow of $562.31 million since launching on July 23, thereby putting significant selling pressure on ETH’s price. Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here’s Where Price Is Headed Next These outflows have been largely due to selling pressure from Grasyacle’s Ethereum Trust (ETHE), similar to what happened with Grasyacle’s Bitcoin Trust (GBTC) after the Spot Bitcoin ETFs launched. Bitcoin dropped to as low as $38,00 back then before climbing to its current all-time high (ATH) of $73,000 after the selling pressure from Grayscale eased. Therefore, ETH could also enjoy a parabolic rally if the same situation occurs again, with selling pressure from Graysale’s ETHE easing and other Spot Ethereum ETFs witnessing impressive inflows. At the time of writing, Ethereum is trading at around $2,320, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Dogecoin entered an extended accumulation range after hitting a new yearly peak in May 2024. Since then, the price has fluctuated widely, presumably giving investors time to enter back into the meme coin at lower prices. However, with the market on a decline and expectations for a recovery on the horizon, Dogecoin investors seem to be done with their buying. This signals that the drawn-out accumulation trend could be at an end, something that could be bullish for the meme coin’s price. Why The Dogecoin Accumulation Has Ended Crypto analyst, VIAQUANT, on the TradingView website, has suggested that the Dogecoin accumulation trend is finally at its end. The crypto analyst points to an important indicator, namely the Moving Average, and their positioning being the evidence that this is the case. Related Reading: Bitcoin Forecast: BTC Price Could Crack $50,000 If This Important Level Does Not Hold According to VIAQUANT, the Dogecoin price has defended multiple moving averages on important timeframes. This development shows not only strength, but an end to the accumulation phase. The important moving averages here are the 21 Moving Average, the 100 Moving Average, and the 200-Day Moving Average. The analysis points out that on the 3-day chart, the Dogecoin price has held the 200 Moving Average. Next is the 100 Moving Average on the weekly chart, even after a rapid decline over the last week. Last but not least is the 21 Moving Average, which continues to hold tightly on the monthly chart. Given these developments, the crypto analyst believes that these moving averages being held show that the Dogecoin accumulation phase has ended. Not only that, they posit that this also means that the meme coin could be gearing up for another price recovery from here. What Happens To DOGE Price From Here? Presently, Dogecoin prices are still struggling against the headwinds of the bearish crypto market. But if VIAQUANT’s analysis is correct, then this could only be short-lived from here. Given how much the coin has fallen in the last few months, a bounce from here could be phenomenal. Related Reading: Litecoin Looks Poised To Explode As Grayscale Buys 10,000 LTC The crypto analyst points to a similar accumulation trend that took place at the start of 2024. Following that, the DOGE price had bounced more than 100%. Taking that scenario and using it in the current situation, the analyst pegs the Dogecoin price for another 100% surge. This would mean that the price would cross $0.2. Interestingly, the crypto analyst does not expect this move to take long. The chart shows that the move above $0.2 would be completed sometime in November, meaning a 3-month timeframe for the analysis to play out. Featured image created with Dall.E, chart from Tradingview.com
Floki (FLOKI) may be the lucky meme coin to steal the spotlight in this bull cycle, with a crypto analyst predicting it could become the Dogecoin (DOGE) of this bull run. The realization of this prediction is sure to stir excitement within the Floki community, especially as the meme coin continues to gain traction despite […]
Summers have historically been very bearish for the Bitcoin price, and the year 2024 has been no different. Since summer began in June, the price of Bitcoin has been very weak, with multiple flash crashes rocking the pioneer cryptocurrency at various points. So far, the Bitcoin price has gone from over $70,000 to below $50,000 at one point. However, this could all be coming to an end as a crypto analyst has pointed out similarities with the summer of 2023 that suggest a recovery is imminent. When The Summer Chop Might End Crypto analyst Crypto Jelle, comparing the number of days that previous summer chops have lasted, has come up with a likely timeline for when the Bitcoin price decline could come to an end. Mainly, he takes into account the performance of Bitcoin in the summer of 2023 and how many days it lasted before it officially came to an end. Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally According to the post, the summer chop of 2023 actually lasted a total of 219 days, or approximately seven months. Given that trends like these tend to mirror each other, there is a chance that the current summer chop could last around the same time as that of 2023 did. The analyst points out that the current summer chop has been going on for 190 days, or approximately six months. Going by the duration of summer 2023, it means there is still around one month left to go before the bearish phase is finally over. This suggests that the month of September will continue to be choppy for the Bitcoin price. However, the good news is that it is likely the last month of downtrend before another rally begins. “If this chop-season lasts as long as the previous one, it will end around the start of October,” the crypto analyst stated. Day 190 of chop-season today. The previous summer chop lasted for 219 days, after which price more than doubled in the months that followed. If this chop-season lasts as long as the previous one, it will end around the start of October.#Bitcoin pic.twitter.com/dXYMVCbmM9 — Jelle (@CryptoJelleNL) September 4, 2024 Bitcoin Open Interest Flush Good For Price Another crypto analyst who has predicted a potential surge in the Bitcoin price is @CredibleCrypto on X (formerly Twitter). The analyst had previously predicted a drawdown for the cryptocurrency. By the middle of the week, the Bitcoin price had completed the drawdown, prompting the analyst to move to the next phase of the prediction. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 According to him, the drawdown below $57,000 could mean that the BTC price is now ready for a recovery. He explained that “Didn’t get that move up first unfortunately but we have now hit my downside target so hopefully this just means we are now ready for that relief rally sooner rather than later.” The price crash also saw a massive wipe of open interest (OI) from the market, but the crypto analyst believes that this could be good, although buyers are yet to arrive. “Nice wipe on OI here but no immediate signs of buyers stepping in just yet,” Credible Crypto said. “Let’s see how things develop.” Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Dark Defender has predicted that the XRP price could rise to $8 and explained what could spark such a parabolic rally for the crypto. As part of his bullish prediction, the crypto analyst also revealed what could lead to XRP rising to $18. XRP Price To Rise To $8 If Repeat Of 2017 Bull Run Occurs Dark Defender predicted in an X (formerly Twitter) post that XRP would rise to $8 if a repeat of the 2017 bull run were to occur. Back then, XRP recorded a price rally of 61,000% in 280 days to its current all-time high (ATH) of $3.84. Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? The crypto analyst seemed confident about this 2017 price surge happening again, stating that the XRP community is having a “deja vu of 2017 by standing weeks in front of the XRP bull run.” Dark Defender added that if a similar run is in place, $18.22, the Fibonacci level of 361.80%, is expected to be the upper target level of XRP’s Wave 3 impulsive move. From the accompanying chart, this projected move to $8 and possibly $18 is expected to occur sometime between October and early 2025. The crypto analyst also provided an analysis of XRP’s current price action and highlighted critical support levels XRP needs to hold above if it is to rise to this unprecedented height. Firstly, he noted that the crypto has been consolidating between $0.3917 and $0.6649. Meanwhile, in the weekly time frame, XRP’s relative strength index (RSI) dips have formed a parallel with price dips. At the same time, the weekly RSI Golden Cross is said to be in place. Dark Defender again highlighted the importance of the $0.6649 price level. He claimed that this level, above the weekly Ichimoku clouds, is a “crucial marker” that must be in place before XRP makes its parabolic run. The analyst also noted that $0.5286 and $0.4623 are critical support levels, which XRP holders should keep an eye on. XRP Could Rally By 5,000% And Rise To $27 Crypto analyst Egrag Crypto has also offered a more bullish price prediction for XRP, suggesting that the crypto could enjoy a 5,000% price gain and rise to $27. As a more conservative price prediction, he remarked that XRP could enjoy a 2,400% price gain and climb to $17. He made these predictions based on the Bullish Hammer Candle Stick formations, which he noted have historically produced massive price gains for XRP. Related Reading: Analysts Predict Bitcoin Price Could Crash To $40,000, But There’s Good News This isn’t the first time Egrag has predicted that XRP could rise to as high as $27 in this bull run. In November last year, he mentioned that this price level was a “plausible” target, especially if the crypto repeats its 2017 bull rally. At the time of writing, XRP is trading at around $0.55, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
A crypto pundit has identified striking similarities between the Bitcoin (BTC) market behavior in 2023 and 2024. Based on the analyst’s observation, he believes that Bitcoin is experiencing a comparable cycle of decline, characterized by widespread investor sell offs, which could precede a significant price breakout to new levels. Comparing The Bitcoin Markets Of 2023 And 2024 In a rather lengthy X (formerly Twitter) post on September 3, a crypto pundit identified as ‘Dana Crypto Trades’ shared some intriguing details about the current Bitcoin market, comparing it to the market environment and trends observed in 2023. The analyst noted that Bitcoin’s price fluctuated within a range for over six months, much like it did last year. Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? He highlighted that despite the cryptocurrency‘s bearish performance, the expectations about the market’s future outlook in the fourth quarter of 2024 remain particularly optimistic. Last year, numerous crypto investors chose to sell off their Bitcoin holdings when they were priced around $25,000, hoping to buy back at a lower value. This massive sell-off occurred despite the more than 90% probability that Spot Bitcoin ETFs would gain approval this year. Interestingly, A similar behavior is unfolding in the present Bitcoin market. The market sentiment has turned negative due to Bitcoin’s recent price volatility, leading investors to become bearish. Most of these investors are now liquidating their holdings, with the expectation to repurchase it at a 10% to 20% lower price. Daana Crypto has warned that while trying to buy Bitcoin at a lower price might seem like a great investment strategy, it carries a significant amount of risks. Basically, if the market moves upwards instead of the expected decline, investors who sold their Bitcoin may miss out on substantial gains. He referenced a situation last year, where some investors had missed out on a 3X price increase in Bitcoin because they had sold off their coins and were waiting for a slight price dip. While providing insights into current market set up, Daan Crypto acknowledged that he is unable to predict Bitcoin’s short term market movements, therefore advises that investors remain cautious. He indicated that for most investors, holding Bitcoin over the long term might be the best strategy, especially if the market could witness a significant breakout to the upside once bearish trends turn stable. BTC Eyes Next Target At $100,000 In Q4 Another crypto analyst, known as ‘Stockmoney Lizards,’ on X has also drawn comparisons between Bitcoin’s current market patterns with those from the early years. Related Reading: Solana Sees 7,600% Surge In Institutional Inflows, Here’s Why He observed similar trends in Bitcoin’s price action in 2016 and 2024, indicating that the pioneer cryptocurrency could experience a comparable but less dramatic price increase to what was seen in 2016. Despite this, the crypto analyst has set a price target of $100,000 for Bitcoin by the end of Q4 2024. Featured image created with Dall.E, chart from Tradingview.com
Despite being termed the ‘digital silver’, the Litecoin price has remained muted in the last year. The altcoin’s price saw a run-up back in 2023, leading up to its halving. Since then, it has failed to maintain this upward momentum, falling short of the triple-digit level. From here, though, it seems the tide might finally be changing for the Litecoin price, as a notable prediction from an analyst suggests that a rally could send the price to a new all-time high. Litecoin Price To Reach $7,000 According to a crypto analyst on the X (Formerly Twitter) platform, the Litecoin price is set to outperform all of the large cap cryptocurrencies in the market. The analysis focused on Litecoin’s long-term growth, which could see it surpass the likes of Bitcoin and Ethereum. Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? The chart shows that the LTC price is still trending below $70, which is an 84% decline from its all-time high price of $412. However, all hope is not lost as the crypto analyst believes that there is still more to come for the altcoin. Not only does the analyst believe that the Litecoin price will eventually cross the triple-digit level once again, they also believe that four-digit is in the cards for the altcoin. Targets for the Litecoin price include an initial surge that takes it above $100. From there, the crypto analyst expects the recovery to continue. An eventual break above the $1,000 level is mapped out, which would be an around 1,600% price increase from here. However, it doesn’t end there. The crypto analyst expects the price to eventually reach as high as $7,000. Now, if this were to play out, it would mean an over 11,000% price increase from the current price level. Related Reading: Analysts Predict Bitcoin Price Could Crash To $40,000, But There’s Good News As for the timeframe for when this is expected to play out, the crypto analyst seems to expect it to happen before 2026. This would put it in the expected 2025 bull run, where the likes of Bitcoin are expected to touch new all-time highs. But an 11,000% increase could easily make the Litecoin price the best performer out of the top 20 cryptocurrencies by market cap. “If you hate it or not, but IMO Litecoin will outperform all the big cap Crypto’s. See you at $7000,” the post read. On its own, the Litecoin price has not been very impressive. According to data from Coinmarketcap, the price is up only 1.42% in the last year, showing sluggish movement. Momentum has also declined rapidly, with total open interest remaining below $300 million for more than two months straight. Featured image created with Dall.E, chart from Tradingview.com
The Artificial Superintelligence Alliance (FET) has seen a remarkable performance in the last two weeks. Amid the latest market shakeouts, the AI crypto token saw a significant increase, surging over 60% a week ago. In the last 24 hours, the token has recorded a 4% price surge, retesting a crucial resistance level that could propel the price near its all-time high (ATH). Related Reading: Toncoin (TON) Price Action Signals 30% Crash After Losing A Key Level FET Sees 30% Monthly Surge FET showed a formidable price action throughout August despite the market retraces, seeing a 30% surge in the last 30 days. The ASI alliance token saw a 49% increase in the past two weeks and recovered above pre-Black Monday levels during this timeframe. Additionally, it saw a massive surge in trading volume, price, and whale activity a week ago when the FET’s on-chain developments fueled the bullish momentum by over 60%. The drive pushed the cryptocurrency’s price to a high of $1.46 on Tuesday, a level not seen since mid-July. Nonetheless, the market jitters halted FET’s rally, sending the price to a biweekly low of $1.06. The token retested the $1.20 resistance level over the weekend, unsuccessfully reclaiming it but holding above the $1.10 price range. This performance has been highlighted by several market watchers, who noted that the token has held effectively above the $1.17 support level. This level was retested and maintained since late February when the token’s leg up drove the price to its March ATH of $3.45 but was lost as July closed. Analysts Suggest Key Levels To Watch Some market watchers noted that FET recently broke out of crucial horizontal levels. The token has been in a multi-month falling wedge pattern and registered multiple touchpoints within the upper and lower trendlines. According to Crypto Yapper, some key horizontal levels have come into play in the past month. The token bounced from the “huge” $0.8 support area a few weeks ago. This level was deemed an “interesting accumulation zone” by the analyst. Since then, FET has seen a significant jump, breaking out of the falling wedge pattern. Following the breakout, it has attempted to turn the next horizontal resistance level into a support zone. Per the analyst, if the $1.17 level holds strong, the cryptocurrency could move to the next big resistance in the $1.7 area. “Then we can continue the bullish uptrend, and eventually, the top side of the formation will be confluent with the breakout target, which will be around $3.4,” he further explained. Conversely, other analysts have cautioned that the token remains in a bearish market structure. According to Altcoin Sherpa, FET is attempting to form a higher low, which will need to be followed by a higher high to continue the uptrend. Related Reading: Bitcoin At Risk Of Continued Selling Pressure Amid Market Volatility, Here’s Why To Sherpa, if the token achieves this, it will have “bottomed in the short term.” Additionally, he set the $1.5 price zone as a “super key level” for further bullish price action. FET hovered between the $1.1-$1.21 price range in the last 24 hours, holding above the key support level throughout Monday morning. As of this writing, the token is trading at $1.2, a 4% daily surge. Featured Image from Unsplash.com, Chart from TradingView.com
Dogecoin has become known as one of the altcoins in the crypto market to put on impressive rallies with each bull market cycle. These powerful performances have solidified it as an investor favorite, and the current cycle is no different. With the expectation that the crypto market will see another bull run in the coming […]
If Bitcoin is to maintain its longer-term uptrend, it must avoid breaking down below $56,000, according to a crypto analyst.
The XRP price, despite struggling over the last few years due to the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), continues to enjoy a lot of support from the community. This has materialized in the form of countless bullish predictions that the altcoin will rally and regain its lost glory. […]
Cardano has gotten a lot of bullish predictions lately, especially in relation to the much-anticipated Chang upgrade. The upgrade is one of the most important upgrades for the network in a while, and this has triggered a wave of optimism among supporters. Amid this, another bullish prediction has been presented by crypto analyst Alan Santana, who predicts a significant rally for the altcoin’s price that would send it to new all-time high prices. Where Cardano Is In This Cycle In the last three years, the Cardano price has seen various waves of bullish and bearish cycles, and unfortunately, the bears look to have won out. This began after the ADA price hit its current all-time high price of $3.10 in 2021, and since then, it has been mainly down-only. While this would usually scare off investors, crypto analyst Alan Santana points it out in his bullish analysis. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, What’s Going On? According to the crypto analyst, the period when the Cardano price hit a new all-time high and 2023 when the price began moving upward, it showed that the altcoin was in a bear market. However, this was followed by a consolidation phase, which lasted from the beginning of 2023 to the end of 2023. Once the consolidation period was done, the ADA price began to see an upside at the start of 2024. This saw its price go from as low as $0.24 to as high as $0.79. This phase, Santana refers to as the “initial bullish breakout.” Now, the reason this phase is important is it is what the analyst refers to as the “entree or appetizer before the major bull-market.” This means that is the analyst is right, then this initial breakout is only a preview of what’s to come. The decline that followed the local peak of $0.79 has been a source of worry for Cardano investors as the altcoin lost around 50% of its value since then. However, the crypto analyst calls this a “minor correction” which wouldn’t matter much when the bull cycle rolls around. How High Can The ADA Price Go? From the analysis, Santana seems to expect the Cardano price to bottom somewhere around $0.22. Soon after, a bounce is expected to follow the decline, pushing the price even higher. From here, the targets come in, both for the short and long term. Related Reading: This Triangle Pattern Triggered In 2021 Suggests XRP Price Will Surge 5,000% To $32 Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. Over the long term though, the crypto analyst expects much more explosive rallies for the ADA price. Two in particular stand out: One is a 1,272.18% increase to a new all-time high of $4.8. While the most notable rally is a 2,200% increase that would put the price at $8. Featured image created with Dall.E, chart from Tradingview.com
The XRP price is trading around the psychological barrier of $0.60 after breaking through earlier in the week. Notably, XRP has exhibited interesting price action amidst wider market uncertainty, although many cryptocurrencies are starting to turn positive. While some market participants are still bearish on XRP, others are looking out for a very bullish trajectory. A crypto analyst has revealed an XRP technical analysis that many bullish proponents can resonate with. According to the analyst, XRP is set to surge to $32 in the coming months. XRP Price Surge Of Epic Proportions Despite the broader volatility, many cryptocurrencies have begun to show signs of recovery, with XRP also a focal point of interest. The XRP analysis in question was posted through the social media platform X by Tylie Eric. This analysis was accompanied by an XRP / U.S. Dollar price chart on the 1D candlestick timeframe. As such, the price chart shows XRP’s price action as far back as late 2020. Central to the analysis is the depiction of a symmetrical triangle pattern, which has been gradually forming since early 2021, when XRP reached a peak trading value of $1.96. Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why Over the years, XRP has displayed a series of lower highs and higher lows, which have progressively tightened into a narrower trading range. This pattern is often regarded by technical analysts as a sign of a potential breakout, where the price could move significantly in either direction once there is a breakout. #XRP WELCOME TO MONDAY. I’m a visual individual. Let this chart rekindle the spark. pic.twitter.com/xZXe4cpou1 — Tylie E (@TylieEric) August 19, 2024 Recent price action now puts the XRP price trading at the upper trendline of the triangular pattern. A breakout to the upside would cement a bullish rally for the cryptocurrency. According to the price target noted by Tyler, this breakout could see XRP initially surging to its current all-time high of $3.5 before facing resistance. However, the sheer nature of the bullish breakout would see XRP quickly clearing this resistance and going as high as $32. His timeline for this happening is between now and the end of the year. This projection, if realized, would represent a substantial 5,230% increase from the current price of XRP. What’s Next For XRP? Market sentiment around XRP is currently mixed. Tylie Eric’s forecast is particularly bold, predicting that the XRP price could climb as high as $32 by the end of the year. While surges of such proportions are not new to the crypto XRP, the chances of such an XRP surge happening are very slim at the moment. However, XRP has seen several other bullish predictions of a similar nature in recent weeks, particularly in the wake of the conclusion of the Ripple-SEC lawsuit. Related Reading: Glassnode Report Reveals Why The Bitcoin Price Dropped Below $50,000 On the other hand, a segment of the market remains bearish on XRP. One analyst recently even went so far as calling XRP the “biggest scam in crypto.” At the time of writing, XRP is trading at $0.6008 and is only on a 1.29% gain in a 30-day timeframe. Featured image created with Dall.E, chart from Tradingview.com
The founder of Dizer Capital, Yassin Mobarak, recently revealed why crypto investors should not miss out on investing in XRP despite its unimpressive price action so far. The crypto analyst made this revelation while also acknowledging how difficult it is to hold the crypto token for now. The XRP Rally Will Be Massive Mobarak suggested […]
Ethereum (ETH) price has struggled amid another market shakeout. The second-largest cryptocurrency by market capitalization fell below the $2,600 support zone for the third time in the past week, prompting crypto analysts to evaluate the next levels to watch out. Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off ETH’s Key Support Zone To Watch Out The crypto market has seen several retraces throughout the cycle, with cryptocurrencies like Ethereum significantly decreasing from its Q3 opening. Since July 1, the “king of altcoins” has seen a 24% drop from the $3,400 support level. Following its fall below the $2,100 mark during the ‘Black Monday’ crash, ETH has hovered between the $2,300 and $2,700 range. The cryptocurrency has recovered around 18% of its price while tries to reclaim the $2,600 level. Nonetheless, the recent market shakeouts have made the price retest the strength of the $2,500 support zone three times in the last two weeks, which turned experts wary of ETH’s next step. Renowned crypto analyst Ali Martinez stated that investors should pay attention to a key support zone after Ethereum’s performance. To Martinez, the $2,300 and $2,380 price range should be watched if ETH continues its downward trend. According to the In/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million ETH at this zone, making it the next wall of support for Ethereum’s price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February. Will Ethereum Drop To $1,200 This Year? Other experts have suggested that the second-largest cryptocurrency could see its price drop even lower, as “even giants will fall.” Top analyst Benjamin Cowen stated that the “collapse of ETH/BTC” is almost completed. A year ago, Cowen forecasted that the collapse of the trading pair would “mark the end of the altcoin reckoning.” He explained that “altcoin reckoning” refers to the devaluation of the altcoins on their BTC pairs. The analyst added that ETC/BTC was the “last one to rise in the bull and it can be the last to fall in the bear.” To him, this trading pair has four more months before it goes up next year. Additionally, Cowen predicted that Ethereum’s price could hit the $1,200 price range in December if its performance is similar to the last two cycles. Crypto investor Ted Pillows urged investors to hold on throughout the troubled waters, suggesting that a $10,000 is still possible. To the trader, the ‘King of altcoins’ is not dead based on different factors. Ted highlighted that spot Ethereum exchange-traded funds (ETFs) inflows have increased while Grayscale outflows have progressively gotten smaller, and Jump Trading has only around $60 million in ETH to sell. Related Reading: Will Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh In Moreover, ETH is “strongly holding its support level,” which he deemed the most important factor. Ultimately, the investor Predicts that the consolidation breakout will occur between November and December, while the “parabolic run” will start in Q1 2025. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin has not been in the $20,000 range going on two years now and some believe that the pioneer cryptocurrency will never revisit this level again. However, according to one analyst, the Bitcoin price falling back to $20,000 is a matter of when, not if. While they do not expect that this crash will happen anytime soon, they have warned that the possibility should not be ruled out at this point. Bitcoin Price Could Go For $20,000 Crypto analyst “Without Worries”, in a new analysis on the TradingView website, has outlined the possibility for the Bitcoin price to crash to $20,000 once again. The analysis focuses on the Bitcoin price on the 3-week chart, which showed some interesting insights into the movement of the digital asset. Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here’s When According to the crypto analyst, there are some important events that have taken place, giving birth to the expectation that this will happen. One of these has to do with the Stochastics RSI that has made some notable moves. As the crypto analyst points out, the Stochastic RSI had moved above 80 and then eventually crossed back down to 50. This move in the Stochastic RSI, which happens to be one of the most important indicators of bull and bear cycles, shows resistance is building. At this point, the analyst advises investors to watch out for confirmation of resistance that could signal the start of the downtrend. Looking back, the crypto analyst revealed that resistance had previously appeared back in 2018 and 2019. What followed was a downtrend. Then again, in 2021, the resistance appeared, and each time, there was an average 70% decline following the resistance. If this resistance were to reappear, then historical performance would suggest that the Bitcoin price would follow the same trend. In that case, a 70% decline from the current all-time high price would mean that the BTC price does return to the $20,000 level once again. However, this is months away from playing out, according to the analyst. Will BTC Rally Into 2025? Touching on the topic of the Bitcoin bull run continuing into the year 2025, the crypto analyst does not believe this is possible. He believes that with so many calls for the pioneer cryptocurrency to reach new peaks, it is not going to happen. Related Reading: Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why However, the analyst does not believe that the market has topped at this point. They point out that the market is still in fear, which is not an ideal time for the market to reach its top. Instead, the top will come when the market is in euphoria. “When this RSI resistance confirms, there will be no long opportunities in the market until 2027 at the earliest,” the analyst said in closing. Featured image created with Dall.E, chart from Tradingview.com
Bittensor (TAO) has been one of the best-performing AI (Artificial Intelligence) tokens this cycle after surging 180% during Q1 2024. The token has significantly retraced from its march all-time high (ATH) and is currently testing key resistance levels. Some crypto analysts seem unsure about TAO’s short-term performance but remain bullish long-term. Related Reading: Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags Bittensor To Lead The ‘AI Wave’? Bittensor Protocol’s token TAO recently saw a major downturn following the broader market retrace. The token, which had recovered the $300 mark in July, faced a significant correction as August started. The price decline deepened on August 5, falling below the $180 level. As the crypto market recovered, TAO’s price surged over 75% from its lowest point last Monday. The token retested the $300 resistance level over the weekend but failed to hold it as the market saw another crash this Monday. Bittensor’s native token registers a 10% drop from its Friday price of $315, which seems to have left some investors and market watchers pondering TAO’s short-term performance. According to renowned analyst Altcoin Sherpa, the AI token might experience another 25%-30% drop soon. To Sherpa, TAO’s “bearish market structure is still there,” which could drive the price below the $200 support level again “pretty soon.” Additionally, the analyst wonders whether AI tokens like TAO will outperform most of the market “like they did in early 2024.” Nonetheless, Gonzo, another market watcher, believes that the token will “lead the AI wave” in the coming months. Replying to Sherpa, the investor suggested that TAO might need to move sideways for a while and “hope that BTC doesn’t dump” to start a new uptrend. Gonzo also considers that Grayscale “might dump it hard to get in cheap” but “will pump it to make money” after launching its Bittensor fund. As reported by NewsBTC, Grayscale Investments announced the offering of its new crypto fund, the Grayscale Bittensor Trust, last week. No Clear Direction For TAO Short-Term Crypto trader Pidgeon analyzed TAO’s long-term performance, finding an unclear path in the shorter timeframes. Per the post, the chart displays a “big head and shoulders” pattern in the weekly timeframes. To the analyst, this pattern, which suggests a trend reversal, “remains completely irrelevant as long as Bittensor holds the $200 support area.” He considers that the chances of TAO holding this level significantly increased after “Monday’s major fakeout and liquidity sweep.” Additionally, Pidgeon highlighted that the token is moving within a clear range between the $210 and $360 levels in the daily timeframe, where the token has previously consolidated. The trader considers there won’t be “major direction until either side breaks.” To break from the downtrend, TAO must reclaim the $310 level before retesting the $360 mark. If it breaks above the $360 trendline, the token’s price could retest the $480 and $570 resistance levels before trying for a new ATH. Related Reading: Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms If it fails to hold above the $200 support zone, it might “revisit the wick lows down around $160” and even go as low as $90. Nonetheless, he identified a lower high structure “that it has been stuck in for months” and that “tends to break to the upside.” Ultimately, the trader stated he’s leaning bullish med-long term, but it will depend on “which side of the range it breaks.” As of this writing, TAO is trading at $277, a 4% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin, the largest cryptocurrency by market cap appears to have “bottomed out” and is now poised to surge above $150,000, according to prominent crypto analyst Captain Faibik. This insight from the analyst comes as Bitcoin currently sees a sign of rebound, reclaiming the $60,000 mark following its recent plunge below $59,000. Related Reading: Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000 A $150,000 Surge On The Horizon In his recent post on X, Captain Faibik disclosed a distinct pattern known as the Descending Broadening Wedge found on the BTC chart. This technical pattern typically indicates bullish potential, suggesting that an upward breakout is highly probable after a period of price declines and increasing volatility. Faibik elaborates that we are currently in what he describes as the “Accumulation phase,” which historically precedes significant bullish rallies. This phase is characterized by investors purchasing the asset at lower prices, gearing up for anticipated future gains. The sentiment is supported by the severe price drops in altcoins, with a 60-70% decline since March 2024. Since the March 2024 high, the Markets have been moving in a Descending Broadening Wedge Pattern. We are currently in the Accumulation phase, just before the Next Massive Bullish Rally. Most altcoins are down 60-70% since the March high, and I know Altcoin holders are… pic.twitter.com/ttWsBwMbOJ — Captain Faibik (@CryptoFaibik) August 11, 2024 Captain Faibik is optimistic about Bitcoin’s price trajectory, drawing parallels to previous cycles. He recalls the period around August-September 2023 when BTC traded between $17,000 and $18,000. According to Faibik, those who heeded his advice to buy during that time saw Bitcoin’s value soar to $74,000. Revealing the current outlook, Faibik noted: Now, I’m telling you again to Accumulate. Bitcoin will likely surpass $150k this time. Keep accumulating the dips and Building your Portfolio for the 2024-25 bullrun. Bitcoin Rainbow Chart Outlook Echoing Fabric’s analysis, another analyst, Lark Davis, points to the Bitcoin Rainbow chart, which currently shows Bitcoin in the “accumulation zone.” Based on historical data, investors use this tool to gauge market sentiment and potential price movements. According to Davis, if BTC reaches the “FOMO Intensifies” zone, as it did in the last cycle, it could skyrocket to between $150,000 and $190,000. Related Reading: Bitcoin Price Trims Gains: Is the Rally Losing Steam? Davis advises investors to consider accumulating BTC during these dips, suggesting that we are in an optimal phase for building positions in anticipation of the next market surge. The Bitcoin Rainbow chart shows that $BTC is currently in the accumulation zone. Last cycle, we topped in the “FOMO Intensifies” zone. If we reach that zone this cycle, $BTC could go anywhere between $150K–$190K. Where do you think we top this cycle? pic.twitter.com/STuOwmoN68 — Lark Davis (@TheCryptoLark) August 12, 2024 Featured image created with DALL-E, Chart from TradingView
Ethereum has struggled greatly underneath the bearish pressure that has been mounted on the crypto market over the last few weeks. The ETH price suffered multiple crashes that sent it toward $2,000 once more, shattering the expectations for a new all-time high in the third quarter. However, this decline may only be short-lived as one crypto analyst has suggested that the Ethereum price could be getting ready for another rally that could push it toward its previous highs. Ethereum Looking Promising On 1-Week Chart Crypto analyst RLinda has posted a promising analysis on the Ethereum price on the TradingView website. This analysis focuses on the ETH price on the one-week chart, which has maintained bullishness despite the crash. This follows the continuous accumulation from the low $2,000s level as the price recovers. Related Reading: Bitcoin Exchange Outflows Soar To Yearly High – Could This Fuel A Return To $70,000? The crypto analyst highlights that Ethereum is seeing buyback from the market following the crash. This suggests bullishness among investors despite the price remaining low at this point. As for the chart, the analyst points out that “a very promising technical situation is forming on W1.” RLinda proposes that there could be a number of promising conditions forming if the ETH price were to return to its global sideways range. In this case, the crypto analyst believes that Ethereum could be seeing a good cause to jump toward the $4,000-$4,800 range. Amid all of this, the crypto analyst maintains that the background for Ethereum is still quite bullish. “The liquidation (strong downward movement) and the subsequent active buyback indicates that the market is free of unnecessary traders and the train can now move in the right direction, it remains to get to the key station before departure,” RLinda stated. Key Levels To Watch The Ethereum price being bullish is positive for the cryptocurrency. However, there are still various important levels to watch that serve as important levels for the cryptocurrency to achieve this goal. This includes both support and resistance levels along the way. Related Reading: Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy In this case, RLinda places significant attention not he $2,717-$2,817 resistance area. Mainly, these areas serve as the most important resistance levels in this drive upward. According to the analyst, beating this resistance and forming support will provide the ETH price a promising liquidity target above $4,000. A full rundown of the resistance levels is $2,717 and $2,817, while the major support levels from here include $2,518, $2,425, and $2,400. RLinda believes that the whales’ Ethereum buyback shows that major players are still bullish. “After Friday’s test and pullback, the price is back to the level, which increases the chances of a breakout,” the crypto analyst said in closing. Featured image created with Dall.E, chart from Tradingview.com