The crypto market is again all shades of green, with Bitcoin and altcoins enjoying significant rallies. Crypto analyst Capo of Crypto has provided further optimism, suggesting that these tokens will still make more massive moves to the upside. “The Best Is Yet To Come” For Bitcoin Capo of Crypto opined in an X (formerly Twitter) post that the “best is yet to come” for Bitcoin and altcoins. He noted that Bitcoin is pumping, having reclaimed the $60,000 range as support. The crypto analyst added that altcoins also seem to have found their local bottom, meaning they are well-primed for massive rallies to the upside. Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? With Bitcoin also back above $65,000, it seems that it is just a matter of when and not if before the flagship crypto reclaims the $70,000 range. Capo had previously mentioned that reclaiming the $65,000 level would be the next bullish confirmation for the flagship crypto. The analyst added that the market should expect high prices once that happens. As to how Bitcoin could rise, Capo stated that the main target would be the liquidity zone between $74,000 and $76,000. Bitcoin rising to these price levels would mark a new all-time high (ATH) for the flagship crypto. Crypto analyst Rekt Capital shared a similar sentiment with Capo, suggesting that Bitcoin’s successful retest of the $65,000 resistance level would send it back above $70,000. Bitcoin rising back above $70,000 is believed to be where the real fun begins, as crypto analysts like Michael van de Poppe had previously mentioned that the bull run will continue once the flagship crypto is back above this price level. Crypto analyst Crypto Kaleo had also recently advised market participants not to get shaken out. He stated that the market is still heading “way higher” and that a little more patience is needed before the “fun really starts.” “Huge” Altcoin Season Is Brewing Crypto analyst Mkybull Crypto stated in an X post that a huge altcoin season is brewing. He claimed that this cycle might be similar to the explosive altcoin season rally in 2017, as altcoins’ current price action shares a similar price action to that period. Mikyull Crypto added that the fakeout made many believe the altcoin season for this cycle had been written off but suggested that isn’t the case, as something similar happened in the 2016 post-halving cycle. Related Reading: CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date Interstingly, Capo stated that he is most bullish on altcoins. He alluded to the Spot Ethereum ETFs, which are expected to begin trading this week. Crypto analysts predict that these funds could spark a massive rally for Ethereum and altcoins, by extension, which could help usher in the altcoin season as they outperform Bitcoin. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term. He made this assertion based on his belief that the Spot Ethereum ETFs will not instantly have the impact that many expect it to have on ETH’s price. Bitcoin Will Continue To Outperform Ethereum For Now Crypto […]
Crypto analyst Rekt Capital has provided insights into the Bitcoin future trajectory. Based on his analysis, the flagship crypto might not yet be ready for its next leg up, which could see it climb back above $70,000. Bitcoin Not Yet Ready To Establish $65,000 As New Support Rekt Capital claimed in an X (formerly Twitter) post that Bitcoin is not quite ready just yet for a successful retest of the $65,000 level as new support. For the crypto to establish $65,000 as the new support level, the analyst stated that it would need a similar restest like the one which happened sometime in May earlier this year. According to Rekt Capital, this will confirm a break back into the $65,000 to $71,500 region. Related Reading: PEPE Explosion Imminent: Analyst Predicts Price Will Rocket To $0.00004128 ATH Bitcoin establishing $65,000 is crucial as that will also confirm that the downtrend is over as the flagship crypto still risks dropping to the $60,000 range while still below $65,000. Meanwhile, as Rekt Capital noted, Bitcoin holding above the $65,000 support would mean that it is ready to revisit its previous top above $70,000. Bitcoin rising above $70,000 and reaching as high as $71,500 will inspire confidence among investors that the bull run is well underway again. Crypto expert Michael van de Poppe had before now highlighted the $70,000 range as the level for Bitcoin to beat in order to surpass its current all-time high (ATH) of $73,750. Crypto analyst Altcoin Sherpa also recently highlighted three scenarios that could play out for Bitcoin from its current price level. He claimed that the flagship crypto could dump to $63,000 and “return the pump,” dump to $60,000, and return the pump or dump to $60,000 while enjoying some relief bounces and then “die” after it dumps to $60,000. However, the analyst is most hopeful that Bitcoin just break above this level without any pullback and rise to $70,000. What To Expect From BTC Heading Into The Latter Parts Of The Cycle Crypto analyst Dann Crypto shared his expectations for Bitcoin heading into the latter parts of this bull run. He claimed that Bitcoin will enjoy a run-up heading into the US Presidential elections due to the easy narrative of a potential crypto President and Vice President. He expects this rally to also happen thanks to a potential first-rate cut and just the “overall excitement” after Bitcoin had ranged for about four months. Related Reading: Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High Daan Crypto also alluded to the Spot Ethereum ETFs, describing them as a “bit of a wildcard” since they could “accelerate the rally,” but it all depends on how much demand these ETFs enjoy. Once this Bitcoin rally is done, Daan Crypto expects that the market will experience another local top with this likely to happen during the new year. The crypto analyst predicts that the final rally in this bull run will come in the latter half of 2025, as part of the 4-year cycle. Daan Crypto noted that this 4-year cycle has always worked and that there is no reason why it shouldn’t work this time around. He warned market participants to not get fixated on a particular target as the market top for Bitcoin and instead, advised them to be fluid. Featured image created with Dall.E, chart from Tradingview.com
The Telegram-based Notcoin token has been making waves since it was introduced to the crypto market a few months ago. Following the market decline, it staged one of the strongest recoveries, rising over 50% in a single day. Given its bullish tendencies, expectations around the altcoin is that it will continue to rise, with one crypto analyst predicting how far the Notcoin price could go from here. Notcoin Price Could Rise To $0.018 In an analysis posted on TradingView, a crypto analyst who goes by “The57Trader” has proposed a bullish scenario for Notcoin. In this case, the altcoin is expected to continue to rise, with a price surge toward its current all-time high levels. Related Reading: Ethereum Bulls Gear Up For Recovery – Can Spot ETFs Push Price To New Highs? The crypto analyst points out that the Notcoin price has actually formed a bullish flag pattern, which forms the basis for this prediction. However, like with all bullish formations, there are levels that the altcoin must hold in order for it to confirm the rally. In this case, that level is the $0.016 area, and it serves as a support for the Notcoin price through market fluctuations. Now, if the altcoin is able to hold this level, then the price could continue to fly, with targets at $0.01731 and $0.01846. However, on the chance that the Notcoin price is unable to hold this level, then the price decline is expected to continue. The target in this case is place at $0.01478, which is around a 15% decline from the support level of $0.016. NOT Breaks Below $0.016 Support Holding the $0.016 support is important to the crypto analyst’s Notcoin price prediction. However, the altcoin has been unable to maintain this level. At the time of writing, the price had already fallen below the $0.016 price level once, suggesting an invalidation of this prediction. Related Reading: Analyst Says Solana Price Could Rise 450% To $840 – Here Are The Drivers Going by the analysis, then from here, the Notcoin price could continue its decline. A crash from here would no doubt be gut-wrenching for investors, but given the altcoin’s past performances following crashes, it is possible that this decline would not last long. However, so far, the Notcoin price has still continued to skirt around the $0.016 level, suggesting that bulls are still in the game. However, if the Bitcoin price continues to decline and drag the crypto market down with it, then the altcoin could see further crashes. For now, the price has recovered above $0.0163 once again, but posting 1.06% losses in the last day, according to data from Coinmarketcap. It is one of the only coins recording losses in the last 24 hours following the Bitcoin recovery above $60,000. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Crypto Bitlord has urged market participants to buy the XRP token. In a series of posts on his X (formerly Twitter) platform, he suggested why he asked everyone to make such an investment decision. Crypto Analyst Says Buy XRP And Hold Crypto Bitlord urged everyone in an X post to buy and hold […]
The Celestia (TIA) token has suffered one of the worst price crashes following Bitcoin’s decline, falling from as high as $20 to as low as $5 before a brief recovery. However, this crash has not deterred bulls, who believe that this altcoin is set to achieve great things in the market. Celestia Could Explode 2,750% To $188 A recent analysis posted by crypto analyst ‘House Of Crypto Kings’ has caught the attention of the Celestia community. In the post, the crypto analyst maps out a rather impressive path for the coin to rally more than 2,700% and reach brand new all-time highs. Related Reading: Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH To start out, the crypto analyst lauds the Celestia token for its utility that spans various use cases across the ecosystem. Some of these includes fee payments, staking for rewards, as well as promoting data availability and validation. However, moving to the meat of the analysis, the crypto analyst points out that the altcoin is still holding strong support at the $4.9 level. This was demonstrated in the latest crash this week, where TIA held strong at $4.9 and subsequently bounced above this level. This means that $4.9 is the level to hold if the rally is to continue. Furthermore, the crypto analyst points to the approval of Spot Ethereum ETFs starting an altcoin rally, something that would extend to prominent players like Celestia. “Historically, new projects introduced shortly before a bull market often experience significant rallies,” the analyst said. “We anticipate notable volatility in Q4 2024 and Q1 2025, presenting an excellent opportunity for TIAUSD to surge.” In the event of a surge, the analyst sets two prominent targets for the price, which are $80.2 and $188. On the lower end of this, the price would have to rise 1,100% from its current $6.6 level. While for the latter, the price would have to rise 2,750% to achieve it. Exiting TIA At The Right Time The crypto analyst’s prediction coming to pass would mean that Celestia investors are in for a lot of gains in the bull market. However, knowing when to exit a coin is just as important as knowing when to enter in order to secure profits. Related Reading: Forbes Says Shiba Inu Price Will Rise 1,700% To Reach $0.0003 ATH, Here’s When Given this, the analyst tells Celestia investors that they should be looking to exit their positions sometime between March and August 11 in 2025. This is because this is when they expect the top of the bull market cycle to take place and the altcoin season to come to an end. On the bearish side, however, the analyst explains that if TIA fails to maintain the $4.9 support mentioned above, then the price could break down to the next critical support around $3.6. Nevertheless, the analyst expects this to be “a key level from which a bounce is highly probable, given the upcoming significant events and the anticipated approval of Ethereum ETFs.” Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin price has crashed back toward the $56,000 level after a brief pump triggered by the CPI data release on Thursday, showing that inflation rates came out at 3%, lower than expected. This bearish trend has continued despite desperate attempts from bulls to keep the price up. Even then, one crypto analyst does not believe that the decline is done and expects the fall to continue from here. Bitcoin Dump Far From Over A crypto analyst on the TradingView website, who goes by the pseudonym ‘Luca VIP,’ has expressed bearish tendencies for the Bitcoin price going forward. In the analysis, the crypto analyst points out that the reason for the current Bitcoin price fluctuation is the fact that it has hit resistance at $59,000 following the pump. Related Reading: Cardano Sees 1,218% Spike In This Major Metric, Will ADA Price Follow? As a result of this rejection, the cryptocurrency is currently in a consolidation phase, which threatens to continue from here. Furthermore, the BTC price is still showing sideways performance, even after the Thursday surge, which suggests that bears are still firmly in control of the price. Additionally, the crypto analyst maps out a possible decline trend from here, putting it as low as $56,000 until the decline is done. However, what’s important is what happens after the Bitcoin price hits this expected support level. Luca explains that despite the decline, the BTC price has formed a W pattern, which is historically a bullish pattern. In this case, a bullish reversal is expected that could trigger a retest of the $59,000 level. If the retest is successful, then the crypto analyst puts the Bitcoin price above $60,000 once again. “BTCUSDT may retest the resistance zone at $59,000. A successful breakout above this level could push the price to higher targets, potentially around $60,000 or higher,” the crypto analyst said. Is It Time To Buy BTC? While the market is still reeling from the Bitcoin price dip, some crypto analysts believe that this is a good time to time. Another pseudonymous analyst who goes by ‘RLinda’ on the TradingView website shared this sentiment recently. Related Reading: Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH According to the analyst, the fall to $57,000 presents a good opportunity to get into position for Bitcoin, especially as the market has been plunged into fear by the continuous sell-offs. Apparently, the BTC price is headed toward a renewal of local highs. RLinda’s stance is buttressed by the fact that the Crypto Fear & Greed Index has fallen into Extreme Fear, which has historically been the best time to get positioned for cryptocurrencies. If historical trends are anything to go by, then the price could trade sideways for a while before finally finding strong support and seeing a bounce. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin recovery has not been as impactful as expected, failing to break $60,000 even after a return of bullish momentum. Given this, expectations of a bearish reversal have become the norm as analysts do not believe that the pioneer cryptocurrency has enough steam to sustain the current momentum. One of the analysts who believe the price is destined for a downturn is Finn Oakes, who predicts a return to the $53,000 territory. Bitcoin Forms Double Top Pattern In the analysis that was shared on the TradingView website, crypto analyst Finn Oakes explains that the Bitcoin price has now formed a double top. This occurred after the Bitcoin price crossed the $59,000 level two times and both times, the price had failed to successfully clear this level. Related Reading: XRP Price: Crypto Analyst Identifies ‘Point Of Control’ That Could See A Repeat Of 2017 This double top pattern is shown on the 4-hour hour chart, where there is a reversal pattern forming as a result of this. This double top is bearish for the price and could signal a continuation of the downtrend that began last week. In such a case, the bulls have a hard fight ahead of them. Breaking down the double top, the crypto analyst explains that it has now shown $59,000 to be a strong resistance zone. This means for any rally to occur, the price would successfully have to beat this resistance before it is confirmed. In contrast to the resistance level, $56,000 has now emerged as support for the Bitcoin price. This gives both bulls and bears a tight $3,000 room to fight for dominance and push the price either way. Otherwise, sideways movement could continue. Target For The Decline Given the formation of the double top on the 4-hour chart, the crypto analyst expects the price to drop once again. For the first scenario, where the Bitcoin price breaks below the $56,000 support, the crypto analyst expects a downtrend to the $53,000 level. However, it doesn’t exactly end there if the downtrend is not stopped. In this case, the chart shows the price falling below the $53,000 level and moving toward $52,000. Although, this seems to be a worst case scenario as opposed to an expected target. Related Reading: Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance Furthermore, with the rising volume during the downtrend, the analyst believes this indicates that there is more selling going on in the background, something that could contribute to the price decline. “The trading volume has increased during recent down days, indicating strong selling pressure. This reinforces the current downtrend,” Oakes said. At the time of writing, the Bitcoin price is struggling to hold the $58,000 level. However, it is still seeing 1.08% gains in the last day, according to data from Coinmarketcap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Timeless Crypto has made a bullish case for FLOKI, stating why he prefers the meme coin above other blue chip meme coins like Dogecoin (DOGE). The analyst also predicted that FLOKI could end up making a hug run by year-end. Why This Analyst Is Bullish On Floki Timeless Crypto mentioned in an X […]
Veteran trader Peter Brandt has given traders what to expect from the Bitcoin price action in the coming months. His analysis is based on Bitcoin’s price highs and lows in bull market corrections since 2025. The analysis also makes use of Bitcoin’s price movements in previous halving cycles. Brandt’s analysis has come at a pivotal […]
Crypto analyst Ben Armstrong, popularly known as ‘Bitboy Crypto’ has ignited controversy by declaring Cardano (ADA)and Polkadot (DOT), “dead to institutions.” His brash statement has drawn substantial backlash from the crypto community, with many members vehemently opposing his criticizing remarks. Analyst Calls Cardano, Polkadot Dead In an X (formerly Twitter) post on July 3, Armstrong […]
Although Bitcoin has reclaimed the $56,000 price level in the past few hours, its sudden drop below $54,000 on July 5 has reminded investors of the intense volatility associated with the market. In the larger timeframe, Bitcoin has been down by 7% and 20.25% in the past seven and thirty days, respectively. While many crypto traders and analysts are still in the spirit of a bullish cycle in the long term, the sudden price drop wasn’t surprising to some. Notably, crypto trader @TheFlowHorse revealed that the drop to $53,000 resonated with his target of $52,000. Similarly, Ki Young Ju, CEO of CryptoQuant, noted the possibility of Bitcoin dropping to $47,000. Bitcoin Could Crash To $47,000 According to Ki Young Ju, Bitcoin is still in a bull market in the larger timeframe, which will continue until early 2025. This school of thought resonates with many other price outlooks for Bitcoin, especially in the long term. Despite this bullish projection, market participants are currently struggling with short-term bearish conditions. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins As Ki Young Ju noted, this uncertainty opens up the possibility of the world’s leading digital currency plummeting to a chilling $47,000 before finding its footing again. With the crypto market in a prolonged slump since the beginning of June, this bearish case scenario seems increasingly plausible. Bitcoin, in particular, has shed billions in value, and investor confidence is wavering. $112K at the peak of the cycle.https://t.co/beKpUVkNXL pic.twitter.com/Esj02BYms4 — Ki Young Ju (@ki_young_ju) July 5, 2024 Young Ju admonishes traders not to open high-leverage long or short positions based on his long-term bullish projections due to the prevailing uncertainty. When asked what his long-term price target for Bitcoin was, he noted a rise to $112,000 at the peak of the cycle. This prediction is based on the BTC realized market cap since July 2010. Bearish Case For Bitcoin At the time of writing, Bitcoin is trading at $56,520 and has rebounded by 4.67% since its recent fall below $54,000. However, despite this price recovery, the crypto faces a significant risk of falling further amid whale selloffs, which have amounted to over $1.7 billion in BTC in the past 30 days. Defunct crypto exchange Mt. Gox is also starting to repay its creditors in BTC after 10 years of inactivity. This is anticipated to unleash a $2.71 billion supply of Bitcoin onto the market, perhaps intensifying selling pressure. Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price? A reversal to the downside is not out of the books yet. If Bitcoin were to fall to $47,000, it would represent a 16% decline from the current price level. Market participants continue to await how Bitcoin’s price action plays out in July, which has historically been a positive month. Featured image created with Dall.E, chart from Tradingview.com
Jamie Coutts, the chief crypto analyst at crypto firm Real Vision, recently ranked layer-1 networks using their network growth. Interestingly, the networks that topped the list aren’t the usual names that crypto community members might be accustomed to. SUI And Mantle Network Top The List According to the list that Coutts shared on his X […]
A crypto analyst has identified key indicators that point to a substantial rally for XRP, the native token of the XRP Ledger (XRPL). According to the analyst, XRP is poised to rebound from its bearish trends and soar to new all-time highs XRP To Mirror 2017 Rally To New Highs In an X (formerly Twitter) post in June, crypto analyst, Tylie Eric expressed bullish optimism about XRP, emphasizing the cryptocurrency’s potential for a major rally this year. He shared an XRP price chart depicting the cryptocurrency’s price movements from as early as 2014 to 2025. Related Reading: British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When Eric disclosed that XRP has met all the necessary requirements and conditions to support a potential bull rally to new highs. The analyst also revealed that XRP is completely prepared to continue with “wave 3 and wave 5” of the renowned Elliott Wave Theory. The Elliott Wave Theory is a tool used to determine price movements in a cryptocurrency. The technical analysis is based on viewing long-term recurrent price patterns in a cryptocurrency. In his post, Eric disclosed that XRP was currently displaying similar patterns and conditions to those seen during its bull rally in 2017. Earlier in 2017, XRP witnessed a massive price rally, which preceded its surge to new all-time highs of $3.84 in 2018. Eric has suggested that XRP’s price action was displaying the same bullish patterns, as a result, he has projected a substantial price increase to $36.36 before the end of 2024. The analyst also revealed that XRP will have to witness a whopping 7,637.22% surge for it can reach the projected price target. Despite being a cryptocurrency analyst, Eric is an avid supporter of the XRP cryptocurrency. The analyst has constantly made bullish predictions for the altcoin, anticipating potential rebounds from bearish sentiment. Moreover, the crypto analyst revealed in his earlier post that XRP’s price action was significantly “boring.” This could be attributed to the cryptocurrency’s recent downward spiral. As of writing, the price of XRP is trading at $0.45, reflecting a 4.12% decrease in the past 24 hours and a 11.71% drop over the past month. The popular cryptocurrency has continually recorded steep declines since the beginning of June. Previously, the cryptocurrency was consolidating slightly above $0.5, however now the cryptocurrency is on a major downward trend, triggered by market volatility and Ripple’s ongoing legal battle with the United States Securities and Exchange Commission (SEC). Bullish Sentiment Rises Despite its waning value, XRP’s bullish sentiment from crypto analysts continues to rise. A particular crypto analyst identified as ‘Egrag Crypto’ predicted that the altcoin was getting closer to the Fibonacci (Fib) 1.618. The analyst disclosed that this unexpected development could indicate possible areas for a price reversal or continuation in XRP. Related Reading: Bitcoin Price Crash Is Buy Opportunity As Wallets Holding 10+ BTC Reaches New ATH Egrag Crypto also shared a price chart depicting XRP’s price actions from 2014 to 2024. In his post he emphasized that if history repeats itself XRP could potentially see a price surge to $27. The analyst has urged investors to remain prepared and optimistic about XRP’s projected surge to to $27. Featured image created with Dall.E, chart from Tradingview.com
The XRP price continues to remain suppressed under the heat of the Ripple vs. the United States Securities and Exchange Commission (SEC) legal battle. This suppressed price action has continued to discourage investors when its comes to the altcoin. However, not everyone has succumbed to the bearish pressure, as crypto analyst RLinda believes that the XRP price could be attempting a decoupling that could lead to a price breakout from here. XRP Price Decoupling Could Trigger Price Crypto analyst RLinda has forecasted a bullish picture for the XRP price where the altcoin could completely break out of its sluggish movement. The analysis which has now spanned a number of a days flows through XRP’s performance over the last year and how it has suffered crashes even when others in the market were reaching new all-time highs. Related Reading: Analysts Says Cardano Has Bottomed And Will Rally To $0.8, But It Must Hold This Level While the coin continues to be bogged down by the Ripple vs. SEC battle, crypto analyst RLinda believes that the XRP price could be reaching a possible decoupling. She explains that this is happening not just technically but fundamentally as well. A possible decoupling is bullish for the XRP price, given that it would be the start of a major price rally. Using the 1-Week chart, the crypto analyst highlights some technical developments that could be important to this possible decoupling. The first of these is that XRP is still testing the “Wedge resistance with the aim of breaking it.” Also, RLinda points out that volatility is decreasing as the consolidation is continuing at this point. However, this consolidation could be the reason that the price begins another rally. As for where the price could go from here, the crypto analyst points out that it could possibly rally as high as $0.6265 and even reach $0.73 by the time it is done. However, XRP must hold the support level at $0.4637 while breaking the resistances being mounting at $0.4962 and $0.5720. Factors Holding Price Down While XRP price continues to be one of the most popular cryptocurrencies in the market, a number of factors have suppressed. The major one is the lawsuit mentioned above. Even though Ripple has scored multiple victories against the regulator during this time, the fact that the lawsuit is yet to be officially over continues to present a major hurdle. Related Reading: Crypto Analyst Predicts 45% Drop For Bitcoin, But Says It Won’t Go Below This Level In her analysis, RLinda points to these issues as being behind the price not performing well. However, Ripple CEO Brad Garlinghouse has said that he expects the lawsuit and settlement to be complete by the end of this summer. This puts it sometime before September. If this happens, then it would mark a pivotal point for the turnouts in the XRP price. “The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green sign for the entire cryptocurrency community amidst the SEC getting a number of restrictions on its activities lately due to overstepping its authority,” the analyst said. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin and general crypto market crash has sent investors spiraling and sentiment has completed been eroded as a result of this. The Crypto Fear & Greed Index, which measures investor sentiment, has plummeted during this time. But with the fluctuation in the Bitcoin price, investors remain indecisive on their view of the market. Crypto […]
A crypto analyst has uncovered a new technical pattern in the Cardano price movements, signaling the potential for a substantial rebound. Echoing this optimism, another analyst has affirmed that Cardano may have hit its bottom and could be on the verge of rebounding to $0.8. Analyst Declares Cardano’s Price Bottom In an X (formerly Twitter) post on June 29, Captain Faibik, a crypto analyst, shared insights on Cardano’s price action and future outlook. According to the analyst, Cardano’s native token, ADA, is forming a falling wedge pattern on the daily time frame chart. Related Reading: XRP Dominance: Pundit Says Missing This Altcoin Could Be A Big Mistake A falling wedge pattern is a unique technical formation that signals the end of a consolidation phase and the beginning of a potential reversal or continuation pattern. This falling wedge formation often indicates that a cryptocurrency has hit its bottom or swing low in a market, and is seen as a bullish indicator. Sharing a price chart of Cardano from September 2023 to August 2024, Faibik predicted that Cardano would be breaking out of its price correction soon. The analyst has foreseen a 72.84% surge from the cryptocurrency’s current price. As a result, Faibik has urged Cardano investors to keep an eye on this crucial area. Sharing a similar sentiment, another crypto analyst identified as ‘Zayk Charts’ on X has also unveiled the unique falling wedge pattern on Cardano’s chart. In his case, he foresees a substantial breakout between 40% to 50% for Cardano. Cardano Rebound Potential Tied To Crucial Level If Cardano breaks out of the falling wedge pattern, it could surge to nearly $0.8. A crypto analyst identified as ‘Crypto Feras has revealed a crucial support level that Cardano must maintain to secure its anticipated bullish rebound. In his price chart, Crypto Feras highlighted Cardano’s latest price actions, marking the critical support level at $0.4251 with a yellow box. The analyst warned that if Cardano fails to hold this level, it could experience another sharp decline, potentially pushing its current price to new lows at $0.24. Since the beginning of the year, the price of Cardano has been on a major downward trend, experiencing constant declines in both favorable market conditions and high volatility. While other altcoins like Solana and Ethereum have surged considerably, Cardano underperforms, consistently maintaining a price below $1. Related Reading: Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs As of writing, the cryptocurrency is trading at $0.39, experiencing a slight daily uptick of 3.24% as market conditions stabilize. Its 24-hour trading volume has also surged considerably, recording an increase of approximately 24.84%. With the Cardano Chang hard fork approaching, the cryptocurrency could be gearing up for a significant price turnaround.Numerous analysts are optimistic, pointing to the formation of the aforementioned falling wedge pattern as a strong bullish indicator. One analyst predicts that if Cardano breaks this pattern, its price could surge to between $0.46 to $0.81 before the year ends. Featured image created with Dall.E, chart from Tradingview.com
With the current crypto market crash being spearheaded by Bitcoin, the FLOKI price has taken a significant hit. Where others have seen between 5-20% decline, FLOKI has lost more than half of its all-time high value, driving back downward toward April levels. However, this may be short-lived as a crypto pundit has predicted a possible […]
Crypto trader Duncan has explained why he is “extremely long” on Ethereum (ETH) despite the crypto token’s recent drop to around $3,400. He emphasized the Spot Ethereum ETFs, which he believes could spark a significant rally for ETH. A ‘Significant Upside Repricing’ Could Be On The Horizon ForTHEEthereum Duncan mentioned in an X (formerly Twitter) post that he believes that the market is way too bearish at the moment and that there could be a “significant upside repricing” for Ethereum if the Spot Ethereum ETF inflows are “anything but horrible.” He further explained why he thinks the Spot Ethereum ETFs will be a huge success, contrary to what some might think. Related Reading: Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery First, he noted that asset managers view the crypto ETF space as a “new frontier” that could generate billions in management fees for them over the next ten years. He highlighted how BlackRock has had its most successful product launch ever with its Spot Bitcoin ETF, which he claims is already generating $45 million in fees yearly, just six months after its launch. Based on this, Duncan stated that the Spot Ethereum ETFs provide these asset managers another “massive opportunity” to launch a product that could bring them similar success to the Spot Bitcoin ETFs, generating hundreds of millions in fees. Duncan remarked that the Spot Ethereum ETFs are “almost as big as the Bitcoin ETF given the base management fees and the future ability to clip a fee off the staking yield.” Duncan further alluded to an interview Scott Melker (aka Wolf Of All Streets) had with VanEck’s Head of Digital Asset Research, Matthew Sigel, to emphasize how these asset managers feel about the Spot Ethereum ETFs. From what was said during the interview, Duncan noted how VanEck is betting on the Spot Ethereum ETFs to spark a “reflexive rally” in ETH, which Sigel claimed could make them more money. Spot Ethereum ETF Issuers Could Provide A Narrative For ETH Duncan tried to counter the argument made by crypto figures like Andrew Kang, who argued that Ethereum had no narrative and that the Spot Ethereum ETFs might not succeed because of that. Duncan stated that asset managers like BlackRock and VanEck can “literally start the narratives themselves.” He added that this narrative could be about BlackRock’s Real World Assets (RWA) on-chain, VanEck’s new stablecoin, or the asset managers’ “open app store” thesis. Dunan said the market could witness a “massive ETH rally” when these narratives are mixed with some “good flows and ETH’s extremely reflexive characteristics.” Related Reading: Why Is The Bitcoin Price Down Today? The crypto trader admitted that this could take time but opined that it is naive to think that these asset managers won’t deploy significant resources to attract inflows to their Spot Ethereum ETFs. Crypto analyst and trader Tyler Durden shared a similar sentiment when he mentioned that Ethereum reaching $10,000 was the “most asymmetric bet” in crypto today. He claimed that Wall Street had put so much effort into ensuring that the Spot Ethereum ETFs were approved, and now, they will make as much money from it while pumping ETH. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Alessio Rastani has warned that XRP is in “trouble” following his recent analysis of the chart. He outlined certain “strong warnings” on the chart, which showed that the crypto token could experience further price declines. Why XRP Is In Trouble Rastani mentioned in a video on his YouTube channel that XRP could drop to $0.13 or even lower as part of Wave C of his analysis using the Elliot Wave Theory. He noted that a drop to that price level represents about a 100% decline for XRP from Wave B and a similar corrective move to Wave A that occurred in 2020. Related Reading: Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs, How Will ETH React? The crypto analyst also alluded to the the altcoin’s bounce in 2020, around the time the crypto token was declared a non-security. He claimed that the rally then overlapped, which suggested it was a corrective bounce. He noted that these corrective rallies are bearish in nature as they usually resolve to the downside. Rastani claimed that an impulsive rally is required for XRP to continue its uptrend. That is why he believes that XRP can still drop lower since the corrective rally from 2022 is still in play. The analyst also highlighted the support levels at $0.41 and $0.35 as crucial, stating that a break below those levels will serve as confirmation for the downward move to $0.2 and $0.17. He added that XRP could even drop lower to $0.13. Meanwhile, Rastani predicts that this move could take several months, stating that the crypto token could drop to these levels by year-end or sometime in 2025. He also said that the altcoin needs to stay below the resistance levels at $0.64 and $0.74, as a break above those levels will invalidate his projections. Rastani also highlighted the momentum indicator on XRP’s chart, noting that there has been a lot of “downward negative momentum” for XRP recently, suggesting that a downward move will likely occur. He claimed that the downward momentum hasn’t been triggered yet, but he believes that it will soon happen, especially if the altcoin breaks below $0.35. An Alternative Move For Price Rastani also outlined an alternative move that XRP could make if his projections are invalidated, although he doubts that will happen. He claimed that if XRP manages to break above $0.64 and $0.74, that would mean that the rally in 2022 was Wave A, and the recent drop to around $0.40 was Wave B, thereby setting up XRP for a move to around $1.40 for Wave C. Related Reading: Dogecoin Sees Rapid Accumulation Amid Price Crash, Whale Transactions Soar The crypto analyst added that XRP could also retest the 2021 highs at around $2. However, he claimed that would mean that the next move is still downward, suggesting that the alternative move isn’t still bullish for XRP. He once again reaffirmed that the first scenario of XRP dropping to as low as $0.13 was likely to happen. Featured image created with Dall.E, chart from Tradingview.com
The Solana bearish price action might be coming to a close, as many cryptocurrencies have started to show mixed price action in the past 24 hours. Dialing the price action further back shows Solana has been mostly bearish and has been on a price decline since the beginning of the month. Notably, the crypto recently reached a 30-day low of $123.96, representing a 29% decline from a monthly high of $174.65. However, some proponents remain undeterred and are still looking forward to a bullish Solana on the long run. Particularly, an interesting prediction from crypto analyst Crypto Patel puts the price of Solana rising to $1,000 in the long term. Solana To $1000? Crypto Patel, mostly known for his Bitcoin takes, recently dropped a brief analysis on social media platform X regarding Solana’s price trajectory. According to his Solana/TetherUS 1 week timeframe chart, Solana’s price formation on the long-term seems to lead up to a surge towards $1,000. Notably, the chart shows the formation of a giant cup and handle pattern, which is generally considered a bullish pattern. Related Reading: Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash? Solana has been on a U-formation since 2022, with a recent six-month surge since October 2023 completing the other side of the U cup. However, the pattern shows a prevailing neck line resistance around SOL’s current all-time high of $259, leading to the start of the handle pattern. According to the technical analysis, this handle pattern is expected to be completed sometime around late 2025. Following its completion, Solana will have the opportunity to break through this neckline resistance at some point in 2026, which would initiate a surge to new all-time highs. The first price target is around $430, and the second is just above $1,000, representing gains of 220% and 640%, respectively, from the current price levels. As explained above, the analyst’s technical analysis is more of a long-term outlook than on a short-term price prediction. This serves more as a strategic roadmap for the next few years. Related Reading: SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins It’s important to note that while Crypto Patel’s final SOL price target might be ultra-bullish, the path to attaining it looks very tough. Surprisingly, the analysis suggests that Solana could fall to as low as $46 during the formation of the handle pattern, a price that might not resonate well with Solana bulls. At the time of writing, Solana is trading at $136 and is 9% in the past 24 hours as the bulls look to undo a month long price decline. According to price history, investors can look forward to Solana kickstarting a bullish price action in July. This is because Solana has registered price increases in July for the past six years. Featured image created with Dall.E, chart from Tradingview.com
Crypto analysts have given varying opinions on the Cardano (ADA) future trajectory. One analyst predicts that the crypto token could enjoy an unprecedented price rally. On the other hand, another analyst holds a bearish view and predicts that Cardano could experience a significant price crash. Cardano To Enjoy A 12,000% Rally In a post on Tradingview, crypto analyst Fiery Trading raised the possibility of Cardano rising to as high as $40 and even higher. The analyst highlighted a parallel channel and noted that Cardano could reach the top of this channel in the coming bull run, which would cause the crypto token to rise to $40. Related Reading: SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins Fiery Trading admitted that Cardano rising to $40 is not a “likely outcome” but claimed that the risk-reward ratio is worth the risk. He added that Cardano’s current price is the “entry of a lifetime” and advised crypto investors not to miss out on it. In another post, Fiery Trading again hammered on Cardano’s current price level as an entry of a lifetime. He claimed that this entry is a “no-brainer” as long as Cardano keeps trading within that channel. Meanwhile, the crypto analyst highlighted more conservative price targets, pointing out $25 as another price level Cardano could reach, while he mentioned $3 as a target for “more defensive traders.” ADA Could Drop To As Low As $0.24 Crypto analyst Swallow Premium gave a bearish outlook for ADA. He noted that the crypto token has finally broken the liquidity zone at around $0.40 and now risks dropping to as low as $0.24. The crypto analyst predicted that Cardano could drop to that price level within a week or two. However, crypto analyst Sebastian suggested that Cardano might not drop below its current price range. He stated that the dump was over and that Cardano and the broader crypto market should enjoy a bounce from their current price level. He noted that the magnitude of the bounce will determine whether or not there may be more downside for ADA. The crypto analyst further stated that the next move the market should look forward to is seeing higher lows and higher highs. He claimed that the next target for Cardano is $0.40 and that the crypto token needs to rise above it and stay there. Related Reading: Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium Transaction Fees Crypto analyst Trend Rider also noted that there are “quite a few bounce signals” on Cardano’s daily chart. He stated that Bitcoin needs to stop bleeding for ADA to recover. Bitcoin’s recent drop below $60,000 contributed to the significant declines that altcoins like Cardano experienced. At the time of writing, Cardano is trading at around $0.38, up almost 4% in the last 24 hours according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Willy Woo recently explained what needs to happen for Bitcoin to continue its bull run. The flagship crypto has been on a decline for a while now and has failed to make a significant run since hitting its current all-time high (ATH) of $73,750 in March earlier this year. What Needs To Happen […]
A crypto analyst has predicted that cryptocurrency payments company, Ripple could be the next high-valuation company, similar to Amazon and Facebook. This prediction comes as XRP witnesses poor performance amidst market volatility and Ripple’s ongoing court battle with the United States Securities and Exchange Commission (SEC). Analyst Predicts Ripple Emerging As Billion-Dollar Start-Up The host […]
Memecoins are in red this week as most sectors of the crypto market struggle. Dogwifhat (WIF) has not been the exception. The memecoin sensation of Q1 saw a significant price drop following the movements of a whale. Recently, an address transferred millions of WIF to a crypto exchange, which ignited speculation about who was behind the transaction. Related Reading: LayerZero’s ZRO Token Airdrop Receives Backlash For ‘Proof-Of-Donation’ Mechanism 6 Million WIF To Binance On Friday, reports of a massive WIF transfer to Binance hit the crypto community. Per the report, one of the top dogwifhat holders moved millions to the largest crypto exchange. The whale transferred 5.97 million WIF, worth around $11 million, on June 21. Additionally, the address offloaded 48 million Trump Coin (DJT), approximately $500,000. After the news, the crypto community began speculating who was behind the transfer. Some users claimed the whale was crypto trader Ansem, who was very vocal about WIF. The trader was also part of the Las Vegas Sphere project, where users donated around $700,000 to project the token’s image in the Sphere. Users on X criticized Ansem for the alleged deposit, expressing their disappointment in his “capitulation”. Some investors took the opportunity to express their discontent with the trader for “grifting and dumping on investors.” The discussion sparked an important conversation: should Key Opinion Leaders (KOLs) not move their money? One user considers that Ansem, and all KOLs, are free to do what they want with their money. The user argued that KOLs are subjected to criticism regardless of their route. When people sell before you do, they are “jeet”. When KOLs sell some of their holdings or even move it around, they are “pump and dampers”. Several community members agreed and questioned if KOLs are “obligated” to hold a token until investors are happy with their profits. However, others argue that community members are “arbiters” of traders’ reputations. Dogwifhat Take A Blow, But Was It Ansem? Despite the rumors, online reports suggest the wallet is not linked to the crypto trader. After deep-diving into the address, a community member found that the address was not associated with Ansem. The post notes that the only reason it was linked to the trader was the large WIF balance and many Solana memecoins. However, the address has a record of selling their token at a loss “to FOMO into new shiny stuff.” Furthermore, the wallet seems to be linked to a now-deleted X account. At the time of writing, the trader has not acknowledged the rumors. After the reports, WIF’s price dropped from the $1.90 to the $1.80 price range. On the last day, the memecoin plunged from the $2.15 mark, representing a 13% decrease. Related Reading: Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree The token has also seen a 25.3% and 36.1% drop in the weekly and monthly timeframes. Crypto analyst Bluntz forecasted a bearish $1 target for the dog-themed memecoin. Ultimately, the analyst stated that a descent to the $1 support level was “inevitable” before the “next parabolic leg.” As of this writing, WIF is trading at $1.83. Featured Image from Unsplash.com, Chart from TradingView.com
The Bitcoin price crash below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 24-hour period. But even after dropping so much already, analysts do not believe that the worst is over. In particular, crypto analyst Ali Martinez has said that Bitcoin may still have a ways to go before the crash is over, prediction another 20% decline from here. Bitcoin Falls Below Major Pricing Band Crypto analyst Ali Martinez posted a new analysis on X (formerly Twitter) on the Bitcoin price that paints a rather bearish picture for the pioneer cryptocurrency. According to Martinez, the Bitcoin crash below $68,000 had actually pushed it below an important level. Related Reading: Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here’s The Target The major level of importance here is the $67,890 pricing range, which the price has now fallen below. As Martinez explains, this area is important as the “+0.5σ MVRV pricing band” lies here. It also means that a crash below this level is very bearish for the price, and as Martinez shows, Bitcoin has already fallen below it. This fall puts a bearish motion in place as the crypto analyst believes it may trigger a correction. Now, while corrections are normal, the expectation for how far the crash will go is what is worrying because the analyst has placed a possible $54,930 target for the price. #Bitcoin has dropped below the +0.5σ MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. pic.twitter.com/zZvswgpUpS — Ali (@ali_charts) June 19, 2024 Such a crash would mean that the Bitcoin price would fall another 20% from its current level. Given the previous crashes, this could be devastating for altcoins, whose prices could fall another 50% if BTC were to crash below $55,000. Navigating The Drop In Interest One interesting development for Bitcoin is the drop in interest that has been experienced this week. For example, the daily trading volume, according to CoinMarketCap, fell 43.5% in the last day along. This brings the Bitcoin daily trading volume to around $19 billion from the almost $40 billion recorded the previous day. Related Reading: Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1? This drop in trading volume indicates that investors are taking fewer positions. With the uncertainty surrounding the market, this comes as no surprise, given that investors are prone to wait for the situation to improve before taking more positions. The Crypto Fear & Greed Index has also declined, showing that fear is growing in the market. It is now sitting at a score of 60, which shows greed, a long way from May’s score of 76, which showed extreme greed in the market. At the time of writing, the Bitcoin price is holding at $65,667, with a 0.77% gain in the last day. Featured image created with Dall.E, chart from Tradingview.com
The XRP price has struggled in the market over the past year and has failed to reach a new all-time high even after securing partial victories against the US Securities and Exchange Commission (SEC). However, this lackluster price action has not deterred investors, who continue to believe in the long-term potential of the altcoin. One crypto analyst, in particular, expects the coin price to see another bullish wave that could push it toward the $1 price target. XRP Price Ready For Another Bullish Wave Crypto analyst Alan Santana has predicted a bullish future for the XRP price. The analyst shared a recent analysis which took into account the past performances of not just XRP, but also other crypto assets as well, highlighting their recent peaks. Related Reading: Is Solana A Good Buy? Finance CEO Predicts ‘Magnificent’ Autumn Rally The crypto analyst explained that all cryptocurrencies had time for their peaks, and then when they entered a bullish wave. Usually, this bullish wave tends to occur around 8-10 months following the previous peak, meaning that the XRP price is long overdue for a bullish wave. Alan Santana revealed that the last peak for XRP was back in July 2023, when Judge Analisa Torres had ruled that programmatic XRP sales did not qualify as securities offerings. At the time, the XRP price had rallied over $0.7. However, once that bullish wave ended, the altcoin went into a decline that lasted almost one year. Presently, the XRP price has spent a total of 11 months without a bullish wave and given the established average of 8-10 months for cryptocurrencies between each bullish wave, the altcoin may be getting ready for another bullish wave. However, as the crypto analyst explains, not all bullish waves are the same for all crypto assets. This means that even if XRP were to see another bullish wave, it may not be as expected. Nevertheless, Alan Santana expects that the bullish wave will push the price further. How High Can The Price Go? Providing the possible target for where the XRP price may end up from here, the crypto analyst suggests that a 100% move is possible for the altcoin. One of the major targets highlighted is the $0.65, which is around a 50% increase in price from here. Related Reading: Shiba Inu To The Moon: Analyst Predicts A Run Above $0.00015 If This Happens However, that is not the highest the price is expected to go in its next bullish wave. According to Alan Santana’s chart, the XRP price could end up running as high as $0.9442 before it loses steam. From here, it is possible that the price does touch above the coveted $1 level before correcting back downward again. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Egrag Crypto has provided insights into the XRP future trajectory, predicting that the crypto token could rise to three digits. His prediction comes amid a recent spike in XRP’s trading volume, which also provides a bullish case for the crypto token. XRP To Reach $200 At Some Point Egrag suggested in an X (formerly Twitter) post that XRP could reach $200 at some point based on its next triangle consolidation. He stated that in the future, newbies would talk about how XRP’s price has remained stagnant at around $50 (instead of its current price of around $0.50) and that these same persons would complain about XRP pumping from $50 to $200. Basically, the analyst was predicting that XRP will experience exponential growth soon and that XRP newbies will not understand how the crypto token has come a long way, considering how it has remained stagnant for a while now. He claimed these investors will “never comprehend seven years of conviction and dedication.” Egrag acknowledged the frustration regarding XRP’s tepid price action and even mentioned that XRP Ledger (XRPL) builders are “starting to nag and feel frustration.” However, as always, he urged the XRP army to “stay steady.” He suggested that XRP is the token of the future, as he stated that “all previous models will be thrown out the window because they will not apply to the fourth industrial revolution.” Egrag’s analysis comes amid a recent surge in XRP’s derivatives trading volume, with data from Coinglass showing a 300% increase and a total of $3.24 billion traded in the last 24 hours. Additionally, data from CoinMarketCap shows that XRP’s spot trading volume is up by over 200% in the last 24 hours. This development is significant. It shows that crypto investors and traders are actively invested in the crypto token and may be looking to accumulate more XRP during this period, which could contribute to a price rally for the crypto token. Interestingly, XRP is one of the few crypto tokens up in the last 24 hours despite the recent crypto market dip. Another Bullish Outlook Crypto analyst Casi Trades also recently offered a bullish outlook for XRP. She claimed the crypto token looked “very bullish” as it had just come off the golden retracement levels. Casi Trades further stated that the altcoin needs to achieve a “strong breakout” above these resistance levels, noting that such an occurrence will clearly indicate a new trend. She suggested that this could be a big moment for XRP, stating that “this test could be the moment” that the market has been waiting for. Casi Trades sounded optimistic that XRP could achieve this breakout as she stated that Bitcoin had retraced close to the .618 level, which she believes could set the stage for the breakout. Featured image created with Dall.E, chart from Tradingview.com
Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge. Bitcoin To Hit $200,000 And Then $1 Million Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of $200,000 by 2025 and that the flagship crypto will reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights. Related Reading: Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach $190 billion by 2025, a significant increase from the $60 billion in BTC that funds issuers already have under management. In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting $1 million. MicroStrategy To Benefit From BTC’s Growth These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to $2,890 thanks to its BTC exposure. A rise to $2,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around $1,500. The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC). MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around $14.5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer $500 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC. Related Reading: Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On? Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.” “We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst TechDev has provided insights into the Bitcoin future trajectory. The analyst suggested that the flagship crypto has yet to reach its full potential in this market cycle and that more price surges lie ahead for the crypto token. Not Yet Time For A Bitcoin Blowoff Top TechDev remarked in an X (formerly Twitter) post that the Bitcoin blowoff tops only happen after the four-week Chaikin money flow (CMF) breaks a line he highlighted on the accompanying chart. His analysis suggests that Bitcoin is still bound to make a parabolic move to the upside before it experiences a significant decline. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Blowoff tops are a chart pattern that shows the rapid increase in an asset’s price followed by a sharp drop in its price. TechDev’s chart showed that something similar happened in the previous bull cycles, with Bitcoin enjoying a parabolic uptrend for about a year before its price dropped sharply. Similarly, based on TechDev’s chart, Bitcoin is again set to enjoy a parabolic uptrend from now to sometime in 2025 before it reaches its market top and begins to decline significantly. In another X post, the analyst suggested that the time has almost for Bitcoin to enjoy its next leg up. As crypto analyst Rekt Capital claimed, this next move to the upside will take Bitcoin into the ‘parabolic uptrend’ phase of this market cycle. Interestingly, this breakout for Bitcoin could happen sooner than expected, with TechDev claiming that in 18 days, Bitcoin will have a chance at a breakout that it has only seen once in its entire history. From a chart he shared, TechDev hinted at Bitcoin rising to as high as $190,000 in this bull run. It is also worth mentioning that crypto analyst CrediBULL Crypto recently predicted that a Bitcoin breakout is imminent. He said Bitcoin would “absolutely giga send” in seven to ten days and rise to as high as $100,000 when this move happens. Bitcoin’s Breakout May Still Take A While Crypto analyst Rekt Capital recently stated that Bitcoin’s breakout from this Re-Accumulation range would occur in September 2024 if history repeats itself. The crypto analyst claimed that Bitcoin’s struggle to break out from this Re-Accumulation range is “beneficial for the overall cycle.” Related Reading: DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020 He noted that Bitcoin has never broken out this early in the post-halving period. Rekt Capital remarked that a Bitcoin breakout this early means that this cycle would be accelerated and that the bull market would be shorter than usual. As such, he believes that this lengthy consolidation is helping Bitcoin’s price resynchronize with historical halving cycles so that the market can experience a “normal and usual bull run.” At the time of writing, Bitcoin is trading at around $66,900, down almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com