In a recent legal filing, the U.S. Securities and Exchange Commission (SEC) pushed back against Coinbase’s demands for a completely revamped regulatory framework for cryptocurrencies. The agency argued that existing rules are adequate and that it’s not required to create new regulations from scratch as Coinbase suggests. SEC Clings to Century-Old Rules in Response to […]
Bitcoin News
Bitcoin Slide Over? Top Analysts Unanimously Call $56,000 The Bottom
Bitcoin (BTC) has been battered by a relentless bear market over the past month, with its price tumbling 20% from its record highs. However, amidst the carnage, glimmers of hope emerge as prominent analysts predict a potential bottom forming around the current ,000 mark.
Tough Opening Month For Bitcoin
The start of May has not been kind to Bitcoin. The once-dominant cryptocurrency has seen a steady decline, plunging back to levels last witnessed in March before its monumental surge to ,700. This recent price drop represents the most significant decline of this cycle, raising concerns about a prolonged bear market.
The pain extends beyond Bitcoin, with the broader altcoin market feeling the tremors. Litecoin (LTC), the silver to Bitcoin’s gold, has mirrored the downward trend, shedding a staggering 25% of its value in the past month. While historically seen as a more stable alternative to Bitcoin, Litecoin seems to be tethered to its big brother’s fate in this current downturn.
Finding The Bottom: Bullish Predictions Surface
Despite the prevailing gloom, a chorus of optimism is rising from the crypto analysis community. Several heavyweight analysts believe Bitcoin may have found its footing around the current price range of ,000 to ,000.
Rekt Capital, a popular crypto analyst, emphasizes a historical pattern where similar 20% dips have been followed by significant rebounds. Michaël van de Poppe, another well-respected voice, echoes this sentiment, suggesting Bitcoin may be nearing the end of its price consolidation phase. He cautions of potential short-term fluctuations but highlights the ,000 to ,000 zone as a crucial support level.
This is officially the deepest retrace in the cycle (-23.6%)$BTC #BitcoinHalving #Bitcoin pic.twitter.com/Gcapbl0Nu6
— Rekt Capital (@rektcapital) May 1, 2024
Uncertainty Looms As Market Awaits Fed Decision
While analyst optimism is a welcome sign, a cloud of uncertainty hangs over the crypto market. The upcoming Federal Reserve decision on interest rates could significantly impact investor sentiment and, consequently, Bitcoin’s price trajectory. A more hawkish stance from the Fed could trigger further selling, while a dovish approach might provide the tailwind needed for a Bitcoin rebound.
Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity?
Buckle Up For A Bumpy Ride
The next few weeks will be crucial for Bitcoin and the broader cryptocurrency market. The Federal Reserve’s decision and investor reaction to the current price slump will likely dictate the short-term direction. While bullish sentiment suggests a potential reversal, the inherent volatility of the crypto market means investors should brace for a bumpy ride.
Featured image from Pixabay, chart from TradingView
Expert Makes Bold Call: It’s Time To Swap Your Dollars For Bitcoin
Billionaire investor Anthony Scaramucci, the founder of SkyBridge Capital, recently discussed the viability of financial assets. He took to X, a social media platform previously known as Twitter and owned by Elon Musk, to highlight the decreasing purchasing power of the United States dollar in comparison to the potential of Bitcoin (BTC).
US Dollar Vs. Bitcoin Value Performance
In the post on X, the SkyBridge Capital founder pointed out that a dollar from 2020 is now only worth about 75 cents, underscoring a significant devaluation due to inflation.
According to Scaramucci, this scenario illustrates why investors should reconsider traditional fiat currencies as a reliable store of value, advocating instead for the inherent benefits of digital assets like Bitcoin.
Dollar from 2020 is now worth 75 cents. Buy Bitcoin credit @balajis pic.twitter.com/WzIosKfJv2
— Anthony Scaramucci (@Scaramucci) April 26, 2024
Scaramucci’s critique comes at a time when the global economy grapples with heightened inflation rates, which have eroded the real value of fiat money.
He specifically cited a “25.14% compounded inflation rate” as a critical indicator of why the dollar is losing ground. In contrast, Bitcoin has not only maintained a strong profile but has also appreciated in value, further cementing its position as a viable hedge against inflation and a potential safe haven for investors.
So far, Bitcoin’s market performance has been quite appealing. Particularly, despite the significant downturn experienced in the past few years, the asset has managed to come out of the bloodbath and recently soared to an all-time high above ,000 in March.
This peak performance labels Bitcoin as not just a digital asset but a major player in the global financial landscape.
However, despite Scaramucci’s bullish outlook, it’s worth noting that Bitcoin has seen its share of volatility. It has been struggling to maintain its appeal recently, with a modest 0.9% increase in the last 24 hours – a slight recovery from a 2% drop over the past week.
BTC Shifting Market Sentiments
Further insights into the market’s behavior towards Bitcoin reveal changing dynamics. Data from CryptoQuant highlighted a negative turn in the Bitcoin funding rate for the first time since October 2023, indicating a cooling interest in speculative trading on the asset.
This shift suggests that while the long-term outlook might still be strong, short-term investor sentiment has become cautious, possibly awaiting clearer signals before making further commitments.
The current market sentiment is also reflected in the technical analysis of a prominent crypto analyst, Ali. In Ali’s recent post on X, a notable mention was made of a “death cross” seen in Bitcoin’s 12-hour chart, where the short-term moving average dips below a long-term counterpart, traditionally a bearish signal.
Additionally, the Tom Demark (TD) Sequential indicator points to potential price reversals after a consistent trend, adding another layer of complexity to Bitcoin’s trading strategy.
Despite these potentially bearish indicators, on-chain data from Santiment shows an interesting trend: Bitcoin whales have increased their holdings significantly, now owning 25.16% of the total supply.
This accumulation suggests that while retail sentiment may be bearish, large-scale investors are seeing the dips as buying opportunities, potentially prepping for a future bullish run.
Featured image from Unsplash, Chart from TradingView
Analysts Call It: XRP Primed For A 700% Surge – Details
Ripple’s XRP token finds itself navigating through turbulent waters. Over the past few months, XRP has experienced significant price fluctuations, leaving investors pondering the trajectory ahead. Despite a modest weekly gain, XRP remains below its 30-day average, signaling a bearish sentiment prevailing in the market.
XRP Price Wobbles: Downward Trend Or Temporary Dip?
At its current value of approximately .52, XRP reflects a market sentiment characterized by uncertainty. However, amidst the downward trend, a chorus of analysts is singing a different tune, foreseeing a potential surge in XRP’s price.
#XRP Imitating 2021 – Move:
Blue Section: The current trajectory suggests a possible reach of .4 by June-July, a key target. The price range between (.2 – .8) is a plausible target.
Yellow Section: Aiming for is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ
— EGRAG CRYPTO (@egragcrypto) April 25, 2024
Notable crypto analyst Egrag Crypto has outlined optimistic scenarios, projecting price ranges between .20 to – or an increase of around 360%-700% – by mid-summer and September, respectively. These predictions, anchored in historical data and technical analysis, envision a bullish trajectory akin to XRP’s performance in 2021.
Beyond The Hype: Reasons For Caution
Amidst the fervor surrounding bullish predictions, a note of caution resonates within the cryptocurrency community. The inherent volatility of the market and lingering regulatory uncertainties serve as sobering reminders of the risks associated with investing in XRP.
While past performance may hint at future possibilities, it offers no guarantees in the ever-evolving landscape of digital assets. Moreover, even in the event of a favorable verdict for Ripple, regulatory scrutiny could persist, casting a pall over XRP’s potential growth trajectory.
Legal Battle: A Catalyst For Change?
Fueling the bullish sentiment are analysts like Dark Defender, who emphasize the pivotal role of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). The outcome of this protracted lawsuit, which alleges Ripple’s violation of securities laws, holds significant implications for XRP’s future.
Prepare your coffee so as not to get #distracted.$XRP is on the verge of a significant pattern, a moment that could shape its #future.
Remember, XRP is not a Security.
Focus on the last candle,
April, May, & June (3 Monthly),
which has no room anymore.
Perseverance. pic.twitter.com/xUFCSqTiGG
— Dark Defender (@DefendDark) April 23, 2024
Despite the regulatory cloud looming over Ripple, partial victories in court have bolstered optimism among supporters, hinting at a possible turnaround in XRP’s fortunes. Dark Defender, in particular, highlights the prospect of a “momentous pattern shift” upon a favorable resolution of the legal dispute, underlining its potential to catalyze a substantial price rally.
Investors On The Edge
The lawsuit, simmering for over three years, has cast a long shadow over XRP’s trajectory. With the SEC seeking a hefty billion fine against Ripple for alleged securities violations, the stakes are undeniably high.
Ripple, on the other hand, maintains its innocence and contests the charges, offering a counter-penalty of a mere million. Yet, the uncertainty stemming from the legal standoff has left investors on edge, wary of the potential ramifications on XRP’s classification and market dynamics.
Featured image from Science Photo Gallery, chart from TradingView
Shiba Inu Price Prediction: Can Meme Coin Hit $0.001 This Year? Investor Makes Daring Call
The world of cryptocurrencies is abuzz with speculation once again, this time centered around Shiba Inu (SHIB), the Dogecoin-inspired meme coin. Prominent Bitcoin investor Armando Pantoja has thrown down the gauntlet, predicting a price surge for SHIB, potentially reaching .001 by the end of 2025. This ambitious target has reignited discussions about SHIB’s potential and its ability to carve a niche beyond its meme-coin origins.
SHIB’s past is a story of remarkable growth. In 2021, the meme coin defied expectations, experiencing a meteoric rise of over 800,000%. This phenomenal journey minted crypto millionaires and captured the imagination of retail investors. However, unlike established players like Bitcoin and Ethereum, SHIB’s initial value proposition was primarily driven by its meme status and community enthusiasm.
My #crypto price targets for 2024-2025$BTC: 0k-0k$ETH: k-k$XRP: –$SHIB: .001+$DOGE: $SOL: 0-00$AVAX: 0+$ICP: 0+$INJ: 0-0$PRO: –$HBAR: –
— Armando Pantoja (@_TallGuyTycoon) April 24, 2024
However, the tides appear to be shifting. Recognizing the need for more than just viral appeal, the Shiba Inu team has been actively developing its ecosystem. A central initiative in this effort is the upcoming Shibarium hardfork, scheduled for launch on May 2nd. This upgrade aims to introduce Shibarium, a layer-2 scaling solution designed to address scalability concerns and enhance user experience.
Shibarium: A Potential Ethereum Killer?
The potential impact of Shibarium is drawing comparisons to the highly anticipated Ethereum 2.0 upgrade. Ethereum, the world’s second-largest cryptocurrency by market cap, has long grappled with scalability issues, leading to high transaction fees and network congestion.
Ethereum 2.0 promises to address these challenges by transitioning to a proof-of-stake consensus mechanism, offering faster processing times and lower fees. However, its development has faced delays, leaving a gap in the market for user-friendly alternatives.
Shibarium’s success could position SHIB as a more attractive option for developers seeking to build decentralized applications (dApps). By offering faster and cheaper transactions, Shibarium could potentially lure developers away from Ethereum, especially those focused on projects requiring frequent interactions and lower costs. This scenario could mirror the way Ethereum itself disrupted the dominance of Bitcoin in the early days of decentralized finance (DeFi).
1/ SHIBARMY, we are on the brink of a transformative upgrade for Shibarium.
Through an upcoming hard fork expected to go live on May 2nd, we’re introducing a suite of new features designed to enhance user experience and empower our community of innovators and developers.
— Shib (@Shibtoken) April 25, 2024
A Major Obstacle
Despite the optimism surrounding Shibarium, reaching .001 by 2025 remains a significant hurdle. The cryptocurrency market is inherently volatile, and unforeseen events can drastically impact prices. Widespread adoption of Shibarium is crucial for long-term growth, and its success hinges on attracting developers and users to build a robust ecosystem.
As of the time of publication, Shiba Inu is trading at .00002459, indicating a decrease of 9% over the previous day. For Shiba Inu to potentially reach a price higher than .001 this year, it needs to increase by nearly 4,000%.
Meanwhile, some analysts remain cautious. While acknowledging SHIB’s past gains, they point to the dominance of established cryptocurrencies like Ethereum and the overall market conditions. Platforms like Telegaon offer a more conservative outlook, predicting a maximum price of .0000728 for SHIB by 2025, falling short of its all-time high.
Featured image from Pixabay, chart from TradingView
$100K to $150K — Traders Target Six-Figure Heights With Long-Dated Bitcoin Call Options
Recent data reveals a significant uptick in open interest for bitcoin futures and options across various trading platforms in recent weeks. On Monday, insights from QCP Capital indicated a notable interest in long-term September and December bitcoin calls, aiming for the lofty six-figure price brackets. Confidence Soars With Bets on Bitcoin Exceeding 0K Just last […]
Bitcoin News
El Salvador Moves ‘Big Chunk’ of Its BTC to Cold Wallet — President Bukele Says ‘Call It Our First Bitcoin Piggy Bank’
El Salvador has transferred “a big chunk” of its bitcoin holdings to a cold wallet, President Nayib Bukele has announced. “You can call it our first bitcoin piggy bank,” he said. As of writing, the wallet’s balance totals approximately 5,690 bitcoins. El Salvador Establishes Its First ‘Bitcoin Piggy Bank’ El Salvador’s President Nayib Bukele announced […]
Bitcoin News
Crypto Industry Players in Hong Kong Call for Swift Approval of Bitcoin ETFs
Authorities in Hong Kong have been urged to approve spot bitcoin exchange-traded funds in order to cement the region’s position as the financial hub of Asia. Industry participants believe that launching this ahead of the U.S. will enhance Hong Kong’s status in the global cryptocurrency market. Approving Spot Ethereum ETFs Ahead the U.S. Players in […]
Bitcoin News
Market Optimism Peaks as Bitcoin Call Options Aim for $100K Milestone
Following bitcoin’s significant market activity this week, conversations around the bull market have hit a high pitch, with numerous predictions of substantial increases in the leading crypto asset’s price cycle. Evidence indicates that call options, with strike prices ranging from ,000 to 0,000, are now in the mix, as speculators exhibit strong optimism. Bitcoin Bull […]
Bitcoin News
Bitcoin Long-Term Call: Analyst Predicts Price To Soar To $500,000
As Bitcoin makes its way through the erratic waves of the cryptocurrency market, crypto analysts are still bullish about the asset, predicting BTC to reach unprecedented heights in the long run.
Bitcoin To Reach 0,000 In The Long-Term
Bitcoin is currently in the spotlight as crypto expert Michael Van De Poppe has shared a bold prediction regarding BTC’s future with the community on the social media platform X (formerly Twitter).
According to Poppe, Bitcoin is presently experiencing an “overly bullish sentiment” from market participants within the cryptocurrency space. Due to this, he claims that there is “a likelihood” for the crypto asset to reach 0,000 in the long term.
Poppe also warned investors about upcoming severe corrections prior to the surge. However, he has urged them to take the dip as a “giant buying opportunity” to position themselves for future gains.
The post read:
The overly bullish sentiment is great for Bitcoin. Long-term, the likelihood of Bitcoin reaching 0,000 is definitely there. However, corrections will happen and they will be rough. If Bitcoin corrects by 20% or more, use those as a giant buying opportunity. That’s it.
The analyst’s prediction has sent quite a frenzy in the crypto community, with several enthusiasts expressing their belief in the forecast. A pseudonymous X user stated that he agrees with the projections while noting that “BTC has the potential to grow in the long-term.”
Poppe has also shed light on his “game plan” for the upcoming period for the digital asset. He pointed out two distinct aspects of the plan in light of Bitcoin’s corrections.
“Survive a potential Bitcoin correction, as Bitcoin is at the end of this run and probably consolidating,” he stated. In addition, he has encouraged investors to navigate their investment toward Ethereum during the time of the retracement. He added that investors should hold their ETH for about “1 to 2 months and wait in cash until the correction is over.”
BTC Is The Ultimate Safe Haven
Michael Van De Poppe is not the only analyst who believes Bitcoin has the potential to achieve the 0,000 mark. Max Keiser, a financial journalist, has also predicted that BTC will reach the aforementioned price target.
Keiser appears to be anticipating a significant crash in the stock market drawing a similar scenario to the 1987 crash. Consequently, he believes Bitcoin to be a safe haven during this period, as he expects the token to “soar past 0,000.”
The expert also noted that BTC ETFs and domestic miners will be confiscated by the US government within this period. However, despite this action, Keiser reckoned that BTC would still see more inflows than Gold in the market.