Amid the excitement of Bitcoin’s new Runes protocol, Blackrock’s exchange-traded fund (ETF) wallets now contain over ,000 worth of RSIC•GENESIS•RUNE tokens. Blackrock’s IBIT Benefits From Airdropped Runes Tokens On Thursday, Arkham, an onchain intelligence firm, revealed on social media platform X that two of Blackrock‘s IBIT bitcoin addresses possess tokens based on the Runes protocol. […]
Bitcoin News
Analysts Bullish On Bitcoin Despite Peter Schiff’s $20,000 Doom Scenario
Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to ,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the “Halving” event.
Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct and presented the possibility of a doom drop for BTC.
Peter Schiff’s Doomsday Prediction For Bitcoin
Back in March, known Bitcoin opposer Peter Schiff asserted what he thought was the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to US market hours, which would mean that investors could not sell if the market crashed overnight.
As I warned if #Bitcoin starts selling off tonight, #BitcoinETF owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime it will be a long night hoping that Bitcoin doesn't crash before they have a chance to sell. https://t.co/GfLtl6Wc1S
— Peter Schiff (@PeterSchiff) April 14, 2024
On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF owners would be helpless if the flagship cryptocurrency started selling off that night. BTC traded around ,460 at the time of his post and recovered in the following hour to trade above the ,000 support level.
Earlier that day, Schiff had warned of a critical support zone for BTC. To the economist, breaking below ,000 could “create a formidable triple top.” This trend reversal could lead to an “immediate downside projection” of ,000.
Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would “have a .7 billion unrealized loss on 214K Bitcoin acquired at an average price of K.” Additionally, he believes that BTC’s price could increase “before it crashes.”
Analysts Unfazed By BTC’s Correction
Several analysts concurred that the correction was a “minor drop” in the macro picture. According to MacroCRG, Bitcoin’s chart “looks incredible.” The analyst stated: “They threw a full-on war at her and all it managed to do was wick the range low.”
Similarly, trader and analyst Rekt Capital considers that BTC “successfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.”
Per the analyst’s chart, Bitcoin is at the “Last Pre-Halving Retrace” during the “Pre-Halving Rally.” If history is to repeat itself, after April 19, BTC will enter the “Re-Accumulation” phase before experiencing the “Post-Halving Parabolic Upside.”
Moreover, Crypto Jelle urged investors to “not get shaken out” as BTC is “consolidating above the previous cycle highs.” The analyst and investor reaffirmed his prediction of ,000 after the upcoming “Halving” event.
However, Jelle also set a higher target for this bull cycle. The bullish megaphone pattern on BTC’s chart “still has a pattern of 0,000” despite the recent correction, as stated in the post. The analyst claims he wouldn’t be surprised “if the meme pattern plays out once again.”
The correction caused BTC to register bleeding numbers for several periods. The biggest cryptocurrency exhibits an 8.4% and a 3.1% dip in the weekly and monthly timeframes. Similarly, BTC’s market activity has decreased by 32.1% in the past day, with a trading daily volume of .56 billion.
Nonetheless, Bitcoin has recovered 3.5% from its price 24 hours ago, currently trading at ,275. Since the lowest point of this correction, BTC has surged 10.3%.
XRP To $20 And Ethereum To $20,000: Crypto Analyst Reveals When This Will Happen
Crypto analyst CrediBULL Crypto has laid out a bullish narrative for Ethereum (ETH) and XRP. He claimed that both tokens could rise to as high as ,000 and , respectively. Additionally, he stipulated when this parabolic price surge is likely to happen.
Ethereum Could Hit A Market Top Near ,000
CrediBULL Crypto mentioned in an X (formerly Twitter) post that there is a chance that Ethereum could hit a market peak near ,000. He further explained that ETH could attain this price level based on his belief that BTC can “realistically” see a 2x in this market cycle from its last high of ,000 in the 2021 bull run. As such, altcoins like ETH will do “multiples of that.”
Specifically, he foresees ETH doing a 3x to 4x of its prior all-time high (ATH) of ,800, which puts the second largest crypto token by market cap in a price range between ,000 and ,000. Meanwhile, CrediBULL asserted that Ethereum will surely rise to ,000 at the minimum.
Following CrediBULL’s prediction, another X user questioned how possible it was for ETH to rise to a market cap of trillion, stating that it seems “crazy.” However, the crypto analyst responded that ETH rising to such levels is a “blow off top, ” so the market cap will look “outrageous.” He jokingly added that there is a problem if the market caps don’t look outrageous.
XRP Is Another Altcoin That Could Experience Exponential Growth
In a different X post, CrediBULL also made a case for XRP, stating that XRP could also rise between and if ETH were to hit ,000. He suggested that XRP wasn’t to be underrated despite its current underperformance, noting that XRP actually flipped ETH in terms of market cap at some point in the last cycle.
Therefore, the crypto analyst added that anyone who thinks ETH hitting ,000 is “realistic” should also believe that XRP rising to is possible. In a subsequent X post, CrediBULL claimed that XRP could even rise to as high as based on ETH hitting ,000 at its current circulating supply.
Again, he noted that XRP is very capable of attaining such price levels, seeing as it is a top 10 coin, which means that the market demand for it is evidently there. CrediBULL’s sentiment echoes that of Nick, the founder of Web3Alert, who previously predicted that XRP could rise to since there were predictions that Bitcoin and Ethereum would rise to as high as 0,000 and ,000, respectively.
At the time of writing, ETH and XRP are trading at around ,290 and .58, according to data from CoinMarketCap.
Shiba Inu BONE Token Garners Over 20,000 Picks On Binance Futures NEXT Program
In a unique display of community support and unity, one of Shiba Inu’s native tokens, Bone ShibaSwap (BONE) has risen to the top five in Binance’s Future NEXT program, aiming to secure the number one spot for a potential token listing.
SHIB Community Rally Over 20,000 BONE Picks
The Shiba Inu community has been demonstrating an amazing amount of support for its burgeoning ecosystem, rallying around the BONE token to help propel its position to the top spot in Binance’s Future NEXT program.
Initially at the 14th position on Binance’s new program, BONE made an exponential leap, swiftly climbing more than 10 ranks within 24 hours to secure third position in Binance’s Future NEXT token listing challenge.
With its popularity skyrocketing from a modest 2,657 picks to over 23,810 picks, BONE has become a major competitor for Delysium (AGI) and Baby Doge Coin (BABYDOGE), which, at the time of writing, holds the first and second position respectively.
This substantial climb in ranks underscores the Shiba Inu community’s strong support and dedication towards its ecosystem and native tokens. Moreover, it highlights the considerable interest and demand for the popular BONE token to be featured on Binance’s Future platform.
Championing BONE’s ambitious journey to claim the number one spot, Shiba Inu’s marketing influencer, Lucie has urged community members to keep up their unwavering support for BONE. She has motivated members to vote for the token to become the top choice for Binance’s Future NEXT listing.
As highlighted by Binance, the voting process entails a fee per vote, enabling individuals to acquire as many votes as they desire. In this context, the financial commitment of the Shiba Inu community is also underscored, with a substantial contribution exceeding ,800. This amount reflects the number of picks made towards elevating BONE to its current third position.
Next Step For Potential BONE Listing
As BONE continues its ambitious climb to the topmost position on Binance’s Futures NEXT listing, it’s important to mention that attaining the number one position does not guarantee an immediate listing.
The cryptocurrency will have to undergo the necessary review and screening processes by Binance before being considered for the official listing.
Binance has revealed intentions to carry out a proper listing process, evaluating all contenders including Delysium and Baby Doge Coin.
Despite this, SHIB remains a leading candidate for the listing process, demonstrating greater potential to accumulate more picks as community members continue to show their support.
Featured image from Pixabay, chart from TradingView
Ethereum to $20,000: Analyst Sees Spot Ethereum ETFs Fueling Bull Run
A crypto analyst, Eric, believes Ethereum (ETH) could spike to ,000 in the upcoming bull run. The analyst said the potential launch of spot Ethereum exchange-traded funds (ETFs) in the United States will propel this upswing.
Ethereum To ,000 Possible
In a post on X, Eric cited Ethereum’s historical tendency to mirror Bitcoin (BTC), albeit with a one-cycle lag. In the previous bull market, the analyst noted that Bitcoin surged 22-fold from ,100 to ,000. Therefore, if Ethereum follows a similar trajectory, reaching ,000 would be a realistic possibility.
As the analyst noted, Ethereum’s recent bear market bottom of 0 in 2022, if extrapolated using the 22x growth rate seen in BTC, places the coin at ,360. However, the analyst believes Ethereum might surpass expectations, making ,000 a base and a psychological round number to monitor closely.
Supporting this forecast is the possible approval of a spot Ethereum ETFs. Like the spot Bitcoin ETF, this authorization will likely attract institutional investors and significantly boost Ethereum prices and liquidity. Institutional investors can gain exposure to Ethereum through these complex derivative products without the complexities of directly trading or storing the coin.
While the optimism remains, the United States Securities and Exchange Commission (SEC) will likely follow the same path it took before approving the first spot of Bitcoin ETFs in January. For context, the strict agency failed to approve any spot Bitcoin ETF for over ten years, citing market manipulation risks and the absence of proper monitoring tools.
Will The US SEC Approve A Spot Ethereum ETF?
However, in a recent statement by The Block, Standard Chartered, a global bank, said the US SEC will likely approve Ethereum ETF’s first spot in May 2023. By then, the bank added, ETH prices will be trading at around ,000, propelled by general market optimism.
The bank notes that the failure of the agency to classify ETH as a security further adds weight to this expectation. At the same time, Grayscale Investments, which is issuing Grayscale Ethereum Trusts (ETHE), wants to convert this product into an ETF. Each share traded at around as of January 30.
Earlier, Grayscale won against the US SEC’s arguments, wishing to prevent the conversion of their Bitcoin Trust into an ETF. This win set the ball rolling for the eventual approval of the first spot Bitcoin ETFs in the United States.
Additionally, the fact that Ethereum Futures ETFs were recently approved and listed on the Chicago Mercantile Exchange is a net positive, paving the way for a potential listing in May 2024.
Deutsche Bank Survey: Over One-Third of Respondents Expect Bitcoin to Fall Below $20,000
A Deutsche Bank survey has revealed that over one-third of 2,000 respondents anticipate bitcoin’s price to drop below ,000. Moreover, around 15% of those surveyed predict the cryptocurrency’s price to range between ,000 and ,000 by the end of the year.
Respondents Expect Bitcoin to Fall Below K
According to a Deutsche Bank research report which includes a survey conducted from Jan. 15 to Jan. 19, the majority of respondents anticipate a further decline in bitcoin’s price, Bloomberg reported. The survey, which questioned 2,000 individuals in the U.S., U.K., and the Eurozone, focused on their perspectives on bitcoin’s price and volatility.
The survey showed that over one-third of respondents believe bitcoin will drop below ,000 by January next year. Meanwhile, approximately 15% of survey participants expect BTC’s price to range between ,000 and ,000 by the end of the year.
Deutsche Bank analysts Marion Laboure and Cassidy Ainsworth-Grace explained in the report that new spot bitcoin exchange-traded funds (ETFs) are expected to expand the institutionalization of the bitcoin. However, they noted that the majority of ETF flows have come from retail investors.
The price of bitcoin pushed above K in anticipation of the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. However, following the approval, BTC dropped below K on Monday and K on Tuesday. The crypto has since recovered slightly. At the time of writing, BTC is trading at ,815.
Many people believe that the approval of spot bitcoin ETFs along with the halving in April will significantly boost the price of bitcoin. Ark Invest sees a higher probability of bitcoin soaring to .5 million. Fundstrat says bitcoin is headed for 0K and could hit 0K in five years. Standard Chartered Bank said earlier this month that BTC could rise to 0K next year. Moreover, asset management firm Vaneck expects bitcoin to achieve record highs if Donald Trump is elected president of the U.S. in the November presidential election. Meanwhile, crypto adoption continues to grow. A recent report found that the number of crypto owners globally reached 580 million at the end of last year.
Do you think the price of bitcoin will fall to K? Let us know in the comments section below.
US Bank Foresees Major Bitcoin Price Drop To $20,000
The crypto space is currently facing bearish signals as the price of Bitcoin has failed to maintain crucial levels at ,000, slipping to ,909 at the time of writing. United States financial service provider Deutsche Bank, foresees even more declines in the upcoming months, projecting the value of Bitcoin to dip below ,000.
Deutsche Bank Predicts Massive Bitcoin Decline
Reports from Bloomberg, referencing a recent survey made from January 15 to January 19, 2024, by Deutsche Bank reveals investor’s sentiments regarding the volatility and future trajectory of BTC’s price. The survey, which appraised over 2000 people in the United States, United Kingdom, and the Eurozone, revealed that a third of the surveyed people expect to see a significant drop in the price of Bitcoin to values below ,000.
The substantial decline is anticipated to occur around January 2025. Although the majority of people foresee a significant plunge in the value of Bitcoin, the survey also indicates that 15% of people believe that Bitcoin’s price will consolidate between ,000 and ,000 by the end of 2024. Additionally, about 10% of the respondents think that Bitcoin could fall between ,000 and ,000.
It’s important to note that the price of BTC has been experiencing major declines over the past few weeks. At the time of writing, the cryptocurrency is trading below ,000 after surging over ,500 earlier in January this year.
This unprecedented decline is raising concerns in the crypto space as the price of Bitcoin is moving contrary to what most crypto investors and enthusiasts previously projected. Various crypto analysts predicted that the price of Bitcoin could surge to ,000 following the approval of Spot Bitcoin ETFs. However, Bitcoin gave up most of its post-ETF approval gains and had been experiencing severe declines since.
Analyst Reveals Key Factors That Could Break BTC Price Descent
Popular crypto analyst, Ali Martinez has taken to X (formerly Twitter) to disclose key technical price elements that could halt further declines in the price of Bitcoin. Martinez shared a chart published on TradingView depicting intricate price movements and patterns for Bitcoin.
The crypto analyst revealed that a weekly closing price below ,000 on the Bitcoin chart may signify a potential price drop, with the next significant support level expected around ,000. He mentioned that this key area is a critical zone marked by a convergence of three important technical indicators, including a lower boundary of a parallel channel, a 0.5 Fibonacci retracement level, and a 50-week simple moving average.
According to Martinez, the combination of these critical factors creates a great line of defense for Bitcoin’s price, potentially providing a support zone to prevent future declines in the cryptocurrency.
Crypto Analyst Blasts $20,000 XRP Price Target, Reveals Why It’s Impossible
XRP YouTuber Moon Lambo has hit out at those who believe that the XRP price could be worth ,000 in the future. The analyst believes that this price level is unattainable for the crypto token as he highlighted reasons why he holds this belief.
Why The XRP Price Cannot Rise To ,000
In a video on his YouTube Channel, Moon Lambo explained that XRP’s market cap will need to run into quadrillions of dollars if it were to achieve that price level based on its current market cap. However, from his calculation, there is not enough money in the world for such an occurrence, as at least 0 trillion will need to flow into the XRP ecosystem for that to happen.
According to the YouTuber, there is a “0% chance” that this will happen. He dismissed any argument that some assets could be sold off to fund this amount of inflows into the XRP ecosystem. This is unlikely to happen as those assets will need to go to zero to get the amount of liquidity needed to get the XRP price to ,000, Moon Lambo argued.
XRP being worth that amount would also mean the crypto token having a market cap worth over ten times more than the value of the US stock market. Moon Lambo says that it is “utter nonsense” to think that this will happen. He believes there is no way that XRP can be more valuable than all the foremost companies in the US put together.
He also alluded to arguments that XRP can attain this price by becoming the currency for the global reserve. He says that swapping out the dollar, which currently accounts for a huge chunk of the global reserve, won’t still see the crypto token get the required liquidity to hit ,000.
Enough Reason To Still Be Excited As An XRP Holder
Despite his stance, Moon Lambo is still bullish on the XRP price. He stated that the crypto token doesn’t need this “crazy hype nonsense” for one to be excited as an XRP holder. The crypto analyst believes that as far as XRP is widely adopted, there is enough money that can flow into it, which could cause its price to hit three digits.
Unlike a price prediction of ,000, XRP’s price hitting three digits is still within the “realm of possibilities.” However, Moon Lambo doesn’t see that instantaneously happening as he says that it could take “many market cycles.” The good news is that anyone who has been in on XRP for some time is already well-positioned for such a multiplier effect.
Meanwhile, analysts who have in the past made such “impossible” price predictions of ,000 were not spared in the crypto analyst’s rant. Moon Lambo mentioned that such people only make baseless claims and do not provide justification for such assertions.
He provided insight into why these analysts make such predictions as he suggested that they were doing this to get more audience. He remarked that he would probably get more subscribers if he jumped on this “bandwagon.” However, he has no intention to do that as he says it will be “intellectually dishonest” to do that.
XRP Price Poised To Hit $20,000: Chad Steingraber Theory Outlines How
Chad Steingraber, a professional game designer and a prominent figure in the XRP community, recently updated his theory, originally posted in August 2022, about the potential future price of XRP. Dubbed “The Chad Steingraber Theory,” it presents an intricate roadmap predicting XRP’s journey towards a staggering ,000 mark.
Central to Steingraber’s argument is the principle of asset scarcity in relation to supply and demand. He explains how scarcity, much like in an auction where numerous bidders vie for a limited asset, can escalate the asset’s value.
“Asset Scarcity, part of supply and demand, is also an issue, like an auction bid where many people are bidding on a limited set of assets that only some of them may own. This can drive up value, it ONLY stops when no one else is willing to pay a higher price,” he notes, underlining how this scarcity could be a driving force for XRP’s valuation.
Steingraber also delves into the realm of market appreciation and ‘phantom money’. He elucidates how the current price of an asset can reflect its anticipated future value, a concept akin to selling the idea of a future desirable house on a valuable plot of land at today’s perceived value. He further introduces the notion of ‘Phantom Money’, indicating that market caps often mirror perceived, rather than actual, invested value.
“Today XRP market cap is billion.. but wait, that doesn’t mean there is actually B of money that has been put into XRP. […] There’s far less as the market cap is just a reflection of the current value anyone is willing to pay. Phantom Money, remember?, Steingraber explained.
Drawing parallels with unique and limited assets like the Mona Lisa, Steingraber highlights the perception of value. He points out that value is often ascribed based on uniqueness and societal significance, stating, “The Mona Lisa is valuable because it’s the only one… That value is in our minds.” This analogy serves to emphasize the perceived value of the coin in the cryptocurrency market.
“The Chad Steingraber Theory” – The Road to a K #XRPA Thread
from The Future (UPDATED)
It’s been a year and a half since I wrote this original thread and A LOT has happened, including some parts of this theory.
Grab a drink, grab a snack and let’s take a ride, shall we? https://t.co/TU7CLwwh1T
— Chad Steingraber (@ChadSteingraber) December 30, 2023
Banks Will Drive The XRP Price To ,000
Central to Steingraber’s theory is the idea of banks holding XRP as a reserve asset, akin to gold. He explicitly states, “Banks holding XRP, that’s the Holy Grail,” emphasizing the potential shift in how financial institutions perceive XRP. This change would elevate the cryptocurrency’s status, positioning it not just as a transactional cryptocurrency but as a foundational asset in banking operations.
Steingraber envisions a future where banks will create private ledgers for internal operations, necessitating substantial XRP reserves. “Banks will create a Private Ledger and HOLD XRP as a reserve asset like how a central bank will hold Gold as a backing asset,” he explains. This approach to using XRP mirrors the traditional banking system’s reliance on gold, suggesting a paradigm shift in digital asset management.
The theory also highlights the crucial role of liquidity hubs, like Metaco, in this new banking ecosystem. Steingraber points out that these hubs would need to maintain large XRP balances to facilitate transactions between banks. “The LHs also hold a balance of XRP because they ARE the 3rd Party exchange that requires a transfer on the XRPL of the issued IOU Derivative into another IOU Derivative,” he notes, underlining the importance of XRP in this process.
A pivotal aspect of Steingraber’s theory is the ensuing scarcity of XRP in the public market as banks accumulate it. He predicts a significant shift in the public supply, stating, “The circulating public supply of XRP on crypto exchanges is far less than people realize… The banks, when ready, are coming for the public XRP supply and once they have it… IT’S GONE.” This anticipated scarcity is expected to trigger a FOMO among financial institutions, leading to a rapid depletion of XRP’s public availability.
Steingraber’s theory culminates in the projection of a massive increase in XRP’s price, driven by the combined effects of banks treating it as a reserve asset, the creation of private ledgers, the crucial role of liquidity hubs, and the resulting public supply scarcity. He posits a future where the value of the cryptocurrency could skyrocket due to these factors, potentially reaching up to ,000.
At press time, XRP traded at .61406.
Wait For Bitcoin At $20,000? This Analyst Says No
An analyst has explained using on-chain data that Bitcoin has a major demand bucket at the current price levels, so it won’t hit ,000 anytime soon.
Huge Bitcoin Buying Occurred Inside The ,000 To ,000 Range
In a new post on X, analyst Ali has explained that some large entities accumulated at the ,000 to ,000 range. The indicator of interest here is the “UTXO Realized Price Distribution” (URPD), which, in short, tells us about the amount of Bitcoin that was acquired at the different price levels of the cryptocurrency.
Here is a chart that shows how the URPD of the current Bitcoin market looks like:
Notice that the URPD here is “ATH-partitioned.” What this means is that the price ranges here have been defined by creating 100 equally spaced partitions between zero and the all-time high (ATH) of the cryptocurrency.
From the graph of the Bitcoin URPD, it’s visible that the price levels between ,000 and ,000 are host to the cost basis of a particularly large amount of the supply.
Ali notes that most people, including major institutional investors like Michael Saylor’s Microstrategy and Elon Musk’s Tesla, purchased a significant number of coins between these levels.
The levels being so dense with supply isn’t only significant because of the fact that these large entities believe those prices were worthy buys, but also due to how investor psychology tends to work out.
Generally, whenever the price retests the cost basis of a holder, they may become more probable to show some reaction. How they would react depends on their sentiment and profit/loss status prior to the retest.
If they had been i9n profits before the price declined towards their cost basis, they may believe the price would go up again in the future so they would accumulate more at the dip.
On the other hand, them being at loss before may make them sell at their cost basis, as they would find the idea of breaking-even more enticing than potentially going back into losses.
There are some dense price buckets above the current level, meaning that BTC could feel resistance when it would retest them due to such investors exiting at their break-even.
If Bitcoin declines instead, however, it could feel strong support, as the buckets below are zones of some pretty major demand, so at least some of these investors might be inclined to buy more at these same levels. Thus, a decline below this range could be unlikely for the cryptocurrency.
“So when they tell you “It’s too late to buy BTC” or “Wait for k,” please ignore them!”, advises the analyst.
BTC Price
Bitcoin is up almost 7% during the past week, but the coin’s surge has slowed down recently as its price has mostly been consolidating around ,500.