Approximately 14 years ago today, Laszlo Hanyecz posted on bitcointalk.org, offering 10,000 bitcoins for “a couple of pizzas.” However, most people are not aware that it took him four days to finalize the transaction, which is now worth 0 million. The Famous Bitcoin for Pizza Offer That Took 4 Days to Complete In May 2010, […]
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Analyst Forecasts BTC to Reach $1 Million in 10 Years, Envisions It as Future Reserve Currency
Onchain bitcoin analyst Willy Woo predicts that the leading cryptocurrency will reach the million milestone within the next decade. During what he describes as “a time to be alive,” Woo anticipates witnessing a purge of central bank corruption. However, one of Woo’s followers envisions a Central Bank Digital Currency (CBDC), not bitcoin, replacing the […]
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Robert Kiyosaki Advises Preparing for Depression — ‘For Years I Could See This Crisis Coming’
Rich Dad Poor Dad author Robert Kiyosaki has advised preparing for an economic depression. He emphasized the importance of being ready for the worst, cautioning against the complacency prevalent among many who prefer to “live in Disneyland.” He added that he could see this crisis coming for years, which is why he has adopted a […]
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Woman Sentenced to 9 Years in Prison for Crypto-Funded Murder-for-Hire Scheme
Michelle Murphy, 58, from Bedford, Texas, has been sentenced to nine years in federal prison for attempting to hire a hitman using bitcoin to kill her boyfriend’s lover. Charged in September 2023 and pleading guilty in December, Murphy used the dark web to orchestrate the crime, paying ,510 in bitcoin. The transaction was traced through […]
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Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows
The price of XRP, the native token of Ripple, has been on a rollercoaster ride in recent years. After reaching a peak of nearly in April 2021, it has been in a downward motion, leaving investors wondering if a comeback is on the horizon.
However, a recent analysis by market analyst Jonathan Carter suggests that XRP might be on the verge of a significant breakout.
XRP Stuck In Symmetrical Triangle
Carter’s prediction hinges on a technical chart pattern known as a symmetrical triangle. This pattern typically forms during periods of consolidation, with prices bouncing between converging upper and lower trendlines.
XRP has been trading within this triangle for several years, indicating a potential struggle between buyers and sellers.
Support Retest Fuels Breakout Hopes
The recent price drop in April, which mirrored a broader market correction, saw XRP retest the lower trendline of the symmetrical triangle.
In technical analysis, such a retest is often seen as a precursor to a breakout, where the price decisively breaks through one of the trendlines. Carter believes this retest signifies an imminent upswing for XRP.
Ripple is bouncing from the lower trendline of a symmetrical triangle on the weekly chart
A successful breakout above this triangle would be a bullish signal with mid-term targets at .93 and .68
pic.twitter.com/sbZXfEYMCM
— Jonathan Carter (@JohncyCrypto) May 6, 2024
Undervalued XRP? MVRV Ratio Hints At Opportunity
Adding fuel to the fire is the MVRV Ratio, a metric used to gauge whether an asset is overvalued or undervalued. XRP’s current MVRV sits at a low -0.5733, suggesting that the token is trading significantly below its historical average price.
This could be interpreted as a sign of undervaluation, potentially attracting investors seeking undervalued opportunities.
Analyst Projects Mid-Term Target Of .68
Carter forecasts an initial spike towards .93, a level that XRP briefly touched in July 2023 after a favorable verdict in the current SEC dispute, should a breakout from the symmetrical triangle occur.
Carter, however, thinks that XRP will overcome this resistance level this time around in order to reach its more ambitious mid-term goal of .68. It would take an incredible 213% increase from the current price of .53 to reach this goal.
Experts Urge Caution Despite Bullish Outlook
While Carter’s analysis paints a bullish picture for XRP, financial experts advise caution. The cryptocurrency market remains highly volatile, and unforeseen events can drastically alter price movements.
Additionally, the ongoing lawsuit between Ripple and the SEC regarding XRP’s classification as a security continues to cast a shadow over the token’s future. A negative outcome in the lawsuit could dampen investor sentiment and hinder any potential price surge.
Featured image from iStock, chart from TradingView
P2P XMR Exchange Localmonero/Agoradesk Announces Closure After Seven Years of Operation
In a recent announcement, Localmonero/Agoradesk, a popular platform for trading monero (XMR), has decided to wind down its operations after nearly seven years. The decision, influenced by a mix of internal and external factors, initiates a six-month winding-down process starting from May 7, 2024. Effective immediately, all new signups and ad postings are disabled, and […]
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Bitcoin Repeating Bull Cycle Trend From 8 Years Back: Analyst
Well-known cryptocurrency analyst and trader Rekt Capital has revealed an intriguing finding regarding Bitcoin’s price trend in a recent analysis. His ground-breaking prognosis reveals that the crypto asset is mirroring historical price action that took place during a bull cycle eight years ago.
Similar Historical Price Tendency In Bitcoin
Rekt Capital asserted that the way Bitcoin is reiterating a past price trend from a cycle 8 years ago is amazing. Given the magnitude of the 2016 bull cycle, BTC could be poised for significant growth in the upcoming months. During the 2016 bull cycle, BTC witnessed a notable growth of nearly 3,000%, following the conclusion of the Bitcoin Halving event.
Moving on, Rekt Capital drew attention to his previous post regarding Bitcoin’s post-Halving movement, which he dubbed the Post-Halving Danger Zone. According to the analyst, the digital asset is currently caught up in this zone.
He further noted that Bitcoin has veered to the negative below the current Re-Accumulation Range Low, repeating the pattern that began in 2016. In 2016, the move below the re-accumulation range was about 17%. However, this divergence in 2024 is down by 6%.
Rekt Capital previously affirms in 2016, about 21 days after the Halving, Bitcoin saw a lengthy -11% decline before transitioning toward the upside.
Thus, if there should be downside volatility in this cycle around the Re-Accumulation Range Low, 2016 data indicates that BTC could turn to the upside in the next 10 days, considering the post time.
Even though the Post-Halving “Danger Zone” ends in the upcoming days, particularly four days from now, Rekt Capital stated that 2016 data proves that there may be some negative volatility at the ,600 Range Low in the interim.
Pre-Halving Danger Zone For BTC
Notably, the expert also identified a Danger Zone before the event, where previous Pre-Halving retraces have always started. According to Rekt Capital, pre-Halving retracements have historically been seen in Bitcoin between 14 and 28 days before the event, and this cycle hasn’t been any different thus far.
He stated that Bitcoin saw its first pre-Halving retrace of -18% about 30 days before the Halving, while in 2016, the pre-Halving retrace started 28 days before the event, suggesting BTC could move in the same direction as that of 2016. Due to this, Rekt Capital is confident that a potential danger zone could occur after Halving.
However, the retracement from the current all-time high has now proven to be deeper and longer than past retracements, spanning several weeks. Consequently, the expert predicted a high probability that Bitcoin prices may have reached a bottom.
At the time of writing, the price of Bitcoin was seeing a positive sentiment, rising by 0.43% to ,126 in the past day. Both its market cap and trading volume have increased by 0.50% and 24.43%, respectively, in the last 24 hours.
Conservative Projection Places Bitcoin At $245,000 In 5 Years
A recent analysis paints a rosy picture of Bitcoin’s future, even with a conservative growth projection. Taking to X, Michael Sullivan predicts that the world’s most valuable coin could reach a staggering 5,000 within just five years if it maintains a mere 30% compound annual growth rate (CAGR).
Bitcoin Projections: From Conservative To Exponential Growth
The analysis explores various growth possibilities for Bitcoin. Assuming the coin’s growth rate significantly contracts in the coming years, growing at just 30% CAGR, Sullivan projects the coin to reach 5,000 by 2029.
A decade later, it will be at 9,000; by 2039, each coin in circulation will be trading at a whopping .37 million. If, however, the CAGR rises to 40%, Bitcoin would be worth .3 million in 15 years and .9 million in 10 years.
Still, even at these mega valuations, Bitcoin has been soaring at unprecedented rates, outperforming all traditional finance assets since launching. To demonstrate, Bitcoin registered a CAGR of 73.7% over the past four years.
Therefore, if this trend continues, Sullivan says BTC will smash above the million level a year after halving in 2028. However, half a decade later, each coin will change hands at over .5 million.
A look back at Bitcoin’s history makes it clear that the coin has been on a tear. Following this historical trend and making projections for the future, BTC could be far more valuable in the next five or ten years.
There Are No Guarantees, Crypto Is Dynamic
While these projections are undoubtedly exciting for Bitcoin holders, it’s crucial to remember that they are just projections. The crypto market, just like any other tradable asset, doesn’t move in straight lines.
As an illustration, after peaking at nearly ,000 in 2021, prices crashed to as low as ,600 the following year. In 2017, BTC rose to around ,000 before tanking to below ,000 a year later in 2018. This volatility and the dynamic market, influenced by new circumstances, don’t guarantee these lofty projections.
Nonetheless, analysts remain optimistic of what lies ahead, especially after the historic Halving event on April 20. As traditional finance players join in, finding exposure in BTC through spot exchange-traded funds (ETFs), prices might rise, even breaking above the all-time highs of around ,000.
Nebraska Man Faces 50 Years for Multi-Million Dollar Cryptojacking Scheme
United States prosecutors have charged Charles O. Parks III with wire fraud and money laundering after he allegedly ran a “large-scale illegal ‘cryptojacking’ operation,” defrauding two cloud computing providers out of .5 million to mine 0,000 in cryptocurrencies such as ether, litecoin, and monero without authorization. Parks, who was arrested in Nebraska and faces up […]
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Former Security Engineer Sentenced to Three Years for Hacking Two Decentralized Exchanges
A former security engineer, who stole digital assets valued at more than million from two decentralized exchanges, has received a three-year prison sentence. In what has been characterized as the “first-ever” conviction for a smart contract hack, the U.S. Judge also ordered the ex-engineer to forfeit roughly .3 million. Ex-Engineer Sentenced to Three Years […]
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