Home Blog Page 1106

Top Analysts Say XRP To Breakout Soon After Recent Dip

Abdulkarim Abdulwahab
-
0
Top Analysts Say XRP To Breakout Soon After Recent Dip

Multiple crypto analysts have highlighted that XRP is preparing for another explosive price move following its recent pullback.

In the last 24 hours, the value of XRP has declined by over 11%, dropping from $1.45 to $1.29. This latest bearish movement has further impacted XRP’s weekly performance, with the asset now down 23% from its recent multi-year high of $1.6216.

This downturn mirrors Bitcoin’s drop from $99K to just above $90,500 this week. However, market analysts believe a bullish reversal could be on the horizon for XRP after its four-day downtrend.

XRP Breakout Expected Soon

One such analyst, Crypto Scofield, expressed this view today in a post on X. He suggested that XRP is setting for a breakout as it approaches the breaking point of a symmetrical triangle formed by the asset’s price action over the past few days, following its peak at $1.62 on November 23.

Image
chart by Crypto Scofield

In a separate post, analyst Zeltima highlighted that XRP’s 1-day chart is likely to close with a dragonfly doji, which is a highly bullish signal considering the current downtrend. He pointed out recent candlestick patterns, noting that just a few days ago, XRP closed with a gravestone doji, followed by a hammer, then a long-legged doji.

He believes today’s candlestick is likely to form a dragonfly doji. “How can you be bearish right now?” he challenged market skeptics.

Notably, since falling to $1.29, XRP has quickly recovered, settling around $1.37 at press time. At this value XRP is 64.30% below its all-time high.

XRP’s Journey to Price Discovery via Wave Patterns

Likewise, in a post today, technical analyst Charting Guy shared an update on XRP’s wave count to forecast the asset’s direction in the coming weeks. He highlighted that he correctly identified the wave 2 low at $0.38 in July and noted that his forecast for wave 3 is currently playing out as expected.

Based on his analysis, XRP has just completed wave 3 of 3 and is now experiencing a minor correction in wave 4 of 3. This slight pullback is a precursor to wave 5 of 3, which could push XRP into price discovery, with an estimated target range between $3.80 and $4.20.

Looking ahead, Charting Guy anticipates a macro wave 4 correction, which could bring the price down to around $2. This will likely be followed by the final wave 5, which he believes could propel XRP to his long-term target of $8–$13. Charting Guy expects these scenarios to unfold through 2025.

Image
XRP graph by Charting Guy

Bitcoin Risks Crash to $85,610 if Key Support Fails, Analysts Warn

Albert Brown
-
0
Bitcoin Risks Crash to $85,610 if Key Support Fails, Analysts Warn

Analysts are warning of further declines for Bitcoin if support at $91,583 fails, with $85,610 emerging as the next key target.

Bitcoin experienced a sharp downturn today, triggering a broader decline in the crypto market. The leading cryptocurrency has faced heightened selling pressure over the past few days, undermining its attempt to break the $100,000 barrier.

Bitcoin Struggles to Hold Key Support Levels

Over the weekend, Bitcoin showed signs of weakening as its price fell below $98,000 on Saturday and under $96,000 on Sunday. These losses set the stage for Monday’s critical moves.

Despite beginning the day positively and reaching $99,000, Bitcoin failed to maintain upward momentum. Bearish forces quickly intensified, halting progress toward the psychological $100,000 milestone.

At the time of writing, Bitcoin has reached an intraday low of $90,400 but has partially recovered to $92,380.

Meanwhile, market analyst Ali Martinez highlighted $91,583 as a crucial support level for Bitcoin in his analysis. Using a 12-hour chart, Martinez identified key Fibonacci retracement levels and insights from the TD Sequential indicator.

This tool, designed to detect potential trend reversals or exhaustion, pointed to a possible standoff at the $91,583 support. The analyst noted that if this level is breached, Bitcoin could face further declines, with $85,610 emerging as the next significant target.

Bitcoin prediction
Bitcoin prediction

Technical Indicators Signal Bearish Momentum for BTC

Meanwhile, other technical indicators also provide insight into Bitcoin’s current market momentum, with several pointing to a shift toward bearish trends.

Bitcoin’s relative strength index (RSI) currently stands at 62.36, below the overbought threshold of 70, indicating that BTC is not overbought.

Bitcoin 1-day Price Chart, TradingView
Bitcoin 1-day Price Chart, TradingView

Notably, the RSI recently declined from overbought levels. This decline aligns with broader technical signals pointing to diminishing buying pressure.

The MACD indicator also reinforces the bearish outlook. A bearish crossover has occurred, with the signal line crossing above the MACD line, and the histogram has turned red, signaling negative momentum.

While the red bars are currently small, indicating mild bearish activity, the trend appears to be in its early stages.

Meanwhile, prominent market analysts have reassured crypto enthusiasts that the current Bitcoin pullbacks are typical for an asset in a bull market. Despite the ongoing bearish performance, some analysts have suggested that Bitcoin could still rally to as high as $150,000.

Former CFTC Chair Predicts SEC to Drop Ripple Lawsuit

Lele Jima
-
0
Former CFTC Chair Predicts SEC to Drop Ripple Lawsuit

Former CFTC Chairman Chris Giancarlo predicts the SEC might drop its lawsuit against Ripple.  

Giancarlo made the prediction during a recent interview on FOX Business. During the interview, Giancarlo commented on the state of U.S. crypto regulation, such as expanding the CFTC regulatory oversight over the industry and the potential outcome of the Ripple lawsuit.

 

SEC to Dismiss Ripple Case 

When asked whether the SEC would drop the Ripple case under Donald Trump’s administration, Giancarlo recommended that the securities regulator consider dismissing all lawsuits it has already lost at the trial court. 

However, FOX Business Senior Correspondent Charles Gasparino pressed him for a direct response, asking him to make a bet. In response, Giancarlo, popularly called ‘Crypto Dad,’ said, “I would bet they would.” 

This suggests that the former CFTC expects the upcoming SEC leadership to reassess and dismiss the Ripple case based on the trial court verdict. Recall that the trial court issued its final verdict in the lawsuit in August. 

SEC Appeal 

In the ruling, the court affirmed its summary judgment last July, which held that while institutional sales of XRP were securities, other distributions and programmatic sales were not. It also established that XRP in itself is not a security. 

After a two-month internal deliberation, the SEC appealed the Ripple ruling, seeking to overturn the part it lost. Ripple also filed a counter-appeal, challenging the trial court’s ruling on institutional sales. The parties had already filed their pre-arguments, with the SEC scheduled to file its appeal brief on January 15, 2025. 

How Donald Trump Victory Might Change Ripple Case Outcome 

Following Trump’s emergence as U.S. President-elect, it is speculated that the Ripple appeal might get an early dismissal. This speculation gained momentum recently after SEC Chair Gary Gensler announced plans to resign on January 20. 

Currently, Trump’s transition team is actively considering a pro-crypto candidate who would replace Gensler as SEC Chair. According to the popular American magazine WIRED, the team is engaging with crypto stakeholders on potential picks. 

If Trump eventually selects a pro-crypto SEC chair, the commission will likely reassess and drop the Ripple lawsuit.

Several pro-crypto lawyers like Jeremy Hogan speculated that the SEC and Ripple would settle after the company pays the judgment amount of $125 million. However, this remains unclear as of press time.

Here’s How Much Dogecoin You Need to Make $1M if DOGE Hits $5 or $10

Sam Wisdom Raphael
-
0

Investors could witness yields of up to $1 million if the ongoing Dogecoin rally allows the meme coin to reach price targets above the dollar mark.

The market is facing a slowdown to the current uptrend, with several assets facing major pullbacks. Dogecoin (DOGE) has not escaped the bearish pressure, currently down to $0.39 from the Highs of $0.47 on 23rd November.

Dogecoin Shows Potential Despite Current Pullback

Despite this retracement, Dogecoin still trades above $0.39 at press time, an 18-month high. The meme coin has demonstrated resilience against the bears, firmly maintaining the $0.40 support, as it aims to leverage this level as a springboard for the next rally.

Market analysts such as Ali Martinez had warned that the current market trajectory would also feature major corrections on the path to substantial price growth. Earlier in the month, Martinez warned of an impending correction after identifying sell signals across multiple timeframes.

However, shortly after, as DOGE witnessed its first major retracement to the ongoing rally, Martinez emphasized that the uptrend was still in place. Citing historical data, the analyst stressed that such pullbacks in previous cycles resulted in upsurges of 9,470% and 30,700%. 

Dogecoin Predicted to Hit $5 and $10

Notably, several market watchers expect Dogecoin to breach the $1 level in this bull run, a milestone that XRP and Cardano (ADA) have already reached. In January, before the latest upsurge, analyst Crypto Patel asserted that DOGE could not only surpass $1 but also rise to $5.

Meanwhile, Martinez also believes Dogecoin has the potential to breach $1, recently forecasting a rally to $2.4 or $18. Nonetheless, in a previous report last month, the analyst expressed confidence that DOGE was on track to claim a $10 price. 

The ambitious $5 and $10 price targets have captured the attention of Dogecoin holders, which have increased over the past month amid the ongoing rally. For context, IntoTheBlock data confirms that investors holding DOGE for less than a month have spiked 109.96% in the last 30 days to 224,950. 

Dogecoin Holders by Time Held IntoTheBlock
Dogecoin Holders by Time Held | IntoTheBlock

How Much Needed to Make $1M if DOGE Hits $5 or $10

These investors all have varying targets for their Dogecoin investments, with some anticipating returns of $1 million. This investment goal could materialize at a Dogecoin price of $5 or $10, depending on the initial capital invested.

At the $5 price, an investor would need to hold 200,000 DOGE tokens to sit on $1 million. Such an investor could procure these 200,000 tokens for $84,760 at the current price.

Further, those with greater optimism for Dogecoin’s potential could ride the wave to the $10 price target initially forecasted by Martinez. If DOGE hits the $10 level, those holding just 100,000 DOGE will boast $1 million investments. The 100,000 tokens are currently worth $42,380 at the prevailing price.

However, while such returns can be enticing, it is important to note that there is no guarantee Dogecoin will reach any of these price targets. While the meme coin shows potential, the extent of its growth will depend on several market factors, primarily demand.

Here’s the Biggest Sell Signal for XRP, According to Market Analyst

Sam Wisdom Raphael
-
0
Here’s the Biggest Sell Signal for XRP, According to Market Analyst

A market analyst and XRP community pundit has disclosed what he believes would be the biggest sell signal for XRP amid the ongoing bull run.

According to market commentator EGRAG, if American TV personality Jim Cramer said something positive about XRP, it would send a sell signal. He believes this event would mark the top for XRP amid the ongoing uptrend.

XRP Shows Resilience 

For context, XRP has been one of the biggest beneficiaries of the latest market-wide upsurge. The crypto asset rallied from $0.5031 on Nov. 5, the day of the U.S. election, to a new three-year peak of $1.6334 on Nov. 23. This represented a massive 224% increase within three weeks.

However, XRP has continued to correct some of its gains following the $1.6 peak, having recorded four consecutive intraday losses for the first time in nearly two months. Despite the pullback, XRP has maintained the $1 territory, which it claimed on Nov. 16, currently trading above $1.3. 

A Sell Signal?

Market data further suggests that XRP has maintained a 26.73% gain over the past seven days, with Bitcoin only up 0.46% within the same timeframe. Amid the resilience, EGRAG humorously stated that he believes XRP would eventually begin shedding off more gains once Cramer endorses it.

According to him, the biggest sell signal for XRP would emerge when Cramer starts discussing the altcoin and speaking to investors about the importance of procuring it. EGRAG suggested that this would mark a sign for him to exit the market, but for now, he expects the uptrend to continue.

 

Meanwhile, in a previous analysis, EGRAG noted that XRP’s current rally started around the $0.75 mark, establishing it as a key support level. He pointed out that the Fibonacci Channel’s 0.236 level aligns with a major resistance point at $2, close to the 2021 peak of $1.96.

EGRAG believes that with the right market catalysts or positive news, XRP could soon break this level, potentially triggering FOMO. If XRP climbs to the 0.5 Fibonacci level, it could reach double-digit prices. Notably, it has historically surpassed this Fibonacci level.

The Cramer Effect on Bitcoin

However, XRP must hold above major support levels to engineer such a run when the market recovers. Interestingly, the latest market collapse comes on the back of a Bitcoin crash, which began shortly after Jim Cramer endorsed the pioneering crypto asset. 

Four days ago, The Crypto Basic confirmed that the CNBC Mad Money host recommended buying BTC, calling it a “winner.” His recommendation came as a response to an investor who called the show to discuss his profitable position in MicroStrategy (MSTR), a Bitcoin proxy company. 

Cramer suggested he would advise investors to directly commit to Bitcoin. Notably, at the time of his comment, Bitcoin had just touched the $99,800 all-time high, actively attempting to breach the $100,000 milestone. However, following Cramer’s endorsement, crypto enthusiasts panicked.

Bitcoin has since collapsed, recording its biggest correction since the latest rally started earlier this month. A recent report suggested that Bitcoin has lost $130 billion in market cap since Cramer endorsed it, with the crypto asset now trading for $93,100 at press time.

Solana Hits $100B Monthly DEX Volume. Discover The Next Big Presale

Mark Brennan
-
0
Solana Hits $100B Monthly DEX Volume. Discover The Next Big Presale

In November, Solana crypto reached a new milestone with over $109.8 billion in DEX transaction volume. This huge growth is fueled by meme coin activity and increasing adoption. As the solana price rises and presale tokens gain attention, now is the time to watch the market closely. Let’s look at the latest trends and Solana news shaping the future.

SOL’s DEX Volume Breaks $100 Billion in November

Solana crypto recorded $109.8 billion in DEX transaction volume in November, according to DefiLlama. This is over double the $52.5 billion transacted in October. The data shows what is Solana: a blockchain that’s fast, scalable, and efficient.

Meme coin activity played a key role in this growth. Solana platforms like Raydium and Pump.fun generated $71.5 million and $182 million in fees in November. In addition, Solana handles $53 million in daily transactions. This is far more than many other blockchains, which process less than $5 million a day.

The Solana price hit $264 recently, though it has since dropped slightly to below $240. Still, many experts are optimistic about Solana prediction reports. Even if there were bearish pressures, they believe that Solana token could see more demand due to its adoption in DeFi and growing meme coin transaction activity.

Excitement about Solana news has also grown with talks of a potential ETF approval. Fund manager VanEck applied for a Solana USD ETF earlier this year. If approved, it could drive more interest in the Solana coin and attract new Solana wallet users.

Minotaurus (MTAUR): A Game-Changing Presale

Just like Solana has got everyone talking, Minotaurus (MTAUR) is capturing the community’s attention with its innovative blend of blockchain technology and gaming. Here’s why this project stands out:

  • Community Power: Over 14,000 members are already part of the growing Minotaurus community, sharing excitement and insights.
  • Enticing Incentives: With referral and vesting programs in place, as well as a thrilling 100K USDT giveaway, early participants have multiple opportunities to benefit from their involvement.
  • Compelling Price: The token is currently available at just 0.00006003 USDT, compared to its projected listing price of 0.00020 USDT.
  • Secure and Transparent: Audits by SolidProof and Coinsult reinforce the platform’s integrity and trustworthiness.
  • Innovative Gaming Features: Blockchain-based avatars, in-game improvements, and other features make the gaming experience engaging and memorable.

Over 320,000 USDT has already been achieved in token sales, and with limited time left before the price increases, now is the perfect moment to get involved. Head to the official Minotaurus website and join the movement today!

Conclusion

Solana crypto continues to impress with its record-breaking $109.8 billion DEX volume. The growth in Solana coin exchange and use shows why it is a leader in the blockchain world. Minotaur (MTAUR) presents itself as a different kind of leader – a leader in the world of presale projects. The ongoing 100,000 USDT giveaway sets the stage perfectly for a major leap. Right now seems to be a great time to join – the perks should be obvious.

XRP Reaching BTC Price, Bitcoin IRA Co-founder Weighs in on the Possibility

Sam Wisdom Raphael
-
0
XRP Reaching BTC Price, Bitcoin IRA Co-founder Weighs in on the Possibility

Bitcoin IRA co-founder and COO recently addressed the discussion around XRP being able to match Bitcoin’s price level someday.

In this latest XRP price news, Bitcoin IRA co-founder and COO commentary comes as the crypto market witnesses a revival, with Bitcoin edging closer to the historic $100,000 milestone. Yet, amid this bull run, several altcoins, including XRP, have massively outperformed the industry’s firstborn. 

XRP Outperforms BTC

Over the past week, Bitcoin’s price has risen by 3% amid the latest pullback, while XRP has maintained an impressive 29% gain, currently trading above $1.44. This disparity has fueled the debates about whether XRP could one-day rival Bitcoin in value.  

Notably, pundits such as Mickle, an XRP community figure, have argued that XRP is capable of outshining Bitcoin. Discussing this last month, Mickle cited comments from former Ripple developer Matt Hamilton on XRP’s technological edge over Bitcoin.

Meanwhile, Chris Kline, co-founder and Chief Operating Officer of Bitcoin IRA, weighed in on the matter during a recent episode of the CoinDesk Podcast. He presented a new perspective on the potential of XRP and other assets while cautioning investors about the volatility in the market.  

XRP Utility Against Bitcoin

Kline stressed that the utility of a cryptocurrency is important for understanding its potential growth. He noted that XRP was designed as a solution for cross-border payments, aiming to disrupt the traditional SWIFT banking system. 

Notably, several institutions see XRP as a potential competitor to SWIFT. Though revolutionary, Kline believes this utility limits XRP’s price potential in comparison to Bitcoin, which operates as a decentralized store of value with a capped supply of 21 million coins.  

According to Kline, if XRP achieved the same price levels as Bitcoin, say $50,000, it would essentially outprice itself from its intended purpose. Kline pointed out that this would undermine its use as a cost-effective payment solution. As such, he argued that the idea of XRP reaching Bitcoin’s valuation misaligns with its design and mission. 

Another factor influencing XRP’s price potential is its supply. Unlike Bitcoin, which has a capped supply of 21 million, XRP’s total supply is much higher. This abundance naturally limits its price ceiling.

However, Ripple CTO David Schwartz previously presented an alternative view years back. According to Schwartz, the higher XRP’s price is, the easier it can be used to move large volumes of funds.

For context, if XRP reached a price of $1 million, it would take just 1 XRP to move funds worth $1 million. Nonetheless, if XRP changes hands at $1, it would take many more tokens, particularly 1 million, to move $1 million worth of funds. As such, Schwartz argued that XRP cannot be “dirt cheap.”

Warnings Around Market Volatility 

Kline’s latest remarks contrast this view. The Bitcoin IRA co-founder made the recent comments while advising investors on their investment choices. Kline warned that investing in digital assets demands a strong stomach. 

Price fluctuations are frequent, and many investors find themselves obsessively tracking their portfolios. He likened this experience to becoming a day trader, even if unintentionally.  

Kline also highlighted the importance of understanding market trends. During periods of Bitcoin’s dominance, some investors take profits and shift to altcoins, hoping to capitalize on their higher growth potential. This pattern is evident in XRP’s recent performance. 

However, he cautioned that such moves come with risks, as not all altcoins succeed. Kline encouraged investors to research the tokenomics of assets before making decisions.  

Amid Bitcoin Dip, Analyst Pinpoints Specific Timeline for BTC to Reach $150K

Mark Brennan
-
0
Amid Bitcoin Dip, Analyst Pinpoints Specific Timeline for BTC to Reach $150K

Analyst Apsk has weighed in on the timeline for Bitcoin to attain a $150K market top consistent with the previous cycle.

The Bitcoin market has turned bearish again after an unsuccessful attempt to break the $100K price level. Just yesterday, Bitcoin was priced at $98,935, but it has dropped by 7.5% at press time to $91,500.

With this bearish performance sparking concerns, analysts now reassure market participants that Bitcoin is still far from its cycle top. In a post today, Apsk, an engineer and Bitcoin analyst, revisited patterns from Bitcoin’s past cycles, suggesting that the current cycle is still in its early stages.

Apsk pointed out that Bitcoin’s price history has been marked by cyclical peaks occurring roughly every four years, with the last three surging in November or December. The previous cycle highs were:

  • 10 Nov 2021: $69,000
  • 17 Dec 2017: $19,891
  • 29 Nov 2013: $1,242

Based on this historical pattern, Apsk expects the next cycle peak to occur in November-December 2025. Essentially, while some may be concerned about the recent price dip, Apsk’s analysis highlights that Bitcoin is not near its cycle top and that the long-term trajectory remains intact.

Bitcoin Potential Peak for This Cycle

The analyst also highlighted Bitcoin’s adherence to a “power curve” that has provided consistent support for its price over the past 15 years. This curve represents what Apsk believes to be the intrinsic value of the Bitcoin network.

As each cycle progresses, Bitcoin’s price rises above this support line but by progressively smaller percentages. The trend suggests that while Bitcoin will likely continue to rise, the magnitude of its future price explosions may not match the dramatic increases of previous cycles.

For instance, after Bitcoin peaked in 2013 at $1,242, it later dropped to $171 by January 2015, presenting the cycle’s bottom at the time. It was from this point that Bitcoin soared to the $20K peak of the 2017 cycle. This represented an astonishing 11,532% growth during the post-halving bull run of the 2016/2017 cycle.

However, in the 2020/2021 post-halving run, Bitcoin did not mirror the 115X surge of the previous cycle. Instead, it rose by 2,062% from around $3K to $69K. Essentially, Apsk’s analysis suggests Bitcoin’s peak could reach $150K in this cycle, which would represent a 900% rise from the $15K bottom.

Bitcoin chart by
Bitcoin chart by Apsk

Could This Cycle Be Different?

While acknowledging the market’s potential for explosive growth, Apsk noted some key differences in the current cycle that could impact future price movements. 

These include the approval of Bitcoin exchange-traded funds (ETFs), a more favorable political environment, and institutional players like Michael Saylor, Chairman of MicroStrategy, who continues to leverage debt to acquire more Bitcoin.

Apsk suggests that these factors might fuel further upward momentum in the short term, but he cautioned that they could also lead to volatility or corrections.

Bitcoin ETF Inflows Reach Record $30.8B Despite Price Drop from $99,800

Mark Brennan
-
0
Bitcoin ETF Inflows Reach Record $30.8B Despite Price Drop from $99,800

Spot Bitcoin ETF products hit a record net inflow on Friday despite the correction that ensued following Bitcoin’s ATH.

In today’s latest bitcoin price news, Bitcoin has experienced a volatile week, with its price correcting after reaching an all-time high of $99,800 on Nov. 22. The premier crypto asset had aimed for the historic $100,000 price level, surpassing crucial resistance levels to claim $99,800 on Friday.

However, the asset recorded a pullback from this level, breaching several support levels to reach the current value of $92,559. This marked a decline of over 7% from the $99,800 all-time high. 

A previous report from The Crypto Basic confirmed that analysts attribute the recent price collapse to profit-taking activities by both long-term and short-term holders. 

Nonetheless, despite this pullback, market data provided by Sosovalue reveals positive trends in Bitcoin exchange traded Funds (ETFs). In addition, whale activity has been rather positive, suggesting sustained bullish momentum.  

Bitcoin ETF Products See Record Inflows  

On Nov. 22, the U.S. Bitcoin ETF market recorded $490.35 million in net inflows, pushing cumulative total inflows to a record $30.84 billion, according to data from Sosovalue. This milestone shows strong investor interest in Bitcoin, even as the asset’s price corrected from the $99,800 top. 

Bitcoin ETF Flows Sosovalue
Bitcoin ETF Flows | Sosovalue

However, by November 25, the market saw net outflows of $438.38 million—the highest since Nov. 4. This reduced the cumulative net inflows to $30.40 billion. Despite the decline, total inflows remained above the November 21 peak of $30.35 billion.

Throughout last week, Bitcoin ETF products witnessed consecutive days of inflows, contributing to the recent all-time high in cumulative net inflows. These investment vehicles recorded an impressive $2.379 billion in net inflows last week. 

Whales and Sharks Remain Bullish  

Meanwhile, as Bitcoin’s price retraced below $95,000, whales and sharks displayed unwavering confidence. According to Santiment, wallets holding at least 10 BTC accumulated an additional 63,922 coins in November alone, worth around $6.06 billion. 

This behavior indicates optimism among large holders, who view the recent price correction as a buying opportunity. Analysts believe this sustained accumulation could support a bullish trend and suggest any further declines may be short-lived.  

Declining Exchange Reserves

Further, CryptoQuant data shows that Bitcoin exchange reserves are steadily declining, signaling a reduction in selling pressure. 

Bitcoin Exchange Reserve CryptoQuant
Bitcoin Exchange Reserve CryptoQuant

Analysts point out that this trend resembles the market behavior from March to November 2020. During that period, Bitcoin exchange reserves fell, paving the way for significant price increases in December 2020. 

Current market conditions suggest a similar pattern, with some late entrants using the pullback to accumulate Bitcoin. This trend supports the idea that the current correction may precede another upward price surge. 

Interestingly, The Crypto Basic confirmed today that CryptoQuant CEO Ki Young Ju believes the ongoing bull run remains intact despite the recent market pullback. Bitcoin currently trades for $92,559 at the reporting time, down 5.5% over the last 24 hours.

Market Veteran Brandt Shares Indicators to Identify Bitcoin Top

Elendu Benedict
-
0
Market Veteran Brandt Shares Indicators to Identify Bitcoin Top

Legendary market analyst Peter Brandt has given an indicator that would accurately predict Bitcoin peak levels in this bull cycle.

Bears have taken over proceedings in the crypto market over the last few days, driving Bitcoin’s price lower. The premier asset has faced massive selling pressure, capitulating over 6% in the past 24 hours to trade below $93,000.

Amidst the downtrend, market veteran Peter Brandt has mentioned a few indicators that would signal that Bitcoin’s cycle top is near.

Brandt Gives Indicators of Bitcoin’s Top

In a Monday tweet, the veteran analyst recalled the events that hinted at Bitcoin’s peak in the last two cycles. He then insinuated caution as the crypto market shows signs of saturation.

Brandt mentioned that he accurately predicted Bitcoin’s 2017 cycle top but faced intense criticism. He shared a tweet dated December 21, 2017, where he made the assertion to confirm his claims.

The analyst, who started trading in the 1970s, stated that CNBC stalled his invitation after he revealed he was going to mention that Bitcoin had peaked for the cycle. In his place, the news outlet aired another guest who asserted more upsides for the asset, precisely $50,000.

Notably, Bradt disclosed that he accurately predicted the top by observing the growing Bitcoin media coverage. According to him, he knew Bitcoin had peaked due to its heightened appearance on news headlines and magazine covers.

Furthermore, Brandt insisted that the incessant use of laser eyes among crypto enthusiasts marked the cycle peak in 2021. Notably, the laser eyes symbol saturated crypto Twitter (now X), as proponents used it to connote Bitcoin’s bullishness.

With Brandt’s analysis, he implied that increased Bitcoin media presence and bullish expectations from influencers precede the asset’s cycle peak.

Brandt Hints Bitcoin Have Not Peaked Yet

Meanwhile, Brandt has hinted that Bitcoin would surge past the $100,000 level to new price discoveries. He teased the idea in an earlier Monday tweet, which he termed conventional wisdom.

The market veteran argued that he always bets against conventional wisdom, which is stereotypically wrong. He described the idea as a general consensus among market participants, insisting a converse scenario always plays out.

Brandt gave an example of this belief, citing market sentiments that Bitcoin will peak at $100,000. Then, he said he would bet that the pioneering asset would see higher prices.

It bears mentioning that Brandt had earlier speculated that Bitcoin would peak at $150,000. However, he later mentioned an indicator that could spur Bitcoin to $240,000.

In the meantime, Bitcoin trades at $92,457, with a market cap of $1.8 trillion.

1...1,1051,1061,107...2,662Page 1,106 of 2,662