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Injective (INJ) Rallies 7.49% as Breakout Rally Targets $33

Albert Brown
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Injective (INJ) Rallies 7.49% as Breakout Rally Targets $33

As the Injective (INJ) token gives a bullish breakout of a falling channel, will buyers prolong the rally to cross $30?

In the past 24 hours, the INJ token has surged 7.49%, currently trading at $23.17. With a market capitalization of $2.27 billion, the Injective protocol has witnessed a 12.76% increase over the past seven days. The recent breakout rally has extended the bull cycle, but will it be enough to propel the token beyond $30?

Boost in Confidence Among Injective Protocol Whales

Recently, the Injective protocol token made news with Santiment tweeting about altcoins that had seen a price anomaly after a transition in whale exchange wallets. In the post, Santiment highlighted that altcoins such as Injective, Render, and Polygon witnessed a series of price anomalies. This comes with the whale exchange wallet supply suddenly shifting to cold wallets, reflecting a boost in investors’ confidence. 

Specifically, Injective whales have been gradually shifting to cold wallets since August last year. The ratio for top exchange-to-non-exchange wallet holdings for Injective stood at 0.01416 in mid-September. 

INJ Price Analysis

The falling channel pattern started with the correction phase in late March, leading to lower highs and lower lows in a parallel channel. The downfall took support at the $14.60 support level and led to a sideways shift, eventually leading to a trend reversal. 

Injective Price Chart
Injective Price Chart

Furthermore, the ongoing bull cycle completes the rounding bottom reversal with a neckline at 23.60% Fibonacci level at $23.42. It accounts for a price jump of almost 46% over the past 18 days, from the bottom of $15.90 on September 8. 

The recovery rally is challenging the 23.60% Fibonacci level and the 200-day EMA. Currently, the Injective token is trading at $23.17, with an intraday gain of 3.18% from the opening price of $22.46.

The recovery run is also influencing an uptick in the 50-day EMA, increasing the likelihood of a golden crossover if the momentum sustains. Furthermore, the MACD indicator shows a bullish trend in the average lines, with a constant rise in positive histograms.

Injective Protocol Bull Run Targets

Based on the Fibonacci levels, a rounding bottom breakout, surpassing the crucial Fibonacci resistance, is likely to challenge the 50% Fibonacci level at $33.27. 

Meanwhile, supporting the bullish trend, analyst Rekt Capital highlighted a falling wedge pattern in the INJ weekly price chart during the correction phase.

However, in the recent bull cycle, the Injective protocol token has given a bullish breakout of the falling wedge pattern. According to Rekt Capital, a weekly close above this bullish wedge could reach the apex of this structure, which stood at $28.

Meanwhile, based on the current 100- and 50-day EMAs, the support levels in case of a bearish sentiment are $21.05 and $19.89.

Pro-Crypto Billionaire Mark Cuban Eyes SEC Chair Position After Calling for Gensler Sack

Mark Brennan
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Pro-Crypto Billionaire Mark Cuban Eyes SEC Chair Position After Calling for Gensler Sack

Pro-crypto billionaire Mark Cuban has set his gaze on the Securities and Exchange Commission chair position after demanding Gary Gensler’s sack.

A day after American billionaire Mark Cuban advocated for the sack of Gensler, he declared his intentions to replace the SEC chairperson. In an interview with Fox News, Cuban stated he would take the position of head of the SEC.

When asked which job he would hold in the Kamala Harris government, Cuban said without hesitation that he would take on the position of the SEC Chairperson. The pro-crypto billionaire chose this position over appointments like Treasury Secretary and Commerce Secretary.

Notably, Cuban endorsed Harris, the Democrats’ presidential nominee, on Wednesday. He noted that the vice president was a better CEO than Donald Trump.

XRP Lawyer Supports Cuban

After declaring his intentions, Cuban received mixed reactions from the crypto community. However, a notable industry player has endorsed the pro-crypto businessman for the SEC chair job.

XRP lawyer and Republican Senate candidate in Massachusetts, John E. Deaton, supported Cuban’s push to become the next head of SEC. In a tweet, Deaton stated that although some might disagree with billionaire on certain issues, he feels that he will be an upgrade to Gensler.

The legal expert asserted that Cuban has experienced the unruly regulatory climate imposed by the current SEC regime firsthand and believes he can make a difference.

Notably, Deaton also mentioned the implications of Ripple CEO Brad Garlinghouse becoming the next SEC boss. According to him, it would be “fittingly ironic” if Garlingouse or Cuban heads the regulatory body that “unfairly attacked them.”

Gensler Faces Bipartisan Criticisms

The SEC boss not only has notable candidates sniffing around for his job, but he also had Congress questioning his regulatory overreach. Gensler appeared before the US lawmakers during the Financial Service Committee (FSC) meeting on Sept. 24.

One of the meeting’s climaxes came when Ritchie Torres, a Democratic representative, questioned Gensler’s recent clampdown on non-fungible tokens (NFTs). Torres quizzed the SEC boss on why he classified NFTs as securities when he stated that Yankee tickets for sports games were not.

Furthermore, Gensler may also be out of the job regardless of the outcome of the November election. Cuban stated that he had discussed with the Harris team, and they disclosed their displeasure in “regulation through litigation.”

With Trump already promising to sack Gensler on his first day in office, the SEC boss may have fallen out with both parties and could be headed for the exit anyway.

Analyst Says XRP Going to $100, Citing Statements from Michael Saylor

Abdulkarim Abdulwahab
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Analyst Says XRP Going to $100, Citing Statements from Michael Saylor

Crypto analyst Levi Rietveld has projected that XRP could soar to $100, drawing on recent statements made by MicroStrategy chairman Michael Saylor. 

Rietveld’s analysis aligns XRP’s future with Saylor’s vision for Bitcoin for the coming decades. During a CNBC interview, Saylor shocked the crypto world with his $13 million Bitcoin forecast.

He argued that Bitcoin would grow to account for 7% of the world’s capital. He cited its advantages as a global, non-sovereign asset free from the risks associated with government currencies. 

Based on this, Saylor believes that over the next 21 years, Bitcoin could reach $13 million per token. He expects its growth to slow down slightly from its current 44% annual rate but predicts it will eventually stabilize, offering returns comparable to the S&P 500, plus an additional 8%.

Meanwhile, the ripple effect Saylor’s projection could have on other digital assets like XRP has caught Rietveld’s attention.

In a recent analysis, he explained that if Bitcoin achieves a multi-trillion-dollar market cap, it’s only natural that XRP will see a corresponding surge. Rietveld noted that XRP serves a unique niche by providing liquidity and addressing market gaps that Bitcoin does not, making it a crucial asset in the broader crypto landscape.

XRP to Hit $100 with Bitcoin at $13 Million

At the time of writing, XRP is hovering around $0.580, but Rietveld believes that if Bitcoin reaches Saylor’s $13 million target, XRP could hit $100. 

Currently, Bitcoin is worth around $63,500, meaning it requires an increase of over 200-fold to reach the $13 million mark. At this level, Bitcoin’s market share would hit $273 trillion.

Presently, Bitcoin commands over half the valuation of the global crypto market. Essentially, if Bitcoin reaches $13 million, the entire crypto market would be worth over $546 trillion. 

Given XRP’s status as a top-ranked asset alongside Bitcoin, Rietveld believes XRP would benefit significantly from Bitcoin’s projected 20,300% growth. Precisely, factoring this percentage increase into XRP’s price would place the altcoin’s value at over $118.

It is worth mentioning that Saylor expects Bitcoin to be worth $13 million by 2045, a long-term outlook. However, some analysts in the XRP community believe XRP could surpass $100 in a much shorter time frame—possibly as early as next year.

This suggests that, based on the optimistic projections of XRP proponents, by the time Bitcoin reaches $13 million in 2045, XRP could be worth much more than $100.

U.S. Businesses Can Now Buy, Sell, Hold Bitcoin and Ethereum Directly From PayPal

Lele Jima
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U.S. Businesses Can Now Buy, Sell, Hold Bitcoin and Ethereum Directly From PayPal

Leading payment giant PayPal expands its crypto offerings to allow U.S. businesses to buy, sell, and hold cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). 

BTC News Now: The payment giant stated in a press release that its U.S. merchants can now buy, sell, and hold cryptocurrencies directly from their PayPal accounts. 

PayPal Expands Crypto Offerings to U.S. Merchants 

The move follows PayPal’s previous offering to retail users, which began in 2020 with support for a few cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and its stablecoin PayPal USD (PYUSD).

PayPal has yet to support other major cryptocurrencies like XRP (XRP), and there is no exact timeline for when this might happen. 

Nonetheless, PayPal’s SVP of Blockchain, Jose Fernandez da Ponte, said business owners have been requesting to buy and sell cryptos like retail users. Hence, the company made the offering available to them. 

In addition, U.S. businesses on the PayPal network can now move cryptocurrencies on-chain to and from other third-party blockchain wallets. 

Services Not Available to New York Businesses 

At launch, these services will be available to businesses across different states in the U.S., except those in New York. The press release did not indicate why New York was excluded from the list of supported regions. 

However, there are speculations that the state’s stringent digital currency rules may have influenced this decision. 

For context, PayPal currently holds a virtual currency and money transmitter license from New York’s Department of Financial Services (NYDFS). Hence, the company is required to adhere to certain requirements before introducing new services within the state. 

PayPal Expands Its Crypto Offerings 

Since joining the crypto industry in 2020, PayPal has continued to expand its footprint in the industry by introducing new offerings and services. 

After allowing its retail users to trade and hold cryptos from their PayPal and Venmo accounts in 2020, the company launched its dollar-backed stablecoin, PayPal USD (PYUSD), three years later. 

The stablecoin reached a significant milestone in the summer by hitting a market cap of $1 billion. PYUSD’s valuation has slumped to $703.12 million at press time, making it the sixth-biggest stablecoin by market cap. 

Following PYUSD’s launch, top exchanges have paired the stablecoin against prominent cryptos like XRP and Shiba Inu (SHIB). 

VanEck Report Says Solana is Superior to Ethereum, Could Hit 50% of ETH’s Market Cap

Sam Wisdom Raphael
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VanEck Report Says Solana is Superior to Ethereum, Could Hit 50% of ETH’s Market Cap

VanEck recently compared Ethereum (ETH) and Solana (SOL), suggesting that SOL could soon capture a large portion of ETH’s market share. 

According to the $108 billion asset manager, Solana has several advantages over Ethereum in terms of technology, transaction speed, and cost-efficiency, which could help it reach 50% of Ethereum’s market cap in the near future.

Solana’s Technological Superiority

In a recent report, Martin Leinweber, a Director at MarketVector Indexes, noted that part of Solana’s technological edge over Ethereum is its superior processing power. 

For context, Solana handles far more transactions than Ethereum—about 3,000% more—and does so at a fraction of the cost. While Ethereum relies on Layer 2 solutions to scale its network, Solana manages these feats directly at Layer 1, which allows for greater efficiency and scalability. 

In addition to that, the report confirmed that Solana boasts a growing user base with 1,300% more daily active users than Ethereum. This makes it more appealing for developers, especially those dealing on decentralized applications (dApps) and DeFi solutions.

Ethereum and Solana Market Caps

Despite its performance, Solana’s market cap currently stands at $70.698 billion, making it the fifth-largest crypto asset. This figure is only about 22% of Ethereum’s market cap, which currently sits at $315.13 billion. 

in this news on Solana, VanEck suggests this may be due to Ethereum’s first-mover advantage and its institutional backing. Notably, Ethereum launched in mid 2015 and quickly garnered institutional interest as it pioneered smart contracts tech. Meanwhile, Solana launched five years later, in 2020.

However, the report asserted that with continued improvements in its network and a growth in adoption, Solana has the potential to reach up to 50% of Ethereum’s market value. Emerging predictions place SOL at a price of around $330 in the coming months, enough to reach a $155 billion market cap.

Challenges Solana Faces

Nonetheless, Solana also sees challenges that inhibit institutional interest. One of the most significant roadblocks is regulatory uncertainty in the United States, a country that boasts most of the potential institutional investors.

The U.S. Securities and Exchange Commission (SEC) suggested that SOL may be a security in several cases against crypto firms. Interestingly, the agency revealed in July it will no longer pursue this tag in the Binance case, but concerns remain.

If the SEC officially categorizes SOL as such, it could limit its accessibility to U.S. investors, complicating ETF applications and hindering broader institutional adoption. On the other hand, Ethereum already features multiple spot ETFs.

Besides the regulatory issues, Solana has faced technical issues, including periodic outages, which have raised questions about its long-term stability. 

Despite these outages, the Solana team has been proactive in implementing network upgrades and exploring solutions like the new Firedancer client, which could improve network reliability and decentralization. 

Meanwhile, in the short term, both Solana and Ethereum have been victims of the ongoing market uncertainty. At the reporting time, Solana currently changes hands at $150.9, up 0.92% over the past 24 hours. However, Ethereum trades for $2,619, down 0.13% in 24 hours.

Expert Says Ripple Stablecoin Launch is Very Close as Minting Activity Surges

Albert Brown
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Expert Says Ripple Stablecoin Launch is Very Close as Minting Activity Surges

The launch of the RLUSD stablecoin from Ripple draws closer as minting on XRPL and Ethereum intensifies.

Ripple appears to be nearing the launch of its RLUSD stablecoin, as recent activities on the XRP Ledger (XRPL) and Ethereum blockchains suggest significant advancements in the stablecoin’s testing phase.

The latest developments follow a notable pattern of increased minting activity, drawing attention to the stablecoin’s imminent release. Vet, a prominent XRPL validator, recently highlighted these developments, indicating that the stablecoin’s debut could be close.

Unusual Minting Patterns Signal Progress

According to Vet, the timing and volume of recent mints deviate from previous patterns, indicating an intensified testing phase.

Recently, the most significant minting activity occurred on the Ethereum blockchain, where Ripple minted 5,515 RLUSD tokens on September 25. This raised the total circulating supply to 6,028 tokens.

This batch, the largest since the project’s inception in late August, aims to evaluate RLUSD’s performance on both the Ethereum and XRPL networks. Data from EtherScan also confirmed an earlier mint of 485 tokens before this larger issuance.

Community Speculation on XRP Price Surge

Meanwhile, the anticipation of RLUSD’s launch has fueled speculation within the XRP community, particularly regarding its potential impact on XRP’s price. Some community members noted that if a single drop of XRP ever equated the value of one RLUSD, XRP’s price would hit greater heights.

These discussions were partly sparked by Vet’s satirical comments, which critiqued the tendency to sensationalize routine developments. Although RLUSD is pegged to the US dollar at $1, Vet’s remarks have nonetheless drawn attention.

Crypto Tank, an active XRP community member, pointed out that if XRP’s value were to rise significantly, drops could become a more recognized unit in transactions, reflecting the increased market value of XRP. Currently, XRP is valued at $0.5854, far from the $1 mark it last reached in November 2021.

US Gains Dominance in Bitcoin Holdings as BlackRock Acquires $184M in BTC in a Day

Mark Brennan
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US Gains Dominance in Bitcoin Holdings as BlackRock Acquires $184M in BTC in a Day

BlackRock bought 2,913 BTC ($184.3 million) on Wednesday, its highest single-day acquisition in September, amid a rebound in inflow.

Today’s news on Bitcoin confirms a resurgence of demand for Bitcoin in the ETF market. Notably, US Bitcoin spot exchange-traded funds (ETFs) had an enviable market debut in January amid surging demand for indirect exposure to the largest cryptocurrency by market cap.

This pent-up demand saw a record single-day net inflow of $1.05 billion in March and a record $62.5 billion net asset in June. However, a drop in this demand resulted in the funds running out of steam in July.

Interestingly, recent trends show inflows into the ETFs have resumed. BlackRock, the leading issuer by cumulative net inflow and net asset, procured 2,913 BTC on Wednesday, valued at $184.3 million. This is the highest inflow that the BlackRock iShares Bitcoin Trust (IBIT) has seen in September.

With the Wednesday purchase, BlackRock now holds 359,279 BTC, worth $23 billion. BlackRock topples other public firms holding Bitcoin by a margin, outholding MicroStrategy by 107,059 BTC.

Wednesday ETFs Performance

BlackRock’s $184.3 million purchase yesterday set the tone for a $105.8 million single-day inflow from US Bitcoin spot ETFs, per data from Farside Investors. Remarkably, BlackRock’s IBIT and the Bitwise Bitcoin ETF (BIBT) were the only products with a positive flow on Wednesday.

BIBT saw a net inflow of $2.07 million. Meanwhile, the Fidelity Wise Origin Bitcoin Fund (FBTC) sold 525 BTC ($33.2 million) and Ark 21Shares Bitcoin ETF (ARKB) dumped $47.41 million worth of Bitcoin yesterday. Other issuers, including Grayscale, recorded zero flows.

30D Net Flow Turns Positive

Amidst the traction rebound, the 30-day flow indicator has turned positive after a spell of negative trend. The change in trend shows that issuers have seen an average net inflow in the past 30 days, reiterating the renewed demand for Bitcoin spot ETFs.

 

The U.S. Bitcoin ETF products are on a five-day inflow streak, accumulating nearly $500 million worth of the premier asset. Also, the funds have recorded net inflows in nine of the last ten days.

Furthermore, the amount of Bitcoin held in the US has resumed an uptrend, solely sponsored by the incessant inflow from spot ETFs.

 

For context, the lackluster inflow from US-based funds saw its dominance dip. However, revitalized investor traction has pushed its stash higher compared to other countries.

200,000 Solana Dump Coming as Whale Behind 24% Dip Moves to Liquidate Another $30M in SOL

Abdulkarim Abdulwahab
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200,000 Solana Dump Coming as Whale Behind 24% Dip Moves to Liquidate Another $30M in SOL

While Solana (SOL) has been experiencing a significant bull run over the past few days, recent activities from whales indicate a potential price crash may be imminent.

In the last 24 hours, a Solana whale unstaked 100,000 SOL tokens and transferred the funds to Binance, one of the most liquid crypto exchanges. At the time of the withdrawal, the tokens were valued at approximately $14.9 million.

This latest move to liquidate a substantial portion of the whale’s Solana portfolio follows a transaction three days ago when the same investor unstaked 100,000 SOL tokens and moved the assets to Binance. The timing of these transactions is particularly noteworthy.

Withdrawing Solana Amid 21% Gain

Just last week, on September 18, Solana was valued at $127.25 per token. However, this week, the price has appreciated significantly to $153.55, marking a gain of 20.66% within a week.

Essentially, this investor has moved to liquidate 200,000 SOL tokens worth approximately $30 million this week to capitalize on the recent bull run.

This isn’t the first time this investor has executed such a strategy. Market watcher Lookonchain, which drew attention to the whale’s recent moves, highlighted previous instances where this whale contributed to a 24% crash in Solana’s price.

Previous 1.2M SOL Dump Causing 24% Price Collapse

Specifically, the analysis revealed that between June 7 and July 7, the prominent investor dumped a staggering 1,200,000 SOL tokens through eight rounds of sales. On June 7, SOL was trading as high as $172. The whale’s initial sale of 100,000 SOL contributed to the price dropping to $157 the following day.

The sales continued, and by June 24, after additional sales, Solana’s market value had plummeted to $123.

Although the price appreciated again in the following weeks, reaching $154, the whale sold more SOL tokens. Upon completing this round of sales on July 7, SOL had tanked to $128 by the next day.

Image by Lookonchain

This highlights how the whale contributed to significant short-term losses for more steadfast Solana holders. Notably, the 1.2 million SOL tokens cashed out during the 30-day period amounted to $178 million.

With the investor resuming a similar dumping strategy this week, as Solana’s bull run gains momentum, it suggests that the bullish trend may encounter resistance in the coming days if the whale’s liquidation continues.

FTX Selling Pressure

In addition to this particular investor, Solana is facing significant selling pressure from the FTX bankruptcy estate.

Two weeks ago, the estate unstaked $1 billion worth of Solana and transferred it all out. The bankruptcy firm still has an equivalent amount available for sale.

Shiba Inu Issues Official Warning on Female SHIB

Lele Jima
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Shiba Inu Issues Official Warning on Female SHIB

Shibarmy Scam Alerts, a community-driven channel that exposes scams targeting SHIB enthusiasts, draws attention to a misleading crypto project mimicking its DN404 token. 

In Shib inu latest news, ShibArmy Scam Alerts alerted crypto enthusiasts, especially Shiba Inu investors, that the team behind Female SHIB (SHEB) had stated that it has no affiliation with Shibarium. Nonetheless, the Shiba Inu ecosystem team still believes the project has malicious intent due to its misleading branding. 

Warnings Regarding Female SHIB

Shibarmy Scam Alerts noted that the project’s use of “SHEBOSHI” and “SHEB” in its token name is misleading. It indicated that the Female SHIB team should not have chosen names that could confuse Shiba Inu community members if it intended to create a legitimate project. 

Notably, SHEB is the official ticker of SHEboshi, Shiba Inu’s DN404 token, which launched earlier this year. The token, which combines the capabilities of the Ethereum ERC-20 and ERC-721 standards, sold out in minutes. 

While there has not been much news for SHEboshi lately, its ticker, along with that of Shiba Inu, has been used to create a project considered to be malicious. 

Shiba Inu’s ecosystem team frowned at the project’s use of names affiliated with its ecosystem, emphasizing that such a practice breeds distrust. 

Meanwhile, it encouraged crypto enthusiasts to always conduct due diligence and verify the authenticity of projects through official channels, urging users to remain vigilant. 

Female SHIB Details 

For context, Female SHIB made its official debut this year, focusing on empowering women in the crypto industry. Its X account, created in May 2024, has only 157 followers and follows 16 X users, including top Shiba Inu proponents like Jake Gagain and SHIB Knight. 

Although the token is referred to as Female SHIB on X, its official name is SHEBOSHIS (SHEB), similar to Shiba Inu’s DN404 token. Notably, Female SHIB is listed on Uniswap under the trading pair SHEB/WETH. It is priced at $0.0000002233, with a daily gain of 1.37%. 

Data from DEXTools shows that Female SHIB has a market cap of $94,080 and a circulating supply of 420.69 billion. A total of 1,040 addresses are holding the token at press time. 

Brandt Identifies Bitcoin Lower Highs, Shows Level BTC Must Breach to Begin Uptrend

Sam Wisdom Raphael
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Brandt Identifies Bitcoin Lower Highs, Shows Level BTC Must Breach to Begin Uptrend

Bitcoin now trades at a critical juncture as it continues to trend lower while showing signs of potential volatility ahead. 

In this latest bitcoin price news, veteran trader Peter Brandt pointed out that Bitcoin (BTC) remains in a sequence of lower highs and lower lows. According to Brandt, BTC must close above a key level to reverse this trend and kickstart an uptrend. 

Lower Highs Dominate BTC Price Action

Bitcoin’s daily price chart shows a pattern of descending highs that have dominated price action over the past six months. Bitcoin reached an all-time high of $73,666 in March 2024, which marked the peak of its upward momentum. 

However, the next high of $72,762 occurred in April, indicating a slight decline. This set the tone for the downward movement that followed. Also, the July 29 high of $70,162 solidified Bitcoin’s bearish trend, as it continued to make lower highs.

Bitcoin Lower Highs Structure Peter Brandt
Bitcoin Lower Highs Structure | Peter Brandt

Brandt suggested that Bitcoin’s inability to surpass these highs means the market remains in a bearish structure. The most recent high of $65,200 shows that Bitcoin is still struggling to break the upper resistance of the descending triangle. 

Bitcoin Sees Expanding Triangle Pattern

The daily chart reveals an expanding triangle pattern, associated with increasing volatility. This broadening formation has been building for months, with Bitcoin making larger swings between lower highs and lower lows. 

Notably, the expanding triangle suggests that Bitcoin could soon make a big move. If it breaks out of this pattern, the direction could either confirm the current downtrend or signal a reversal. 

Interestingly, Peter Brandt identifies the $70,162 high attained on July 29 as a pivotal level. This region serves as a crucial resistance. A decisive close above this level would break the trend of lower highs and potentially start a bullish run.

On the downside, key support levels are at $53,219 and $49,130. These lower lows suggest that if Bitcoin fails to maintain its current levels, it could revisit these points. A drop below $49,130 would confirm a continuation of the downtrend.

Meanwhile, Bitcoin currently trades for $63,574, with the Average Directional Index standing at 19.13. An ADX below 20 suggests the market is not strongly directional. This could indicate that Bitcoin is in a consolidation phase, awaiting a stronger breakout before deciding on its next major move. 

Could Bitcoin Target $130K?

Interestingly, market analyst Colin also recently discussed Bitcoin’s price movements. He suggested that the premier crypto asset could soar to as much as $130,000 as its minimum target if it breaks the $73K all-time high set in March.

He noted that Bitcoin is currently trading within a pattern that could be interpreted as a cup and handle pattern or an inverted cup and handle structure. Notably, Brandt previously identified this pattern on the Bitcoin-to-gold chart.

However, another market watcher argued that Bitcoin’s current structure could be a bull flag. Responding, Colin cited Brandt, noting a bull flag could not stretch out for so long. Brandt confirmed this but suggested that a longer-term bullish trend could ensue following the violation of a bear channel.

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