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Brandt Confirms Gold’s Parabolic Move, But Warns of Risks Citing Bitcoin History

Sam Wisdom Raphael
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Brandt Confirms Gold’s Parabolic Move, But Warns of Risks Citing Bitcoin History

Gold futures have entered an unmistakable upward momentum, with market analysts citing parallels with Bitcoin historical performance.

Seasoned trader Peter Brandt recently confirmed that the precious metal is in the midst of a significant bullish trend. However, despite this optimistic outlook, he warns that traders could easily exit the market too early, missing out on the full potential of the price surge.

Gold Enters Parabolic Move

Brandt has pointed out a parabolic advance in the gold market. Such parabolic patterns often result in sharp movements, with Bitcoin’s previous bull cycles presenting a parallel. In those cases, early profit-taking often meant missing the final, explosive leg of the move.

In Brandt’s charts, the gold futures price has broken through several key resistance levels. The most significant of these is the $2,636 mark, a level the price has just tested and appears ready to break above. 

This breakout could signal that the gold market will continue to rally. Additionally, the former resistance level at $2,580 has now turned into a key support level. This level will present formidable defense for when the market sees a downturn.

Gold Futures 4h Chart Peter Brandt
Gold Futures 4h Chart | Peter Brandt

Interestingly, the eight-period SMA shows that the price is well above the current average of $2,618. This confirms the strong bullish momentum. As long as gold futures remain above this moving average, the uptrend should continue.

However, these parabolic trends can often be unsustainable in the long run. They culminate in sharp reversals, as seen in the past with other assets, like Bitcoin. While the current trajectory suggests higher prices, it is important to consider caution once the curve steepens.

Meanwhile, the RSI currently sits at 67.78, nearing the overbought threshold of 70. This current position indicates that the market is approaching an overheated condition, though it has not yet reached dangerous levels. 

Potential Weakening Could Lead to Drop Against Bitcoin

Nonetheless, it is crucial to monitor the RSI closely for any signs of weakening momentum. A high RSI paired with weakening price action could be a sign that the market is due for a pullback or period of consolidation.

Volume shows only a modest increase despite the recent price action. While the uptick in volume provides some support for the bullish move, it remains lower than ideal levels. 

This lack of volume could suggest that the upward momentum may not be as strong as it appears. Notably, if gold suffers a drop from recent highs, its price against Bitcoin could plummet, especially with Bitcoin’s recent upward push, which has seen it reclaim the $63K region. 

For context, gold has continued to climb in relation to Bitcoin since March this year. This is due to the upward push gold has recorded alongside Bitcoin’s correction from the March ATH. As a result, Brandt identified a descending channel, which could lead to a reversal if BTC breaks upward.

XRP Bollinger Bands Get Thinner, Analysts See Possible 65,000% XRP Rise

Abdulkarim Abdulwahab
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XRP Bollinger Bands Get Thinner, Analysts See Possible 65,000% XRP Rise

Technical analyst JayDee has recently asserted that XRP Bollinger Bands are getting thinner by the day, emphasizing a 65,000% price growth likelihood.

In a recent analysis, JayDee stressed the ongoing compression observed in XRP’s recent candlestick patterns on the monthly timeframe. He pointed out historical periods when similar thin bands resulted in big price moves to the upside.

The 2017 occurrence has been the most notable, as XRP exploded to an all-time high after the price compression ended.

However, upon reaching the peak of $3.84, the bull momentum resulting from the breakout encountered rejection. Accordingly, a downtrend commenced.

However, the XRP Bollinger Bands again showed notable compression in the 2020/2021 cycle. A substantial price rally followed, but this time, it was unable to break the previous all-time high. XRP maxed out at $1.96 during this season when a rejection occurred.

The ensuing downtrend since then is now showing longer, tightened bands. Multiple analysts believe the breakout this time would be more explosive than the 2020/2021 cycle. More specifically, they projected the anticipated reversal to be of the same magnitude as that observed in 2017/2018.

This is because of their observation that the current bands are as thin or even thinner than those of 2017 before the aggressive price pump surfaced.

XRP chart by JayDee

Is a 650X XRP Surge On Cards?

In his analysis, JayDee stressed that following the last breakout, XRP did a 650X price surge or 65,000% growth. He draws this parallel to suggest the potential upside market participants could anticipate this time.

Meanwhile, JayDee is not banking on this price surge. Instead, he specifically noted that between a 5X to 10X price surge is within reality for XRP. With XRP around $0.59 at press time, this potentially puts XRP around the $5 range.

Furthermore, the analyst expressed confidence in his investment strategy, expressing delight that he bought more Bitcoin during the bear market. Now that Bitcoin has jumped by over 140% since then, while XRP has not, he will leverage the BTC portfolio to accumulate more XRP to position strategically for the projected gain. 

According to him, it “will be a massive life-changing” return, but for the top minority.

Notably, JayDee is not the only analyst observing the tightening bands of XRP to suggest a promising prospect for the token. Numerous other analysts have called attention to the technical observation, with some even saying XRP is on a technical time bomb.

Critical Views

However, some market participants are not sharing this bullish sentiment. An XRP enthusiast from Austria noted that he doubts that there will be any move on XRP at the moment.

This commenter noted that nearly every other asset is a significant bull run while XRP struggles to break the $0.60 level. “TA can’t be the only reason here,” he submitted.

Solana Collaborates with Franklin Templeton, Here’re Five Major Announcements at Solana Breakpoint Event

Mark Brennan
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Solana Collaborates with Franklin Templeton, Here’re Five Major Announcements at Solana Breakpoint Event

The Solana ecosystem has announced major partnerships with multiple firms in the Breakpoint event.

Solana’s annual community-driven gathering, Breakpoint, started today. The two-day event has historically brought with it major announcements and unveilings for the Solana network. 

For context, the Breakpoint 2023 highlight was the ecosystem’s announcement of the testnet launch of the Firedancer, Solana’s new validator. This development caused SOL to surge by over 80%.

Meanwhile, the Singapore-hosted 2024 Breakpoint got off to a flying start when the Solana ecosystem announced that $1.3 trillion asset manager Franklin Templeton plans to launch a mutual fund on the network.

Solana Floor confirmed the announcement in an X post, marking a significant milestone for the blockchain hosting the fifth largest crypto asset. The fund would allow institutional and retail investors to buy into Solana through the leading asset manager.

Solana Announces Other Partnerships

Furthermore, Solana announced a formidable collaboration with Societe Generale Forge to launch Euro-pegged stablecoin EUR on the Solana network. Societe Generale Forge is a subsidiary of France’s banking giant Societe Generale Bank.

The EUR stablecoin is compliant with the new Markets in Crypto-Assets (MiCA) laws and aims to offer more variety to users of the Solana network. Notably, Solana also annunciated another stablecoin partnership, unveiling the integration of Sky’s (formerly MakerDAO) USDS.

Another interesting announcement is a possible collaboration with the US’s fourth-largest financial firm, Citi Bank. The network teased a future partnership with the financial giant to integrate seamless transactions and advanced smart contracts.

Jupiter Set to Rival Pump.Fun

Meanwhile, Solana-based decentralized exchange Jupiter is set to compete with the famous memecoin deployer Pump.Fun. Jupiter unveiled the Ape Mint protocol, which allows users to create and launch memecoins on the Solana blockchain.

Ape Mint’s trading fee is 0.5%, rivaling Pump.Fun’s 1%. The new protocol supports Google log-ins and can be accessed through mobile phones.

It bears mentioning that Solana has been on an explosive run in the hours leading up to the Breakpoint event. SOL has surged 9% in the past 24 hours to $151 amidst a wider market uptrend.

Cardano Founder Says Donald Trump Will Be More Crypto-Friendly Than Kamala Harris 

Lele Jima
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Cardano Founder Says Donald Trump Will Be More Crypto-Friendly Than Kamala Harris 

Cardano founder Charles Hoskinson suggests former U.S. President and Republican Party presidential candidate Donald Trump will provide more support for the U.S. crypto industry than Vice President Kamala Harris. 

Hoskinson made the assertion during a recent interview with CNBC at the recently concluded TOKEN2049 conference held in Singapore.

According to him, any presidential candidate speaking at crypto-related conferences or launching decentralized finance (DeFi) projects would likely be more crypto-friendly than someone who appointed SEC Chair Gary Gensler. 

Trump and Harris Crypto Support

It bears mentioning that Donald Trump delivered a speech at the Bitcoin Conference in July. At the event, Trump promised to support favorable crypto regulations, adding that he would sack Gensler on his first day as president. 

Since attending the Bitcoin Conference, Trump has showcased his support for the industry on various occasions, including using Bitcoin to purchase cheeseburgers for his supporters. 

Conversely, under the leadership of Joe Biden and Kamala Harris, the current administration is considered hostile toward crypto. This is reflected in the numerous enforcement actions the SEC, under Gensler’s leadership, has introduced against crypto businesses like Ripple, Binance and Coinbase. 

Following Trump’s enthusiasm for cryptos, Cardano’s founder emphasized that he “is the favorite [presidential candidate] from a cryptocurrency perspective.” 

Hoskinson Says the World is Moving On 

Furthermore, Hoskinson indicated that whether the United States eventually becomes a pro-crypto nation is immaterial. He said the world is moving on and achieving major milestones regarding crypto regulations. 

The Cardano boss mentioned Singapore, Switzerland, and the U.K. as nations making progress in crypto. 

“So the world, with or without America, is embracing cryptocurrencies. As an American, it would be nice to see our country get back into the race and build things. Regardless, it won’t change the fact that the world will be decentralized,” Hoskinson remarked. 

Every Politician Is An Opportunist 

Responding to questions on whether Trump’s support for crypto is opportunistic given his family’s crypto venture, the Cardano boss acknowledged that all politicians, including the former U.S. President, “has some degree of opportunism.” 

Notably, he cited Nancy Pelosi, former speaker of the House of Representatives, as an example of a political opportunist. 

Republicans are More Crypto-Friendly Than Democrats 

Meanwhile, Hoskinson pointed out that politicians within the Republican Party are more open to discussing sensible crypto regulations than most of their colleagues in the Democratic Party. 

He acknowledged the presence of an age divide in the Democratic Party, noting that while elderly members like “the Elizabeth Warrens and Joe Bidens” are strictly against cryptos, the younger ones are not. 

The majority of crypto enthusiasts share the same sentiment Hoskinson has about Trump. Notably, top crypto stakeholders have made significant donations to Trump’s campaign to help unseat the current administration that has shown hostilities toward the industry. 

Specifically, Gemini founders Cameron and Tyler Winklevoss donated approximately $1.7 million in Bitcoin to Trump’s campaign earlier this year. Also, Ripple’s CLO Stuart Alderoty followed suit with a 624,000 XRP donation. 

Cardano Founder to Discuss Crypto Adoption With Argentina President Javier Milei

Mark Brennan
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Cardano Founder to Discuss Crypto Adoption With Argentina President Javier Milei

Cardano founder Charles Hoskinson is scheduled to meet with Argentina president Javier Milei to discuss crypto adoption.

A few weeks after handing over governance to the Cardano community, Hoskinson is pursuing wider crypto adoption with a meet-up with the Argentine president. The duo would discuss a possible crypto economy at Tech Forum Argentina on October 19.

Self-acclaimed Cardano Ambassador Mauro Andreoli notified users about the meeting, drawing reactions from the Cardano community.

Hoskinson to Discuss Blockchain Adoption

The discussion would feature cryptocurrencies’ economic, social, and political implications and the best practicable ways the country could adopt blockchain technology to enhance its fiscal health.

Hoskinson would discuss a variety of crypto-related topics, including whether Argentina would create a central bank digital currency (CBDC) and what form of partnership the country requires to push its economy forward using blockchain technology.

While the October event excited the Cardano community, which discussed the prospects the meeting would bring for the network, Hoskinson clarified that it was not a Cardano-centered discussion. The Ethereum co-founder asserted that the conversation would span the entire blockchain industry.

Hoskinson Admires Milei’s Philosophical Disposition

The IOHK CEO lauded Milei’s line of thought, describing the president as an “actual philosophical Austrian.” He also applauded Milei’s ideas about blockchain technology, stating that he is among those rooting to decentralize wealth control.

According to the Cardano founder, the president believes in Ludwig von Mises and Murray Rothbard’s philosophy about money and politics. He noted that Milei is “much more aligned with the ethos of the cryptocurrency industry.”

Furthermore, Hoskinson elaborated on Cardano’s deep-rooted ties with Argentina. The South American country has liberally accepted the community-driven network as the duo has forged a strong alliance.

Notably, in June, the Cardano Foundation formally agreed with the province of Entre Rios to broaden the adoption of blockchain technology within the region. 

Cardano Price Surges 8.46%, Targets $0.42 as Bullish Momentum Grows

Albert Brown
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Cardano Price Surges 8.46%, Targets $0.42 as Bullish Momentum Grows

Cardano has broken out of a falling channel, rising 8.46% in just four days. Can ADA’s recovery rally sustain momentum as it approaches key resistance levels at $0.42 and $0.45?

Altcoins are making a comeback as the broader crypto market bounces back from the $2.1 trillion valuation. Amid the top performers, Cardano struggles to make the headlines but signals a trend reversal in the daily chart. 

As it concludes a long-coming streak of lower-high formations, the 11th biggest crypto per market cap hints at a bull run. Will the Cardano price trend continue to soar, or multiple overhead resistances limit the growth? 

Cardano’s Falling Channel Break

With a swift end to its negative cycle following a three-day crash from September 14-16, Cardano is making a bullish comeback. The altcoin has risen 8.46% over the past four days and is currently trading at $0.359, with an intraday gain of 2.28% from the opening price of $0.352.

Cardano’s recovery rally indicates a potential breakout above multiple resistances on the daily chart. Notably, the price has surpassed the 50-day SMA and a long-standing overhead resistance trendline.

Cardano Price Chart
Cardano Price Chart

The trendline breakout marks a falling channel breakout in the daily chart and completes a set of four consecutive bullish candles. Currently, the Cardano price is heading towards the next dynamic resistance of the 100-day SMA at $0.373. 

Where’s Cardano Headed?

The ongoing recovery is positively impacting the MACD and signal line, with a rise in positive histograms. Additionally, the momentum indicator is avoiding a negative crossover, signaling a short-term buying opportunity.

On a related note, during the Token 2049 event in Singapore, Cardano founder Charles Hoskinson playfully urged Gemini Exchange to list ADA, holding a placard that read “When ADA?” This light-hearted appeal has renewed interest in Cardano and could enhance the chances of an ADA listing on Gemini, potentially boosting its price in the near term.

According to Fibonacci levels, the next key resistance is at the 23.60% level, around $0.422, followed by the 200-day EMA at $0.45. As such, reaching the psychological $0.50 mark in one go seems unlikely, as Cardano may encounter multiple challenges along the way.

Here’s the Difference Between Buying Grayscale XRP Trust and Buying XRP

Abdulkarim Abdulwahab
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Here’s the Difference Between Buying Grayscale XRP Trust and Buying XRP

The financial market recently welcomed a new XRP Trust from Grayscale, three years after the initial one was liquidated due to the SEC-Ripple lawsuit.

With the end of the suit last month, Grayscale relaunched the XRP investment product this month, on September 5. The performance of the Grayscale XRP Trust has been commendable since the relaunch, attracting attention from the XRP community.

While this development further boosts optimism about XRP’s market value, some are pondering the difference between buying an XRP Trust and buying XRP tokens directly. Coach JV, a widely followed commentator in the community, attempted to clarify the confusion. 

Buying Grayscale XRP Trust or Buying XRP Yourself

In a recent post on X, Coach JV explained that when investing in a trust, such as the Grayscale XRP Trust, investors do not directly acquire the underlying asset (XRP). Instead, they gain exposure to the asset’s performance. This allows them to benefit from its potential growth without holding the XRP tokens themselves.

For the Grayscale XRP Trust, investors receive approximately 19.98 XRP for each share they purchase. As of this writing, the trust’s net asset value (NAV) stands at $11.79.

Interestingly, calculating the NAV per XRP yields a value of approximately $0.59, suggesting that buying and holding XRP through the open market or through the Grayscale XRP Trust costs roughly the same.

Coach JV pointed out that, given this parity, he would personally opt to buy XRP directly. 

However, a key advantage of purchasing XRP through the Grayscale Trust is that investors are not responsible for securing and safeguarding their assets. Grayscale handles custody on their behalf. This convenience comes at a cost, with Grayscale charging a 2.5% management fee.

Ultimately, the Grayscale XRP Trust provides a convenient option for traditional investors who may not be interested or equipped to manage their crypto portfolios themselves. Outsourcing custody and management to Grayscale allows these investors to gain exposure to XRP while minimizing the associated complexities.

Strong Institutional Interest in XRP Via Grayscale Trust

Notably, Grayscale’s XRP Trust’s strong performance has led Coach JV to highlight the significant institutional interest in XRP. This is evident in the trust’s growing assets under management (AUM), which reached $689,602 as of Thursday. 

This represents a notable increase from the previous day’s AUM of $646,729 and a more substantial growth from the $622,000 recorded on Tuesday.

Furthermore, the trust’s net asset value has also seen a significant boost, rising to $11.79, a 2.61% increase over the past day. This upward trend suggests that institutional investors are increasingly optimistic about XRP’s prospects and are allocating more capital to the trust as a result.

Dormant Wallets Move 250 Bitcoin After 15 Years, Turning $0.23 into $15.9M

Albert Brown
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With the broader crypto market showing signs of rebound, movements from long-inactive Bitcoin wallets have started to draw interest and scrutiny.

Recently, miner wallets inactive for over 15.5 years have recorded movement, indicating potential profit-taking from early Bitcoin adopters. Notably, five such wallets transferred a total of 250 BTC, valued at approximately $15.9 million.

These wallets originally received 50 BTC each as mining rewards per block back in 2009, with the value of each wallet fluctuating between $3,184,108 and $3,191,361 at the time Lookonchain’s report due to market price changes. 

Recall in 2009, when the wallets were last active, Bitcoin was worth just $0.0009. Hence, at the time, the 250 BTC were priced at $0.225.

Details of the Transfers

Specifically, at 07:13 UTC, a wallet containing 50 BTC transferred its entire balance, worth $3,182,908. This transaction closely followed another movement at 07:04 UTC, where a 15.6-year-old wallet shifted its BTC, valued at $3,186,687. 

Similar transactions were recorded earlier, including one at 06:54 UTC which moved BTC worth $3,191,361, and another at 06:49 UTC, with BTC valued at $3,186,732. The earliest recorded movement in this series occurred at 06:30 UTC, involving a wallet dormant for 15.7 years, which holds BTC worth $3,184,108.

Further Miner Wallet Activations

Another similar event highlighted by Lookonchain on August 7 involved the transfer of 250 BTC into five new addresses. The transaction, originating from a wallet that accumulated 250 BTC through mining in 2010, saw its entire $13.95 million balance distributed across five different addresses. 

The receiving addresses were credited with varying amounts, ranging from 10 BTC to 60 BTC each. 

These movements show the impressive appreciation in Bitcoin’s value over the years, with recorded profits reaching $14,022,065 in 2024, up significantly from its early value of $112.24 in 2013.

Other Dormant Wallet Activities

Additionally, in July, a wallet containing 48 BTC, valued at $2.74 million, became active after 13 years. This wallet, tracked by Whale Alert, executed a transfer of 2.949 BTC, distributing the amount between two new wallets. 

The first received 1.949 BTC worth $111,450, while the second was credited with 1 BTC. Following this transaction, the original wallet still holds 45.051 BTC, valued at approximately $2.57 million.

Bitcoin Hits Critical Make-or-Break Moment at 200-Day SMA: Rejection Could Spell Trouble Ahead

Albert Brown
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Bitcoin is currently testing the 200-day Simple Moving Average (SMA), a significant resistance level that has historically defined market trends.

This technical level has often marked turning points in Bitcoin’s price, playing a critical role in confirming the direction of its movements. Recent observations highlight that Bitcoin’s ability or failure to reclaim this level could signal the next major market shift.

Historical Resistance Levels 

Historically, Bitcoin has struggled to reclaim the 200-day SMA during key market cycles. In 2014, the price faced a significant rejection at this level near $700, resulting in a sharp decline that bottomed around $257. A similar resistance was observed in 2018, when Bitcoin encountered the 200-day SMA at approximately $9,500.

Following this rejection, Bitcoin entered a prolonged bear market, eventually dropping to lows around $3,624. A similar pattern emerged in 2020, with Bitcoin peaking at nearly $10,000 before the 200-day SMA rejected it, sending prices down to $8,716.

The current market context finds Bitcoin trading near $63,028, with the 200-day SMA acting as a potential turning point once again. According to prominent analyst Ali Martinez, a rejection from here could signal trouble for Bitcoin.

Current Sentiment and Institutional Activity

Meanwhile, market sentiment around Bitcoin is seeing a notable shift, bolstered by increased activity from institutional investors and large-scale holders. Recent data from CryptoQuant indicates that institutional players have significantly reduced their aggressive short positions in Bitcoin CME Futures, with net short positions dropping by 75% over the past five months. 

This reduction suggests that major market participants are scaling back their bearish bets, indicating a change in market dynamics. Historically, heavy shorting by institutions has coincided with price stagnation or decline, but the current reduction points to a more neutral or potentially bullish outlook among institutional investors.

Bullish Perspectives 

Despite the technical challenges posed by the 200-day SMA, prominent market analysts maintain a positive outlook on Bitcoin’s long-term trajectory. Raoul Pal, CEO of Real Vision, recently emphasized his continued optimism, encouraging investors to accumulate and hold Bitcoin through market fluctuations. 

He noted that Bitcoin’s broader upward trend remains intact, provided that the market avoids extreme disruptive events such as a financial system collapse or a significant halt in technological progress.

Will Bitcoin End September at $70K as Bullish Momentum Builds?

Albert Brown
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Will Bitcoin End September at $70K as Bullish Momentum Builds?

With Bitcoin inching closer to the “Uptober” rally, will September end at $70K as the 4-day rally gains momentum?

As Bitcoin peaks above the $64K mark momentarily, the crypto market is on a major bull run. With projects like Solana making waves in the Token2049 event and the Bitcoin market cap increasing to $1.263 trillion, the bulls are back in the driving seat. 

Will this sudden shift in trend dynamic lead to a stable bull run this year? Let’s find out.

Bitcoin 4-day Rally: A Breakout Signal?

In the daily chart, Bitcoin is marking its fourth consecutive bullish day, registering an intraday gain of 1.49% from an opening price of $62,950. With a 24-hour high of $64,121, the BTC price trend continues to build bullish momentum.

Having experienced four straight green candles, BTC has risen by 10.91% and is currently trading at $63,914. From a low of $53,550, the price has surged 18.86% in just two weeks, signaling a robust bullish reversal.

This recovery has surpassed both the 50-day and 100-day simple moving averages and is now testing the 200-day SMA. Additionally, BTC faces resistance from a local trend line near the $64,000 mark alongside dynamic resistance levels.

Bitcoin price Chart
Bitcoin price Chart

Based on the Fibonacci levels, the recovery run has surpassed the 23.60% level at $61,613. The next resistances at 38.20% and 50% levels are at $66,601 and $70,632. The bullish recovery run with a trading volume boost reveals a trend momentum surge. 

The MACD indicator reveals a surge in intense bullish histograms, with the average lines maintaining a positive alignment, supporting bullish optimism. 

Bitcoin Breakout Run this October

As the inverted head and shoulders pattern continues to rally, Bitcoin’s price trend is now targeting the $70,000 mark.

Additionally, the bullish flag formation is gaining momentum, with the overhead trendline currently positioned near $68,000. A breakout from this channel could trigger a new bull cycle for Bitcoin and the wider cryptocurrency market.

With October approaching, historical trends suggest a strong bullish momentum during this month, setting the stage for a significant price surge.

According to data from CoinGlass, Bitcoin has historically delivered an average return of 22.90% in October, with the last five Octobers showing bullish performance. The trend is expected to continue into November, which has averaged a 46.81% return. However, it’s worth noting that November has seen three bearish turns in the past five years.

Bitcoin Monthly Performance
Bitcoin Monthly Performance

Despite these fluctuations, the changing dynamics suggest that Bitcoin and the broader crypto market are poised for a bullish comeback.

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