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Here are Addresses Holding 1,000,000 XRP As XRP Trades at $0.46

Sam Wisdom Raphael
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Here are Addresses Holding 1,000,000 XRP As XRP Trades at $0.46

On-chain data shows XRP addresses holding at least 1 million tokens have surged beyond the 2,000 mark despite XRP’s market challenges.

Despite chants of 2024 being a bullish year for the market, XRP has generally recorded a downturn. Notably, amid the market-wide turmoil which has impacted Bitcoin (BTC) and other altcoins, most assets are still up year-to-date. However, XRP is one of a few tokens that are witnessing declines this year.

XRP has shown more resilience than most assets against the recent downtrend. Nonetheless, when viewed over a longer timeframe, the asset has collapsed 24.68% since Jan. 1.

XRP Yearly Performance
XRP Yearly Performance

In contrast, BTC is 41% up this year despite recently dropping below $60,000. Also, Ethereum (ETH) has increased 43.6% year-to-date.

XRP began the year above $0.60 but has now given up the psychological support levels at $0.60 and $0.50. Interestingly, it appears this discouraging performance has not impacted confidence among whale addresses. Specifically, addresses holding at least 1 million XRP have continued to increase since Jan. 1.

Addresses Holding at Least 1M XRP Increase to 2,043

Santiment data shows that these wallets have crossed the 2,000 mark, currently sitting at exactly 2,043 in number. This represents a greater number than the 1,957 recorded at the start of the year, suggesting that this tier of addresses has welcomed 86 wallets this year. 

XRP Addresses Holding at Least 1M Santiment
XRP Addresses Holding at Least 1M Tokens | Santiment

This indicates a divergence of trends, where investors have continued to augment their holdings despite XRP’s bearishness. Notably, data confirms that addresses holding between 10 million and 100 million XRP have recorded the highest increase. This tier saw an additional 69 wallets in the first half of the year, now up to 259.

Those with balances ranging from 1 million to 10 million tokens have risen by 16 to 1,586. Meanwhile, wallets with 100 million to 1 billion XRP have remained fixed at 38, neither increasing nor decreasing. The market saw an addition of 1 address holding at least 1 billion tokens, with their number rising to 160.

An Impressive Accumulation Trend

Further data indicates that these wallets holding 1 million XRP and above have accumulated 1.34 billion tokens in 2024. The balance cumulatively held by these addresses rose from 43.55 billion XRP on Jan. 1 to the current 44.89 billion tokens. 

XRP Balances Santiment
XRP Address Balances | Santiment

The most notable changes involved investors holding between 100 million and 1 billion XRP, as well as those holding 1 billion XRP and more. The former distributed or sold off 1.31 billion tokens, going from 10.66 billion XRP on Jan. 1 to 9.35 billion XRP now. Meanwhile, the latter procured 1.21 billion XRP within this period, now holding 25.15 billion tokens.

Amid the mixed trend of distribution and accumulation, XRP has slipped below $0.47, as it slumps 4.14% in 24 hours. The token is now retesting the lower Bollinger Band ($0.4619), with its RSI currently indicating failing strength. XRP needs to decisively push above the 20-day SMA ($0.4814) to flip its short-term momentum to bullish.

Here’s What Holding 1,000, 3,000 and 5,000 XRP Would be Worth if XRP Hits $100

Sam Wisdom Raphael
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0
Here’s What Holding 1,000, 3,000 and 5,000 XRP Would be Worth if XRP Hits $100

Investors holding 1,000, 3,000 and 5,000 XRP could see their portfolio grow to as much as $500,000 if XRP price reaches the $100 level.

XRP continues to trade below the crucial $0.50 threshold after decisively collapsing underneath it on June 20. Despite periods of sharp price increases, XRP has failed to reclaim $0.50 as a result of the ongoing market collapse. This decline has also kept Bitcoin (BTC) below $65,000 since June 21.

XRP Witnesses Increased Accumulation

However, multiple market analysts regard the prevalent downtrend as an opportunity to procure XRP at discounted prices. Notably, at its all-time high of $3.31 in January 2018, a $1,000 investment in XRP would procure 302 tokens. 

This figure has significantly increased at the current price of $0.4791. Interestingly, if an investor commits $1,000 to XRP now, he will amass 2,087 tokens. This discount has led to rapid accumulation among whale addresses. Santiment confirms that investors holding between 1 million and 100 million XRP as well as those with at least 1 billion tokens have increased their holdings.

These wallets collectively held 34.26 billion XRP as of June 10. However, their cumulative balance has increased to 35.53 billion tokens at the reporting time. This indicates that they have procured 1.27 billion XRP in less than one month.

XRP Accumulation Spree Santiment
XRP Accumulation Spree | Santiment

Worth of 1,000, 3,000 and 5,000 XRP at $100

In addition, smaller addresses, especially those holding 1,000 to 10,000 tokens, have also joined the accumulation campaign. This purchase spree is largely triggered by confidence in a looming price recovery. Market experts have projected multiple price targets for such recovery, with the audacious $100 level featuring prominently.

Amid the ongoing expectations, The Crypto Basic recently evaluated how much certain holdings would be worth at the $100 price. Investments in the spotlight include those involving 1,000 XRP, 3,000 XRP and 5,000 XRP. 

For investors holding 1,000 XRP, the $100 price would skyrocket their holdings from the current $479 to $100,000. Such a massive increase would represent a return on investments (ROI) of 20,766%, bringing in gains of $99,521.

Meanwhile, those with balances of 3,000 XRP would witness their portfolio spike to $300,000 if XRP reaches $100. This would mark a gain of $298,563. In addition, investors holding 5,000 XRP would record the most gains if XRP hits $100, with their investment portfolio rising to $500,000.

Can XRP Reach $100?

While these evaluations present an enticing future prospect for investors, the question is whether XRP can hit the $100 price. XRP would need to rally by 20,666% from its current value to reach $100. At this price, the asset’s market cap could hit $5.56 trillion, higher than the current global crypto market cap.

This shows that the chances of XRP hitting this price level are extremely low despite the prospect remaining possible. Some market commentators have considered this possibility on multiple occasions. For instance, three months back, pundit Andrew Forte casually suggested that XRP could reach $100 in 2037. 

Interestingly, market analyst BarriC asserted in April that XRP could actually be considered undervalued at $100 sometime in the future. According to him, an XRP price between $100 and $500 in 2032 to 2033 would be cheap for market participants. This remains highly speculative and does not represent investment advice.

BNB Falls Below $600, As Raboo Readies To Rank Above Pepe Post Launch

Esra Zuhal
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BNB Falls Below $600, As Raboo Readies To Rank Above Pepe Post Launch

The crypto market’s volatility has made certain coins more valuable than others. BNB, which is the one of the most popular cryptocurrency, has now fallen below $600 while Pepe has been on a downward trend. While both are among the best cryptocurrency to invest in, now may not be a good time. Raboo has appeared as a dark horse to give investors a better opportunity. Raboo is a new AI meme coin that has raised over $1.8 million in its presale. Keep reading to find out more. 

BNB falls below the $600 support

The cryptocurrency market’s carnage has caused BNB to drop below $600. The project reached a new all-time high early in June. In spite of Binance’s issues with governments worldwide, BNB increased to a peak of $720.67; however, BNB price is now at $578.31. The market is expecting BNB to surpass the $600 barrier, but it is unclear how it will perform for the remainder of the month.

Holders of Binance Coin are hoping for a retest and bullish take back. Analysts predict the asset will see a rise in the future, rising to a peak of $634.82, or 9.77% higher than its current value. However, users  of BNB will need to consider other factors such as network developments and market sentiment before anticipating price increases.

Pepe continues on a downward trend

Pepe has gone up by 1.56% over the past 24 hours. It is beginning to show signs of recovery after a challenging period for the cryptocurrency market. Pepe Coin is a pioneer in the meme coin space. It is well-known for its passionate community and meme-focused culture. 

Pepe is currently priced at $0.00001152, with a 24 hour trading volume of $422.7 million and a market cap of $4.84 billion. The coin’s patterns point to a likely bullish rebound, with the potential to double in value and reach a $10 billion market cap, despite a 22% loss this month. Helped by the backing of devoted supporters and the larger cryptocurrency community, investors continue to have high hopes for Pepe Coin’s market longevity.

Its capacity for long-term growth and sustainability is highlighted by its resilience in the face of market changes. The improvement is supporting investor confidence and increasing awareness of a viable cryptocurrency with large profit potential.

Raboo continues to expand its community

Raboo is a new AI meme coin that aims to create a community where enthusiasts of meme can come together, form powerful networks, and get recognized for their contributions. Given that it is predicted to drive the meme coin market’s expansion, there’s no place better for you to be than among a lively community of meme fans. You can even earn tokens by effectively utilizing the Raboo SocialFi model. 

Raboo’s entry fee was $0.003. It is currently valued at $0.0048 and is in its fourth Stage of the presale. Its value is predicted to increase by 233% from the time of this presale until the day of release, making it the best cryptocurrency to invest in right now. 

Top analysts predict that by the end of 2024, Raboo will be among the biggest meme coins. Experts advise investors to purchase this presale coin right away in order to join the rapidly expanding community of active meme coin enthusiasts. The coin seeks to bring together the digital and meme world. As things stand, it is expanding quickly and surpassing rivals like Pepe.

Conclusion  

BNB could not maintain its high of above $600 and Pepe is currently on a downward trend. Both coins do not seem to be putting smiles on the investors face. However, Raboo is set to lead the AI market in the near future. Although still in its presale, Raboo has a lot of features and great potential. Investors can grab the coin now and expect a healthy return on investment in the future. 

You can participate in the Raboo presale here.

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Expert Names 3 Altcoins with Huge Potentials for Big Rally

Lele Jima
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Expert Names 3 Altcoins with Huge Potentials for Big Rally

Cody Buffinton, the host of the popular crypto YouTube channel Altcoin Buzz, highlights the top three altcoins primed for huge rallies, including Ondo (ONDO), Near Protocol (NEAR), and Sui Network (SUI).

The industry commentator disclosed the list in a YouTube video posted on June 27, 2024, stating that the altcoins have huge potential for significant rallies.

Ondo (ONDO) 

At the top of the list is ONDO, the governance token of Flux Finance and Ondo DAO. Notably, Ondo is a Coinbase-backed securities tokenization platform that combines blockchain tech with real-world assets (RWA).

According to Cody, several investors anticipated a bullish rally for ONDO after its price reached an all-time high (ATH) of $1.48 on June 3. However, ONDO’s price has plunged 23.12% from its ATH, currently trading at $1.14.  

Notably, the expert said recent developments suggest that ONDO could be on track to surpass its previous ATH. In particular, he noted that ONDO’s realized cap metric, which identifies distribution and accumulation areas, stood at $1.15 billion during the video.

He added that if the metric surpasses the market cap, it indicates a potential price decrease, and vice versa. With the market cap at $1.7 billion, Cody said ONDO could be primed for a price surge. Meanwhile, ONDO is ranked the 53rd biggest cryptocurrency by market cap.

Near Protocol (NEAR) 

According to the crypto expert, NEAR is the second altcoin set for a jaw-dropping rally. For context, NEAR is the native token of Near Protocol, a Layer-1 blockchain launched in 2018. The platform allows developers to create and launch decentralized applications (dApps). 

He claimed Near Protocol gained significant attention in the first half of 2024 due to its increased network activities. This is reflected in the spike in Near Protocol’s TVL, which surged from $90 million in January to $324.5 million this month.

Additionally, Cody said the network’s transaction volume has grown rapidly since the beginning of this year. He speculated that the increasing network activities of Near Protocol indicate that the project is seeing more inflows than outflows. He characterized this development as sustained user optimism and confidence in the cryptocurrency.

NEAR is trading at $5 at press time, with a daily decline of 2.7%. The coin boasts a market cap of $5.47 billion, making it the 20th biggest cryptocurrency.

Sui (SUI) 

The third and last asset in Cody’s list of altcoins primed for a rally is SUI, the primary token of the renowned layer-1 blockchain Sui. The YouTuber spotlighted the recent strategic partnership with digital asset custody provider Copper as a catalyst for SUI’s potential rally.

“With Copper’s custody solution already operational for Sui’s native tokens, the platform is set to broaden its appeal to institutional clients seeking secure and compliant services,” Cody remarked. 

At the time of writing, SUI trades at $0.7978, reflecting a daily decrease of 3.62%. The coin is also ranked as the 47th biggest cryptocurrency, with a market cap of $1.93 billion. Despite Cody’s recommendation, it is imperative to conduct due diligence on the aforementioned tokens before investing.

Terra Classic Sees Major Supply Reduction as Binance Burns 1.7B LUNC

Mark Brennan
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Terra Classic Sees Major Supply Reduction as Binance Burns 1.7B LUNC

The latest LUNC burn of 1.7 billion tokens from Binance significantly reduces the Terra Classic supply, aligning with increased trading volume.

Binance has completed another significant LUNC (Luna Classic) burn to start in July. The burn event led to a substantial decrease in the total LUNC supply, as highlighted by recent charts posted by community figure Rexyz.

 

The burn activity has garnered appreciation towards Binance founder and former CEO Changpeng Zhao, as well as current CEO Richard Teng.

The first image posted by Rexyz showcases the total LUNC supply over a 4-hour period. The supply stood at 6,781,807,335,479 LUNC, with a notable decrease of 1,726,507,904 LUNC in the latest candlestick.

This sharp drop within a short time frame indicates a significant burn event, likely involving a large transaction or a series of transactions that reduced the total supply.

Long-Term Supply Trend

The second image presents a broader view, covering the LUNC supply from March 2024 to June 2024. The total supply was recorded at 6,781,738,369,201 LUNC, with a decrease of 1,799,065,981 LUNC in the latest week. 

On-chain data confirms that the latest burn, which involved exactly 1,701,046,397 (1.701 billion) LUNC, occurred on July 1 at 10:20 UTC.

LUNC July 2024 Burn
LUNC July 2024 Burn

The chart provided by Rexyz reveals a consistent decrease in supply over several months, with more pronounced drops towards the end of the period. This aligns with the recent burn event at the start of July, reflecting Binance’s ongoing efforts to reduce the LUNC supply through increased trading activity.

Community Efforts and Additional Burns

In addition to Binance’s burns, the Terra Luna Classic community has been proactive in reducing the LUNC supply. As the native LUNC coin faced challenges from the crypto bears since June, community developers proposed faster ways to decrease supply.

 

The Terra Classic Foundation recently announced the exclusion of over 12 billion LUNC and 68 million USTC from circulation through specific contracts. These contracts include Anchor bLuna Rewards and Lido Rewards Dispatcher, with funds locked since a Lido DAO proposal passed in June 2022.

Previously, the community voted on Proposal 12098, which aims to review the LUNC burn tax to fund the Oracle pool.

This proposal, initially suggested by StrathCole, seeks to modify the burn tax distribution. It proposed allocating 80% towards burning, 10% to the Community Pool, and 10% to the Oracle Pool, ensuring block rewards consist solely of gas fees. 

BitBoy Reaffirms Cardano is Dead, Will Not Yield Serious Gains This Bull Run

Abdulkarim Abdulwahab
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0
BitBoy Reaffirms Cardano is Dead, Will Not Yield Serious Gains This Bull Run

Famous crypto commentator Ben “BitBoy” Armstrong has reiterated his belief that Cardano (ADA) is dead and incapable of yielding substantial returns for investors during this bull cycle.

Taking to X today, Armstrong clarified his previous statement that Cardano and Polkadot (DOT) are “dead” to institutional investors. He explained that by calling ADA and DOT lifeless assets in the eyes of institutions, he did not mean they would never experience price increases.

According to BitBoy, both tokens will likely see some gains during this bull cycle, but the yields would be modest compared to other assets he considers blue-chip.

Cardano Army Reacts, Sees Inconsistencies

Notably, Armstrong’s commentary suggests institutions may have already written off Cardano and Polkadot as viable long-term investments, potentially limiting their chances for an explosive surge.

However, Armstrong’s latest assessment contradicts his previous bullish statements. Early this year, he boldly asserted that Cardano would attain an $11 value, which would amount to a profit of over 2,500% for investors. At press time, ADA trades at $0.4106.

Meanwhile, BitBoy’s criticism of Cardano has not gone unanswered by members of the ADA Army. Some question his objectivity and suggest that he may have ulterior motives, such as seeking attention from influential figures like Cardano founder Charles Hoskinson. Interestingly, Hoskinson declined BitBoy’s invitation to a discussion ADA in April.

Also, the co-founder of the Cardano-based project NEBULA argued that Armstrong’s view of ADA being dead to institutions holds no water. According to him, ADA never needed VC money to prosper, stressing that users run the network, not institutions.

Other community members pointed out inconsistencies in his labeling of crypto assets dead. X user Jude Mzr recalled when BitBoy called Solana (SOL) dead in late 2020 during the FTX fiasco. At the time, market participants fled Solana, and the price of SOL dumped hard. 

Jude highlighted the irony of the situation, noting that now that Solana has significantly rebounded to rank just after Ethereum, driven by DeFi activities and meme coin sensations. Amid the comeback, pundits like BitBoy are once again touting SOL as a worthy investment despite previously writing it off.

Sydney Sweeney’s X Hacked Again to Promote Fake Solana-Based Memecoin

Zabi
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Sydney Sweeney’s X Hacked Again to Promote Fake Solana-Based Memecoin

Bad actors recently hacked Sydney Sweeney’s X account to promote a Solana-based memecoin, SWEENEY.

On July 2, some developers launched Solana-based memecoin named SWEENEY, which rapidly gained traction, accumulating more than $10 million in trading volume within just two hours. 

According to a Satoshi Club post, the token’s rapid rise was significantly boosted by a series of posts from the X account of actress Sydney Sweeney, known for her roles in “Euphoria” and “The White Lotus.”

One deleted post from the account said:

“going live on spaces soon, stay tuned to see what $sweeney can do.”

The account also posted numerous posts promoting the SWEENEY token as an official offering from the actress. The hackers used Sweeney’s account to spread false information, including the assertion that she was the “Queen of Sol,” a reference to the Solana blockchain.

The incident also mentioned Sahil Arora, a controversial figure in the world of meme coin promotion. 

Not Sweeney’s First Hack, Nor the Hacker’s

The hackers, who had previously targeted the accounts of celebrities like 50 Cent and Hulk Hogan, took credit for the attack on Sweeney’s account, indicating plans to target an even more prominent celebrity in the future.

 

Additionally, this was not the first time Sweeney’s X account had been hacked. Earlier this year, her account was hijacked, leading to the inadvertent promotion of an obscure cryptocurrency.

The hackers used a viral image of Sweeney’s smile, which gained popularity after her appearance on the YouTube series “Hot Ones,” to promote a Solana-based altcoin called $MILK. The hacked post garnered millions of impressions and thousands of likes.

Previous Instance of X Hack in 2024

The incident involving Sweeney’s account is part of a broader trend of security breaches in the cryptocurrency space.

Earlier this year, unsuspecting investors lost over $440,000 due to a security breach involving the X account of popular Bitcoin company MicroStrategy. In February, the hackers posted a link to a malicious website, claiming MicroStrategy had launched $MSTR, a token on the Ethereum blockchain. 

They alleged that MicroStrategy’s Bitcoin reserves backed the token and users could claim tokens for free. The bad actors transferred a portion of the loot to different addresses and held a balance of $200,000 at the time of the report.

Factors that Could Lead to More Bitcoin Dips as Uphold Research Head Calls BTC Double Top

Sam Wisdom Raphael
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Factors that Could Lead to More Bitcoin Dips as Uphold Research Head Calls BTC Double Top

Bitcoin (BTC) faces multiple factors that could contribute to steeper price declines, as Uphold research head identifies a potential bearish double top.

Notably, the market has been on a bearish path, with BTC leading the charge. The premier cryptocurrency has shouldered losses over the past few weeks. Despite its historically bullish performance in July, BTC is already 3.71% down this month. This comes after a discouraging 7% collapse in June.

Bitcoin Forms Weekly Double Top Pattern

Consequently, Bitcoin hovers around the lower spectrum of the $60,000 threshold. However, industry leaders believe the downturn might not be over. Dr. Martin Hiesboeck, Uphold’s Head of Research, recently identified a double top pattern on the weekly timeframe.

For the uninitiated, a double top is a bearish setup that indicates potential sustenance of a downtrend. It forms when an asset’s price reaches a high point twice, with a moderate decline between the two peaks. If the price subsequently falls below the level of the intervening low, it confirms the pattern and suggests further decline.

The first top for Bitcoin came up when the asset surged to the all-time high of $73,873 in mid-March. After this, it experienced a moderate drop, and then clinched the second top when it soared to $72,000 in early June. Despite this, the pattern remained uncertain, as BTC had not dropped to the neckline around $60,000.

However, amid the recent price declines, Bitcoin has retested the region around the neckline, currently trading for $60,362. According to Dr. Hiesboeck, the latest development makes the weekly double top pattern clearer. As a result, the chances of a set of steeper declines could be high. He urged investors to manage their risks appropriately.

Bitcoin Double Top
Bitcoin Double Top

Factors that Could Contribute to More BTC Declines

Notably, the market is currently facing multiple factors that could contribute to the expected declines. One such factor is a trend of sustained selloffs. Lookonchain recently spotlighted a whale that has consistently moved millions in BTC to Binance. The address recently transferred 1,023 BTC worth $62.2 million to the exchange, bringing his total deposits to 1,723 BTC ($106 million) in the last 24 hours.

The surveillance resource earlier spotted a similar whale deposit involving 1,200 BTC valued at $73.4 million to Binance on June 27. Another whale wallet that had remained dormant since 2018 also recently awakened to move 1,000 BTC to Coinbase.

Moreover, The Crypto Basic reported last Thursday that a Bitcoin miner dormant for 14 years had deposited 50 BTC to Binance. Another report on June 12 suggested that leading Bitcoin miner Marathon Digital recently sold off 1,000 BTC. Notably, the Bitcoin MPI spiked to a 1-month high of -0.326, showing that miners were selling off their holdings.

Bitcoin Miners Position Index MPI
Bitcoin Miners Position Index MPI | CryptoQuant

These increased deposits have reflected in the Bitcoin balances held by exchanges. CryptoQuant confirms that Bitcoin’s Exchange Reserve has increased to 2.841 million tokens, the highest in nearly a month. This trend contributes to increased selling pressure, further compounding selling pressure.

BTC Exchange Reserve
BTC Exchange Reserve | CryptoQuant

In addition to the whale and miner selloffs, the German government recently moved additional 400 BTC to Coinbase and Kraken. Moreover, Bitcoin recently decoupled from the bullish U.S. equities. As a result, the crypto asset has retained its bearish trend. 

Galaxy Digital CEO Says US Elections Outcome Won’t Stop Crypto from Getting Positive Regulations

Lele Jima
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0
Galaxy Digital CEO Says US Elections Outcome Won’t Stop Crypto from Getting Positive Regulations

Mike Novogratz, the founder and CEO of Galaxy Digital, says the crypto industry will see favorable regulations regardless of the outcome of the upcoming U.S. elections.

The Galaxy Digital CEO made the assertion during a recent interview on CNBC’s Squawk Box.

“No matter who wins the next election, we’re going to get positive crypto legislation – I know that,” Novogratz remarked.

Call Advocates for Bi-Partisan Political Support for Crypto

Novogratz advocated for bipartisan political support for crypto, which could lead to positive developments in the industry’s regulatory landscape.

He emphasized that several Democratic lawmakers are currently supporting crypto, with the exception of some critics like Senator Elizabeth Warren.

This bipartisan political support was observed earlier this year when 71 Democrats crossed party lines to vote in favor of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill.

“I do fundamentally believe that crypto should and needs to be bi-partisan. We can’t have one party that likes it and the other party that doesn’t,” he added.

Importance of Upcoming Election to Crypto Regulations 

The importance of the upcoming presidential elections slated for November 5, 2024, cannot be overstated. Its outcome is essential in determining the future of the regulatory landscape for the U.S. crypto industry.

Notably, several industry stakeholders have been calling on regulatory agencies like the SEC to provide clarity for crypto. In response, the SEC, under the leadership of Gary Gensler, believes the rules are clear, emphasizing that existing securities laws also apply to crypto.

However, former U.S. President and current Republican presidential candidate Donald Trump has consistently advocated for crypto during his recent campaign trail. In May, he pledged unwavering support for the industry.

Trump stated that while President Biden and other Democrats are against crypto, he and his team are good with it. He called on crypto enthusiasts to vote for him in the upcoming presidential elections.

Trump’s remarks suggest that he would establish favorable regulations for crypto if re-elected. Nonetheless, Novogratz thinks the outcome of the elections will not stand in the way of positive regulations for the industry.

Novogratz Comments on Bitcoin Price Action

Furthermore, the Galaxy Digital CEO also provided an outlook on Bitcoin’s price action. He noted that the asset’s surge in the past months was a ‘huge move up,’ adding that it would take a while for ‘things to digest’ for the top asset.

However, he speculated that Bitcoin would consolidate between the $55,000 and $73,000 ranges until the asset witnessed another positive development.

Despite Bitcoin’s recent correction, Novogratz still considers it a valuable asset amid rising government spending. At the current price of $60,470, Bitcoin is down 17.92% from its all-time high of $73,750, recorded on March 14.

Analysts Confirm Bitcoin CME Gap Filled, Project Bullish Momentum Toward $72,000

Mark Brennan
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0
Analysts Confirm Bitcoin CME Gap Filled, Project Bullish Momentum Toward $72,000

Analysts confirm the Bitcoin CME gap is filled, projecting a potential surge that could propel BTC above the $72,000 mark.

Bitcoin’s (BTC) price action has recently drawn significant attention following its attempt to close the CME (Chicago Mercantile Exchange) futures gap. 

The Bitcoin CME gap is caused by the trading hours of the CME, which closes for the weekend from Friday evening to Sunday evening. During this period, Bitcoin continues to trade on other exchanges, potentially leading to price changes. 

Bitcoin CME Gap Filled

When the CME reopens, the Bitcoin futures price often “gaps” up or down to align with the spot price of Bitcoin traded over the weekend. This difference between the Friday closing price and the Sunday opening price triggers the Bitcoin CME gap.

Over the weekend, this gap occurred again. However, analysts now agree that the gap has been filled, leading to divergent projections for BTC’s price trajectory.

For instance, Titan of Crypto, has confirmed the closure of the gap in an X post. The viewpoint is supported by a chart showing a gap between $61,155, the peak on Friday, June 18, and $62,085, the opening price on Monday, July 1. After initially moving down post-gap, the price is expected to reverse and start trending upwards, potentially toward $72,000.

Bullish Sentiments and Future Projections

Adding to the bullish sentiment, Woo Minkyu, a CryptoQuant author, agreed that the BTC gap was filled perfectly and predicted a return to $63K+ soon. This aligns with Ali Martinez’s analysis recently spotlighted by The Crypto Basic, suggesting Bitcoin is nearing a key resistance level at $65,795. 

If breached, the forecast indicates a surge to $78,700, supported by the Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands from Glassnode. Martinez also highlighted that whales are accumulating while long-term holders are selling, indicating strong buying interest and a bullish outlook.

Bitcoin Support and Resistance Levels

Meanwhile, Michaël van de Poppe, the CIO & Founder of MN Trading Consultancy, highlighted the critical support level around $60,565, marked as a significant buying zone. This area, shaded in green, is anticipated to be where the price will stabilize before potentially bouncing back. 

Volume analysis reveals increased activity during down moves, indicating selling pressure, while high volume on up moves suggests buying interest. The RSI (Relative Strength Index) appears neutral to slightly oversold, suggesting a potential bounce if the price hits the support level.

However, amid the bullish indications, the current Bitcoin price stands at $60,136.68, experiencing a decline of 4.01% in the past 24 hours.

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