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Bitcoin Price Sinks to $62k as Whales Transactions Hit 8-Month Low

Mark Brennan
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Bitcoin Price Sinks to $62k as Whales Transactions Hit 8-Month Low

Bitcoin price fell to a new 40-day bottom of $62,667 on Monday June 24, as institutional investors switch focus towards Ethereum and the roaring stock markets, here’s how BTC price could react in the week ahead. 

Bitcoin price tumbles below $63k First Time in 40-Days

After a negative performance last week, BTC shed more than 150 billion from its market capitalization, accounting for over 12% in losses between June 15 and June 21. Over the weekend, bears further tightened their on the Bitcoin markets, with the pioneer cryptocurrency shaping up for a false start to the coming week.

In the news, positive movements around Ethereum ETFs as well as bullish upswings in the US stocks markets, led by AI-chips manufacturing behemoth NVIDIA, have further pulled investors’ attention away from BTC in the recent days.

Bitcoin Price Action | BTC/USD | TradingView
Bitcoin Price Action | BTC/USD | TradingView

The chart above shows that Bitcoin price peaked at $65,026 on Friday, June 21, as bulls attempted to reclaim the $65,000 resistance level. But since then, the bears have flipped the tide and forced another 3.66% downtrend over the weekend.

Zooming out, Bitcoin price falling to a 40-day low of $62,667 on Monday, June 24, means it has now plunged 13% since the current correction phase began around June 7.

Whale Investors Cut Bitcoin Transactions to 8-Month Low

As hinted by the major news headlines in the past few days, Bitcoin price stagnation below $65,000 has been largely attributed ETH ETFs‘ imminent launch and risking stock prices dominating investors mind-share.

However, an in-depth inquest into Bitcoin’s underlying on-chain trends shows that whale investor cutting back on their BTC trading activity may have played a more prominent role in the ongoing price downtrend as well.

IntoTheBlock’s Large Transactions Count data tracks the total number of individual transactions exceeding $100,000 on any given trading day. This serves as a proxy for measuring the spate of whales’ trading activity within a cryptocurrency network.

Bitcoin Price vs. BTC Whale Transactions | IntoTheBlock
Bitcoin Price vs. BTC Whale Transactions | IntoTheBlock

As seen above, the Bitcoin network recorded a total of 4,580 unique large transactions exceeding $100,000 in nominal value at close of June 23. Worryingly, the chart shows that the number of the whale transactions has been in a steep decline since March 2024, when BTC price first reached retest all-time highs above $72,000.

In more concrete terms, the last time BTC whale transactions fell lower than the 4,580 large transactions recorded on June 23 was as far back as 8 months ago, on October 9, 2023, when it recorded 4,509 whale BTC transactions.

For a number of, whale investors cutting their trading activity to the lowest levels in over 8-months may have a negative impact of BTC price action in the week ahead.

Firstly, whale transactions provide much-needed liquidity to any cryptocurrency markets. As dramatic drop-off as observed above means that panic sellers now have less-liquidity available to conduct high-volume sell-offs without causing major price dips.

In essence, the whale transactions falling to an 8-month low now puts Bitcoin prices at risk of further downswings towards $60,000 in the days ahead.

Shiba Inu Imminent 2,564% Rally to $0.00045 As Top Analyst Rearranges SHIB Wave Count

Sam Wisdom Raphael
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Shiba Inu Imminent 2,564% Rally to $0.00045 As Top Analyst Rearranges SHIB Wave Count

Market analyst Captain Parabolic Toblerone has adjusted the Shiba Inu wave count to reflect current market realities, setting an ultimate target of $0.00045.

Shiba Inu has been at the mercy of the broader market, especially as dictated by Bitcoin (BTC), the leading crypto asset. With Bitcoin now below the $63,000 mark amid a 7% slump this month, SHIB has witnessed similar declines, collapsing by a more substantial 32.72% in June, as it drops to the lower spectrum of the $0.000017 level.

This bearish turn of events has impacted investor confidence, but most analysts remain optimistic. Some, like Captain Toblerone, have readjusted their setups to reflect the changing market realities better. Toblerone, for instance, began his Shiba Inu analysis as far back as last October, leveraging a 5-wave Elliott Wave pattern.

Shiba Inu Wave Counts Rearranged

The market analyst has continued to rearrange the Wave count on the back of shifts in market conditions. His latest adjustment, which rearranged the Wave counts for the second time since October 2023, comes at a time when Shiba Inu has relinquished the $0.00002, $0.000019, $0.000018 and $0.000017 thresholds to the bears.

An Ultimate Target of $0.00045

In the recent update, Captain Toblerone sets up a new Elliott Wave structure that could dictate Shiba Inu’s next price direction as it looks to recover from the ongoing downtrend. The first wave, which would follow the immediate recovery push, could see SHIB rise to the $0.00005 territory.

Such a rally would help Shiba Inu clinch a new yearly peak. Meanwhile, when Wave 2 comes up, it could trigger a 50% retracement back to the $0.000025 price level.

The third wave, typically the most bullish, would then push prices above the $0.0001 level and toward the $0.0002 price territory, setting up a new all-time high for Shiba Inu.

Captain Toblerone’s projections suggest that SHIB would no longer drop below the $0.0001 territory after the third wave. However, Wave 4 is likely to bring about a correction from $0.0002 to a retest of $0.0001. Interestingly, the fifth and last wave could then culminate in the ultimate target of $0.00045.

Meanwhile, Shiba Inu recently gave up the $0.000017 level for the first time since March, now trading at a 3-month low. At the current price of $0.00001689, SHIB would need to rally 2,564%. Notably, the recent sharp decline has triggered a drop in Shiba Inu’s relative strength index (RSI).

Shiba Inu Daily RSI
Shiba Inu Daily RSI

While the sloping RSI indicates failing strength, its current value of 25 indicates that Shiba Inu is now extremely oversold. Such a low RSI is a reliable signal for an upcoming reversal, which could trigger enough strength for the Wave 1 rally to $0.00005.

Top 27 Altcoins: Crypto Banter Founder Names Low-Risk, High-Return Picks

Lele Jima
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Top 27 Altcoins: Crypto Banter Founder Names Low-Risk, High-Return Picks

Prominent crypto expert Ran Neuner highlights 27 Ethereum-based low-risk, high-return altcoins that could witness significant rallies in the bull run.   

The broader crypto market is experiencing a slight relief after a prolonged drawdown that wreaked havoc on various assets. Despite this slight relief, it remains uncertain whether the market dump has been concluded. 

Therefore, market watchers like Crypto Banter founder Ran Neuner (a.k.a. Cryptoman Ran) have urged investors to exercise caution. 

In a recent YouTube video, Neuner advised investors to only invest in low-risk, high-return assets. He recommended cryptos with the ‘Ethereum Narrative’ as suitable investment options amid the ongoing volatility. 

“If you’re not sure whether this market dump is finished, then all you need to do is just go into the lowest risk [assets] with the highest return. The best risk-return platform in the market right now, without a doubt, is the ‘ETH Trade,’” he remarked.  

Ethereum Cycle to Occur in 3 Waves 

For context, the anticipated approval of ETH spot ETFs could attract increased institutional interest to the Ethereum ecosystem, potentially paving the way for the Ethereum cycle. Neuner asserted that the upcoming Ethereum cycle will play out in three phases, featuring 27 tokens.  

Wave 1  

He said the first wave will feature 13 prominent Ethereum ecosystem tokens. The list includes ETH, Arbitrum (ARB), Optimism (OP), Aave (AAVE), Pendle (PENDLE), Lido Dao (LIDO), Ethereum Name Service (ENS), EtherFi (ETHFI), Gearbox (GEAR), Velodrome (VELO), and Aerodrome (AERO). 

Despite speculating that Ethereum-based memecoins like Pepe (PEPE) and Mog Coin (MOG) could spike significantly in the first wave of the ETH cycle, Neuner said investors should focus majorly on the utility assets. Furthermore, the expert projected that these coins could rally significantly when more institutional investors troop into the Ethereum ecosystem.  

He emphasized that Ethereum is becoming an institutional asset and will likely attract institutional investors in the bull run. According to Neuner, these investors will primarily focus on the obvious tokens that are ‘bigger, safer, established, and have more users.’ 

Wave 2 

Neuner projected that the second wave of the Ethereum cycle would commence immediately after the first. The second wave features five tokens, such as SSV Network (SSV), Athena (ENA), Curve (CURVE), Metis (METIS), and Coti (COTI). 

According to Neuner, institutional investors will prioritize tokens in the Wave 1 list before delving into those listed in the second wave. 

Wave 3 

For the third wave of the Ethereum cycle, Neuner highlighted nine Ethereum ecosystem altcoins with strong potential for massive returns. 

They include Mode (MODE), Railgun (RAIL), Banana Gun (Banana), Rocket Pool (RPL), Camelot (GRAIL), Hemule (HEMULE), HarryPotterObamaSonic10Inu (BITCOIN), Bobo (BOBO), and Hoppy (HOPPY). 

Overall, Neuner believes tokens with low-risk and high-return potential are suitable for the ongoing market volatility, emphasizing the need for caution amid the market downturn. 

Here is Shiba Inu Price if Bitcoin Hits $350,000 as Predicted by Rich Dad Poor Dad Author

Sam Wisdom Raphael
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Here is Shiba Inu Price if Bitcoin Hits $350,000 as Predicted by Rich Dad Poor Dad Author

Shiba Inu could sail toward the $0.0001 price territory if it trailed Bitcoin’s price movements in the event that Bitcoin hits the $350,000 price predicted by “Rich Dad Poor Dad” author, Robert Kiyosaki.

Bitcoin, currently trading at $64,106, has faced a significant market collapse. This downturn has pushed the asset below critical support levels, impacting the rest of the market. While veteran analyst Peter Brandt believes the premier crypto might not see another ATH this cycle, other analysts remain optimistic.

Kiyosaki Sees Bitcoin at $350,000

For instance, analysts at leading asset manager Bernstein expect Bitcoin to reach $200,000 in this bull run. In addition, Robert Kiyosaki, author of “Rich Dad Poor Dad,” maintains a similarly bullish outlook, predicting Bitcoin could soar to $350,000 by August this year.

This prediction comes amid widespread market turmoil that has shaken investor confidence. Despite this, Kiyosaki’s forecast suggests a potential recovery and impressive growth for Bitcoin. If this scenario plays out, it will likely have a substantial impact on the broader cryptocurrency market, including Shiba Inu (SHIB).

Shiba Inu has mirrored Bitcoin’s price movements closely. SHIB has seen its price drop below psychological support levels of $0.00002, $0.000019, and $0.000018. Currently, SHIB trades at $0.00001773. Market analysts anticipate a recovery for Shiba Inu, but the scale of this recovery remains uncertain. 

Shiba Inu Price if BTC Hits $350,000

Given the speculative nature of the cryptocurrency market, SHIB’s future price trajectory could be heavily influenced by Bitcoin’s performance. The Crypto Basic disclosed earlier this month that Shiba Inu maintained a 30-day price correlation of 79% with Bitcoin. This means Shiba Inu has continued to follow Bitcoin’s path.

If this pattern persists, SHIB could surge to a new ATH if Bitcoin reaches Kiyosaki’s target. A BTC rise from the current price of $64,106 to $350,000 would represent a remarkable 445.97% rise. Applying this same growth rate to Shiba Inu, which currently trades at $0.00001773, results in a significant price increase.

To put this into perspective, if Shiba Inu follows Bitcoin’s predicted growth trajectory, its price would reach approximately $0.0000968, a stone throw from the much-coveted $0.0001 target. Multiple market watchers have predicted Shiba Inu to hit this price level.

TradingView analyst Sam TCR asserted that SHIB could soar to $0.0001 upon the imminent recovery push. Another analyst Michael projected Shiba Inu to hit $0.0001011 once it breaks out of its multi-month symmetrical triangle. Community figure SHIB Knight also believes the $0.0001 target is imminent. 

Fetch.ai Plummets Below $2, Whilst Raboo Rockets To Record Heights As TRON Flatlines

Esra Zuhal
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Fetch.ai Plummets Below $2, Whilst Raboo Rockets To Record Heights As TRON Flatlines

Fetch.ai has suffered a significant drop in price while TRON finds itself in neutral territory, exhibiting minimal price movement. Raboo, on the other hand, is experiencing a rapid rise, reaching record highs in its presale. Early investors are happy with this recent development and are hoping to enjoy up to 100x return —according to expert predictions.

Here’s the latest:

Tron (TRX) Charts a Steady Course: Days Quiet, Weeks Flat

Tron has displayed a mixed bag of performances in recent time frames. While the past few days have seen relative calm where the price went up 0.52%, a closer look reveals a period of consolidation with a hint of weakness.

Over the past 24 hours Tron has exhibited minimal price movement, clinging to the $0.118 mark. Expanding the view to the past few weeks, the story remains one of consolidation. TRX hasn’t seen any significant price swings, suggesting neither strong buying pressure nor heavy selling.

While this might be comforting to some holders, it also indicates a lack of momentum for the token. Compared to early June, TRX has experienced a slight downward trend. The decline isn’t dramatic, but it highlights that Tron hasn’t been entirely immune to the broader market weakness that has impacted cryptocurrencies recently.

Fetch.ai (FET) Tumbles: Price Slides Below $2 in Recent Downturn

Fetch.ai has experienced a significant price decline in recent days, weeks, and even the past month.

The price of Fetch.ai has dropped considerably in the last day, falling below the crucial $2 mark. The price now sits at around $1.57, which shows a potential loss of investor confidence in the project.

Expanding the timeframe to the past few weeks paints a similarly bleak picture. Fetch.ai has witnessed a steady downward trend, failing to recover from the initial drop. This extended period of weakness raises concerns about the project’s short-term prospects.

The situation worsens when looking at the past month. Compared to early June, Fetch.ai has suffered a substantial price decline. This extended bearish trend suggests that Fetch.ai has been unable to capitalize on any positive developments within the cryptocurrency market.

Raboo’s meme coin presale continues to Surpass Expectations

In stark contrast to Fetch.ai and Tron’s struggles, Raboo, the AI-backed meme coin token making strides with its current presale, is experiencing a phenomenal surge. Investors are taking notice of the tokens’s potential to possibly skyrocket after launch.

This optimism is encouraged by analysts’ anticipation of an incredible long-term price increase of 10,000%. Some experts also predict a huge 233% growth even in the near term by the end of the presale, which has already raised over $1.7 million so far.

Raboo has its sights set on the big leagues, aiming to crack the top 20 cryptocurrencies by market cap. This would pit them against established meme coin giants like Shiba Inu and Dogecoin, but Raboo believes their unique features give them a fighting chance.

The platform’s unique feature, Rabooscan, remains a central attraction. This AI tool scours social media for trending memes, aiming to ensure only the hottest content gets promoted within the Raboo ecosystem. This focus on high-quality content aligns with the potential of the booming generative AI market, predicted by Bloomberg Intelligence to reach a staggering $1.3 trillion in the next decade. Raboo’s ability to leverage AI for meme curation could position it well within this growing space.

With the presale currently in its fourth stage, the price point for Raboo still remains relatively low at $0.0048 from an initial entry price of $0.003. Many investors still consider this a steal and are willing to diversify their portfolios to secure this token.

Conclusion

With Raboo presale price exceeding $1.7 million and a passionate following, Raboo is definitely a project worth investing in. The presale has generated a lot of frenzy and hype as several investors remain keen to invest early in this project.

You can participate in the Raboo presale here.

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Terra Luna Classic Passes Tax2Gas Proposal, Analysts Say This New Meme Will Hit $1

Andrew MacGill
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Terra Luna Classic Passes Tax2Gas Proposal, Analysts Say This New Meme Will Hit $1
  • Terra Luna Classic’s Tax2Gas proposal will eliminate the need for separate handling and calculation of tax.
  • Book of Meme’s downtrend persists.
  • Rebel Satoshi Arcade is a novel GameFi memecoin. Its growth will be largely propelled by its vibrant ecosystem—a blend of NFTs, GameFi, and merchandise.

Despite the final weeks of the year’s first half tilting towards bearishness, it has been an exciting ride. Notable developments are the launch of the BTC ETF market, the Bitcoin halving, and more recently, the SEC’s green light to ETH ETFs. Also stirring up quite a buzz is the Terra Luna Classic (LUNC) community passing the Tax2Gas proposal, a move that will incorporate tax into gas.

On the market side, Book of Meme (BOME) decline continues amid intensified selling. Meanwhile, analysts are bullish on this new GameFi memecoin: Rebel Satoshi Arcade (RECQ). Its perfect blend of memes, GameFi, and NFTs remains its biggest appeal, along with its fast-growing community.

Rebel Satoshi Arcade (RECQ): Aiming For $1

Rebel Satoshi Arcade (RECQ) is set to pick up where its sister token, Rebel Satoshi (RBLZ), left off. The ecosystem has a dual-token system, with the latter functioning as a governance coin, which has already launched on Coinstore and Uniswap.

Following the explosive growth of RBLZ, those who missed out have been going all in on the RECQ presale. The third stage of the ICO is selling out fast as a result, with the launch date approaching at a rapid pace. Meanwhile, a token costs only $0.0055, with analysts predicting a rally past $1.00 after listing on Tier 1 exchanges.

One of the factors expected to propel its value is its vibrant ecosystem—a blend of the hottest crypto narratives. It will feature an arcade of thrilling and immersive play-to-earn (P2E), free-to-play (F2P), and pay-to-play (P2P) battle games. Also at its heart will be an NFT marketplace and a merchandise store—a place to be, no doubt.

Terra Luna Classic (LUNC): Tax2Gas Proposal Passed

The Terra Luna Classic (LUNC) is abuzz after the proposal to implement Tax2Gas was finally passed. This move will remove the need for separate handling and calculation of tax, thereby decreasing complexities for developers. The next discussion is about raising the burn tax to 1.2%. It is about to rain greens; buckle up.

As expected, Terra Luna Classic has been responding positively to this development, registering slight upticks. It is set for even more growth, with some members of the community projecting a rally past $1.00 at the peak of the bull market. While this might seem bold, it is nonetheless a good crypto to buy—do your research, though.

The coming days promise to be crucial, as they will likely determine LUNC’s trajectory for July. On the one hand, it might outperform top altcoins like Solana or Ethereum. On the other hand, it might underwhelm—a tale of two extremes.

Book of Meme (BOME): Rising Bearish Pressure

Book of Meme (BOME) is among the memecoins hit the hardest following the recent market downturn. While it isn’t a pump-and-dump token, recent bearish woes nonetheless leave concerns etched on the faces of investors. Other Solana memecoins and ETH memecoins are also in the red, including new celebrity memes like $Jenner and $Mother.

On the bright side, the current dip provides a good—perhaps the best—entry point. Savvy investors, always ahead of the curve, have been gobbling up the red, positioning themselves for its next jump.

According to top analysts, a Book of Meme ATH is on the cards in the third quarter. As such, it is a promising wave not to miss out on in the quest for huge gains this year. But don’t take our word for it, DYOR.

Conclusion

Terra Luna Classic has finally passed the Tax2Gas proposal, which is expected to be one of the catalysts for its next jump. Meanwhile, Book of Meme decline continues. Additionally, analysts are bullish on Rebel Satoshi Arcade, a novel GameFi altcoin, tipping it to reach $1.00.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.

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Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

 

Here’s When Holding 100,000,000 Shiba Inu Can Make You $1M, $5M and $10M

Sam Wisdom Raphael
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Here’s When Holding 100,000,000 Shiba Inu Can Make You $1M, $5M and $10M

Shiba Inu investors looking to secure $1 million, $5 million or even $10 million with modest investments would need to wait for astronomical price gains toward $0.01.

Shiba Inu has been struggling recently, giving up the $0.00002 price territory amid a broader market collapse. Currently, the token is battling to stay above $0.000018 after also losing its grip on the $0.000019 mark. 

Opportunity in a Downtrend

Despite this downward trend, market watchers remain optimistic about SHIB’s prospects. They cite the token’s Relative Strength Index (RSI) and Commodity Channel Index (CCI) being in oversold regions, the lowest levels seen this year. Analysts believe that the oversold RSI and CCI levels indicate a potential for reversal.

This downturn has led many investors to see Shiba Inu’s lower prices as an opportunity to buy the token at a discount. Consequently, whales, sharks, and small addresses have been accumulating massive amounts of Shiba Inu. The ongoing accumulation by various investor profiles suggests confidence in Shiba Inu’s future.

Notably, data sourced by market behavior resource Santiment confirms that, as a result of this accumulation trend, small investors holding between 10,000 and 1,000,000 SHIB have continued to increase their balances, with whales holding at least 1 billion tokens joining in the buying spree.

Shiba Inu Small and Whale Addresses Santiment
Shiba Inu Small and Whale Addresses | Santiment

When Can 100M Shiba Inu Yield $1M, $5M and $10M?

As speculation on potential returns mounts, The Crypto Basic recently assessed how much Shiba Inu needs to rally for investors holding modest investments amounting to 100 million tokens to clinch the millionaire status. 

At the current price of $0.00001799, these 100 million tokens are worth $1,799. To reach a valuation of $1 million, the price per token would need to rise significantly toward $0.01. Shiba Inu marketer Lucie noted in April that she is confident SHIB would hit $0.01 someday.

For the 100 million Shiba Inu tokens to be valued at $5 million, each token must reach $0.05. This price level is much higher than the current trading price. Interestingly, earlier this month, Jason Williams, a Bitcoin Pundit, projected SHIB to reach the $0.05 price level. Yazan, an on-chain analyst, also made a similar projection in May. 

The most ambitious target for 100 million Shiba Inu tokens to be worth $10 million would require the SHIB to reach $0.10, representing a 555,746% increase from the current price. While Google Bard failed to give a specific timeline for SHIB to hit $0.10 when queried, ChatGPT presented 2029.

Achieving this price would require substantial gains. The path to any of these targets represents a significant leap from the current price. However, given the volatile nature of cryptocurrencies, there remains speculation on the possibilities. As a result, investors should not consider this assessment investment advice.

Here’s XRP Potential Surge If Bitcoin Achieves $1M as Predicted by Bernstein

Abdulkarim Abdulwahab
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Here’s XRP Potential Surge If Bitcoin Achieves $1M as Predicted by Bernstein

XRP could similarly enter unprecedented price territories if Bitcoin attains the $1 million that Bernstein analysts anticipate.

XRP has been stuck in a holding pattern, lingering just shy of the $0.50 mark for days. As of now, XRP is trading at $0.486, reflecting a modest loss of 1.08% in the last 24 hours. However, over the past month, XRP has bled a more substantial 8.35% of its value.

This lackluster performance extends its year-over-year trend, with investors holding XRP at a 4.66% loss since 2023. Meanwhile, XRP is hoped to be among the beneficiaries of a buoyant crypto market in which the premier asset, Bitcoin, trades at a $1 million price point.

Bitcoin Reaching $1M

Market watchers at billion-dollar asset manager Bernstein are among the latest industry pundits to forecast a $1 million value for Bitcoin. Their recent analysis suggested that the premier crypto could attain this ambitious threshold within the next nine years.

Meanwhile, former Twitter CEO Jack Dorsey has voiced a more audacious timeline. During a podcast in May, Dorsey argued for a $1 million Bitcoin price within the next six years.

Notably, at a $1 million price, Bitcoin could command a market cap of $20 trillion. Given Bitcoin’s typical dominance of around 50%, this suggests that the overall cryptocurrency market, including leading altcoins like XRP, could reach a combined market cap of $20 trillion.

Essentially, XRP stands to benefit significantly from Bitcoin’s surge to $1 million. Accordingly, this raises the question of what XRP’s value might be in such a scenario.

XRP Price if Bitcoin Hits $1M

For Bitcoin to reach $1 million, it would need to increase by 1,456% from its current value of $64,246. If XRP experiences a similar percentage growth from its current price of $0.486, it would reach approximately $7.56. 

Notably, altcoins are known for often outperforming Bitcoin, meaning XRP could potentially exceed this projected growth if Bitcoin follows such a trajectory.

Prominent crypto community analysts dispute that it could take more than six years for XRP to reach $7.56. Optimistic voices like analyst EGRAG and crypto founder Nick predict that XRP could surpass $10 by next year. 

Some even argue that XRP might reach between $200 and $500 by 2030, though critics dismiss these projections as overly optimistic.

Expert Says XRP Has Ticked All Boxes to Reach $36

Sam Wisdom Raphael
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Expert Says XRP Has Ticked All Boxes to Reach $36

XRP now trades below the $0.5 price region, but market analyst Tylie Eric believes the crypto asset has fulfilled all conditions necessary for a surge to $36.

The crypto market is witnessing a bearish trend due to increased selling pressure. Bitcoin (BTC) has slipped to the $64,000 level for the first time in over a month, triggering a collapse in the broader crypto market. Amid the downtrend, XRP has felt a massive impact.

Consequently, the bears have forcefully retaken the $0.50 price territory, relegating XRP to the $0.48 region. As a result, XRP has dropped 5.94% this month, but has shown greater resilience than other altcoins like Ethereum (ETH) and Solana (SOL) which have respectively collapsed by 6.86% and 18.40% within the same timeframe.

XRP Trades Within Historical Elliott Wave Structure 

Despite being in the red, XRP could be on the verge of recovering lost grounds and subsequently hitting new highs, according to Eric. The market analyst said this in his latest outlook on XRP’s price movements, calling attention to historical trends that previously pointed to substantial price upswings.

He pointed out a 5-wave Elliott Wave structure followed by XRP on multiple occasions on the weekly chart. Notably, each time XRP has followed this structure, the fifth and last wave has led to a substantial price increase. 

This pattern occurred in early 2017, with the completion of the fifth wave triggering an XRP price rally to the $0.3988 high in May 2017. Remarkably, data from Eric’s chart suggests that XRP had to spike by a massive 7,784% to the $0.3988 price. This surge preceded a short consolidation phase before another decisive rally to $3.31.

Potential Push to $36

With the drop from $3.31 and the series of price movements since then, XRP has slipped into another 5-wave structure. The structure is almost fulfilled, with XRP concluding all four waves over the past six years. Eric’s chart suggests that the fifth wave could again lead to a substantial price increase.

He projects an audacious 7,637% price upsurge, similar to the increase recorded in early 2017. Should this materialize, Eric’s chart points to an imminent rally toward $36. Eric is not the only chartist expecting an XRP increase to the $30 level. Notably, last September analyst CryptoInsightUK projected a price increase to $34.

XRP currently trades for $0.4850, down 1.08% over the past 24 hours. XRP’s immediate target at the current level is to decisively reclaim and retain the $0.50 price territory. It could leverage this point as a launchpad for a rally toward greater heights when the market recovers.

Expert Says Shiba Inu Could Reach $0.003 if Bitcoin Hits $150K

Lele Jima
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0
Expert Says Shiba Inu Could Reach $0.003 if Bitcoin Hits $150K

Wizard Crypto expects Shiba Inu (SHIB) to hit a target of $0.003 if Bitcoin trades at $150,000 per coin in the upcoming bull run.  

The crypto market has continued to witness a broader onslaught, wreaking havoc on the prices of top assets like Shiba Inu and Bitcoin. While BTC dropped to a weekly low of $63,554, SHIB’s price crashed to a low of $0.00001742 in the same timeframe. 

Despite the recent bloodbath, market participants expect these assets to embark on a significant recovery during a bull run. 

SHIB to Reach $0.003 if BTC Hits $150K 

In particular, pseudonymous crypto expert Wizard Crypto recently projected that BTC will reach a price target of $150,000 per coin during the peak of this season’s bull run. 

The target aligns with a similar prediction issued by British multinational banking giant Standard Chartered. As reported earlier, Standard Chartered projected that BTC would hit $150,000 by the end of 2024. 

Furthermore, Wizard Crypto also projected that Shiba Inu could hit a target of $0.003 within the same period BTC is anticipated to reach $150,000. Hitting the $0.003 target would require Shiba Inu to rally 16,520% from its current price of $0.00001805. 

Notably, the expert did not indicate any factor that could propel SHIB’s price for a surge toward the $0.003 level. However, Wizard Crypto’s prediction suggests that they are relying on Shiba Inu’s correlation with Bitcoin to drive the price of SHIB to $0.003.  

Shiba Inu’s Potential Surge to $0.003 

Besides Wizard Crypto, other prominent experts have also issued a similar $0.003 price target for Shiba Inu. However, they believe Shiba Inu would wait several years before achieving the feat. 

For instance, experts at crypto trading platform Changelly projected that SHIB would hit the $0.003 target by 2040, 16 years from now. In addition, crypto prediction platform Telegaon expects the $0.003 price target to become a reality by 2035. Furthermore, popular AI chatbot ChatGPT forecasted that SHIB could hit the target by 2044, almost 20 years from now. 

Although SHIB experienced more remarkable growth in 2021, it will take more than its correlation with Bitcoin to reach $0.003 if BTC hits the $150,000 mark. 

Nonetheless, several factors, including an unprecedented level of adoption, increased utility, and hefty burns, could play a pivotal role in SHIB’s potential surge to the $0.003 level. 

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