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XRP Biggest Coil Pattern Signals Potential 37,635% Explosion to $200

Abdulkarim Abdulwahab
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0
XRP Biggest Coil Pattern Signals Potential 37,635% Explosion to $200

Analyst Javon Marks has proposed that XRP is nearing a converging point of its largest coil pattern, projecting a 37,635% bullish explosion to $200 amid market recovery.

XRP has emerged as a beneficiary in the ongoing market recovery following the significant crashes early this week. On Wednesday, XRP revisited $0.4802 when Bitcoin tanked by 9% to $56,500.

However, with Bitcoin reclaiming the $63K threshold, XRP has mirrored a similar bullish pattern. At press time, XRP reached an intraday high of $0.5362, reflecting a substantial 11.66% upswing from this week’s low of $0.4802.

While XRP currently trails the broader market, prominent analyst Javon Marks has proposed it could be in a league of its own soon. Marks argued for an imminent aggressive wave that could likely push XRP by 37,000% to become an asset of three-digit values.

XRP Biggest Coil Pattern

In his latest analysis, Marks highlighted that XRP is closing in on the converging point of its biggest “coil” pattern ever. A coil pattern, otherwise called a symmetrical triangle, implies a period of consolidation where the asset price moves within a narrowing range.

The XRP chart accompanying Marks’ update indicates that XRP first witnessed a tightening price range pattern between 2014 and early 2017 when the asset sold around $0.0056.

Upon breaking out from the consolidation range, an extraordinary rally followed, propelling it to $3.84 within 12 two months.

The chart shows that an even more extensive coil pattern is currently at play. In particular, XRP has formed a six-year-long consolidation phase.

XRP Eyes Recovery Target of $1.5

Furthermore, the analyst noted that along with the current formation, increased trading volumes on shorter timeframes and confirmed bullish divergences are also present. This suggests that buying activity and positive momentum are building up in the XRP market.

Based on this observation, Marks proposed two imminent scenarios for X. The first is that the spotted bullish signals imply that XRP’s recovery price target is $1.5. By implication, the analyst anticipates XRP soaring by 183% in the current recovery phase.

XRP Soaring 37,635% to $200

Meanwhile, his second scenario involved XRP breaking out from the coil pattern. If this breakout occurs and follows a full logarithmic trajectory, the analyst proposed an audacious $200 as XRP’s price target.

With XRP’s prevailing value of $0.53, the bold $200 forecast implies an astonishing 37,635% price surge. This projection picks inspiration from the 2017/2018 trajectory following the breakout in which XRP rallied by 75,000%.

Furthermore, the analyst claims that analytical data supports the likelihood of the projected 370-fold price surge. Accordingly, he emphasized that the bullish rally is currently gathering momentum at XRP’s current value.

Ripple CEO Sides With Ethereum, Says ETH and XRP Aren’t Securities 

Lele Jima
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0
Ripple CEO Sides With Ethereum, Says ETH and XRP Aren’t Securities 

Ripple CEO Brad Garlinghouse throws his weight behind Ethereum as the SEC intensifies its probe to determine whether certain ETH transactions qualify as securities. 

Garlinghouse’s support comes after MicroStrategy CEO Michael Saylor characterized ETH as unregistered securities. 

As reported earlier, Saylor stated that ETH, XRP, Solana (SOL), Binance Coin (BNB), and Cardano (ADA) constitute unregistered securities. According to Saylor, these assets will never have their spot exchange-traded funds (ETFs). 

Ripple CEO Says ETH and XRP Aren’t Securities 

However, Garlinghouse has a contrary opinion. Speaking in his fireside chat with Arrington Capital founder and partner Michael Arrington at the XRP Las Vegas 2024 event, Garlinghouse emphasized that the SEC was “grossly wrong” for involving both assets in its securities-related scrutiny. 

The Ripple CEO fired shots at SEC chair Gary Gensler, describing him as an “unethical human being.” Pro-crypto journalist and Fox Business reporter Eleanor Terret shared Garlinghouse’s comment in an X post today. 

This is not the first time that the Ripple CEO has voiced his support for ETH. In March, the Ripple executive asserted that the SEC would fail in its quest to label ETH security, the same way it lost against XRP. 

Ongoing SEC Scrutiny Targeting ETH and XRP 

For the uninitiated, both XRP and ETH are subject to the SEC’s regulatory scrutiny. In 2020, the agency labeled XRP a security in its lawsuit against Ripple. 

However, it received major pushback last year when a U.S. federal judge declared that XRP is not a security. The judge also ruled that Ripple violated the law when it offered and sold the coin to institutional clients. 

Nonetheless, the SEC has not explicitly deemed Ethereum a security. The regulatory agency is only investigating whether certain transactions involving ETH constitute investment contracts, a special type of security. 

Responding to the SEC’s scrutiny, Consensys Inc., a prominent software development company founded by Ethereum co-founder Joseph Lubin, sued the regulator in a Texas court, citing regulatory overreach. 

Consensys contended that the SEC aims to regulate ETH as a security despite the asset lacking securities characteristics. The company further bolstered its argument by referencing a previous statement from the SEC affirming that ETH is not a security and falls outside the SEC’s regulatory purview. 

The characterization of Ethereum as a non-security was issued by William Hinman, former director of SEC’s Corporation Finance division. 

In the meantime, the major focus is on how the SEC’s ongoing scrutiny would affect the agency’s potential approval of a spot-based Ethereum ETF this month. 

Ripple Escrow Unlock Releases Additional 500M XRP for May

Sam Wisdom Raphael
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Ripple Escrow Unlock Releases Additional 500M XRP for May

The Ripple escrow unlock schedule has recently released an additional 500 million XRP to complete the 1 billion quota for the month of May.

The escrow system released these XRP tokens across two uneven transactions spaced 16 minutes apart yesterday. On-chain data indicates that the first transaction, occurring at 08:28 PM (UTC), involved the release of 100 million XRP valued at $53.38 million.

Following the initial transaction, an additional 400 million XRP, valued at $213.9 million, were released, culminating in a total of 500 million XRP unlocked for this batch. Both transactions directed the tokens to the same address, which continues to hold them as of the latest reports.

Previously, this address had transferred 500 million XRP back into escrow, contributing to the 800 million tokens that Ripple re-locked this month. It is worth noting that the Ripple escrow unlock schedule witnessed a release of only 500 million XRP on the first day of the month, a departure from the typical pattern.

Interestingly, after the initial release of 500 million XRP on May 1, Ripple proceeded to re-lock 800 million tokens into escrow, as The Crypto Basic disclosed. Now, the latest release of 500 million XRP brings the total amount of tokens unlocked from escrow this month to 1 billion, effectively balancing the Ripple escrow unlock schedule for this month.

Erratic Ripple Escrow Unlock Schedule

This pattern of erratic escrow executions has been persistent throughout the year, with January being the only month that has witnessed the typical Ripple escrow unlock schedule. Last month Ripple saw the execution of 500 million XRP on April 1 before an extra 500 million tokens were released 11 days later. 

March recorded a similar pattern, with just 500 million XRP released on the first day of the month. In February, the Ripple escrow unlock schedule also witnessed a deviation, as the firm saw the release of just 600 million XRP on Feb. 1, and then 400 million on Feb. 25. 

Although the XRP community typically anticipates the release of 1 billion tokens monthly, this year’s irregular schedule has heightened concerns about potential price fluctuations. Nonetheless, there has been no apparent impact on the market, as Ripple consistently re-locks 800 million tokens each month.

Notably, XRP remains on a recovery path, rising 5.85% this month in an attempt to offset the 20.44% loss recorded in April. XRP spiked to a 9-day high of $0.5367 yesterday before witnessing bearish pressure. It now looks to hold above the $0.53 psychological territory, currently changing hands for $0.5302.

Shiba Inu Team Says SHIB Lead Has No keys to Burn SHIB, as Any Token Burnt Needed To be Purchased

Sam Wisdom Raphael
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0
Shiba Inu Team Says SHIB Lead Has No keys to Burn SHIB, as Any Token Burnt Needed To be Purchased

Shiba Inu ecosystem team member and marketing lead Lucie has emphasized the importance of community effort in bolstering SHIB burns.

Amid a surge in community inquiries, the Shiba Inu team has shed light on the mechanisms that could significantly increase the rate of SHIB burns. Lucie, a Shiba Inu marketing specialist, addressed the community’s concerns with a clarifying message that redirects the focus from the developers to the community’s role in token burns.

Community Effort Paramount for Increased SHIB Burns 

In a recent post on X, Lucie emphasized that the developers, including the pseudonymous lead, Shytoshi Kusama, are not the custodians of tokens designated for burning. 

Instead, the community’s collective actions, such as token burning and transactional activities, propel the burn rate. Crypto Basic disclosed on May 1 that the Shiba Inu community incinerated over 1.69 billion tokens throughout April.

While this effort is commendable, the figure falls short in comparison to the 15.64 billion tokens burned in March. This drop was due to a lack of Shibarium-powered burns in April. Shibarium, which is expected to burn SHIB with a portion of base transaction fees, has seen a pause in burns amid declining engagement.

The last Shibarium burn came up on March 9, involving 13.4 billion tokens. Notably, the ecosystem team has plans to switch burns from manual to automated. In addition, according to Lucie, the team’s strategy is to enhance Shibarium’s appeal by drawing in more projects and promoting the use of the bridge by community members.

The emphasis was placed on community engagement and the development of projects within the Shibarium ecosystem. Lucie pointed out that questioning the whereabouts of Shytoshi or the timing of burns is less productive than focusing on increasing community participation.

Shiba Inu Burns Require Token Purchases

She also addressed the negative sentiment and misinformation circulating within the community, highlighting that mere talk without action does not particularly contribute to the project’s progress. 

The marketing specialist expressed support for the Shiba Inu ecosystem developers, who she said are actively creating tools for community use. However, she noted that these tools must be utilized to have the desired effect on token burns.

Lucie touched upon the founder Ryoshi’s decision to burn the keys to the SHIB supply. This move ensures that any tokens to be burned must be acquired first, which requires income generation to support the burn process. She called for the community to assist in onboarding dedicated individuals and projects to build on Shibarium.

In her closing remarks, Lucie reiterated her commitment to the SHIB token and expressed a shared aspiration with the community to reach significant price milestones like $0.01. She emphasized the importance of unity and collective effort in achieving the goals set forth by the Shiba Inu project.

Bitcoin Rebound Confirmed as Whales Amass 47K+ BTC Worth $2,802,500,000 in One Day

Abdulkarim Abdulwahab
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0
Bitcoin Rebound Confirmed as Whales Amass 47K+ BTC Worth $2,802,500,000 in One Day

Bitcoin is now on a path to short-term price recovery following the accumulation of over $2.8 billion BTC in the last 24 hours.

This week, Bitcoin’s price slumped to $56,555, triggering a bloodbath in the crypto scene. The Wednesday landslide dip aligns with the ongoing market consolidation that picked up in mid-March.

However, market observers, influenced by fresh on-chain metrics, see significant reasons to believe the Bitcoin market is poised for near-term relief from the recurring price crashes. One factor is the renewed accumulation patterns of Bitcoin whales. 

Ki Young Ju, the founder of the analytic platform CryptoQuant, called attention to this development in an update today on X. 

Whales Accumulate $2.8B BTC in One Day

Young Ju disclosed that Bitcoin whale wallets with at least one transaction in the last 24 hours have amassed 47,500 BTC tokens over the past day. 

Notably, their average purchase price was $59K, suggesting these investors bought the dip with $2,802,500,000. Emphasizing the significance of the whale’s acquisition, Young Ju proclaimed that the market is “entering a new era.”

As a result of the new acquisition, the cumulative BTC balance of these active whales hit 498.1K tokens, up from about 450K BTC the previous day. Essentially, these active whales command $29.38 billion in Bitcoin.

Short-Time Rebound Projection

In a separate update, CryptoQuant analyst Dan similarly argued for the possibility of a rebound for Bitcoin. He focused on the behavior of short-term investors, which he believes influence Bitcoin’s price movements.

Dan plotted the Bollinger Band technical indicator against Bitcoin’s Spent Output Profit Ratio (SOPR) data. He noted that the metric helps identify potential buying and selling points based on transaction profitability.

The analyst stated that when the SOPR hits the band’s bottom in bull markets, it suggests oversold conditions and a likely price rebound, which is currently the case.

Additionally, he observed decreased positive sentiment among general investors during the current market correction. According to him, this cooling down of market enthusiasm suggests a rebound might be on the horizon after this adjustment period.

Also, in a recent update, market intelligence platform IntoTheBlock (ITB) pointed out that Bitcoin’s recent drop to the $56K range mirrored previous cycles in terms of the rate of holders experiencing losses.

As a result, ITB highlighted the $58K range as the key demand zone to watch. Additionally, the platform suggested that if the market moves upward, there could be increased selling pressure around $62K, again confirming the idea of short-term relief.

Bitcoin Rebound Confirmed 

Interestingly, Bitcoin has already proved the claims of these prominent entities accurate. At press time, Bitcoin oscillates at $61,721, reflecting a 5% gain from the previous day’s $58K price point.

Bitcoin Price Forecast: BTC Short Traders Face $1.2B Losses after US NFP Report

Mark Brennan
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0
Bitcoin Price Forecast: BTC Short Traders Face $1.2B Losses after US NFP Report

Bitcoin derivatives traders’ reaction to the underwhelming US Non-Farm Payrolls report could drive prices further upward as Bitcoin price extends its May 2024 rebound to 8% on Friday, surging above $61,000 for the first time in 5 days. 

Markets Agog as US Non-Farm Jobs Fall Below Expectations

Bitcoin’s post-halving sell-off has stalled since the US Fed announced a rate pause on Wednesday, setting the stage for a mild price recovery phase. The markets witnessed further gains on Friday after the U.S. Bureau of Labor Statistics’ released Non-Farm jobs data for April 2024.

Non-Farm jobs data for April 2024 | TradingEconomics
Non-Farm Jobs Data for April 2024 | TradingEconomics

The US labor market added 175,000 non-farm jobs in April 2024, according to the Bureau of Labor Statistics’ latest data. This shows a month-on-month decline of 140,000 jobs, while also falling 28% short of the market’s consensus expectation of 243,000 jobs.

Bitcoin Price Surges Non-Farm jobs data for April 2024

Typically, a decline in Non-Farm jobs indicates a contracting economy, which often nudges regulators towards expansionary monetary policy tweaks. Hence, strategic investors could interpret the underwhelming non-farm payrolls report to be a precursor to imminent Fed rate cut.

Initial crypto markets reactions to the NFP reports release on Friday also echoes this bullish stance.

Bitcoin Price action after Non-Farm Payrolls Report
Bitcoin Price action After Non-Farm Payrolls Report

Within hours of the NFP report release, Bitcoin price surged 4% from $59,000 to a daily timeframe peak of $61,770, as depicted in the chart above. This correlation suggests that the report may have heightened investors’ expectations of a rate cut in Q2.

Rate cuts often increase demand for risk assets like Bitcoin as it lowers cost of debt, as well as returns on the alternative fixed income assets and government bonds.

The next Fed meeting is scheduled to hold on June 11-12. Essentially, a contraction in the jobs market increases the likelihood of a US Fed rate cut to stimulate the economy and prevent a recession. Hence, the rapid BTC purchases witnessed on May 3 could persist as many investors may now seek to aggressively front run the potential upside from the impending rate cut.

Bitcoin bulls seize control of the derivatives markets

Following the lower-than-expected jobs data, BTC bull traders have piled on leveraged positions signaling overwhelming expectations of further price upswings.

Coinglass’ liquidation map shows the amount of leverage that Bitcoin traders have applied on their existing speculative positions around the 10% boundaries of the current prices.

Bitcoin (BTC) Liquidation map, March 2024 | Source: Coinglass
Bitcoin (BTC) Liquidation map, March 2024 | Coinglass

Within hours of the Non-Farm jobs report, BTC leveraged long trades have surged nearly $700 million higher than active short contracts.

The chart above shows that Bitcoin bull traders have mounted leveraged positions (red area) worth $1.89 billion with the 10% boundaries of the current prices, far exceeding the short leverage contracts which currently stands at $1.2 billion at the time of publication on May 3.

Following the money, this implies majority of existing Bitcoin traders are betting big on the anticipation that the next US Fed rate announcement will trigger more BTC price surge.

Bitcoin (BTC) Price Forecast: Reclaiming $63,000 Could Trigger Bigger Gains

Drawing insights from the liquidation charts above, bears now face over $1.19 billion in liquidations if BTC price breaks above the $62,425 mark.

Bitcoin BTC Price Forecast
Bitcoin BTC Price Forecast

Without sufficient hedge, a mass liquidation of those positions that could set-off a short-squeeze, and drive an accelerated Bitcoin price surge towards $70,000.

However, historical accumulation trends from IntoTheBlock’s in/out of the money chart also affirms this optimistic Bitcoin price forecast. It shows that the $61,770 – $63,583 area has been a major accumulation zone among existing BTC holders in the past.

Screen Shot 2024 05 03 at 33626 PM
Bitcoin Historical Accumulation Price Trend | IntoTheBlock

As seen above, over 1.58 million addresses acquired 461,730 BTC at the average price of $62,575. Considering the traders’ historical tendency to buy more BTC at that price range, another wave of demand could rapidly drive the recovery above $65,000.

However, on the contrary, if Bitcoin fails to flip that resistance cluster in the near-term, prices could tumble toward $55,500 mark.

Market Veteran Says Cardano Has Set the Stage for a Parabolic Bull Run to $9.9

Sam Wisdom Raphael
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0
Market Veteran Says Cardano Has Set the Stage for a Parabolic Bull Run to $9.9

Notable crypto analyst Ali Martinez expects Cardano (ADA) to record a parabolic bull run to $9.9 following the latest 50% correction.

Cardano has not escaped the recent market bloodbath, having witnessed a major correction from this year’s peak above $0.81. ADA hit the $0.8104 high on March 14 as it rode on Bitcoin’s (BTC) uptrend which lasted from last October to the first quarter of the year.

However, Cardano is now down 43% from the $0.8104 high, having broken below multiple support levels to trade at the $0.46 level. Despite the ongoing downward slope, some market analysts remain confident of Cardano’s potential for a major recovery.

One such analyst, Ali Martinez, recently analyzed Cardano’s price movements and suggests that it may be on the cusp of a parabolic bull run, potentially reaching the elusive $9.9 mark.

ADA’s Historical Trends

Martinez’s analysis draws parallels between Cardano’s current market behavior and its historical trends. Citing data from an accompanying chart, he pointed out that a 50% price drop in ADA’s value over the past month mirrors a pattern observed in 2019. 

Notably, ADA’s price consolidated within a parallel channel from September 2018 to July 2020, exhibiting range-bound movements between support and resistance lines. This consolidation marked the end of the bear market at the time, as bullish sentiments slowly crept back into the market.

Following the consolidation phase, ADA experienced a breakout with a 75% surge, followed by a 56% correction. Such corrections are common after strong price increases and often serve as a setup for further gains. Interestingly, the 56% correction, which occurred in August and September 2020, led to an impressive 4,095% rally for ADA.

Cardano Looks to Repeat Its Monumental Run

Fast forward to 2023, and a similar pattern emerged. Cardano once again consolidated within a parallel channel from September 2022 to November 2023. ADA broke out with a 72% surge in December 2023. However, it has now undergone a 50% price correction. According to Martinez, this could be setting the stage for another significant bull run.

If Cardano follows its previous trajectory, the recent price correction could represent a golden opportunity for investors to buy ADA before a potential bull run, Martinez says. The analyst projects an imminent 2,489% increase from the cycle low of $0.409 to a new all-time high of $9.982.

Meanwhile, ADA is currently struggling to hold above the $0.46 psychological threshold, trading for $0.4644 at the reporting time. Cardano faces immense resistance at the 20-day SMA ($0.4693), with a break above this level capable of pushing it above the $0.50 level. On the other hand, the bulls must defend $0.4290 to foil any attempt at steeper declines.

Bitcoin Maxi Michael Saylor Slams ETH and XRP, Says They Won’t Get Spot ETFs   

Lele Jima
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0
Bitcoin Maxi Michael Saylor Slams ETH and XRP, Says They Won’t Get Spot ETFs   

MicroStrategy founder Michael Saylor issues negative predictions for Ethereum (ETH) and other altcoins like XRP and Cardano (ADA), says they will not be wrapped by a spot ETF. 

Saylor issued the predictions during MicroStrategy’s recent Bitcoin for Corporation event. A video clip showing Saylor’s harsh comments have been making rounds on X.  

Saylor Fires Shots at ETH, XRP, BNB, ADA, and SOL 

The famous Bitcoin proponent speculated that the United States Securities and Exchange Commission (SEC) will not approve any Ethereum spot-based exchange-traded funds (ETFs) applications this summer. 

According to him, after the SEC denies these Ethereum ETF applications, it will become evident to everyone that ETH is not a commodity but an unregistered security. 

Furthermore, Saylor criticized other crypto assets, including XRP (XRP), Solana (SOL), Binance Coin (BNB), and Cardano (ADA), describing them as unregistered crypto asset securities. 

He noted that these altcoins will not get their spot ETF and are unlikely to gain mainstream adoption among institutional investors and Wall Street. 

Saylor Heaps Praises on Bitcoin 

However, he reiterated his support for Bitcoin, characterizing it as the “one, universal, consensus, accepted, institutional-grade crypto asset.” 

Saylor has been a major Bitcoin advocate since August 2020, when MicroStrategy commenced its BTC acquisition spree.

Since then, Saylor has not only spearheaded MicroStrategy’s BTC acquisition but has also aligned with other Bitcoin proponents to advocate for stern regulatory measures against altcoins. 

SEC Stringent Measure Against Altcoins 

All altcoins listed by Saylor are part of the SEC’s ongoing securities-related investigations or lawsuits. In December 2020, the SEC labeled XRP a security in its case against Ripple. 

The regulatory agency also gave the securities tag to SOL, ADA, and BNB in its lawsuits against Coinbase and Binance. 

Although it has not officially labeled ETH a security, the SEC is investigating whether certain ETH-related transactions constitute investment contracts. 

Of all assets Saylor referred to as securities, XRP is the only altcoin with legal clarity in the United States. The coin received this clarity from a New York federal court in July 2023. 

Will SEC Approve Ethereum Spot ETF? 

Earlier this year, crypto enthusiasts were confident about seeing at least one Ethereum ETF approved in 2024. This optimism gained momentum after the SEC approved multiple Bitcoin ETFs in January, with Bloomberg ETF expert Eric Balchunas putting the odds of approval at 70%. 

Amid the SEC’s ongoing investigation regarding whether certain Ethereum transactions constitute securities, the fate of Ethereum’s ETF prospects currently hangs in the balance. 

Nonetheless, Larry Fink, CEO of BlackRock, believes that an Ethereum ETF could still go live even if the SEC classifies ETH as a security. BlackRock is one of the companies vying to launch a spot ETF for Ethereum.

Bitcoin Cash Price Forecast: Can BCH Rebound above $500 in May 2024

Mark Brennan
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0
Bitcoin Cash Price Forecast: Can BCH Rebound above $500 in May 2024

Whale investors’ bullish stance could drive Bitcoin Cash price upward as it prods above $430 on May 3, halting a rut of five consecutive days of decline.

BCH Price Enters Rebound Phase after 43% Post-Halving Dip in April 2024

Bitcoin Cash faced significant turmoil in April 2024. The price decline began shortly after its latest Halving on April 3, which evolved into a 43% dip by month end as miners led the post-halving sell-off.

Bitcoin Cash (BCH) Price Action
Bitcoin Cash Price Action

However, the recent price trend suggests that BCH bulls are poised for an imminent rebound phase. After closing April with 5 consecutive red candles, BCH is showing early signals of a potential bullish reversal in May.

At the time of writing on May 3, BCH price has bounced 10.8% in the last 48 hours to reclaim the $435 territory.

Whale Investors are Funding the BCH Price Recovery

Looking beyond BCH recent price performance, the underlying on-chain data trends suggest whale investors trading activity could be the main catalyst behind the 10.8% recovery in May.

The Santiment chart below depicts historical changes in balances of wallets holding at least 10,000 BCH (~$4.3 million).

Bitcoin Cash (BCH) Price vs Whales Wallet Balances
Bitcoin Cash Price vs Whale Wallet Balances

As of April 3, the day of the halving, these Bitcoin Cash whales held a cumulative balance of 10.79 million BCH. While the post-halving sell-off intensified, the whales showed resilience. Rather than join the selling frenzy, they capitalized on the price dip to bolster their BCH holdings.

At the time of publication on May 3, these whale investors’ balances have hit 10.82 million BCH, reflection an addition of 30,000 BCH since the halving.

When valued at today’s prices, the whales have effectively invested $13 million in the last 30-days between April 3 and May 3, 2024, defying the 43% Bitcoin Cash price decline.

When whales keep up a buying stance during a market downturn, it often impacts prices positively. Firstly, a prolonged trend of large purchases from whale investors helps the underlying asset to hold higher support levels as it provides much-needed market depth and liquidity for panic sellers to exit without triggering major price downswings.

More importantly, whales are deemed to be more sophisticated and better informed about the market. As a result, other strategic retail investors are likely to gain confidence and mirror their bullish stance in the coming days.

BCH Price Forecast: $500 Target in Focus

Bitcoin Cash price looks set for an imminent rebound toward $500 in May 2024, especially if whale investors continue adding to their 10.82 million BCH holdings as observed in April.

In terms of key support and resistance levels to watch in the near-term, BCH price recovery could hit a major roadblock at the $460 level.

Bitcoin Cash Price Forecast
Bitcoin Cash Price Forecast

As seen above, 1.74 million addresses had acquired 3.9 million BCH at the minimum price of $460.19. If those investors hold firm, Bitcoin Cash price could flip the resistance ahead towards $500.

But in the event of another major price downswing, BCH bulls can rely on the looming buy-wall at $370 for short-term support.

Expert Predicts Timeline for Shiba Inu to Reach $0.00017

Abdulkarim Abdulwahab
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0
Expert Predicts Timeline for Shiba Inu to Reach $0.00017

A notable figure in the crypto community has suggested a timeline for Shiba Inu to achieve a $0.00017 price point despite ongoing bearish sentiment.

Shiba Inu has not been an impressive performer in the crypto market for the past few weeks. This is due to the persistent downturn over the last two months. At the prevailing market value of $0.00002296, SHIB trades substantially 49% below the peak price it sold for in early March.

However, market commentators have reasons to believe Shiba Inu could trade at around $0.0001, with some issuing timelines for the price target to materialize. 

Timeline for Shiba Inu to Reach $0.00017 

In a recent post on X, Oscar Ramos, a well-known Shiba Inu advocate, projected the asset to attain $0.00017 by 2025. Notably, the crypto bull season is expected to conclude next year. This suggests that $0.00017 is Ramos’ most ambitious outlook for SHIB during this bull run. 

The target, should it materialize by 2025, would mark a substantial 640% gain for investors buying Shiba Inu today at $0.00002296

Opposing View

However, pundits at trading platform Changelly propose a six-year timeline for Shiba Inu to hit $0.00017. They argue that SHIB’s peak value for the bull season would be $0.000059994. Also, prediction platform Telegaon has voiced comparable sentiment.

Meanwhile, the projection falls below the widely anticipated target of Shiba Inu by 2025. Looking at Shiba Inu’s history and recent performances, many analysts have placed strong bets on SHIB above $0.0001 by 2025.

Other Experts Expecting SHIB at $0.0001

For instance, nine weeks ago, SHIB engineered a rally that drove it by 373% from $0.0000095 to $0.000045 in eight days. Based on this trajectory, analyst Eunice Wong proposed the eventual arrival of a similar wave that potentially takes SHIB to $0.000125.

Similarly, Kuro, a Japan-based Shiba Inu enthusiast, recently voiced conviction that SHIB would attain $0.00011. The community pundit expressed this view after SHIB broke the $0.00011 price point against the JPY trading pair on Binance Japan on Tuesday.

In his view, $0.00011 will become Shiba Inu’s floor price when the SHIB development crew succeeds with their global partners.

Among Shiba Inu’s latest collaborations is its entry into CDSA, an organization with members such as Netflix, Apple, and Amazon, to use Shibarium to address piracy concerns. Shortly after the announcement, Shiba Inu’s lead developer, Shytoshi Kusama, revealed closing a fresh deal of significance for SHIB. 

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