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Bitcoin Price Analysis: Will BTC Fall Below $100k Again?

Albert Brown
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As the price of Bitcoin (BTC) continues to the pullback phase, sellers are eyeing the $98,664 level as bullish momentum fades.

This week, the crypto market has experienced increased volatility following Donald Trump’s inauguration on Monday. This surge briefly propelled Bitcoin to a new all-time high of $109,111 before quickly reversing.

During the ongoing pullback, Bitcoin has dropped from the $109k resistance zone to below $102k, marking a loss of nearly 5%. Will the pullback restore the exhausted bullish momentum, or is this the start of another correction for the crypto market?

Bitcoin Price Analysis

Since mid-December, Bitcoin has struggled to maintain levels above the $108k resistance, leading to a sideways trend. The long-wick rejection candles in the $108k-$109k range suggest that sellers are actively defending these levels and maintaining control.

Bitcoin Price Chart
Bitcoin Price Chart

On the 4-hour chart, the latest Bitcoin reversal has formed a classic head-and-shoulders pattern, which is a bearish formation. This pattern is characterized by three peaks, with the middle extending higher than the two nearly equal-length peaks.

If the pattern holds, Bitcoin’s price could drop by approximately 1.5% to test the 100-day EMA line.

Technical indicators are showing increasing seller dominance. A fresh downturn in the 20-day EMA highlights the growing bearish sentiment. Likewise, the Relative Strength Index (RSI) breaking below the midline signals growing selling pressure.

Bitcoin Price Targets

A bearish breakdown below the 100-day EMA, in line with the Head and Shoulders pattern, could accelerate the downward momentum for Bitcoin. Theoretically, the post-breakdown decline could match the distance from the head to the neckline, which, if true, would bring Bitcoin’s price down by 3.40% to the $98,664 support.

On the other hand, a rebound could see Bitcoin challenge the $103,625 level again. At press time, Bitcoin is struggling to maintain above the $101K price level.

Leading XRP Wallet Xumm Processed Over $6B in the Past Year—It Cost Users Only $510

Okoya David
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Leading XRP Wallet Xumm Processed Over $6B in the Past Year—It Cost Users Only $510

Xaman (formerly Xumm), a top XRP Ledger (XRPL) wallet processed over $6 billion in payments in 2024, which only cost users a total of $510.

For all the flak the XRP Ledger has received over the years, its strengths as a low-cost and fast payment rail can hardly be denied. These strengths have been put on full display in impressive numbers revealed by the network’s leading wallet provider.

Xaman Claims $6B in XRP Payments

Xaman Wallet, the leading XRPL wallet developed by XRPL Labs, has recently spotlighted the network’s payment capabilities.

In an X post on Wednesday, January 22, the wallet disclosed that it had processed a staggering $6 billion in the past year, including cross-border remittances and ecosystem transactions, for only $510 in fees. 

As highlighted by one user, proportionally, this equates to less than 10 cents per every $1 million transferred compared to the $20 to $50 fees paid on $2,000 bank transfers that still take days to process.

While the low fees are largely due to the XRPL’s attractive features, Xaman’s high payment volume is likely a testament to the effort the wallet has put into user-centric upgrades in the past few years.

Commenting on the development, XRPL Labs COO Robert Kiuru stressed that the wallet’s success in the past year is largely attributable its xApp functionality. 

For context, xApps are embedded web applications within the Xaman Wallet that allow users to access specific services without leaving the wallet. These applications include on/off-ramp services, decentralized exchanges, payment services, and more.

According to Kiuru, Xaman users interacted with these xApps nearly 8 million times within the year. Tipping 2025 to be even better, he noted that Xaman intends to ship more features and xApps.

The broader XRP ecosystem has received a big boost in recent weeks amid anticipated regulatory clarity for the asset, giving apps like Xaman a chance to shine.

Cardano Slips Below $1: Can ADA Bulls Defend $0.90 Support?

Albert Brown
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Cardano Slips Below $1: Can ADA Bulls Defend $0.90 Support?

Cardano fails to hold above the $1 level. Will sellers test the $0.82 support as the broader market pulls back?

The total crypto market cap (excluding Bitcoin and Ethereum) has declined 1.62%, bringing the altcoin sector down to $1.05 trillion. Amid this pullback, Cardano has experienced a 3.35% drop over the past 24 hours, reducing its seven-day return to negative 8.61%.

Currently, Cardano is trading at $0.964, having lost the psychological $1 mark. Its market cap now stands at $33.90 billion.

Cardano Price Analysis

Looking at the daily chart, Cardano’s price action shows a decline below the $1 level. The current pullback from the $1.10 zone appears to complete a double-top reversal pattern.

Cardano Price Analysis
Cardano Price Analysis

At the moment, ADA is trading at $0.9657, reflecting a 1.75% intraday pullback. This marks its second consecutive bearish candle, signaling a failure to break above the 20-day EMA.

As the correction phase extends, sellers are pressuring the 50-day EMA. If this bearish trend continues, Cardano may test the $0.90 support level, which aligns with the double-top pattern. Below that, the next significant support lies at $0.8365, which aligns with the 100-day EMA.

The intensifying pullback is reflected in the daily RSI, which has fallen below the halfway point, indicating increased selling pressure.

However, if the broader market recovers, key resistance levels for Cardano will be the $1 psychological mark and the 23.6% Fibonacci level at $1.05.

ADA Price Targets

Currently, Cardano maintains its higher-low formation, which supports the potential for a bullish reversal. If this trend continues, the ADA price could form an ascending triangle pattern, with the $1.10 resistance zone serving as the upper boundary.

However, if Cardano drops below the $0.90 neckline, the bullish outlook will be invalidated. In that case, further declines could push the price towards the 200-day EMA at $0.70.

Ethereum Teeters on $3,137 Support: Will Bulls Hold the Line?

Albert Brown
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Ethereum Teeters on $3,137 Support: Will Bulls Hold the Line?

Amid a broader market pullback, Ethereum is testing a crucial support level. Will the price of ETH hold steady for a potential bounce?

With the broader market remaining bearish and Bitcoin dipping to $101,000 levels, Ethereum has dropped 3.75% over the past 24 hours. Breaking below the $3,200 support level, Ethereum’s market cap has fallen to $385.15 billion.

Accordingly, Ethereum’s seven-day return has now dropped to negative 5.12%, with its price trend suggesting a pullback to the $3,100 support level. Could this lead to an extended correction?

Ethereum Price Analysis

On the daily chart, Ethereum’s price trend continues to show a pattern of lower highs. The recovery from $3,137 failed to sustain momentum, with two consecutive bullish candles unable to push above the 50 EMA at $3,369.

BITSTAMP:ETHUSD Chart Image by Trojan69420

Ethereum is showing signs of a bearish reversal. It has experienced an intraday pullback of 1.43%, marking its second consecutive bearish candle. This puts added pressure on the current crucial support at $3,137.

Supporting the price action, the 200-day EMA line serves as a dynamic cushion. Additionally, lower price rejections have led to a bullish divergence in the RSI, increasing the likelihood of a bullish comeback.

However, broader market volatility, with Bitcoin potentially retracing to the $100,000 level, could lead to a bearish breakdown.

Bearish Speculations Surge Amid Declining Market

Amid the uncertain price action, the Ethereum derivatives market reveals a rise in bearish speculations. The Ethereum open interest is down by 1.71% to $30.64 billion. 

Ethereum Derivatives
Ethereum Derivatives

Furthermore, the long-to-short ratio over the past 24 hours has dropped to 0.9139, indicating a growing number of bearish positions.

Meanwhile, the funding rate remains neutral at 0.090% compared to previous days. Bullish traders are continuing to pay the same premium to hold their positions.

Ethereum ETFs Record Net Outflow

As bearish speculations rise, the U.S. Ethereum spot ETFs have seen a net daily outflow. On January 22, the daily net outflow stood at $8.46 million, leading the bearish trend.

While most Ethereum ETFs remained neutral, Fidelity saw an inflow of $8.98 million. However, Grayscale’s Mini Ethereum Trust saw a larger outflow of $17.44 million, turning the daily flow negative.

ETH Price Target

Despite the negative technical signals, Ethereum’s underlying support at $3,137 hints at the possibility of a bounce. Ethereum could test the 23.6% Fibonacci level at $3,557 if a new swing high is achieved.

On a positive note, a rounding reversal pattern could lead the price to test the $4,000 psychological level. On the other hand, a breakdown below $3,137 could bring the $3,000 psychological level into focus. Beyond that, the next crucial support lies at $2,780.

Expert Says Dogecoin ETF Will Send DOGE Price Soaring 4,185% to $15

Abdulkarim Abdulwahab
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Expert Says Dogecoin ETF Will Send DOGE Price Soaring 4,185% to $15

Widely followed market commentator Ali Martinez boldly predicts that a Dogecoin ETF could send the meme coin’s price to double digits.

Notably, discussions about the potential arrival of a Dogecoin ETF have gained traction within the crypto community this week.

Latest Filings for Dogecoin ETF

In particular, momentum picked up after a filing for a Dogecoin ETF with Delaware’s Department of State’s Division of Corporations surfaced. Notably, the submission came from billion-dollar asset manager Bitwise.

Interestingly, Bitwise’s Chief Investment Officer, Matt Hougan, confirmed the authenticity of the development. When asked about the submission, Hougan stated, “This was from us.”

For some time, many believed it was only a matter of time before an asset manager filed for a Dogecoin ETF.

Earlier this month, Nate Gercai, President of the ETF Store, expressed surprise that no issuer had pursued such a filing, considering Dogecoin is the seventh-largest digital asset by market cap.

He suggested that, at worst, it would only serve as a marketing expense for the issuer. At best, it could attract a favorable response from the SEC, with added promotion from DOGE Father Elon Musk.

Last week, liquidity provider Wintermute predicted that an asset manager would file for a Dogecoin ETF in 2025—a forecast that is now coming to fruition. Meanwhile, Bitwise is not the only asset manager that has shown interest in a Dogecoin ETF. A similar filing has surfaced from Teucrium.

Dogecoin Price Reacts

Notably, the news of the Dogecoin ETF contributed to an initial boost in Dogecoin’s price this week. The price reached $0.4002 on Tuesday but has since dipped to $0.3492 at press time.

Dogecoin 4,185% Surge to $15 with ETF Launch

While Dogecoin’s price fluctuated amid the ETF filings, market commentators like Ali Martinez believe that the eventual launch of the investment fund would provide the necessary boost to push Dogecoin’s price to unprecedented heights.

In particular, Martinez is targeting a wave that could drive Dogecoin’s price up by 4,185%, reaching $15 this season. For context, at this price, Dogecoin would have an astronomical market cap of over $2.2 trillion, which would surpass Bitcoin’s current valuation.

Martinez is not alone in forecasting a major price swing for Dogecoin based on ETF catalysts. Other analysts, such as Dima James Potts, have expressed similar sentiments, predicting a more substantial 55X surge for Dogecoin to above $20.

Ethereum Faces Likely Governance Rift as Lido Founder Proposes Second Foundation

Albert Brown
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Ethereum Faces Likely Governance Rift as Lido Founder Proposes Second Foundation

Lido founder Konstantin Lomashuk has signaled plans to establish a “Second Foundation” to strengthen the Ethereum ecosystem. 

The move follows ongoing discussions about Ethereum’s governance structure and concerns over centralization risks. Lomashuk introduced the initiative through a new account on X, drawing mixed reactions from the Ethereum community.

The Role of a “New Ethereum Foundation”

Ethereum’s governance has been under scrutiny, with some arguing that the network is becoming too reliant on co-founder Vitalik Buterin. Lomashuk’s proposed “Second Foundation” seeks to introduce competition among different research entities, allowing broader participation in Ethereum’s development. 

The original Ethereum Foundation has focused on a “rollup-centric” roadmap, prioritizing layer-2 scaling solutions. While these rollups enhance transaction speed and network efficiency, critics argue they introduce trade-offs such as security risks and reduced base fee revenues for Ethereum.

The debate over Ethereum’s direction has intensified as community members weigh the impact of these changes.

Concerns Over Staking Centralization

Meanwhile, Lomashuk’s initiative has sparked concerns that it may align with Lido’s broader ambitions in Ethereum’s staking ecosystem.

In December, a community member questioned whether the “second foundation” would support Lido’s dominance in staking or oppose Ethereum’s potential issuance reduction.

In response, Lomashuk defended Lido’s role in maintaining Ethereum’s decentralization and censorship resistance. He highlighted Lido’s planned dual governance launch in Q1 2025 as a safeguard against governance attacks on LDO token holders.

The discussion extended to Ethereum’s staking model, with Lomashuk advocating for 66% of all ETH to be staked. He argued that this threshold is necessary to prevent validator centralization under large custodians.

Addressing concerns over self-imposed limits, he stated that any staking constraints should be uniformly applied at the protocol level rather than targeting specific liquid staking providers.

He also pointed out that the Ethereum Foundation has historically been challenging for outsiders to contribute to, emphasizing the need for alternative research groups.

Buterin’s Response to Governance Debates

The proposal and subsequent discussions prompted a response from Ethereum’s co-founder. Buterin clarified that decisions regarding EF’s leadership remain under his control until structural reforms establish a formal board. 

He expressed concern over increasing pressure from social media discussions, stating that it creates a negative environment for Ethereum’s developers. Some core contributors, he noted, had privately voiced their frustration with the ongoing governance debates, seeing them as detrimental to Ethereum’s progress.

 

Crucial Clarification

Meanwhile, Konstantin Lomashuk has clarified that his tweet about a “Second Foundation” was speculative, emphasizing that no such entity exists yet.

He highlighted Ethereum’s potential as the “ultimate world computer,” encouraging broader contributions from the community. Lomashuk stated that any future foundation must complement existing efforts and promised to share further insights.

 

TRUMP Trading Volume Surpasses XRP Despite Steep Price Correction

Okoya David
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TRUMP Trading Volume Surpasses XRP Despite Steep Price Correction

Interest in TRUMP remains significant despite the meme coin’s steep price decline.

Launched by the 47th president of the United States, Donald Trump, over the weekend, the Solana-based meme coin Official Trump (TRUMP) unsurprisingly enjoyed significant success at launch, with its price quickly hitting highs near $80. 

While TRUMP’s price has taken a significant dive since hitting these highs, interest in the token does not appear to be waning.

TRUMP Volumes Edge Out XRP

Interest in TRUMP remains significant despite the meme coin’s 61% price decline from highs of nearly $80 to lows of about $31.

As of the time of writing on Thursday, January 23, TRUMP’s trading volume over the past 24 hours has surpassed that of XRP. Specifically, the meme coin has seen $8.7 billion in trading volume compared to XRP’s $8.3 billion, per CoinMarketCap data.

TRUMP is also not far behind Solana in this regard, with the latter boasting a 24-hour volume of $8.9 billion, just $200 million ahead of the meme coin.

The feat is quite impressive, as XRP has arguably been the breakout star of the crypto rally over the past few months. Anticipated regulatory clarity for the asset under the Donald Trump administration had sent interest soaring.

Meanwhile, the sustained high interest in TRUMP at current prices comes as some analysts have suggested that the recent decline could offer a good buying opportunity. Particularly, analyst Michael van de Poppe believes the token still has potential.

CryptoQuant data released on Wednesday, January 22, suggested that TRUMP had seen a staggering $38 billion in trading volume since its launch on Friday, January 17. Notably, the sustained high trading volume amid recent price struggles is likely attributable to massive sell-offs as momentum cools. Data from Dexscreener shows that sell volume has outpaced buy volume in recent times.

Coinbase Asks Court to Dismiss SEC Case Against Cumberland

Lele Jima
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Coinbase Asks Court to Dismiss SEC Case Against Cumberland

San Francisco-based exchange Coinbase has filed an Amicus Brief supporting crypto market maker Cumberland’s motion to dismiss the SEC lawsuit. 

Paul Grewal, Coinbase’s Chief Legal Officer (CLO), called the public’s attention to the filing today. He noted that the exchange filed an amicus brief in support of Cumberland DRW in its case against the SEC. 

Coinbase Wants SEC Case Against Cumberland Dismissed 

The Coinbase CLO provided an insight into the exchange’s Amicus Brief via an X post. Coinbase referred to Cumberland as another victim of the SEC’s enforcement-first strategy. According to Grewal, this approach saw the SEC rely on untested and novel legal representations, creating confusion in the crypto market regarding what is legal. 

Coinbase believes the SEC case against Cumberland should be dismissed, citing the regulator’s harmful overreach, inconsistent theories, and failure to provide transparent and fair regulations for the industry. 

He noted that the SEC’s new leadership, led by Mark Uyeda, has already acknowledged that the previous enforcement approach within the crypto market was flawed, putting crypto-related companies in difficult positions. 

SEC Claims Against Cumberland 

For context, the SEC charged Cumberland DRW last year with operating as an unregistered securities dealer. The regulator alleged that the market maker bought and sold crypto assets deemed unregistered securities. Some of these assets include Cosmos (ATOM), Solana (SOL), Filecoin (FIL), Algorand (ALGO), and Polygon (POL). 

It also alleged that Cumberland promoted some of these investments, citing ATOM as a case in point. Per an October filing, the SEC requested disgorgement of proceeds and a permanent injunction against Cumberland. 

In response, Cumberland asserted it would not change its business operations due to the SEC charges. Meanwhile, the market maker filed a motion in an Illinois district court, asking the court to dismiss the SEC lawsuit. 

Coinbase’s Amicus Brief in SEC v. Cumberland 

Interestingly, Coinbase filed an Amicus Brief yesterday, supporting the company’s motion to dismiss. According to the brief, the SEC’s inconsistent theories and unclear rules have trapped the crypto industry in a catch-22 situation. 

Coinbase noted that the SEC, which initially claimed limited authority over the crypto space, is now claiming broad authority, contravening securities laws. 

The exchange criticized the securities agency for failing to explain how crypto-related firms can comply with these laws. It argued that the SEC has blatantly refused to provide clarity through rulemaking. 

Effectively, Coinbase asked the court to consider its legal arguments and dismiss the SEC lawsuit against Cumberland. 

SEC and Coinbase Legal Tussles 

Notably, the SEC and Coinbase have not been best friends amid various lawsuits over the past few years. 

In 2023, the SEC charged Coinbase with violating federal securities laws by operating as an unregistered securities exchange and facilitating the trading of crypto assets deemed as securities.

A federal court recently granted the exchange’s request to pursue an interlocutory appeal to determine whether an investment contract requires an actual contract. 

Also, the U.S. Court of Appeals for the Third Circuit gave Coinbase a partial victory in its rulemaking petition against the SEC. The decision requires the SEC to explain why it denied Coinbase’s requests for rulemaking. 

Analyst Predicts $3.5, $8 and $20 as XRP Short-Term, Mid-Term, and Long-Term Prices

Abdulkarim Abdulwahab
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Analyst Predicts $3.5, $8 and $20 as XRP Short-Term, Mid-Term, and Long-Term Prices

Analyst Meesku has suggested short-term, mid-term, and long-term price outlooks for XRP based on various market catalysts and ongoing developments.

XRP Short-Term Price Prediction

Notably, Meesku anticipates that XRP could surge toward $3.50 or even higher in the short term. He believes recent whale activity and the anticipation of new financial products would drive this growth. 

Backing this view, he noted that XRP experienced an abrupt 5% price increase in just minutes on Thursday amid reports concerning ETFs. The excitement briefly saw XRP rally to $3.30, but it has since dipped to $3.13.

While volatility remains a key factor in the short-term outlook, Meesku believes the market is positioning itself for potential upward momentum, particularly as the Ripple vs. SEC case inches closer to a final resolution.

According to Meesku, speculation about a potential settlement is building, especially with the SEC’s first closed meeting under new leadership. XRP community members believe a favorable resolution for Ripple could emerge, significantly impacting XRP’s market performance.

However, legal experts, such as former SEC official Marc Fagel, have downplayed these expectations. Fagel has suggested that today’s closed-door meeting will likely involve routine decisions made under the previous leadership of Gary Gensler.

XRP Mid-Term Outlook: Potential Surge to $8

In the mid-term, Meesku remains optimistic about XRP’s potential. With the possible launch of XRP futures contracts by the CME Group, he predicts a rise to $8 before reaching a cycle top.

Notably, the introduction of these new financial products could provide institutional investors with more avenues to engage with XRP, increasing its market liquidity and driving the price upward.

XRP Long-Term Potential as a Global Asset and Pillar for US Banking

Looking ahead to the long term, Meesku sees XRP potentially playing a major role in global finance. He speculates that XRP could eventually become a foundational asset for national banking systems.

Notably, this perspective gained traction after a report by The Crypto Basic, citing Mark Yusko, founder of Morgan Creek Digital.

According to Meesku, this speculative shift could lead to substantial price increases, potentially reaching $20. He also highlighted Ripple’s growing partnerships, including its collaboration with Bank of America on blockchain solutions, as a positive sign that XRP’s adoption will continue to expand.

XRP price predictionjpg
XRP price predictions by Meesku

Golden Cross Formation and Strong Bullish Signals for XRP

Meanwhile, Meesku also commented on XRP’s potential based on technical developments. He noted the formation of a bullish “golden cross” for XRP against Bitcoin.

With XRP’s recent strong performance against Ethereum and Stellar (XLM), the analyst believes that XRP is gaining technical momentum, making it an attractive asset for traders and investors.

Overall, Meesku expects more transparent regulatory frameworks and Ripple’s legal developments to continue to support XRP’s positive trajectory in the coming months. He believes these factors and increasing institutional interest could lead to substantial price gains.

Bitwise Dogecoin ETF on the Horizon? Delaware Trust Registration Sparks Anticipation

Okoya David
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Bitwise Dogecoin ETF on the Horizon? Delaware Trust Registration Sparks Anticipation

Leading crypto asset manager Bitwise looks set to file for a Dogecoin ETF.

Just two years ago, getting a Bitcoin exchange-traded fund across the line seemed like an uphill task. After all, the industry had been trying for nearly a decade to no avail. 

However, following the eventual approval of these products in January 2024, the floodgates now appear to have been opened for other crypto assets. Fast-forward just a year, and there is serious talk about meme coin ETFs. The latest asset manager to stoke this flame is the $10 billion crypto asset manager Bitwise.

Bitwise Takes First Step Towards Dogecoin (DOGE) ETF Launch

Leading crypto asset manager Bitwise may be set to file for a Dogecoin (DOGE) ETF.

On Wednesday, January 22, the firm registered a statutory trust in Delaware called “Bitwise Dogecoin ETF,” through the CSC Delaware Trust Company.

A Delaware statutory trust is a legal entity that offers a cost-efficient and regulatory-compliant structure for managing pooled funds like an ETF.

Specifically, it provides tax benefits and ensures the separation of the fund from the asset manager’s funds. As such, registering a Delaware statutory trust is often considered a key first step towards filing for an ETF.

Still, it should be considered a preparatory step only with no guarantee of a near filing. 

Commenting on the development, Bloomberg Senior ETF analyst James Seyffart stressed that it is not yet an official ETF filing with the Securities and Exchange Commission. He highlighted that crypto asset manager CoinShares has a similar Dogecoin trust registration dating back to December 2024 but has yet to proceed with an official ETF filing.

Dogecoin (DOGE) ETF Coming Regardless?

Regardless of whether Bitwise moves ahead with an official filing in the near term, an official DOGE ETF filing is already on the SEC’s desk following a joint application from REX Advisers and Osprey Funds on Tuesday, January 21.

Analysts have noted that this REX-Osprey filing could launch as soon as April 2025. This is because the fund is filed under the 1940 Securities Exchange Act, which has a review period of only 75 days.

For context, most other crypto ETF products are filed under the 1934 Securities Exchange Act, which has a 240-day review period.

The potential rush of Dogecoin ETF filings comes amid growing institutional demand for crypto and shifting regulatory winds under the Donald Trump administration.

Indeed, analysts have been anticipating DOGE ETF filings since at least November 2024. At the time, ETF Store President Nate Geraci described such a move as a “No brainer.”

Dogecoin is widely considered the first meme coin to launch. It is the largest crypto meme coin by market cap, with about $52 billion at the time of writing, making it the seventh largest crypto overall.

The recent chatter about a potential Bitwise ETF does not appear to have impacted DOGE’s price as it trades 5% lower on the day at $0.35 amid a broad market correction.

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