Bitcoin will hit $200K in 5 years, predicts a superstar Apollo ... - cyptoranking.com

2024-04-28

Popular crypto exchanges(2023 Update) 2024-04-28
Image: cyptoranking.com

Exchanges Providing Margin Trading — CryptoBusy (@CryptoBusy) October 10, 2023 Bitcoin will hit $200K in 5 years, predicts a superstar Apollo ...JPMorgan Report: Ethereum's Centralization Increased Post Merge and Shanghai Upgrades International Compliance: Hong Kong is dedicated to international anti-money laundering (AML) and counter-terrorist financing (CTF) compliance. The use of retail stablecoins can raise concerns about anonymity and the possibility for these digital assets to be used for illegal purposes. Addressing these issues is crucial for Hong Kong's international standing.

Exchange Rankings Crypto
Image: cyptoranking.com

The United States’ equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%.One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund (ETF) applications. However, this has not dented the expectations of analysts. In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.Daily cryptocurrency market performance. Source: Coin360The short-term price action in Bitcoin remains in flux, but that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts to find out.S&P 500 index price analysisThe S&P 500 index broke above the moving averages on Aug. 29, indicating that bulls have started a strong relief rally. SPX daily chart. Source: TradingViewIf buyers sustain the price above the moving averages, it will suggest that the sentiment remains positive and traders are buying on minor dips. That will enhance the prospects of a rally above the overhead resistance at 4,607. If this level is conquered, the index will try to rise to 4,650 and subsequently to 4,800.Resuming the uptrend is likely to be a difficult task, as the bears will try to yank the price below the moving averages. If they do that, the pair may slump to the strong support at 4,325. The bears will have to break this level to start a new downtrend. U.S. Dollar Index price analysisThe U.S. Dollar Index (DXY) bounced off the downtrend line on Aug. 30 and 31, indicating that the bulls have flipped the level into support.DXY daily chart. Source: TradingViewThe bulls will next try to propel the price above 104.45 and start a rally to the overhead resistance at 106. This level is likely to witness aggressive selling by the bears because a break above it will indicate that the downtrend may be over. The index could then rise to 108. The important support to watch for on the downside is the downtrend line. If this support crumbles, the index may descend to the 50-day simple moving average (SMA) (102.41) and eventually to the critical support at 100.82. Bitcoin price analysisBitcoin is trading near the support of the large range between $24,800 and $31,000. When the price trades inside a range, bulls generally purchase the drop near the support and sell close to the resistance.BTC/USDT daily chart. Source: TradingViewThe $24,800 level will witness an intense battle between the bulls and the bears. If this level gives way, the selling is likely to accelerate, and the BTC/USDT pair could nosedive to the crucial support at $20,000. There is a minor support at $24,000, but it may not hold for long. Another possibility is that the price turns up from the current level. If bulls surmount the barrier at $26,833, the pair could accelerate to the 50-day SMA ($28,221). Such a move will suggest that the pair may extend its stay inside the $24,800–$31,000 range for even longer. Ether price analysisEther (ETH) dipped below the strong support at $1,626 on Sept. 1, but the long tail on the candlestick shows solid buying at lower levels.ETH/USDT daily chart. Source: TradingViewThe bulls are trying to salvage the situation but are struggling to start a rebound. This suggests a lack of demand at higher levels. Both moving averages are sloping down, and the RSI is in negative territory, indicating that the bears remain in command.If sellers drag the price below $1,600, the ETH/USDT pair could dive to the Aug. 17 intraday low of $1,550. This is the pivot level in the near term because a fall below it may open the gates for a decline to $1,368.The first sign of strength will be a break above the 20-day exponential moving average (EMA) ($1,684). The pair could then rise to the overhead resistance at $1,750.BNB price analysisBNB (BNB) has been trading below the breakdown level of $220 for the past few days, but the bears have not been able to build upon their advantage. BNB/USDT daily chart. Source: TradingViewThe failure to sink the price below the psychological level of $200 could embolden the bulls who will try to start a recovery. The first hurdle on the upside is at $220 and then at the resistance line. Buyers will have to thrust the price above the resistance line to indicate that the downtrend may be ending.Contrarily, if the price turns down and breaks below $200, it will suggest the start of the next leg of the downtrend. The BNB/USDT pair then risks sliding to the next major support at $183. XRP price analysisThe bears yanked XRP (XRP) price below $0.50 on Sept. 1, but they could not sustain the lower levels, as seen from the long tail on the day’s candlestick. XRP/USDT daily chart. Source: TradingViewThe bears kept up the pressure and have not allowed the bulls to start a strong rebound off the $0.50 level. This increases the possibility of a downside break. If that happens, the XRP/USDT pair is in danger of plunging to $0.41.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA ($0.53), it will signal that the bulls are attempting a comeback. The pair may then shoot up to $0.56. Buyers will have to overcome this barrier to indicate the start of a new up-move to $0.65.Cardano price analysis Cardano’s ADA (ADA) has been consolidating between $0.24 and $0.28 for the past few days, indicating indecision between the bulls and the bears.ADA/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($0.26) and the RSI below 38 suggest a slight advantage to the bears. If the price turns down from the 20-day EMA, the likelihood of a drop to $0.24 increases. A break below this level may start the next leg of the downtrend to $0.22 and subsequently to $0.20.Contrarily, if bulls push the price above the 20-day EMA, the ADA/USDT pair could challenge the resistance at the 50-day SMA ($0.28). If this level is scaled, the pair is likely to rise to $0.32.Related: Bitcoin ETF applications: Who is filing and when the SEC may decideDogecoin price analysisBuyers tried to push Dogecoin (DOGE) above the 20-day EMA ($0.07) on Sept. 2, but the bears held their ground. DOGE/USDT daily chart. Source: TradingViewThat keeps the DOGE/USDT pair stuck between the 20-day EMA and the important support at $0.06. The downsloping 20-day EMA and the RSI in the negative zone indicate an advantage to sellers. If the price breaks below $0.06, the selling could intensify, and the pair may plummet to the next support at $0.055.If bulls want to prevent the decline, they will have to quickly drive the price above the 20-day EMA. If they succeed, the pair can jump to the 50-day SMA ($0.07) and later surge to $0.08.Solana price analysisSolana’s SOL (SOL) is in a strong corrective phase. Buyers are trying to start a relief rally, but it is likely to face selling at the downtrend line.SOL/USDT daily chart. Source: TradingViewIf the price turns down sharply from the current level or the downtrend line, it will suggest that the sentiment remains negative and traders are selling on rallies. That may pull the price to $18.32 and thereafter to $16.This negative view could be invalidated in the near term if bulls kick the price above the downtrend line. The SOL/USDT pair can then attempt a rally to $22.30, where the bears will likely mount a strong defense.Toncoin price analysisToncoin’s (TON) rally has stalled near the overhead resistance at $2.07, but a minor positive is that the bulls have not ceded much ground to the bears. This suggests that the bulls are holding on to their positions. TON/USDT daily chart. Source: TradingViewThe overbought levels on the RSI suggest a possible correction or consolidation in the near term. The important support to watch on the downside is the 20-day EMA ($1.61) because a break below it could drag the price to $1.53 and later to the 50-day SMA ($1.40).On the upside, the bulls will have to clear the hurdle at $2.07. If they manage to do that, the TON/USDT pair could indicate the resumption of the uptrend. The pair may then attempt a rally to the $2.40–$2.60 overhead zone. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. South Korean tech firm NHN is developing crypto games and will use the Sui blockchain, NHN’s gaming division announced Thursday. Aevo mainnet launch opens decentralized futures, optionsThe development of quantum computing may render existing encryption techniques obsolete, necessitating the creation of quantum-resistant algorithms. To maintain the security and finality of transactions in the face of quantum threats, blockchain networks are actively investigating quantum-resistant cryptographic solutions. — Ordswap (@ordswap) October 9, 2023

But the question is whether the SEC believes it will work. In his response, Morgan wondered if the critic would be as wrong with his current Ethereum assessment as he was when he declared that XRP is a security. Recall that in July, a U.S. judge ruled that XRP is not a security in the case between Ripple and the U. S. Securities and Exchange Commission (SEC). The ruling attracted celebration across the crypto community, especially among projects similarly categorized by the SEC as securities. Best Crypto Exchanges: Buy and Sell Bitcoin, Ether and MoreAsset-Backed Stablecoins “The ability of an investor to enforce their security interests in the event of nonpayment is critical,” Pizzimbono said. “In Mexico […] with a well structured package, you’d have a lot of difficulty accessing their collateral because of those local court systems and they’re complex.”

“This is pretty average day one volume for most ETFs, but arguably disappointing considering how much BITO did,” Balchunas told Blockworks. “That said, it is futures and it is ether — very different than a spot bitcoin ETF, which we expect to fare much better out of the gate.” At the time of publication, SOL’s price is $22.15. How To Withdraw Money From Trust Wallet To Your Bank ...Advantages of blockchain web hosting During this period, the ETH / BTC closed below the wick of the previous bear market’s low. In 2019, the ETH / BTC valuation declined by about 49%, and the analyst predicted this could be the case again in 2023. In fact, the ETH / BTC valuation has already dropped by 20.56%, according to the analyst, meaning that there could still be much further downside.

Have an opinion on this story? Share it!