Altcoins Bitcoin Ethereum

Crypto Trader Predicts XRP Could Erupt by Over 80%, Updates Outlook on Bitcoin (BTC) and Two Altcoins

A widely followed crypto analyst is predicting a massive surge for Ethereum (ETH) competitor XRP while updating his outlook on Bitcoin (BTC) and two other altcoins. Pseudonymous trader Altcoin Sherpa tells his 183,000 Twitter followers that XRP should rise to $0.60 before ultimately shooting up to $0.87. “XRP: Go to $0.60 and then $0.87 if […]

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Bitcoin Crypto News

Why “Low” Capitulation Might Hint At More Pain For The Bitcoin Price

The Bitcoin price is stuck in a tight range following yesterday’s U.S. Federal Reserve (Fed) announcement on monetary policy. Macro forces have taken over global markets increasing the correlation across all asset classes. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? For a deep dive into how the Fed 75 basis point hike affected the Bitcoin price, and a look into the crypto market’s internal dynamics, check out the analysis from our Editorial Director Tony Spilotro. Link below: At the time of writing, the Bitcoin price trades at $18,900 with a 2% and 7% loss in the last 24 hours and 7 days, respectively. The entire crypto top ten by market cap is recording losses on similar time periods with the exception of XRP which continues to trend to the upside with a 29% gain over the past week. Why The Bitcoin Price Needs To See More Capitulation As NewsBTC reported yesterday, the crypto market has completed every major price catalyzer in the short term with the Ethereum “Merge”. Now, the market is moving in tandem with macroeconomic factors and with traditional markets. This might provide room for a relief rally or for more downside if major financial indexes trend in one direction or the other. According to Jurrien Timmer, Director of Macro for investment firm Fidelity, there has been “little capitulation” for the S&P 500. Despite the fact that the equity index has been on a downtrend since reaching an all-time high at 4,819 into its current levels at 3,837, Timmer believes the market has been resilient and might need to see more capitulation before forming a bottom. Via Twitter, the expert said the following sharing the chart below: It’s surprising how little capitulation there has been in the market. Yes, the sentiment surveys are all negative, but actual flows have not been. This seems consistent with the lack of volatility in the market (…). The above coincides with analyst Dylan LeClair look into previous Bitcoin cycles. The analyst believes BTC forms a bottom following a “final capitulation” of the mining sector. This event might lead to a crash in the network hashrate, which is yet to be seen. LeClair said: I believe with macroeconomic conditions as the catalyst, something similar will repeat. We’re not there yet. Will Bitcoin Re-Test Its 2020 Lows? But how low can the Bitcoin price and the crypto market crash? The benchmark cryptocurrency is already trading 80% lower than its all-time high, $69,000. This has historically marked a bottom for BTC’s price and has formed a barrier against further downside. In that sense, rather than a fresh leg down, the cryptocurrency might see more sideways movement across 2022 as the Fed continues to hike interest rates and traditional markets trend to the downside. This thesis might be supported by a potential downside pressure for the U.S. dollar (DXY). Related Reading: Bitcoin Taps $18,100, Why This Is Dangerous For The Market? The currency has been trending higher, moving opposite to the Bitcoin price and risk-on assets, but seems to be at a critical resistance area. This might provide the crypto market with room for a relief rally. As seen in the chart below, the DXY Index could be above to see a spike in selling pressure.

Bitcoin Crypto News

TA: Bitcoin Price Could Take Major Hit After Fed Rate Hike

Bitcoin started another decline from the $19,500 resistance against the US Dollar. BTC is at risk of a sharp decline below the $18,500 and $18,000 levels. Bitcoin started another decline after the fed increased rates to 3.25%. The price is trading below $19,200 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $19,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $18,200 level to avoid more losses in the near term. Bitcoin Price Restarts Decline Bitcoin price attempted to gain strength above the $19,200 level. However, BTC failed to clear the $19,500 resistance zone and stayed in a bearish zone. As a result, there was a bearish reaction below the $19,000 level. The fed rate hike from 2.75% to 3.25% triggered a sharp decline. There was a break below a key bullish trend line with support near $19,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,200 and the 100 hourly simple moving average. There was a retest of the $18,200 zone and the price traded as low as $18,140. It is now consolidating losses above the $18,200 support zone. There was a move above the 23.6% Fib retracement level of the recent decline from the $19,675 swing high to $18,140 low. On the upside, an immediate resistance is near the $18,775 level. The next major resistance sits near the $19,000 level. The 50% Fib retracement level of the recent decline from the $19,675 swing high to $18,140 low is also near the $19,000 zone. The main resistance is now forming near the $19,200 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com A close above the $19,200 level might increase the chances of a move to $19,650. Any more gains might send the price towards the $20,000 resistance zone. More Losses in BTC? If bitcoin fails to recover above the $19,000 zone, it could continue to move down. An immediate support on the downside is near the $18,200 zone. The next major support is near the $18,000 level. A clear move below the $18,000 zone could set the pace for a larger decline. In the stated case, the price may even test the $17,000 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $18,200, followed by $18,000. Major Resistance Levels – $19,000, $19,200 and $19,500.

Altcoins Ethereum

Crypto Analyst Issues Warnings for Avalanche (AVAX), Polygon (MATIC) and One Additional Altcoin

A widely followed crypto analyst is issuing fresh warnings for a trio of altcoins as the markets attempts to recover from a lengthy downtrend. The pseudonymous trader known as Altcoin Sherpa tells his 183,000 Twitter followers that layer-1 blockchain Avalanche (AVAX) and Ethereum (ETH) scaling solutions Polygon (MATIC) and Optimism (OP) are primed to see […]

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Altcoins Ethereum

Top Crypto Analyst Predicts Rally for XRP, Maps Out What’s Next for Ethereum and One Additional Altcoin

A crypto strategist who continues to build a following with timely altcoin calls is outlining what’s in store for three digital assets including XRP and Ethereum (ETH). Pseudonymous analyst Altcoin Sherpa tells his 183,100 Twitter followers that he’s bullish on XRP, and he sees the seventh-largest crypto by market cap igniting a decent rally in […]

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Bitcoin Crypto News

Bitcoin Price Bottom To Take Place In Q4 This Year, Crypto Expert Predicts

Bitcoin price sliding deeper into the pit can likely happen before this year ends. Last week, the cryptocurrency market shed $165 billion of its total market capitalization with crypto frontrunner Bitcoin slumping into a bearish streak. With this development, both traders and investors are now making conscious efforts to look ahead of the leading digital currency’s possible bottom. Rekt Capital, a well-known crypto trading expert, shared some insights about what could be next for Bitcoin, saying that by the end of this year the asset might just reach another low point. The expert has taken into account the recorded movement of the crypto’s price during a specific period right before the reward for mining its block is cut in half – a process known in this space as halving. In conclusion, Rekt Capital said Bitcoin might bottom in the last quarter of this year, more than 500 days from its scheduled halving in April 2024. Bitcoin’s Weakening Support Range In his blog, the trading expert also discussed how the crypto alpha is showing weakness as far as its $20K support price range is concerned. Rekt Capital noted that the observed rebound from this particular support price has been weak and this could turn out to be ugly for Bitcoin as it points to the $20K barrier becoming the new resistance range for the asset. If this happens, the public could be looking at significantly lower support ranges, set at $17,165 and $13,900. The crypto aficionado, however, said a lot more could happen within this month. But if the trend continues, these theories could turn out to be realities that Bitcoin investors will have to deal with. Related Reading: Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level Where Is Bitcoin Price Headed? If Bitcoin will indeed form a bottom by the end of this year, where will its price stand? Rekt Capital also shared his thoughts on the matter. Using his Historical Death Cross Analysis, the expert was able to determine that since its price is moving into a new resistance, the leading digital currency might see its bottom between $16,985 and $23,467. At press time, CoinGecko’s tracking data indicate the maiden cryptocurrency is trading at $19,403.89, losing 13.1% of its price in the last seven days. Meanwhile, the asset’s price could slide further down to $11,500, falling well below the projected $13,900 monthly support if things start to get sideways. As for the short term, Bitcoin is seen to slump all the way down to $16,700, but then that might not even happen. Related Reading: Stellar (XLM) Shows Strong Recovery From Recent Slide BTC total market cap at $370 billion on the daily chart | Source: TradingView.com Featured image from Al Bawaba, chart from TradingView.com (The analysis represents the author’s personal views and should not be construed as investment advice).