Blockchain

The anticipation around a potential approval of a Spot Bitcoin ETF is still high among crypto investors. This anticipation has been one of the main drivers of the price rally that has been witnessed over the last two months.

Despite the United States Securities and Exchange Commission (SEC) postponing its decision on multiple spot ETF filings, industry experts remain very positive that the regulator is on the verge of approving the first Spot Bitcoin ETF.

Bitcoin Spot ETF Coming In January 2024

Many experts have revised their expectations for if and when the SEC would approve a Spot Bitcoin ETF. At first, expectations were low. But as time has gone on, the expectations have risen quickly and analysts at Matrixport are part of the camp that believes a Spot Bitcoin ETF is on its way.

In a report released on Monday, December 18, Matrixport Head of Research Markus Thielen reveals a 95% chance that a Spot BTC ETF will be approved in January 2024. January carries the deadline dates for most of the 13 filings so far, and Thielen expects that the SEC will approve a spot ETF on January 10.

The report points to the fact that BlackRock, the largest asset manager in the world, reviewed its S-1 filing with the SEC. Here, the regulator had given the asset manager instructions which included monitoring unusual price movements, storing all private keys in cold storage, and having procedures in the event there are Bitcoin forks.

Additionally, the SEC also responded to Franklin-Templeton’s filing in November despite having until January to do so. This move, the analyst says, “gave the impression that the SEC is lining all issuers up to get approval by January 10, 2024.”

Thielen explains the importance of the meeting the regulator had with BlackRock, saying,  “The SEC has never actively engaged with potential ETF issues and appears to have given all ETF issuers with whom it had discussions the same instructions.”

BTC Price Expectations After Approvals

Given that Matrixport expects approvals to come in January, the analyst also gave their expectation for price when this happens. Thielen expects that Bitcoin will go on another rally once this happens and the price could rise as high as $50,000 in the first quarter of the year 2024 as a result.

“We expect this correction to switch back into another leg higher in Bitcoin prices after Christmas as investors take advantage of the recent correction and position themselves for the likely Bitcoin Spot ETF approval period – January 8 to January 10, 2024,” the analyst said, alluding to the decline in price that Bitcoin has recorded over the last week.

As for Grayscale, the analyst doesn’t believe that the SEC would allow for a conversion of the Bitcoin trust into a Spot ETF on January 10. However, they do expect 20% of precious metal demand to switch to Spot Bitcoin ETFs following the approvals.

Crypto analyst Michael van de Poppe has recently shared his latest Bitcoin price prediction on X. Van de Poppe has now set his sights on new heights for the flagship cryptocurrency.

In a recent post, the analyst expressed confidence that Bitcoin has concluded its corrective phase and is primed to test the $47,000-$50,000 range soon.

Van de Poppe’s optimism stems from a critical market development: the potential approval of spot BTC exchange-traded fund (ETF) by major financial entities like BlackRock, Fidelity, and Ark Investment. This anticipated move, widely supported by industry experts, could catalyze BTC’s leap.

The SEC’s expected nod in early January could unlock unprecedented market dynamics, propelling Bitcoin to new highs.

#Bitcoin did test the lows, didn’t take the liquidity beneath the lows.

Anyway, correction seems over and pre-ETF we’re likely to test $47-50K.

Buy the dips. pic.twitter.com/Ar4mqvYRjJ

— Michaël van de Poppe (@CryptoMichNL) December 19, 2023

Meanwhile: Recovery Found In Key Supply Zone

Amid the waves of predictions, Michael van de Poppe isn’t alone in his bullish outlook. Ali, another market analyst, has raised concerns over Bitcoin’s recent slip below a crucial supply zone, ranging from $41,200 to $42,400.

Leveraging on-chain data from IntoTheBlock, Ali pointed out that this zone is a stronghold for 1.87 million addresses, cumulatively holding around 730,000 BTC. He warns that a breach below this level could trigger a sell-off, potentially pushing Bitcoin down to the next demand zone between $37,500 and $38,700.

#Bitcoin has slipped below a key supply zone, ranging from $41,200 to $42,400. In this area, 1.87 million addresses had accumulated 730,000 $BTC.

This downturn might trigger these holders to sell, aiming to cut losses.

If selling pressure increases, watch for a possible decline… pic.twitter.com/aTX1RWarkb

— Ali (@ali_charts) December 18, 2023

However, in a positive twist, Bitcoin has shown signs of recovery, surpassing the $42,400 mark. In the past 24 hours, Bitcoin has witnessed a near 3% rise, trading around $42,548 at the time of writing. This resurgence is a strong indicator that Bitcoin has re-entered and solidified its position in the critical supply zone identified by Ali.

Bitcoin Path To $200,000 By 2024

Beyond these immediate forecasts, Dan Tapiero, Managing Partner at 10T Holdings, envisions a broader transformation for Bitcoin and the crypto market. Tapiero, echoing insights from Real Vision’s CEO Raoul Paul, predicts that BTC could surge to over $200,000 by May 2024.

This bullish trajectory is not just mere speculation. Still, it is backed by the anticipation of a significant liquidity influx into the BTC market, especially with the potential SEC approval of spot Bitcoin ETFs.

Introducing these spot ETFs, especially from traditional finance stalwarts like BlackRock, is poised to be a game-changer. It offers institutional investors a regulated avenue to dive into BTC, thereby enhancing the coin’s liquidity and, consequently, its market value.

As more institutions embrace Bitcoin, its liquidity is expected to spike, setting the stage for substantial price increases.

The world is not ready for this chart.@RaoulGMI continues his excellent work with monthly GMI report.

A 200k #Bitcoin in 2024 suggests a true and imminent change in the world.

Zero exposure will pose career risk for traditional money managers.

Money and value get redefined. pic.twitter.com/VlKD7DF5tb

— Dan Tapiero (@DTAPCAP) December 17, 2023

Featured image from Unsplash, Chart from TradingView

On-chain data shows the Dogecoin whales have made some big moves in the past day, a sign that could be worrying for the asset’s price.

Dogecoin Whales Have Made Many Moves During The Last 24 Hours

According to data from the cryptocurrency transaction tracker Whale Alert, a few large DOGE moves have been spotted on the blockchain during the past 24 hours.

All four of these transfers are on the scale of millions in USD, suggesting that whale entities may have been behind them. The whales refer to the largest investors in the sector, who can hold some influence due to the size of their holdings.

Because of this reason, transfers from this cohort can be something to keep an eye on. How a whale moves could affect the market depends on what the whale intends to achieve with it.

Generally, it’s hard to say with certainty about such a motive, but depending on the types of wallets involved and the direction of the coins’ flow, some hints can be gathered.

The two oldest transfers from the past day involved the movement of $5.1 million and $7.5 million worth of Dogecoin to the Robinhood platform. Below are the details for the older of the two transactions.

As is visible, an unknown wallet was the sender of the transaction. Such wallets are unattached to any known centralized platform and will likely be investors’ self-custodial addresses.

When an investor shifts their coins from their wallets to exchanges, there is always a possibility the move has been made for selling purposes. As such, this deposit from the whale could be bearish for DOGE. The same would go for the other Robinhood deposit from the past day.

Besides these two deposits, there has been one more exchange inflow transaction in this same window to the cryptocurrency exchange Coinbase.

This $5.9 million deposit comes after Dogecoin recovered from its recent lows, so the whale may be looking to sell while some gains remain.

The final transaction from the last 24 hours is the largest of the four, as it has seen DOGE worth a whopping $41.5 million shift across the network. However, this transfer is unremarkable because only unknown addresses have been involved in it.

It’s hard to say what this transaction was made for, as it could be anything from a peer-to-peer (P2P) transfer to a simple change of wallets. Thus, unlike the other exchange deposits, this transfer could end up causing volatility in any direction, or it may not even have any influence.

DOGE Price

Dogecoin had recently plunged towards the $0.087 level but has since recovered above the $0.091 mark.

Bill Morgan, a cryptocurrency enthusiast and lawyer, has underscored an insightful factor towards investing in the XRP token. 

Bill Morgan On XRP Price Action

The lawyer recently used X (formerly Twitter) to share his optimism about XRP’s price action. According to the analyst, traders and investors interested in the crypto asset’s price movement should concentrate on the long term.

Bill Morgan’s post addressed yesterday’s volatility and how the cryptocurrency community perceived it. The X post was published in response to “Matt,” the Moon Lambo YouTube Channel host. 

The host refuted the cryptocurrency community members’ assertions that yesterday’s XRP decrease was more violent than other coins. Morgan provided an alternative viewpoint while admitting that Matt’s position was correct. 

The analyst asserted that XRP’s price behavior has not been “excellent” over the past month despite a market-wide increase, falling by over 2%.

Because of this, he believes the decline of digital assets was more difficult than expected. He further pointed out that the token has experienced a rebound today but has not been very robust.

Furthermore, he asserted that he “does not place much significance on a month’s price action” in these markets. He believes conviction must go “beyond a day, week, or month of price movement.”

So far, Morgan has noted that yesterday’s decline did not affect him emotionally. He was only surprised by yesterday’s fall’s depth and today’s recovery’s weakness. Nonetheless, he has clarified that this would not influence his choice to hold or sell the digital asset.

The Crypto Asset Price To Reach $22

Several cryptocurrency enthusiasts have recently expressed a bullish sentiment toward XRP’s price action. On Sunday, Patrick Riley, the founder of Reaper Financial, stated that the token will reach $22 in the next bull run.

Riley added that the crypto asset will maintain a $10 price level after the bull run. Since analysts predict the next bull run will be in 2024, XRP might reach $22 next year. 

The cryptocurrency founder made other audacious claims besides his $22 price mark estimate. He believes that XRP will eventually “overtake” Bitcoin, though he did not provide a specific timeframe for this event.

As of this writing, XRP was trading at $0.6081, an increase of over 3% in the past 24 hours. The token is gradually regaining momentum and is currently ranked 5th by market capitalization.

Ethereum has followed the general trend of Bitcoin over the last few weeks and when the asset dipped from its 2023 peak, so did the price of ETH. Following this decline in price, a worrying pattern has appeared on the ETH chart known as a falling wedge pattern. This was brought to light by crypto analyst Alan Santana, who has painted a grim picture of what this could mean for Ethereum.

Ethereum Falling Wedge Pattern Is Bearish

In the analysis posted on the TradingView website, Alan Santana explains that the appearance of this falling wedge pattern does not bode well for the Ethereum price. Apparently, the ETH chart had formed a perfect rising wedge which eventually broke bearish. Given this, the crypto analyst explains that it shows that the Ethereum price is moving alongside the rest of the crypto market in a “normal but fast correction.”

The crypto analyst also backs up their analysis with the Ethereum Moving Average Convergence/Divergence (MACD) indicator. In the chart shared by the analyst, there is a clear decline in the MACD on the daily chart, which lends credence to the bearish pressure mounting on ETH.

Furthermore, using the Relative Strength Index (RSI) on the daily chart as well, there is also a clear decline. The RSI has apparently already lost its trend line support and is now moving below 50. The simple fact suggests a turn toward the bearish direction for the cryptocurrency.

Santana explains that these indicators show that the bias toward a downward spiral is strong, especially since it has already seen a double-top pattern. “Volume continues to drop, the calm before the storm. Slowly, slowly down… Nothing is happening, everything is good then Boom!” the analyst warns.

Price Targets For ETH’s Bearish Formation

From the chart posted in the analysis, the crypto analyst seems to expect at least a 20% drawdown for Ethereum following the double-top formation. Now, the chart puts the double top formation when the asset’s price briefly touched the $2,400 level last week.

After that, expectations have quickly gone in the opposite direction and as the formation plays out, the crypto analyst sees a decline to at least $1,800 from here. If further downside follows, then Santana expects that there will be more drawdowns that will end somewhere around $1,600.

The Ethereum price is still trending around $2,200 at the time of writing, suggesting the bear pressure is still mounting. If it breaks down from here, then Santana’s prediction could prove right and ETH’s price could fall back to mid-October levels.

Here are the various altcoins that Santiment has identified to have been the most trending cryptocurrencies of the past week.

Altcoins Like BONK Or SOL Saw Most Traction In Past Week

In a new insight post, the on-chain analytics firm Santiment has discussed about some alts that have taken focus during the last week. Based on social media data, Santiment determines tokens to be “trending” if they have been receiving significant attention in the past 24 hours.

The below chart shows the top altcoins for each day in the past week on the basis of this metric:

From the graph, it’s visible that the Solana-based meme coin BONK has pretty much observed the highest amount of traction on social media platforms during this period.

The main reason behind the dog-themed coin being so trendy has been its listings on the two largest cryptocurrency exchanges in the sector, Coinbase and Binance.

Injective Protocol (INJ) has been another asset that has consistently appeared on the Trending Tokens list. Santiment explains that the source of the altcoin’s popularity lies in its rally and hype for an upcoming airdrop.

Solana (SOL), the sixth-largest cryptocurrency by market cap, has also been discussed by social media users. “Between December 11 and 17, SOL climbed the ranks, attributed to several high-profile projects and partnerships,” notes the analytics firm.

“The ecosystem’s growth and its challenge to Ethereum’s dominance in Web3 were hot topics among traders and enthusiasts,” adds Santiment. Solana has also enjoyed some sharp uptrend in the past day, as the asset has shot up around 11% during the period.

Unsurprisingly, Internet Computer (ICP) has also gained steam during the last week, as the asset has surged more than 73%. Since its high above $11.5, though, the altcoin has registered some significant decline, as it’s now trading around $9.75.

“In summary, this week spotlighted the power of market catalysts — from exchange listings to pivotal updates — and their profound impact on project sentiments and trading activities,” says the analytics firm.

BONK’s Exchange Listing Hype Has Observed Some Cooldown

Soon after the meme coin received its listings on the aforementioned platforms, the BONK price shot up towards a new all-time high north of the $0.0000349 level. This extraordinary surge proved to be unsustainable, however, as profit-taking quickly ramped up and the altcoin fell back down.

BONK has since registered a very significant drop to the $0.0000206 mark. Here is a chart that shows how the meme coin’s performance has looked like in the past month:

Despite this drawdown of 41% from the top, though, BONK is still up more than 56% in the past week, which is an impressive return nonetheless. Overall in the past month, the meme coin is carrying profits of 617%, showcasing just how strong the coin’s recent rise has been.

Crypto analyst CryptoInsightUk has once again given his projections as to the future trajectory of the XRP price. This time, the analyst predicts that the crypto token could enjoy unprecedented against the flagship cryptocurrency, Bitcoin. However, there is a caveat for this to materialize. 

How XRP Could Gain 1500% Against Bitcoin

In a post shared on his X (formerly Twitter) platform, CryptoInsightUk said that XRP could see a move up to 1500% against Bitcoin. This, he stated, will happen if the crypto token could break and hold above the top grey box in the accompanying chart he shared. However, even if that doesn’t happen, he still expects XRP to make significant gains against Bitcoin.

He had earlier laid out another scenario where XRP makes an 88% move against Bitcoin. The crypto analyst seemed more confident in this happening as he mentioned that it looks like it is just a “matter of time” before this move-up happens. Many will, however, be hoping that the move of 1500% also actualizes at some point. 

CrytoInsightUK happens to be one of those who are very bullish on XRP’s future trajectory. The crypto analyst had previously suggested that XRP could recapture the 61,000% gain it saw back in 2017. He highlighted how the token was in a better place and had a lot of potential. He also alluded to how the token is in a “unique position” considering that it has gained legal clarity.

Stronger Than Bitcoin

Crypto analyst Egrag Crypto recently asserted that XRP is stronger than BTC. He made this statement in relation to the fact that XRP is trading at a higher price level now, with Bitcoin currently trading at around $42,000, than when the flagship cryptocurrency was trading at this same level two years ago. XRP is said to be trading at 0.00000637 BTC back then.

According to Egrag, XRP’s 129% gain against Bitcoin highlights the former’s strength. It also cements “XRP’s dominance” in the market cycle. Meanwhile, the crypto analyst once again called for patience from the XRP community as he says that XRP hitting between $1.3 and $1.5 is on the horizon. 

The bullish price predictions keep flowing in as the bull market draws near. Patrick Riley, the founder of Reaper Financial, also recently stated that XRP will hit $22 at the peak of the next bull run. Interestingly, he even went on to assert that the crypto token will surpass Bitcoin at some point. 

At the time of writing, XRP is trading at around $0.61, up almost 1% in the last 24 hours, according to data from CoinMarketCap. 

This holiday season, leading multi-asset trading platform PrimeXBT is spreading cheer with an exclusive 20% deposit bonus for all clients. From 11 December 2023 through 11 January 2024, traders who fund their accounts will receive a 20% matched bonus up to $1,000.

Another year ahead for the award-winning platform

PrimeXBT is kicking off the New Year by giving back to its loyal user base after another year of platform innovations and award-winning service. The company has earned praise within the trading industry for its robust and customisable Crypto derivatives infrastructure matched with ultra-low trading fees.

By blending institutional-grade functionality with an intuitive interface, PrimeXBT enables traders of all backgrounds to capitalise on fluctuating Crypto and Global Markets. The platform offers up to 200:1 leverage across a suite of assets including Crypto perpetual swaps, Forex, Commodities, and Stock Indices.

Copy Trading through its built-in Covesting module provides another standout service – allowing beginner traders to automatically mirror seasoned professionals based on transparent track records exceeding over 2000% in net gains.

A very happy holiday bonus – up to 20%

As the holiday season kicks off, PrimeXBT extends its market-leading services through a generous 20% deposit bonus campaign. The company is no stranger to giving back, having run similar promotions in the past.

However, this year PrimeXBT is welcoming both existing and new clients to participate with deposits as low as $100, and bonuses worth up to $1,000. Traders simply fund their account as normal during the 11 December to 11 January eligibility period, and PrimeXBT will credit all users an extra 20% of their deposited amount.

For example, a $1,000 deposit will earn a $200 bonus, or a $2,500 deposit will earn you a full $500!

PrimeXBT sets the stage for an exciting 2024

With innovative products and a dedication to its users, PrimeXBT has established itself as an industry leader in trading platforms. The 20% holiday deposit bonus signifies its commitment to providing value as it heads into another promising year.

2023 saw PrimeXBT roll out new features like an adjustable leverage system, order book implementation, and expanded altcoin assets. If this year is any indication, 2024 will unlock even more capabilities catering to pro traders and newcomers alike.

As adoption of Cryptocurrencies accelerates globally, traders need robust tools to thrive in this complex landscape. PrimeXBT delivers through integrated modules spanning Crypto derivatives, Forex, Global Markets, and Copy Trading. Its award-winning platform empowers users to trade like professionals regardless of current skill.

The holiday bonus kickstarts what is sure to be another standout year.

In the past week, some of the biggest Ethereum whales, those with holdings ranging from 1 million to 10 million ETH, have accumulated an impressive 100,000 ETH, valued at a staggering $230 million.

This active buying stance by influential investors highlights their unwavering belief in the long-term potential of Ethereum, even in the face of recent price corrections.

Despite the recent downtrend in prices, indications from recent Ethereum whale activities suggest a persistent confidence in a bullish market continuation.

Wealthy Traders Accumulate Millions In Ethereum

Subsequent to the promising start in the initial days of December 2023, various cryptocurrency assets, notably Ethereum, displayed robust performance.

Crypto whales have reportedly devoured hundreds of millions of dollars’ worth of Ether, the leading altcoin, during the past seven days, according to a well respected expert.

Some of the largest #Ethereum whales have been on a buying spree, scooping up over 100,000 $ETH in just the past week – that’s a whopping $230 million! pic.twitter.com/jWHY6MXDgs

— Ali (@ali_charts) December 16, 2023

On the social networking site X, cryptocurrency strategist Ali Martinez informs his 36,100 followers in a new thread that wealthy traders have amassed tens of thousands of Ethereum during the previous seven days.

Price rallies are usually the result of heavy purchasing demand from wealthy investors, and the recent whale accumulation indicates that this is the case.

On December 7, Santiment Feed connected a whale accumulation pattern to ETH’s surge, which culminated in a 19-month high over the $2,350 price point.

As a rule, whale activity affects cryptocurrency asset prices. Recent activity among ETH whales indicates that a price rally may be approaching.

Although there is a lot of buying pressure in the market right now, caution is advised because the bottom could not have yet been achieved.

RSI And Stochastic Neutral, Ethereum Uncertainty

Relative Strength Index (RSI) and stochastic are both currently in neutral territory, according to data from CryptoQyant. There is still uncertainty regarding the market’s genuine bottom notwithstanding the buying activity.

We looked at the liquidation heatmap to try and estimate Ethereum’s possible support levels. Based on the analysis, there was a rise in liquidations in the $2,140–$2,170 range.

This implies that before Ethereum’s price initiates its next bullish rebound, it is likely to drop below these levels. But in the event of a rally, Ethereum would have to overcome a significant resistance level close to $2,380.

Ethereum’s near-term price changes are difficult to forecast because to the complex interaction of market indicators and liquidation data.

Meanwhile, the $2,148 price mark appears to be the asset’s short-term support, according to an analysis of the ETH daily price chart. In order to increase the likelihood of one more rise before the end of 2023, bulls will hope that this level holds.

If there is a break below, it may indicate the construction of a more intricate bullish continuation chart pattern, similar to a bull flag. On smaller time frames, this pattern may resemble a descending channel and undermine expectations for another significant rise in 2023.

Ether and other cryptocurrency values are sensitive to a number of external variables, including generalized macroeconomic sentiment. Ethereum has already risen 81% year-to-date at its current price.

Featured image from Shutterstock

Microstrategy’s Executive Chairman and Co-founder, Michael Saylor, is one who always uses every opportunity to heap praises on the flagship cryptocurrency Bitcoin. Once again, he didn’t disappoint, as BTC was the center of discussion in his latest media appearance. 

Bitcoin Going To $1 Million

In an interview with CNBC, Michael Saylor stated that Bitcoin is going to $1 million if it isn’t going to “zero.” He noted that the “big question” in relation to BTC’s potential was whether or not the digital asset was legitimate. According to him, if Bitcoin is a “legitimate institutional asset,” then everybody is “under-allocated” to it. 

His comment about Bitcoin possibly hitting $1 million seems to stem from his belief that Bitcoin as an asset is still untapped, as he expects many institutional players to get in on the crypto token. He noted how 99.9% of the world’s capital is currently tied to other global assets like bonds, real estate, stocks, and precious metals. However, expects that to change soon enough.

That change, he believes, will stem from education about digital assets. From that, Saylor says more and more people will realize that they ought to be allocating more and more of their capital to digital assets. Interestingly, he labeled BTC as a “digital transformation of capital,” alluding to its disruptive nature. 

These institutional players could well be allocating more of their capital to BTC as early as 2024. The new rule by the Financial Accounting Standards Board (FASB) recently opened the door for firms to include cryptocurrencies like Bitcoin on their balance sheet. As such, we could see other tech firms adopt Microstrategy’s “Bitcoin Strategy.”

BTC Is Going Foward In 2024

Saylor also discussed several macro factors that he considers bullish for Bitcoin going into the new year. These factors include the potential approval of a Spot Bitcoin ETF, the loosening of monetary policies, and wider BTC adoption in countries suffering from inflation. 

He also alluded to the BTC Halving event, which he believes is also bullish for the Bitcoin ecosystem. All these factors form a “confluence of very bullish milestones,” which Saylor projects are going to happen over the next six months.  

Saylor will undoubtedly be fulfilled when his company’s Bitcoin strategy has panned out as Microstarategy is currently in profit with its Bitcoin acquisitions. The company’s stocks are also flying high as it recently hit a 2-year high, thanks in part to its BTC exposure.

At the time of writing, BTC is currently trading at around $43,000, up over 4% in the last 24 hours according to data from CoinMarketCap.