Blockchain

A new XRP price prediction from notable crypto analyst, EGRAG CRYPTO, has investors buzzing. Based on a multi-timeframe analysis, Egrag believes XRP is showing considerable strength, hinting at a potential surge to $1.4. The analyst elucidated his predictions in a tweet, stating, “XRP Color Code To $1.4 – UPDATE: Trying to showcase the sheer strength and achievements of XRP from multiple time frames: Weekly, 3D, 1D, and 4H.”

XRP Price Analysis: 1-Week Chart

Delving into the Weekly Chart, Egrag finds an evident optimistic momentum. XRP is on the brink of achieving a notable milestone: sealing a full-body candle beyond the Fib 0.618 retracement level at $0.5119. Egrag notes that the imminent week’s closure and the definitive form of the candle would serve as a robust affirmation of this trend.

Egrag’s meticulous breakdown pinpoints vital landmarks for the XRP price trajectory in the 1-week chart. The wicking range is demarcated between $0.3875 and $0.4719. Any downward breach below $0.3875 might disrupt the broader chart setup.

Meanwhile, the ranging region, where XRP could oscillate without clear directional momentum (and which XRP is currently leaving), is situated between $0.4719 and $0.5119. Eclipsing the $0.5119 boundary in the weekly timeframe propels XRP into a bullish domain, leading up to $0.5738 — in sync with the 50% Fibonacci retracement echelon.

The crypto analyst postulates that the breach of this pivotal price level could catalyze a sweeping XRP rally. Venturing past the 50% Fibonacci zone might result in a landscape with scant resistance, potentially allowing XRP to shatter its annual peak at $0.9310. Concluding his extensive analysis, Egrag envisages an audacious endgame: a staggering 250% rally, propelling XRP towards the 1,618 Fibonacci extension at $1.4695.

Shorter Time Frames

Switching focus to the 3-day chart, XRP displays a body candle close above the Fibonacci 0.618 retracement level, indicating its presence in the bullish zone. Yet, the current shape of the candle is a neutral Harami style, leaving room for interpretation and lacking a decisive forward direction.

This particular formation, rooted in the Japanese term for “pregnant,” represents a potential inflection point in the price movement. Yet, its neutrality necessitates waiting for more concrete signals. Egrag emphasizes that the impending candle, closing today, might shed light on pivotal insights.

In the 1-day Chart, the narrative is more assertive. XRP has successfully wrapped up seven consecutive daily candles beyond the Fib 0.618 benchmark in the green area. This trend, as Egrag postulates, radiates a palpable bullish aura. But he also advises vigilance for a potential retest of the lower boundary of the bullish green area, which could solidify this foundation.

Lastly, when inspecting the 4-hour chart, a discernible double-top pattern emerges. With XRP exhibiting resistance to surpass the $0.55 mark, there is heightened anticipation of a possible double bottom near $0.50. This movement could pave the way for an assault on the Fib 1.618 zone, around $0.576. The crypto analyst forecasts this as a precursor to a bullish continuation.

At press time, XRP traded at $0.52073. The 1-hour chart shows $0.5264 as the current key resistance and $0.5197 as the key support.

Dogecoin (DOGE) finds itself at a critical juncture. The $0.06 support level, a longstanding stronghold for buyers since early June, now faces increasing selling pressure that could potentially send DOGE sinking below this key level. 

Support and resistance zones, like the $0.06 mark, are pivotal in assessing the direction of price movements in the crypto world, as they often dictate the market sentiment.

In recent months, DOGE has weathered a bearish trend, but this vital support level has managed to hold firm and mitigate the extent of the downtrend. Nevertheless, multiple retests of the support zone have raised concerns about DOGE’s weakening structure, signaling an opportunity for bears to capitalize on the situation.

Dogecoin Price And Technical Indicators

As of the latest data from CoinGecko, DOGE is currently trading at $0.061140, showing a modest 0.4% gain over the last 24 hours but a 1.2% dip over the past seven days. Two technical indicators, the On Balance Volume (OBV) and the Relative Strength Index (RSI), provide further insight into the market’s dynamics.

The OBV, which had been on an uptrend in October, has recently exhibited a drop in trading volume. This decline suggests that selling pressure has intensified in the past few hours, causing concern among investors.

The RSI, another crucial indicator, has dipped below the neutral 50 level, reaffirming the presence of selling pressure. These developments put DOGE at a pivotal crossroads, with both short-term bullish and bearish scenarios in play.

According to a price report, if buyers can successfully defend the $0.06 support level, DOGE could see a short-term target range of $0.064 to $0.067. However, if sellers manage to breach this critical support, their near-term target becomes $0.055, potentially deepening the bearish sentiment.

Market Volatility Vs. Derivatives Trading

In addition to the price fluctuations, the Dogecoin market has been marked by considerable volatility lately. Yet, despite the turbulence, new derivatives traders have remained conspicuously absent. 

DOGE’s futures Open Interest (OI) has been hovering in the $232 million to $222 million range for the past week. Typically, rising open interest indicates an influx of new capital into the market, which often solidifies prevailing trends. However, the current trend suggests trader indifference, possibly due to the uncertainty surrounding DOGE’s immediate future.

Traders should closely monitor whether the current key support can withstand the pressure, and the OBV and RSI indicators provide essential insights into the evolving market dynamics. The next few days will be crucial in determining whether DOGE can regain its bullish momentum or succumb to further bearish pressure.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Tuttnauer

Ripple’s Chief Technology Officer (CTO), David Schwartz, has always been quick to come to the defense of the crypto firm and its technology. This time, he has defended Ripple developers implementing a newly proposed ‘Clawback’ feature on the XRP Ledger (XRPL). 

Why The Clawback Feature Is Necessary

In a tweet shared on his X (formerly Twitter) platform, Schwartz mentioned that while initially having reservations about the feature as he felt it was “redundant,” he later realized its importance as it differed from the existing freeze feature. 

The “clawback” amendment is now eligible for voting. This allowers issuers of new assets specifically created with this feature enabled to claw back a specified quantity of the asset from a holder.

Some thoughts: … https://t.co/OmrerirRQz

— David “JoelKatz” Schwartz (@JoelKatz) October 2, 2023

As the name suggests, the Clawback feature allows a token issuer to “claw back” tokens when there is fraudulent activity or for recovery purposes, like when a user loses access to their account.

Related Reading: Bitcoin Investment Strategy: Analyst Sets Hefty Exit Price

He noted that the clawback feature was primarily to be used to fulfill legal obligations, as in the case of a stablecoin issue fulfilling their redemption obligations or where a court order necessitates the need to use such a feature. 

From this premise, he explained that this feature ensures that this event is represented on the ledger, unlike the freeze feature, which doesn’t highlight why an asset was frozen. As such, this latest feature allows for better accountability and makes audits less complex. 

Furthermore, he mentioned that the freeze feature was more of a “nuclear” option, unlike the clawback feature, which does less damage and can seen as a viable and probably better alternative. 

Schwartz reiterated that this clawback didn’t apply to XRP and suggested that it was an option for stablecoin issuers, noting that other “blockchains that have stablecoins on them have some version of this clawback feature” and how it helped solved an accountability problem. 

XRP Ledger Feature Receives Cold Reception

Despite Schwartz’s justification of the feature, many still showed displeasure with it as it undermined the ethos of decentralization and users’ privacy. One X user (@bigcjat) explained that a clawback feature seemed more drastic, unlike the freeze feature, as the former stripped users of their tokens, unlike the latter, where the user still maintained control of his tokens.

He went on to quiz whether this token was simply proposed because of the ‘recent partnership’ considering that the feature was never proposed before now. He then suggested that the crypto firm and its blockchain may have been compromised as he stated, “Money taints, even decentralized ledgers.

In response, Schwartz stated that, to the best of his knowledge, the driving force behind this feature was to ensure accountability as it would reflect the legal obligation of an issuer. He is not aware of anyone stating that they will only partner with Ripple if the XRPL supports clawback. 

Other users weighed in on the conversation, with some showing support for the feature, stating that stablecoin issuers needed to implement such a feature. On the other hand, others argued that the clawback feature wasn’t necessary, with a particular user stating that this risk is “akin to being SIM swapped.” 

Another concern raised is that token issuers could use this feature maliciously, especially when experiencing financial difficulties. That particular user gave an example of FTX being able to claw back their FTT tokens or a stablecoin issuer like Tether clawing back their USDT tokens in the event of financial difficulty.

The X user @bigcjat once again came into the conversation and noted that Schwartz’s talks about “legal obligation” only undermine the essence of blockchain technology as there was no need for a ledger if the “actual value” and “rules” were off the ledger.

However, Schwartz noted “several benefits” to putting these transactions on the ledger. One of them is that a public blockchain ensures that “the total legal obligations of the issuer can be completely public in a verifiable way.”

The clawback feature will still need to be voted on by validators on the XRP Ledger before it becomes implemented. Once implemented, stablecoin issuers must decide to enable it before they can create their tokens on the network.

Large-scale transactions of Shiba Inu tokens have once again captured the attention of the cryptocurrency community. In a recent announcement by the crypto tracker Whale Alert, a substantial amount of SHIB was observed being transferred from the Amsterdam-based cryptocurrency exchange Bitvavo to an undisclosed blockchain address. 

The staggering figure of 4,584,530,677,374 SHIB raises intriguing questions about the continued interest of prominent investors in this meme-based cryptocurrency.

The transfer, which took place in the early hours of Oct. 5, was meticulously recorded by the Ethereum (ETH) blockchain explorer Etherscan, adding credibility to the transaction’s authenticity. 

Shiba Inu Whale Transaction Details And Suspicious Timing

This development comes just one week after the Shiba Inu development team issued a cautionary statement to its community, urging investors to exercise due diligence and remain cautious of suspicious entities claiming to be affiliated with the SHIB ecosystem.

4,584,530,677,374 #SHIB (33,132,403 USD) transferred from #Bitvavo to unknown wallethttps://t.co/HrCbR3oavs

— Whale Alert (@whale_alert) October 5, 2023

The team emphasized that the mere use of the name “Shibarium,” which denotes the ecosystem’s recently launched layer-2 scaling solution, does not automatically confer legitimacy. Instead, the SHIB team emphasized that all official partnerships and announcements would be exclusively disseminated through the ecosystem’s Discord channel or official blog.

Over the past 24 hours, the SHIB community has embarked on a noteworthy endeavor to reduce the circulating supply of SHIB tokens. A substantial quantity, totaling 50,430,344 SHIB, has been intentionally transferred to “dead wallets,” a strategy that effectively reduces the available supply and supports token value. 

The largest single transaction in this recent burn spree amounted to 10,162,798 SHIB, as reported by the Shibburn tracker.

HOURLY SHIB UPDATE$SHIB Price: $0.00000723 (1hr 0.16% ▲ | 24hr -0.47% ▼ )
Market Cap: $4,259,485,087 (-0.53% ▼)
Total Supply: 589,339,392,895,097

TOKENS BURNT
Past hour: 2,671,046 (2 transactions)
Past 24Hrs: 50,430,344 (61.06% ▲)
Past 7 Days: 426,377,516 (-41.81% ▼)

— Shibburn (@shibburn) October 5, 2023

SHIB’s Resilience And Current Market Performance

The ongoing efforts by Shiba Inu enthusiasts to burn SHIB tokens have been highly successful. To date, a remarkable 410 trillion-plus SHIB tokens have been deliberately removed from circulation, signaling a concerted commitment to creating scarcity in the market.

The resurgence in SHIB activity follows a period of rapid growth in the SHIB ecosystem. Despite recent market fluctuations, SHIB is currently valued at $0.00000720 according to CoinGecko, experiencing a slight 0.9% decline over the last 24 hours and a modest 2.2% dip over the past seven days.

These developments in the world of Shiba Inu (SHIB) underscore the resilience of meme-based cryptocurrencies and the unwavering enthusiasm of its community, making it a cryptocurrency to watch closely in the coming weeks and months.

Featured image from Channel Futures

As the global financial landscape witnesses a seismic shift, reminiscent of the 2008 financial crisis and the dot-com bubble burst, alarm bells are ringing in the bond market, alerting the Bitcoin and crypto market as well.

Is A Crash Like 2008 Looming?

Renowned Chartered Financial Analyst (CFA), Genevieve Roch-Decter, highlighted the striking parallels in a recent tweet, stating, “I can’t believe I am saying this but the slump in 10-year and 30-year bonds is approaching the epic drops we saw in stocks during the 2008 financial crisis and the dot-com bubble bust.”

Bloomberg Surveillance’s Lisa Abramowicz reinforces this grim narrative, pointing out that “bonds maturing in 10 years or more have slumped 46% since peaking in March 2020, just shy of the 49% plunge in US stocks in the aftermath of the dot-com bust. The route in 30-year bonds has been even worse, tumbling 53%.”

Onramp, a Bitcoin asset management platform, adds further context by emphasizing the historic nature of the trend. This decline, particularly in bonds with maturities exceeding a decade, harkens back to market downturns like the dot-com bubble collapse. The Federal Reserve’s resolute stance on inflation and a fragile fiscal environment have disrupted the traditional appeal of long-maturity debt, raising questions about the possibility of a debt spiral.

The situation is further complicated by the behavior of the yield curve. Historically, an inverted yield curve has foreshadowed recessions. However, the recent correction has seen a rare “bear steepener,” marked by rising long-term yields. This phenomenon, seen in the past before recessions, raises concerns of an impending economic downturn.

“While some question the yield curve’s reliability as a recession indicator, the current bear steepening suggests that an economic downturn could be imminent. This is particularly concerning given the Fed’s ongoing commitment to restrictive monetary policy, making the situation ripe for potential market volatility and economic uncertainty, “ Dylan LeClair from Onramp notes.

Meanwhile, Barclays’ analyst Ajay Rajadhyaksha suggests that only a stock market crash could halt the bond market’s decline. Unlike previous cycles, traditional bond backstops are dwindling, with the Fed shifting from a net buyer to a net seller, and foreign institutional buying slowing.

This highlights the stark disconnect between equity valuations and long-end bond rates, with stocks having significant room for devaluation before bonds stabilize. And if stocks crash, Bitcoin and crypto could be just as affected.

Impact On Bitcoin And Crypto

The turmoil in the bond market has far-reaching implications, including its impact on Bitcoin and crypto. Remarkably, the crypto market has never experienced such a situation, but there are general observations of how risk assets have reacted in such environments in the past.

First, rising treasury yields make risk-free returns more attractive, potentially prompting some investors to reallocate capital from risk assets like Bitcoin and crypto to treasury bills. This shift could decrease demand, putting downward pressure on their prices.

Moreover, a sharp rise in 10-year Treasury yields can signal a tighter monetary policy, weighing on risk assets. Higher yields also mean higher borrowing costs, which can impact crypto. When interest rates rise, non-interest-bearing assets like Bitcoin may seem less attractive compared to yield-bearing assets.

A significant increase in Treasury yields can also lead to reduced liquidity in other financial markets, such as the Bitcoin and crypto space. Institutional investors facing liquidity constraints may liquidate more liquid assets like BTC and altcoins causing potential price declines.

Lastly, sharp yield increases can create volatility across various asset classes as investors seek to reduce risk or cover losses elsewhere. Bitcoin and crypto are highly influenced by market sentiment and speculative behavior. The market’s interpretation of rising yields can sway investor behavior, impacting crypto prices.

Accordingly, Charles Edwards, founder of Capriole Investments, recently predicted:

The 10YR is up another 10% since! […] The Fed wants more unemployment. The job market is still too strong. They’ve raised the expected 2024 rates as a result and the 10YR has broken out to new decade highs. As long as the 10YR is breaking upwards like this, risk assets are going to see further headwinds.

At press time, BTC traded at $27,576.

Cardano (ADA) has been on a rollercoaster ride in the cryptocurrency market, with its recent price recovery rally encountering some significant challenges. 

As of the latest data from CoinGecko, ADA is trading at $0.261, showing a modest 1.7% gain in the past 24 hours, but boasting a seven-day rally of 4.9%. However, beneath the surface, there are signs of growing overhead pressure that could limit ADA’s upward momentum.

ADA’s journey to reclaim its previous highs faces its first major hurdle at the $0.26 mark. But this is just the beginning, as multiple layers of resistance lie above it, signifying significant supplier congestion levels. The price recovery may be stalling due to these formidable barriers.

Cardano: Key Insights

To gain a deeper understanding of ADA’s current price dynamics, we turn to a new price analysis. Data reveals a crucial level of buying interest at $0.25. In fact, over 600,000 ADA buy limit orders are placed at this level. 

This suggests that if ADA can breach the range-high and the 50-day Exponential Moving Average (EMA), it might find support around the mid-range of $0.25.

On the sell side, key sell limit orders start to emerge between $0.265 and $0.270, indicating that there is substantial selling pressure just above the current price levels.

The fate of ADA’s price also hinges on Bitcoin’s performance. Should Bitcoin post losses and dip below $27,500, ADA could follow suit, potentially finding support at the mid-range of $0.25. Conversely, a bullish rally in Bitcoin could set the stage for ADA to re-target its next hurdle at $0.28.

Technical Indicators Signal Caution

Technical indicators are also raising caution flags for ADA investors. The Relative Strength Index (RSI) is currently below the 50 level and trending downward, indicating fading momentum. Furthermore, the Awesome Oscillator (AO) remains in negative territory, signaling a lack of bullish sentiment.

Descent To Range Low Likely

Considering the current market conditions and technical indicators, analysts are leaning towards a bearish outlook for Cardano’s price. There is a possibility that ADA could descend to test the support floor at $0.2415. In a worst-case scenario, the price could plummet further, potentially reaching the range low of $0.2200, marking a substantial 15% drop from its current levels.

While Cardano has shown resilience with its recent gains, the road ahead is riddled with resistance levels, and Bitcoin’s influence remains a significant factor. Investors should closely monitor the developments in ADA’s price, as it navigates through these challenging market conditions. The cryptocurrency landscape is as unpredictable as ever, and ADA’s journey is far from certain.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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BNB price (Binance coin) is still struggling to clear the $220 resistance against the US Dollar. The price could decline heavily below the $210 and $202 support levels.

Binance coin price is slowly moving lower from the $220 resistance against the US Dollar.
The price is now trading below $215 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might accelerate lower if it breaks the $210 support level.

Binance Coin Price Remains At Risk

This past week, BNB price attempted a recovery wave above the $210 level. The price was able to clear the $215 resistance zone. However, it failed to clear the $220 resistance.

There was a fresh decline in BNB, like Bitcoin and Ethereum. The price declined below the $215 support level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $207 swing low to the $221 high.

Besides, there was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair. The price is now trading below $215 and the 100 simple moving average (4 hours).

It is consolidating near the 76.4% Fib retracement level of the upward move from the $207 swing low to the $221 high. If there is a recovery wave, the price could face resistance near the $213 level and the 100 simple moving average (4 hours).

Source: BNBUSD on TradingView.com

The next resistance sits near the $215 level. A clear move above the $215 zone could send the price further higher. In the stated case, BNB price could test the main resistance at $220-$222. A close above the $222 resistance might set the pace for a larger increase toward the $250 resistance.

More Losses in BNB?

If BNB fails to clear the $215 resistance, it could start another decline. Initial support on the downside is near the $210 level. The next major support is near the $207 level.

If there is a downside break below the $207 support, the price could drop toward the $202 support. Any more losses could initiate a larger decline toward the $165 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $210, $207, and $202.

Major Resistance Levels – $215, $220, and $222.

Ethereum price is slowly moving lower toward the $1,585 support against the US dollar. ETH must clear the $1,650 resistance to start a recovery wave.

Ethereum is struggling to stay above the $1,600 support zone.
The price is trading below $1,650 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,645 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.

Ethereum Price Grinds Lower

Ethereum attempted a recovery wave from the $1,630 zone. ETH climbed above the $1,650 resistance level but upsides were limited, like Bitcoin.

The price struggled to gain pace for a move above the $1,665 resistance level. A high was formed near $1,654 and the price reacted to the downside. It declined below the $1,620 support and even traded close to the $1,600 level. A low is formed near $1,607 and the price is now consolidating losses.

Ethereum is now trading below $1,650 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,645 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,630 level. It is close to the 50% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. The next major resistance is $1,650, the trend line, and the 100-hourly Simple Moving Average.

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. A close above the $1,650 resistance might send the price toward the key resistance at $1,665.

Source: ETHUSD on TradingView.com

To start a steady increase, Ether must settle above the $1,650 and $1,665 levels. The next key resistance might be $1,720. Any more gains might open the doors for a move toward $1,750.

More Losses in ETH?

If Ethereum fails to clear the $1,650 resistance, it could continue to move down. Initial support on the downside is near the $1,610 level. The next key support is $1,600.

The first major support is now near $1,585. A downside break below the $1,585 support might start another strong decline. In the stated case, the price could decline toward the $1,540 level. Any more losses may perhaps send Ether toward the $1,500 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,585

Major Resistance Level – $1,665

Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.

Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.
The price is trading below $27,700 and the 100 hourly Simple moving average.
There was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another decline if there is a close below the $27,200 support.

Bitcoin Price Faces Uphill Task

Bitcoin price attempted a fresh increase from the $27,200 support zone after a downside correction. BTC managed to recover above the $27,500 resistance zone.

The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to settle above the $27,850 level.

Bitcoin got rejected near the 61.8% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. It saw a fresh decline below $27,500.

Besides, there was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair. The bulls are now protecting the $27,200 support zone. It is trading below $27,700 and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

Immediate resistance on the upside is near the $27,650 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could rise toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.

More Losses In BTC?

If Bitcoin fails to continue higher above the $27,800 resistance, there could be more losses. Immediate support on the downside is near the $27,400 level.

The next major support is near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,800 in the near term. The next support sits at $26,200.

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 near the 50 level.

Major Support Levels – $27,400, followed by $27,200.

Major Resistance Levels – $27,800, $28,000, and $28,500.

On X, one trader going by the handle “CryptoJelleNL” is convinced that accumulating Bitcoin below $30,000 can be rewarding. The trader expects prices to not only expand towards all-time highs printed in 2021 at around $69,000 but break above $100,000 in the coming sessions. 

Although the analyst didn’t give timelines, the “game plan remains the same,” acknowledging that it will be a “tough mental battle” before exiting the market when BTC soars above $100,000, nearly 4X at spot rates. It is not immediately clear precisely at what price the analyst entered.

Responding to a tweet, CryptoJelleNL said the strategy is not to buy between $30,000 and around $70,000 because doing so will only increase the average “entry-level.” This strategy was proposed by an X user who preferred dollar cost averaging (DCA) using lower capital. 

In DCA, an investor makes periodic purchases of a target asset at low costs to dampen the effect of volatility and reduce the overall entry price. This system can be effective for HODLers, like in the case of CryptoJelleNL, and for traders who can’t time the market. 

Will Bitcoin Break Above $30,000?

Even so, time will tell whether Bitcoin will eventually recover from spot rates, soaring above $30,000 and July 2023 highs. Looking at price charts, bulls have a chance, at least in the short to medium term. 

Prices remain tight, trading above the $25,200 primary support and $28,000 and $30,000 resistance zone. Moreover, trading volumes are lower, suggesting that activity is generally low, with most market participants not keen to engage at spot levels. 

Related Reading: XRP Price Breakout: This Resistance Level Holds The Key

Even so, a breakout above $32,000 might spark activity, pushing prices toward the all-time high in a welcomed buy trend continuation formation in H1 2023. Looking at the weekly chart, prices have mostly been consolidating from June 2023, oscillating between $32,000 on the upper end and $25,000 on the lower end.

Former BitMEX CEO Says BTC Will Roar To $750,000

Arthur Hayes, co-founder and former CEO of BitMEX, believes BTC will explode to around the $750,000 and $1 million level by 2026.

In his view, the Bitcoin halving event, a supply shock that will halve the rewards distributed to miners, and the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) will be the primary drivers of demand. Bitcoin will halve miner rewards in 2024.

The SEC has hesitated to greenlight a spot Bitcoin ETF, though the complex derivatives product is already available in other jurisdictions, including Canada and Europe.