Prominent digital asset financial services platform Matrixport has recently issued a bullish projection indicating a potential surge in Bitcoin’s (BTC) value. According to their analysis, Bitcoin may surpass its previously established two-year peak and climb to $63,000 by next month.

This bold prediction stems from a confluence of factors poised to exert significant influence on the trajectory of Bitcoin’s price in the coming weeks and months.

Rationale Behind Matrixport’s Optimistic Projection

The primary driver behind Matrixport’s optimistic outlook is the live trading of Bitcoin spot Exchange-Traded Funds (ETFs). According to the report, these spot ETFs have opened the doors for more investors to engage in crypto trading through conventional financial channels.

Additionally, with the increasing demand for these spot ETFs and the daily trading volumes reaching noteworthy levels, signaling growing investor interest in Bitcoin as an asset class, this could help propel the flagship crypto to trade above $60,000 by next month, according to the report.

[1/3] Bitcoin ETF Flow – Up to 22 Feb 2024

All data in. +$251.4m net flow on 22nd Feb. A strong day. pic.twitter.com/IdrCmgq5u8

— BitMEX Research (@BitMEXResearch) February 23, 2024

Furthermore, the impending Bitcoin halving event, scheduled for April 2024, is anticipated to catalyze further upward momentum in BTC prices. Bitcoin halvings result in a reduction in the rate of new BTC generation, and historically, this leads to a decrease in supply, typically driving up Bitcoin’s value.

Matrixport’s report also mentions the influence of macroeconomic factors on BTC’s price. The expectations of interest rate adjustments following the Federal Reserve’s Federal Open Market Committee (FOMC) gatherings are anticipated to have a significant impact.

Furthermore, the forthcoming uncertainty surrounding the US presidential elections may instigate market fluctuations, leading investors to turn to alternative assets such as Bitcoin to safeguard against potential shifts in economic policies.

Bitcoin Price Action And Expert Sentiments

Meanwhile, despite Bitcoin experiencing a nearly 10% surge over the past 14 days, the asset has witnessed quite a retracement in the previous week, declining by 2.2%. It’s worth noting that despite this setback, the cryptocurrency’s market capitalization remains above the $1 trillion mark.

An analyst known as Mags has expressed an overwhelmingly bullish sentiment toward Bitcoin, noting that the asset has “never been this bullish.” Mags city’s historical patterns and bullish technical signals reveal that BTC has recently closed a weekly candle above the 0.618 Fibonacci level, a rare occurrence in the cryptocurrency’s four-year cycle.

#Bitcoin has never been this bullish

For the first time ever, BTC is deviating from the 4 year cycle by closing a weekly candle above the 0.618 level before the halving event.

The best part about this deviation is it’s a bullish one, with the rise in demand among institutional… pic.twitter.com/F9xpTbEZ1d

— Mags (@thescalpingpro) February 22, 2024

However, Mike Novogratz, CEO of Galaxy Digital, has cautioned against potential downside risks, speculating on the possibility of a regulatory setback or market sentiment shift that could lower BTC prices to the $45,000-$42,000 range.

Featured image from Unsplash, Chart from TradingView

AI Token SingularityNET (AGIX) has recently observed a rally of 128% as on-chain data shows activity-related metrics have heated up for the coin.

SingularityNET Has Seen Sharp Growth In Volume & Whale Activity

In a new post on X, the on-chain analytics firm Santiment has talked about how SingularityNET has fared in its underlying metrics, with its market cap more than doubling in its latest rally.

In particular, the analytics firm has shared data for four of the AI token’s indicators. The chart below shows their trend over the past month.

The first indicator on the chart is the “Transaction Volume,” which keeps track of the total amount of AGIX (in USD) involved in network transfers every day.

This metric tells us about the amount of activity the users on the blockchain are displaying currently. The graph shows that this metric has climbed as SingularityNET has gone through its rally.

Generally, many traders must continue participating in the market for any rally to be sustainable. As the transaction volume has been rising, this is clearly what has been going on. If the volume shows any signs of cooling off, though, that’s when the coin might slow down.

The second metric of interest here is the “Whale Transaction Count,” which measures the total number of transactions on the SingularityNET blockchain worth at least $1 million in value.

Only the whales can make transfers so large, so this metric can provide hints about the current activity level of these humongous holders. As the chart shows, this metric has also been high recently, implying that the current transaction volume isn’t just because of smaller hands showing interest in the asset but also from these titans.

AGIX’s adoption also appears to be proceeding swiftly as the “Total Amount of Holders” metric has also been climbing up recently. This indicator keeps track of the number of addresses on the network carrying a non-zero balance.

Adoption is naturally a constructive sign for any cryptocurrency, as a large user base can provide a stronger foundation for sustainable moves to occur in the future. This constant influx of users would also contribute to the uptrend in the Transaction Volume.

Finally, Santiment has listed the “Social Dominance” in the chart, which, in short, tells us about the portion of social media talks around the top 100 cryptocurrencies that SingularityNET alone is contributing.

It would appear that the coin’s mindshare on social media has also skyrocketed with its price surge. This metric may be one to keep an eye on, as excessive hype has historically been something that has led rallies to top out.

AGIX Price

SingularityNET is trading around the $0.76 level after its incredible run over the past week.

Crypto analysts are currently optimistic about the XRP price trajectory in the coming months, setting different price targets, with some of them more bullish than others. XRP, like most top cryptocurrencies, is always subject to price predictions from analysts as the entire crypto market continues to anticipate the resumption of a market-wide rally. 

Consequently, experts on social media are calling for some pretty wild price targets for XRP if the bull run kicks back into gear. Other market factors, like the possibility of an XRP ETF, are also bound to come into play in the quest for a price rally.

Crypto Analysts Remain Bullish On XRP Despite Price Consolidation

XRP has been on price decline since the beginning of the year. At the time of writing, the XRP price is trading at $0.5375, down 14% from the $0.625 level in early January. Notably, price movement recently went on a surge at the beginning of February as the broader cryptocurrency market witnessed inflows spearheaded by Bitcoin. As a result, XRP climbed to the $0.57 price level on February 15. 

Despite the ongoing consolidation and lackluster price action, crypto analyst EGRAG CRYPTO has predicted a $1.4 XRP price target in the coming months. The analyst, known for his strong positive stance on XRP, made this prediction while looking at the wicking, ranging, consolidation, and bullish stages of XRP.

According to a color-coded price chart shared on social media by EGRAG, XRP is currently in the wicking stage. XRP recently closed above a long-term support level of $0.5141 at the top end of the red flag stage. Consequently, we could see XRP passing through into the bullish stage and $1.4 in the coming months. 

It’s worth noting that the $1.4 price point coincides with a 1.618 Fib extension from $0.3536. EGRAG had noted in the past that XRP reaching $1.4 would set the stage for a progression to $5.

Dark Defender, another crypto analyst, used the wave strategy to predict various bullish price points. According to a social media post, XRP could continue the current downturn until it reaches the end point of a wave 2 correction between $0.5198 and $0.5066. Subsequent waves 3, 4, and 5 formations would then see XRP tearing past  $0.6649, $0.7707, and $0.9191.

Analyst Dr. Profit also noted the potential of inflows rushing into XRP in the next 30 to 60 days. The analyst divulged that he bought 500,000 recently while calling XRP the “next shining bull.”

In the spirit of bullish countenance, a popular Bitcoin day trader recently disclosed that his father sold his house for $800,000 and allocated the proceeds to purchase XRP. Although this might seem very daring and unbelievable, it emphasizes the vast amount of optimism among some XRP investors.

Filecoin (FIL) has been among the top gainers during the current market rally. Throughout February, FIL has shown a formidable performance fueled by the bullish momentum and its partnership with a major blockchain.

This performance has analysts and important crypto actors predicting a potential bullish run around the corner for the decentralized storage network’s native token.

Should Filecoin Investors Get Ready For A Bull Run?

Pseudonym analyst and trader Crypto Breakout highlighted that FIL broke through a crucial resistance in the 3-day timeframe, signaling that the “bulls return with force.” The chart shared by the analyst illustrates a downtrend pattern in FIL’s price since 2022.

Two years ago, as the chart below shows, the token traded at $11 before facing a pullback that shredded about 70% of the token’s value in the following months. By February 2023, the token recovered and broke through the $9 resistance level before repeating a similar downtrend.

Since 2023, the price has remained well below this level, only breaking through the $8 support zone once at the very beginning of 2024. Throughout January, FIL’s price had a turbulent performance, falling around 40%.

The price has picked up the crypto market uptrend, and, as the analyst highlights, it has been gaining positive momentum. The 3-day time frame shows that FIL has been following an upward trend that led to the token breaking through the crucial $8 support zone this Friday.

As the post suggests, this break out of the downtrend could signal FIL’s “beginning of an epic bullish rally” and that investors should “get ready for exciting moves ahead.”

Renowned crypto analyst Ali Martinez made a similar prediction. Earlier this week, Martinez highlighted Filecoin moving within a parallel channel on the 3-day chart. He suggested a successful breakthrough from the $8.50 barrier could catapult the token’s price to $25.5.

Artur Hayes Predicts $100 As FIL Continues To Rise

After the token’s recent surge, BitMEX co-founder Arthur Hayes shared his FIL prediction. On an X (former Twitter) post, Hayes forecasted that FIL’s price would rally to $100, also calling the arrival of the bull market.

Welcome to the bull market. May all things AI related levitate. $FIL = $100

Yachtzee pic.twitter.com/oggCeY8IGc

— Arthur Hayes (@CryptoHayes) February 23, 2024

Filecoin, a decentralized storage network, recently integrated with Ethereum’s rival Solana to make its blockchain history more accessible and usable. According to the announcement, the integration is a significant move away from centralized storage solutions, which seek to improve reliability and scalability in the Solana blockchain.

This move has considerably fueled the ongoing upward momentum for FIL. The token has shown a considerable performance in recent weeks, with FIL increasing 53.9% in the last two weeks and 67.7% in 30 days.

The token trades at $8.19 at writing time, representing a 9.6% surge in 24 hours and 39.0% in the last seven days. FIL is currently the 25th largest cryptocurrency by market capitalization, at $4.2 billion, a 12.38% increase from yesterday. Its trading activity also saw a recent rise, with its daily trading volume at $895.2 million, 44% more than the day before.

As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to Bitcoin’s price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoin’s demand far outpaces its supply, which could see the flagship crypto token rise to as high as $237,000. 

Bitcoin Demand Significantly Outpacing Its Demand

Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving is fast approaching. 

This is when Bitcoin Miners’ rewards are cut in half, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent. 

Industry expert Anthony Pompliano also highlighted this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues. 

This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were approved in January. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were reported to hold 3.3% of Bitcoin’s circulating supply earlier in the month. 

Bitcoin’s Road To $237,000

In response to Willy Woo’s post, crypto analyst MacronautBTC made a “conservative” calculation of how Bitcoin’s price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the Bitcoin ecosystem, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion. 

He then added the 4.38 trillion to Bitcoin’s current market cap of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoin’s price at $273,000 (a year from now, going by MacronautBTC’s calculation. 

The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who recently stated that BTC will hit $250,000 in 2025. 

At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to data from CoinMarketCap. 

Two personal crypto wallets belonging to Jeff “Jihoz” Zirlin, the co-founder of Sky Mavis, the company behind the popular play-to-earn (P2E) game Axie Infinity, have been compromised, reports on February 23 show.

Following this hack, over $10 million worth of various crypto assets were stolen, primarily RON, the native token of Ronin Chain, the Ethereum sidechain designed explicitly for Axie Infinity.

Axie Infinity Co-Founder Losses Over $10 Million In Hack

According to Lookonchain data, the hacker got away with 3.2 million RON worth over $9.53 million. The co-founder also lost over $834,000 worth of Wrapped Ethereum (ETH). There were other small amounts of PIXEL, the native token of Pixels–a gaming platform; SLP, the coin priming Axie Infinity’s metaverse; and USDC, a stablecoin. 

Zirlin held around 164 AXS worth less than $1,300. The hack has shown an unexpected holding pattern, especially among project founders. That the co-founder only held 164 AXS is strange, considering the role played in Axie Infinity. The P2E game has distributed billions of assets since its popularity peaked in the last bull cycle.

Stolen assets, Lookonchain data reveals, were reportedly converted to ETH and deposited into Tornado Cash, a crypto mixer whose co-founders have an ongoing court case in the United States.

In charges brought forward in August 2023, the prosecution team alleges that North Korean hackers used Tornado Cash to launder millions, if not billions, of dollars worth of stolen coins. Some of these tokens were from the Ronin hack, which lost over $600 million in March 2022. 

Dedicated To Mission; RON And AXS Post Minor Losses

Zirlin confirmed the hack on X on February 23, emphasizing that it was “limited to my accounts.” The hack did not affect the Ronin chain or Sky Mavis operations. The co-founder also added that the compromised private keys were not connected to the company’s internal systems.

Zirlin said they have “strict security measures in place for all chain-related activities to assuage fears.” The co-founder also remains upbeat, assuring concerned crypto community members that the project will continue pursuing its mission of bringing “economic freedom” to all users.

So far, AXS and RON prices remain stable but lower, looking at the performance in the daily chart. AXS and RON have been edging lower since February 21, cooling off after sharp gains from early Q4 2023. 

Uniswap (UNI), one of the industry’s largest decentralized cryptocurrency exchanges (DEXs), has set the stage for a major shift in its ecosystem with a proposed upgrade that could have significant implications for UNI token holders. 

The upgrade aims to bolster governance participation, enhance resilience, and reward token holders for active engagement within the Uniswap ecosystem.

Uniswap Takes Big Leap In Governance

Uniswap Foundation (UF) Lead Developer Erin Koen, while expressing his enthusiasm, has suggested that it has been the “biggest week in Uniswap Protocol Governance” and revealed a major upgrade proposal for the system.

At the heart of the proposed upgrade lies a fee mechanism designed to reward UNI token holders who stake and delegate their tokens. As announced, by actively participating in the governance process, token holders can earn additional rewards in the form of protocol fees. 

In addition to the enhanced rewards, the proposed upgrade seeks to fortify Uniswap Governance, making it “more resilient and decentralized.” 

According to Koen, by increasing the number of actively involved token holders, the governance structure becomes more robust, ensuring that decisions align with the collective interests of the UNI community. 

The proposed upgrade maintains governance control over core parameters such as fee-charged pools and fee magnitude. Token holders will collectively decide on these critical aspects, allowing for flexibility and adaptability in response to market dynamics. 

Beyond the immediate benefits, the proposed upgrade holds the potential for long-term value appreciation of the UNI token. By incentivizing participation and aligning token holders’ interests with the ecosystem’s success, Uniswap aims to foster organic growth and adoption. 

Assuming a successful on-chain vote, the community will have the option to activate fees. Gauntlet, a trusted entity, is reportedly preparing a proposed roll-out process that will be shared on the forum. 

Only after completing this separate governance process will fees be collected and distributed according to the adopted contracts. Koen further noted:

We’re excited to invigorate governance – incentivizing not only delegation but thoughtful and active delegation – by tying delegation to protocol fees. Specifically, we believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol’s growth and success. If this proposal succeeds we believe we will see an influx of new delegations.

UNI Records 23-Month High

As these developments unfold, considerable excitement has emerged around the Uniswap protocol. Notably, a cryptocurrency investor named “Virtual Bacon” expressed enthusiasm, stating, “Uniswap finally proposes to share revenue with UNI token stakers. Chart exploding on this ‘proposal’ which hasn’t passed yet.” 

Within 24 hours, the UNI token witnessed a surge of over 52%, signaling the market’s anticipation of the potential benefits this upgrade could offer token holders.

Currently, the UNI token is trading at $11.29. However, with the unveiling of the upgrade proposal, the token quickly surged to the $12.50 level, reaching its highest point in 23 months. 

The gains over longer time frames have also experienced a dramatic surge. Over the past fourteen days, the UNI token has seen an impressive increase of 73%. Similarly, the token’s value has soared by 94% in the last thirty days. 

Overall, should the proposed upgrade be approved and implemented, Uniswap will reinforce its position as a leading DEX and establish a framework that empowers token holders and fosters the continued growth and success of the Uniswap protocol.

Featured image from Shutterstock, chart from TradingView.com

In a recent technical analysis by crypto analyst Ali Martinez, known on social media as @ali_charts, a potential sell signal has been identified on the three-day chart for Cardano (ADA) against the US dollar. This analysis, shared on X on February 23, suggests caution among ADA traders due to the appearance of a bearish signal from the TD Sequential indicator.

Martinez’s chart showcases the TD Sequential indicator presenting a ‘9’ signal, a classic sell indication that suggests the current trend may be exhausted and a reversal could be imminent. This signal is highlighted on the candlestick that has been forming over the last three days, marked by a red rectangle surrounding a green candlestick.

The ‘9’ setup, traditionally seen as a sign to take profits or to prepare for a trend change, implies that ADA’s recent upward momentum may face a setback. The analysis further notes that this is not the first instance of such a signal appearing on Cardano’s chart.

Previous occurrences of the TD Sequential ‘9’ sell signal were followed by price corrections for ADA. Traders may be particularly vigilant now, as the chart indicates that the last two signals of this nature were succeeded by downward price action. Martinez remarked:

The TD Sequential indicator shows a sell signal on the #Cardano 3-day chart. It’s important to note that the last two times this indicator signaled bearish, ADA experienced a price correction!

How Low Could Cardano (ADA) Price Retrace?

As of February 23, 13:06 UTC, the ADA/USD pair shows a complex interplay between bullish and bearish signals on the daily time frame. The chart presents a constricted pattern following a descent from a local high.

The ADA price is currently trading at $0.5790. Importantly, the price is above the 20-day Exponential Moving Average (EMA) at $0.5733, the 50-day EMA at $0.5462, the 100-day EMA at $0.5065 and notably, the 200-day EMA at $0.4487. The positioning above these EMAs can be a sign of an underlying bullish sentiment in the market.

The Fibonacci retracement levels, drawn from the peak to the trough of the recent move, highlight significant levels of potential support and resistance. The 0.236 level at $0.5866 is immediately overhead, acting as a minor resistance level. The 0.382 level at $0.5203 and the 0.5 level at $0.4667 are key support zones to watch if a bearish reversal occurs.

A break below these levels could signal a deeper retracement towards the 0.618 level at $0.4131 or even the 0.786 level at $0.3368. However, the most crucial support at the moment is the 20-day EMA which could forebode a changing trend.

Notably, the volume has been relatively consistent, with a slight decrease in trading volume accompanying the recent price consolidation. This could indicate a lack of conviction among traders. Confirming this, the Relative Strength Index (RSI) is at 54, indicating neither overbought nor oversold conditions. The RSI trend is neutral, providing no clear directional bias at the moment.

In conclusion, while there are hints of bearishness, there are still good arguments to be bullish on Cardano and not wait for a larger correction. However, if the price does not hold above several key EMAs on the daily chart, the trend change could be confirmed.

Chainlink has seen its open interest spike significantly in the month of February, so much so that it has reached new all-time highs. This trend has not waned despite the decline in the price of the cryptocurrency, which could paint a rather bullish picture for the LINK price going forward.

Chainlink Open Interest Crosses $450 Million

The Chainlink open interest ended the month of January on a high note and carried this trend into the month of February. A major jump was seen between January 31 and February 3 when the open interest went from below $250 million to more than $320 million.

In the days following this, the open interest continued to rise, and eventually hit a peak of $533 million. This was significant because it was not just the highest point for the year but it is the highest that the open interest has ever been for the asset.

As expected, the price would quickly rise to keep up with the open interest as investors continued to place their bets on the price. There has been a retracement in the open interest. However, Chainlink has continued to maintain more than $450 million in open interest since February 12.

Currently, Coinglass data shows that the Chainlink open interest is $456 million as of February 23, continuing to maintain a high level. Given this, it might be prudent to look at how the LINK price has reacted in the past when open interest remained elevated.

Historical Performance Of The LINK Price

While the Chainlink open interest is at record levels, there have been times in the past where the open interest had been elevated for a period of time like it is now. So, how the price reacted during those periods could provide a pointer for how it might perform now.

The last time that the open interest was this elevated for a long period of time was back in October-November 2023 when open interest more than doubled. It would maintain this elevated level for almost a month, but at the end of it, the LINK price would react positively and saw a price surge from $11 to $15, which was a 36% increase in price.

If this scenario were to repeat now, then a 36% increase would send the LINK price to $24. This is not particularly hard to believe, given that the LINK price had topped out at $52 in the last bull market. So, such a move would still leave it 50% below its all-time high levels.

On the flip side of this, the open interest levels could also taper off, as was seen in November 2023. This could see the LINK open interest lose its hold on the $450 million that it maintained in February and fall toward $400 million before recovering again.

Siacoin (SC), the native token of the decentralized cloud storage platform Sia, has been on a tear in recent months, defying expectations and leaving investors wondering if the rocket ride can continue. After reaching a low of $0.0025 in mid-September 2023, the price skyrocketed a staggering 360% to peak at $0.0130 by January 24, 2024. While a 30% correction followed, wiping out those gains, the story didn’t end there. Siacoin defied bearish predictions, embarking on a new upward trajectory culminating in a new high of $0.0175 on February 21st, marking over 100% increase from its January low.

Unpacking The Surge: Technical Advancements, Community Optimism

So, what’s fueling Siacoin’s unexpected rise? Several factors contribute to the narrative. Firstly, the February 2024 update unveiled significant advancements in the Sia network, focusing on stability, performance, and user experience. These include the implementation of RHP4 for the upcoming Utreexo hardfork, aiming to boost efficiency and scalability.

Additionally, new features like metadata addition and improved upload processes enhance data management and user interaction. The Siacoin community, excited about these technical developments, saw them as a sign of progress and fueled further investment.

However, it’s important to acknowledge the broader market context. Siacoin’s price rise coincided with a bullish trend in the cryptocurrency market, with many digital assets experiencing significant gains. This suggests that investor sentiment played a significant role in the token’s upward trajectory.

Meanwhile, there has been a significant rise in short liquidations as a result of the SC token boom. The volume of shorts liquidations increased to above $40k on Wednesday, the highest amount in a month, according to data provided by CoinGlass.

Charting The Course: Bullish Breakout Or Bearish Divergence?

Technical analysis paints a somewhat complex picture. While the price broke out of a long-lasting consolidation zone, potentially signaling the start of a larger bull cycle, a bearish divergence emerges when comparing the current rise with the daily Relative Strength Index (RSI). This discrepancy indicates that the price action might not have enough momentum to sustain itself in the short term.

On the other hand, some analysts see this potential correction as a healthy retracement after the rapid ascent, retesting broken support levels before continuing its upward journey. This perspective aligns with the larger uptrend that began in October 2023, suggesting that a first bull market correction is underway, paving the way for further growth later in 2024.

Beyond The Numbers: Adoption And Future Catalysts

Looking beyond technical analysis, Siacoin’s future hinges on its real-world adoption and development roadmap. The platform boasts a growing user base and partnerships, indicating increased demand for its decentralized storage solutions. Upcoming events like the Utreexo hardfork and potential regulatory developments could also act as significant catalysts, influencing the price in either direction.

Featured image from Tolga Aslantürk/Pexels, chart from TradingView