Bitcoin (BTC) currently ranges between $94,000 and $96,000, but on-chain signals suggest the cryptocurrency is on the verge of a massive breakout. Data from blockchain analytics platform CryptoQuant indicates that BTC could witness a sharp and significant uptick within the next one to two months. According to a report by pseudonymous digital asset analyst Crypto Dan, a signal usually seen once or twice in each bull market has just appeared. It indicates that BTC could skyrocket soon as it approaches the final phase of this cycle. BTC Could Skyrocket in 2 Months The signal called the golden cross of the Spent Output Profit Ratio (SOPR) indicator entails the SOPR 365-day moving average crossing the SOPR 30-day moving average. Only in bull seasons have these indicators crossed, and the market has experienced a strong rally within the following two months each time. Crypto Dan said the signal occurs once or twice throughout an entire bull cycle, and it is the second in this upward phase that kicked off in January 2023. Notably, the upcoming rally is likely to be the largest in the final phase of this cycle. The crypto analyst mentioned that the magnitude of these runs often increases as the market advances toward the later stages of the bull cycle, while declines and corrections are smaller and happen over a shorter time frame. If this signal’s indications are to come true between the end of 2024 and the first quarter of 2025, Crypto Dan expects the market to witness new capital inflows and the creation of additional crypto funds. This rise in demand and liquidity will help bring the market to its peak. BTC Slips Below $95K Meanwhile, analysts are speculating on bitcoin’s short-term price trajectory based on current demand and supply. Long-term investors have been rapidly offloading their holdings to realize profits, while short-term BTC holders have been accumulating; however, it appears demand is no match for supply. Market experts have identified $90,000 and $95,000 as key support levels for BTC, stating that the asset has a higher chance of rallying to $100,000 if it remains above the latter. On the other hand, BTC could tumble all the way to the $80,000 region if it slips below $90,000. At the time of writing, BTC had fallen slightly intraday to $94,800. While the asset holds steady, it remains to be seen how long it will take to break out, as Crypto Dan’s analysis has predicted. The post This Metric Suggests BTC Could See Sharp Uptick Within the Next 2 Months appeared first on CryptoPotato .

2024-12-03 19:22

Bitcoin’s price experienced what many in the industry refer to as a “flash crash” on the largest cryptocurrency exchange in South Korea—Upbit. It dropped to a low of around $61,500 (its equivalent in Korean Won) and immediately recovered. Source: TradingView As you can see in the 1-minute chart above, the whole fiasco took less than 15 minutes, during which time Bitcoin’s price crashed to 88,260,000 KRW. This represented a decrease of around 30%, realized in less than a few minutes. Almost immediately after that, the cryptocurrency recovered. The primary reason for this price action seems to be the announcement that South Korea’s president, Yoon Suk Yeol, declared martial law during his speech in Seoul just a few moments ago. The political turmoil in the country has caused market unrest, resulting in considerable volatility across the board. Meanwhile, Bitcoin trades at around $95,500 across most global exchanges, down 1.6% for the day. As CryptoPotato reported earlier, several analysts are predicting a prolonged correction that could even see its price trade as low as $90,000. The post Bitcoin Flash Crash to $61K on Upbit as South Korea Declares Martial Law appeared first on CryptoPotato .

2024-12-03 18:03

The altcoin market is currently on a roll, with several cryptocurrencies skyrocketing to multi-year highs, but Ki Young Ju, the founder and CEO of blockchain analytics platform CryptoQuant, believes this altseason will not play out as traders and investors expected. In an X post, Ju insisted that this altcoin season will be “weird and challenging” because only a few chosen assets will record significant gains and “win the game.” According to the CryptoQuant founder, the altcoin market sentiment is good, but the sector is not seeing a notable inflow of fresh liquidity, and this could hamper the growth of most crypto assets. Altseason to Play Out Differently The altseason refers to when capital flows from bitcoin (BTC) to other cryptocurrencies. During this time, BTC retraces its steps and consolidates within a particular range, its dominance and market share declining, while altcoins skyrocket and possibly hit new highs. From Ju’s perspective, BTC is drifting away from the crypto ecosystem and developing its own paper-based layer-2 entity. The CryptoQuant CEO said this development is being pushed by Bitcoin spot and futures exchange-traded funds ( ETFs ) and the stocks of Bitcoin-friendly companies like MicroStrategy (MSTR). Unfortunately, bridging from the paper-based L2 Bitcoin ecosystem to altcoins is impossible. Ju explained that altcoins used to move together due to their correlation with BTC; however, that pattern has broken, and only a handful of cryptocurrencies are showing independent traits because they are attracting new liquidity. “Alt season is no longer defined by asset rotation from #Bitcoin. The surge in altcoin trading volume isn’t driven by $BTC pairs but by stablecoin and fiat pairs, reflecting real market growth rather than asset rotation,” the crypto analyst clarified in a separate tweet . Following Bitcoin’s Path The CryptoQuant founder’s opinion is substantiated by altcoin market dynamics over the past 24 hours. While most large-cap altcoins have been in the red, others, like Ripple’s native token, XRP , and Chainlink ( LINK ), have skyrocketed to levels not seen in years. Meanwhile, Ju asserted that altcoins now have two options: build a real internet money ecosystem using stablecoins and BTC or create paper-wrapped versions like Bitcoin. He then suggested that altcoin investors find cryptocurrencies that can work on one of the two options and hold them long-term. The post Here’s Why CryptoQuant CEO Says This Altseason Won’t Play Out as Expected appeared first on CryptoPotato .

2024-12-03 17:55

TL:DR; Bitcoin’s price has seen better days as the asset failed at $97,500 yesterday and has lost nearly four grand since then. This comes on the heels of several analysts predicting a further correction that will potentially drive bitcoin to under $90,000. Sub-$90K Coming Soon? The primary cryptocurrency entered uncharted territory once Donald Trump won the US elections nearly a month ago by shooting above $74,000. The following ten days or so were nothing short of spectacular as the asset flew past several other round-numbered milestones and peaked on November 22 at just over $99,800. However, it failed to reach the coveted six-digit territory and was pushed south almost immediately. Within days, it had dumped to under $91,000, but the bulls came out to play and helped it recover most of its losses. As such, bitcoin jumped above $98,000 last Friday but failed to keep up its momentum and started to lose value gradually. It faced some enhanced volatility yesterday and went through another correction today. Just hours ago, the cryptocurrency dumped below $94,000 for the first time in almost a week, leaving $580 million in liquidations. Several well-known crypto analysts expect even more pain for BTC. As summarized by Ali, Sheldon_Sniper and Tone Vays have both warned the community about a potential pullback to below $90,000. Furthermore, Fundstrat’s Tom Lee, as well as Robert Kiyosaki, anticipate a massive crash that will drive the asset to $60,000. Nevertheless, both remain optimistic about BTC’s long-term potential, with price targets of up to $250,000. Bitcoin/Price/Chart 3.12.2024. Source: TradingView The Opposite More Likely? Ali further highlighted Santiment data showing that the crowd agrees with the aforementioned warnings, with the number of “BTC pullback” mentions skyrocketing. The analyst said that such predictions cannot be taken lightly but outlined another possibility. Bitcoin typically heads in the opposite direction of what others expect. As such, Ali noted that the asset could jump a lot higher to $120,000 or even $150,000 before a real massive correction of 30% transpires. Given the fact that #Bitcoin tends to do the opposite of what the crowd believes, there is potential for $BTC to go higher. If the current cycle behaves like the last two, #BTC could go to $120,000-$150,000 before the first 30% price correction. https://t.co/xTHJMITqJa — Ali (@ali_charts) December 2, 2024 The post BTC Price Slips Below $94K Amid Warnings About a Crash to $90K or Even $60K appeared first on CryptoPotato .

2024-12-03 16:33

Ripple’s XRP Ledger (XRPL) is becoming a focal point for crypto enthusiasts, with meme tokens like ARMY, 589, XPILL, PHNIX, and RIPPIE seeing remarkable upticks. The surge comes in the wake of a resurgence in Ripple’s own XRP token, which is up 88% in the last seven days, a feat that catapulted it into the third-largest cryptocurrency by market cap. ARMY Kickstarts Charge The initial XRPL meme coin charge was led by ARMY, a token that has been around for roughly one and a half years. It is inspired by the huge XRP community, popularly referred to as the “XRP Army.” Data from Dexscreener shows that over the past week, ARMY’s market cap grew from less than a million dollars to a staggering $90 million at its peak before stabilizing around the $47 million level. However, it has since dropped further, losing more than half its value across 24 hours. Still, its $26.3 million valuation marks it as the highest-capped meme coin on the XRPL ecosystem. Early investors profited handsomely from the meme coin’s initial jump, with one trader reportedly turning a $478 buy into more than half a million in realized and unrealized gains in less than three weeks. Another token that caught on quickly was 589, named after the community’s aspirational price target for XRP. It reached a market cap of $8 million at one point, fueled by a 160% price spike within 24 hrs. However, at the time of writing, it was changing hands at about $0.0005513, bringing its overall value down to $2.9 million. Newer Meme Coins Gain Momentum ARMY’s success and XRP’s pump in the broader crypto market have inspired tens of new meme coins on XRPL, several of which have registered incredible performances in the last 24 hours. Dexscreener shows that the best-performing XRP meme coin in the last day was RIPPY, which skyrocketed by an eye-popping 22,825% at one point. At the time of writing, the token, which is only days old, was still up by some 17,694%, with its price around $0.00116, placing its market cap around the $1.1 million range. The second-best XRP meme token was XPILL, up 13,128%, per Dexscreener, with a modest $88,000 valuation. Another new coin, PHNIX, has also shot up by more than 12,000% since its launch. SAM, bwif, RIPPIE, and NOX have also recorded upticks above 1,000% over 24 hours, with bwif performing particularly well in the last six hours, having gained 7,710% on its price in that period. The growth of these XRPL tokens hasn’t gone unnoticed, with influential traders from Ethereum and Solana now exploring the chain and even offering tutorials to guide new participants on how to trade meme coins on Ripple. The post Ripple Meme Coins Witness Unprecedented Growth on the Back of XRP Surge appeared first on CryptoPotato .

2024-12-03 15:24

TL:DR; Dogecoin was one of the top performers in the first few weeks after the US elections but has lost its momentum and is a modest 10% up in the past seven days. However, whales continue to accumulate the meme coin, which could lead to further gains in the near future. DOGE’s Current State and Whales Buying Donald Trump’s victory in the US presidential elections in early November resulted in immediate price gains for several crypto assets, including the largest meme coin. This is most likely because of Elon Musk’s role in the future administration, where he is expected to run a new Department of Government Efficiency (D.O.G.E) branch. DOGE’s price nearly tripled in the first few weeks amid the massive growth in the transactions on the network. Moreover, the meme coin surpassed XRP at one point, but that all changed as the roles reversed . While Ripple’s native token is exploring new heights not seen in over six years, DOGE has stalled to an extent and sits just over $0.4 after being rejected at $0.44 on a few occasions. Nevertheless, Dogecoin whales seem unfazed by the lack of price action as of late. Data from Santiment, shared by popular analyst Ali, indicates that these large investment entities have accumulated another 160 million DOGE during the weekend alone. #Dogecoin whales bought an additional 160 million $DOGE during the weekend! pic.twitter.com/OACjFVIv9N — Ali (@ali_charts) December 2, 2024 Recall that the last time whales went on a shopping spree for DOGE, the asset’s price exploded in the next month or so. Can DOGE Resume its Bull Run? Many analysts continue to be bullish on DOGE, with some predicting a new all-time high around the corner. One of the recent forecasts from dogegod sees the asset skyrocketing to $2.2, which would be roughly three times higher than the current ATH reached back in 2021. Javon_Marks had a similar target in mind. The strategist said Dogecoin is “in the midst of its 3rd Bull Cycle performance,” which could propel a massive surge of over 400%. In case such a rally transpires, it would place DOGE’s price at around $2.28. $DOGE (Dogecoin) looks to be in midst of its 3rd Bull Cycle performance and based on prior cyclical displays in price, according to Fibonacci Extension, prices can be poised for a move to and above the 1.618 Fib Extension level, which is currently over 405% away at $2.28 pic.twitter.com/I6AgRead8Y — JAVON MARKS (@JavonTM1) December 1, 2024 The post Dogecoin Price Stalls But Could Accumulating Whales Lead to Another DOGE Bull Rally? appeared first on CryptoPotato .

2024-12-03 15:23

Ethereum is showing strong bullish momentum, driven by an influx of buyers. However, as the price nears a significant resistance level at $4K, market participants should anticipate a period of consolidation with the potential for heightened volatility. Technical Analysis By Shayan The Weekly Chart Ethereum has experienced an impulsive uptrend, fueled by buying activity near the $2.5K support region. This movement has led to a breakout above the key 100-day and 200-day moving averages, signaling a shift in market sentiment and confirming the buyers’ dominance. The asset is approaching the $4K resistance zone, a crucial psychological and technical level, likely filled with substantial supply. The $4K threshold is a probable distribution zone for long-term holders looking to take profits. A consolidation phase around this level will likely give the market time to absorb selling pressure. However, a liquidity pool above $4K could trigger a short squeeze if breached, potentially driving Ethereum toward its all-time high of $4.9K. The 4-Hour Chart On the 4-hour timeframe, ETHs price action reflects a Wyckoff accumulation pattern within the $2K-$2.8K range, culminating in a breakout and an impulsive rally past the $3.5K decisive threshold. The asset has also broken above the upper boundary of a bearish wedge pattern, a bullish signal, and has since completed a pullback. If this correction holds and buying pressure continues, Ethereum will likely extend its uptrend toward the $4K resistance. However, caution is warranted, as a bearish divergence between the RSI indicator and the price suggests a waning bullish momentum. This divergence indicates that the market may face a period of consolidation before determining its next significant move. Onchain Analysis By Shayan The behavior observed in Ethereum’s price movement, particularly the failure to drop below the $3.3K level, aligns with significant liquidity below that point, as seen in the Binance liquidation heatmap. This liquidity likely consists of stop-loss orders and liquidation prices for large traders, or whales, who actively defend their positions to prevent a cascade of liquidations. Similarly, the $4K level is another critical juncture with substantial liquidity, likely tied to short positions established in anticipation of resistance. Should the asset breach the $4K level, these shorts may be forced to cover their positions, triggering a short-liquidation cascade. This could lead to an impulsive surge, as those positions are unwound, and the market quickly moves higher. The post Ethereum Price Analysis: ETH Gains 9% Weekly But The Road to $4K Has These Obstacles appeared first on CryptoPotato .

2024-12-03 14:51

With December historically a volatile and choppy month for bitcoin (BTC), analysts at the crypto exchange Bitfinex believe the digital asset could experience a short-term pullback; however, a shift in network dynamics could push it above $100,000. According to a weekly report , BTC could maintain upward momentum this month and rally past $100,000 if short-term holder (STH) demand can meet long-term holder (LTH) supply. At the time of writing, BTC was changing hands at $94,800, following a week of consolidation between $90,000 and $98,000. Can STH Demand Meet LTH Supply? Bitcoin long-term holders have begun to capitalize on increased BTC demand in the market to distribute their held supply on a large scale. Heightened BTC demand from institutional investors and the spot Bitcoin exchange-traded fund (ETF) market drove the latest rally. The LTH supply recorded a peak in September, and since then, this cohort of market participants has distributed roughly 508,990 BTC. While this figure represents a significant volume, Bitfinex revealed that it is smaller than the 934,000 BTC LTHs spent during the March rally, which led to bitcoin’s high of $73,666. The last eight months saw LTHs re-accumulate after distributing their bitcoins before the halving. However, with the resumption of a redistribution phase among this cohort of investors, STHs have been buying and accumulating rapidly. Per Bitfinex’s analysis, a reduction in the LTH-held supply is expected at this stage of the bull cycle. BTC Needs ETF Inflows And Strong Demand As LTHs continue to take profits, BTC needs positive ETF flows and strong demand from marginal buyers in the short term to maintain upward momentum. This is because the supply entering the Bitcoin market from LTHs has been sustained for the past two weeks, and a weak spot demand would fail to absorb the supply, resulting in a significant price correction. It is worth mentioning that the LTH Spent Output Profit Ratio (SOPR), which measures the profit margin at which this investor cohort is selling their BTC, signals the market is not near the top. In past cycles, this metric has shown LTHs selling at an average profit of 3.5x at market tops; however, at the time of writing, the SOPR average hovered around 2.6x. Also, the final leg of the bull market starts when the STH supply crosses the pre-halving cycle high of 3,282,000 BTC; this figure is currently at 3,252,000 BTC. The post Bitcoin to Maintain Upward Momentum and Break Through $100K If This Happens (Bitfinex) appeared first on CryptoPotato .

2024-12-03 13:51

TL:DR; Cardano’s native token has emerged as one of the top performers today, surging to $1.3 to mark a multi-year peak. The community was quick to pick up the move and outline some massive predictions of up to $6. ADAUSD. Source: TradingView ADA’s Bull Rally ADA stood at around $0.32 on November 5, the day of the US elections, and was relatively sluggish at first, even as the rest of the market was charting impressive gains following Trump’s decisive victory. However, its own rally began that weekend when IOG founder Charles Hoskinson said he will spend a lot of time in 2025 working alongside the Trump administration to establish a more favorable and comprehensive crypto policy in the States. Cardano’s token exploded to over $0.6 at the time, but more promising hints coming from Hoskinson sent it further north. ADA neared $1 and after a few rejections there managed to break above that level. Its rally was stalled for a few days but the bulls are back in charge now as they pushed ADA to just over $1.3 earlier today, which meant a 20% surge at one point. This became the asset’s highest price point since mid-January 2022. Consequently, ADA has overtaken USDC and is now the eighth-largest cryptocurrency by market cap, as the metric stands above $45 billion. ADA to $6? ADA’s breakout led many analysts to speculate on its future price growth. Some of the more modest predictions indicated that the asset could rise up to $1.5 next, which sounds achievable even for the short-term, given the recent price developments in the market. Popular analyst Ali also outlined the same target following ADA’s price surge above $1.25, which invalidated a previous forecast for a 20% correction. Invalidated! $ADA goes to $1.50 next. https://t.co/OhJXrA2MSM — Ali (@ali_charts) December 2, 2024 While $1.5 seems very plausible at the moment, others made some big claims that ADA could peak at $6 during this cycle. AllInCrypto’s analyst based this prediction on ADA’s behavior during the 2017 and 2021 bull runs. It’s worth noting that such a price tag would put Cardano’s market capitalization at over $210 billion. In the current environment, this sounds slightly exaggerated as this would make ADA the third-largest digital asset. The post Big Cardano Price Predictions as ADA Shoots Up 17% to 3-Year High appeared first on CryptoPotato .

2024-12-03 12:44