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Bitcoin Price Tops $90K As Analysts Predict Cycle Peak In 200 Days

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Bitcoin price recently achieved a new milestone, briefly trading above $90,000 following a period of sustained growth. This rally, attributed partly to renewed optimism within the crypto community, has marked a record-breaking period for the cryptocurrency. Analysts at Copper.co suggest that this upward trajectory could continue for the next several months, pointing to historical cycles that may see Bitcoin peaking within roughly 200 days.

Bitcoin Price Hits New High Above $90K: Analysts Eyeing Peak in 200 Days

Bitcoin price surged past the $90,000 mark, riding a wave of optimism in the crypto market following recent U.S. election results. Trading volumes have soared, contributing to this new all-time high, as investors anticipate pro-crypto regulatory shifts in the coming months. Analysts at Copper.co project that BTC market cycle is far from complete and expect the current rally could lead to a peak within 200 days, or around mid-2025.

Copper.co BTCCopper.co BTC
Source: Copper.co

The recent surge aligns with historical trends, where Bitcoin market cycles, averaging approximately 756 days, culminate in peak valuations before entering a correction phase. According to Copper.co’s Head of Research, Fadi Aboualfa, Bitcoin has entered day 554 of this cycle, potentially signaling a sustained upward trajectory into 2025. 

Based on the analysis, the outlook of past market cycles suggests that Bitcoin price could continue to climb. This opinion is shared among many enthusiasts in the crypto market. Most recently, Andrew Tate shared insights that BTC bull run is yet to begin. 

Potential Recession Timing Adds Uncertainty

Copper.co’s report also considers the potential for a U.S. economic recession in mid-2025, which may coincide with Bitcoin’s anticipated cycle peak. A JPMorgan analysis places a 45% probability on a recession occurring in the latter half of next year. This potential downturn could impact demand and price stability for digital assets. 

However, Bitcoin’s resilience during past recessions provides some optimism, as investors view the crypto as a hedge against traditional market volatility.

While a recession could shift sentiment, some analysts argue that Bitcoin may benefit from economic uncertainty. Analysts note that in previous economic downturns, the asset has experienced an influx of institutional interest, positioning it as a store of value.

In this recent cycle and crypto market rally, BTC utility has attracted many institutions and countries. According to a recent report, Bhutan’s government Bitcoin holdings have reached $1 billion. This cycle, therefore, could see similar investment flows, given the strong infrastructure around Bitcoin price and crypto investment.

Realized and Implied Volatility Suggest Continued Turbulence

As Bitcoin’s valuation reaches historic highs, its market volatility remains notable. The report highlights that Bitcoin’s realized volatility currently sits at 50%, suggesting substantial fluctuations in price movement. Such levels of volatility indicate that Bitcoin’s trajectory may remain turbulent, even amid positive growth prospects. The crypto market could experience swings as investors react to volatile market conditions.

Adding to the volatility, technical indicators suggest that Bitcoin price may have more room to grow. Copper.co points to Bitcoin’s Relative Strength Index (RSI), currently at 60, which is lower than previous bull market peaks. This indicator, when measured against past cycles, implies that Bitcoin has not yet reached an overbought status. These indicators align with the recent BTC price prediction of reaching the $100 mark.

 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bullish Lists RLUSD Stablecoin, Here Are Trading Pairs

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1 hour ago

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December 24, 2024

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Centralized crypto trading platform Bullish has announced the listing of Ripple USD (RLUSD) stablecoin. Despite its global operations, the trading platform said only users in supported regions can trade the new stablecoin. Per its products listing page, the crypto exchange said RLUSD stablecoin is not available to investors in the United Kingdom unless they meet some specific criteria.

RLUSD Stablecoin Pairs on Bullish 

Bullish has a rather lean count of supported assets. The Ripple Labs issued stablecoin is the 4th asset it has listed this month after MOCA, Ethereum Classic (ETC), and EDU. The listed RLUSD stablecoin is the ERC-20 version and comes with a total of 7 pairs.

Per the product listing page, these pairs include RLUSD/USDC, BTC/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD and SOL/RLUSD respectively. It is worth noting that of all the products listed since early January this year, the Ripple stablecoin has the highest number of assets paired.

Ripple labs launched the stablecoin earlier this month with initial listing on Bitso, Uphold and other global trading platforms. Earlier today, Singapore’s Independent Reserve listed the token, the first of its move into the country. The digital currency is regulated by the New York Department of Financial Services (NYDFS) making it one of the most regulated tokens in the market.

Since the listing, the token has bagged multiple listings, in a bid to drive its adoption forward.

How Much Has The Ripple Token Grown? 

Although the stablecoin launched with intense price volatility, it has maintained its 1:1 peg to the US Dollar.

Current data from XPMarket shows that RLUSD is up 0.22% at the time of writing to maintain the $1 peg. While its market capitalization has grown from the initial $1.3 million to $4 million, its fully diluted cap is now pegged at $19.2 million.

Thus far, a total of 6,900 users now hold RLUSD stablecoin with the current exchange listings likely to boost its adoption rate. The Ripple stablecoin is considered off to a good start with industry leaders like Charles Hoskinson commending the token.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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MicroStrategy Announces Special Shareholders Meeting to Buy More Bitcoin

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11 hours ago

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December 24, 2024

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Business intelligence firm MicroStrategy is doubling down on its Bitcoin strategy by discussing new financing options to fund the BTC purchase. As a result, the firm has announced a special meeting of shareholders to vote on proposals that aim at advancing the 21/21 plan. The goal is to enhance the company’s capital-raising capabilities while aligning director compensation with the Bitcoin-centric approach.

MicroStrategy Holds A Special Meeting With Shareholders

Soon after announcing a $516 million Bitcoin purchase on Monday, MicroStrategy announced its plans to hold a special meeting with shareholders to discuss further financial options and increase its Bitcoin holdings. As part of its 21/21 plan, the company to focus on enhancing its capital-raising capabilities further. Below are some of the firm’s key proposals.

  1. Increase in Class A Shares: The company seeks approval to raise the number of authorized Class A shares from 330 million to 10.33 billion, enabling more flexibility for future capital-raising efforts.
  2. Expansion of Preferred Shares: The authorized preferred shares would increase from 5 million to 1.005 billion. It will help in broadening financing options to support strategic initiatives.
  3. Amendment to Equity Incentive Plan: Proposed changes to the 2023 Equity Incentive Plan include automatic equity awards for newly appointed directors. This will ensure alignment with the company’s Bitcoin-focused vision.

This signifies Michael Saylor’s complete commitment towards MicroStrategy’s Bitcoin-centric strategy. In the last four years, the company has accumulated 439,000 Bitcoins, currently valued at approximately $42 billion. Besides, it has also propelled the company’s valuation to soar to $82 billion, an 80x surge after the company implemented its BTC plan for the first time in 2020.

Source: Bitcoin Treasuries

This massive accumulation makes MicroStrategy the fourth-largest Bitcoin holder behind Bitcoin founder Satoshi Nakamoto, BlackRock Bitcoin ETF (IBIT), and crypto exchange Binance.

MSTR Stock on Downward Trajectory Despite Nasdaq 100 Inclusion

The MicroStrategy stock has been on a downward trajectory despite its inclusion in the Nasdaq 100 Index earlier in December. On Monday, the MSTR stock price corrected 8.78% slipping all the way to $332 levels. With this, it has extended its weekly losses to 19% and monthly losses to 17.65%. From its all-time high of $472 in November, the MSTR stock has corrected 30%. However, it has still been up by a massive 384% since the beginning of 2024.

Michael Saylor also remains hopeful of growth during the Donald Trump administration tenure as he proposing a strategic Bitcoin reserve to help the US pay its $36 trillion national debt. Commenting on the Republican win, Saylor said:

“With the red sweep, Bitcoin is surging up with tail winds, and the rest of the digital assets will also begin to surge. Taxes are coming down. All the rhetoric about unrealized capital gains taxes and wealth taxes is off the table. All of the hostility from the regulators to banks touching Bitcoin”.

Following last week’s all-time high of $108K, the Bitcoin price has witnessed increased selling pressure. In the last 24 hours, BTC has corrected another 2% extending its weekly losses to 11.52% and eyeing a further drop to $90,000. The Coinglass data shows $65 million in BTC liquidation with $45 million in long liquidations.

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Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Touches $94K, VIRTUAL Soars 35%, ZEC Gains 20%

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14 hours ago

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December 24, 2024

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The crypto prices today showed mixed trends, with Bitcoin (BTC) trading below $94,000. BTC has been on a week-long decline after reaching an all-time high of $108,000. Major altcoins like Ethereum (ETH), XRP, and Solana (SOL) gained 3% to 5% in the last 24 hours, showing signs of recovery.

Virtual Protocol (VIRTUAL) became the top gainer, soaring by 35% in the last 24 hours. Zcash (ZEC) followed closely as the second-highest gainer, with a 20% increase during the same period.

The global crypto market cap rose approximately 2% to $3.32 trillion, while trading volume grew by 20% to $170 billion. The Fear and Greed Index stands at 55, indicating neutral sentiment. Here’s a quick snapshot of the top cryptocurrencies by market capitalization and price movements.

Bitcoin price fell below $94K, while Ethereum, XRP, and Solana gained 3% to 5% in the last 24 hours. Meanwhile, the IRS announced that crypto staking rewards are taxable amid an ongoing lawsuit challenging the decision.

Bitcoin Price Today

Bitcoin (BTC) price was trading at $93,984, with a 24-hour low of $92,526 and a high of $96,545. Its market cap stood at $1.86 trillion, with $62 billion in trading volume. Bitcoin’s market dominance dropped to 56.52%, slightly lower than yesterday.

As per SoSo Value, BTC ETFs recorded $276 million in outflows. BlackRock, after a long time, saw an outflow of $72 million. Ark & 21Shares had the largest outflow at $87 million, followed by Fidelity with $71 million and Grayscale at $57 million.

Michael Saylor’s MicroStrategy grabbed attention again, adding more Bitcoin to its reserve. Just last week, the company purchased 15,350 BTC for $1.5 billion, and it has now bought even more, reinforcing its bullish stance on Bitcoin.

Ethereum Price Today

Ethereum (ETH) price was trading at $3,383, marking a 4% increase over the last 24 hours. Its 24-hour low and high were $3,263 and $3,466, respectively. The market cap stood at $407 billion, with $32 billion in trading volume and a market dominance of 12.35%.

ETH ETFs witnessed a mixed trend, with a net outflow of $75 million. BlackRock led the decline with $103 million in outflows, while Grayscale and Fidelity added approximately $15 million and $12 million to their ETFs on Monday.

In other news, Ethereum whales have turned active as the price dipped to $3,100 recently. Large withdrawals from Binance signal growing confidence among big players in ETH’s potential for a future rally despite the recent volatility.

XRP Price Today

XRP price was trading at $2.23, reflecting a 4% increase in the last 24 hours. Its 24-hour low and high were $2.141 and $2.271, respectively. With a market cap of $127 billion and a trading volume of $8.99 billion, XRP remains the 4th largest cryptocurrency by market cap. In the context of crypto prices today, XRP price is gaining attention, with analysts predicting a potential 60% surge driven by strong whale activity, the RLUSD stablecoin launch, and growing optimism around the possible XRP ETF approval.

Solana Price Today

Solana (SOL) price was up by 5%, trading at $188. Its 24-hour low and high were $179 and $193, respectively. With a market cap of $90 billion and a trading volume of $4.63 billion, Solana shows resilience in the market. In the context of crypto prices today, weekly whale inflows for Solana reached $1.7 million amid the broader crypto market dip. Despite hitting a monthly low of $177.21, Solana’s price charts signal an early recovery.

Meme Crypto Prices Today

Meme coins have also shown signs of recovery today. Dogecoin (DOGE) was up by approximately 4%, trading at $0.3195, while Shiba Inu (SHIB) also gained 4%, trading at $0.00002219. Other top meme coins like BONK, PEPE, and WIF were up by 2% to 4% in the last 24 hours. BONK is planning to burn 1 trillion tokens as part of its Christmas celebration, with the founder targeting a price of $0.11.

Top Crypto Gainer Prices Today

Virtual Protocol

VIRTUAL price surged by 35% in the last 24 hours, now trading at $3. The crypto prices today show its 24-hour low and high at $2.41 and $3.135, respectively. The market cap stands at $3.08 billion, with a trading volume of $368 million.

Zcash

ZEC price was trading at $64.96, reflecting a 20% increase in the last 24 hours. Crypto prices today show its 24-hour low and high at $57.80 and $68.31, respectively. The market cap stands at $1 billion, with a trading volume of $180 million.

Aave

AAVE price was up by 19%, ranking 3rd among today’s top gainers. It is trading at $377, with a 24-hour low and high of $320 and $388, respectively. The market cap is $5.68 billion, with a trading volume of $1.53 billion.

Top Crypto Loser Prices Today

BitTorrent

BTT price was the lowest performer for today, with a 2% drop in price in the last 24 hours. It was trading at $0.00000114, with a market cap of $1.11 billion and a trading volume of $45 million in the last 24 hours.

Besides this, the hourly chart is showing positive momentum with Bitcoin (BTC), Ethereum (ETH), and major altcoins in the green. Hyperliquid (HYPE) is up by 5% in the last hour. Crypto prices today reflect this shift in momentum, indicating a possible recovery as key coins show positive movement.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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