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Here’s Why Bitcoin Price May Breakout In October 2024

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4 months ago

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Following Fed Chair Jerome Powell’s indication of rate cuts in September, the Bitcoin price made strong advancements to $64,000, thereby breaking past its supply zone of $59,000-$62,000. Analysts are expecting a further rally to $70,000 and consequently a new all-time high ahead, however, Bitcoin could see a few weeks of consolidation before this happens.

Bitcoin Price Consolidation

The Bitcoin price has entered nearly six months of consolidation phase marking the longest period it has taken to break past a previous all-time high. However, BTC’s ascent to its all-time high before the Bitcoin halving in April was also the fastest, which shows that the current consolidation phase is well balancing out the earlier rapid price surge.

Popular crypto analyst Rekt Capital highlighted the re-accumulation phase stating that it still isn’t the longest in the cycle. Last year’s re-accumulation in 2023 during the formation of the breakout, lasted for around 224 days.

If historical patterns hold, Bitcoin could break out in October 2024, aligning with the typical post-halving price trends that suggest a potential breakout in late September 2024, noted Rekt Capital.

The inflows into spot Bitcoin ETFs also picked up pace following Powell’s rate cut hints suggesting that institutional participation in Bitcoin is once again gaining speed. Analysts at QCP Capital believe that the BTC price will continue to hover in the $61k to $70k range as the markets will wait for key indicators such as the US PCE inflation data as well as the US initial jobless claims for the week.

Furthermore, the market has been rallying on the expectations of the rate cut while restoring investor confidence as implied volatilities (IVs) continue to decline across all major terms.

BTC Open Interest Data

Following the move on Friday, the Bitcoin open interest hasn’t surged significantly in comparison to the previous instances. This shows the reduced risk of immediate full retrace since there are less number of long positions to squeeze out at the moment.

However, it will be important for the bulls to maintain the momentum ahead this week as the key level to hold is the previous local high of $62,800.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore 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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Crypto Trader Turned $90 Into $3.25M As Token Skyrockets 5,500%

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8 minutes ago

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December 25, 2024

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Although Bitcoin’s impact is quite high on the crypto trading market, a few could create their own journey. This is exactly what a newly launched crypto token did: it surged 5,500% despite the crypto market crash and made millions for a crypto trader.

Crypto Trader Made $3.25M in Profits After Investing in UFD

Crypto trading is an intricate investment process that requires multiple strategies, correct timing, identifying opportunities, and much more to earn significant profits. However, there are incidents where traders have heavy returns in a finger snap. And this is what this crypto trader did, as he invested $90 in a newly launched Solana meme coin and earned $3.25M in profits after the token skyrocketed 5,500%.

Lookonchain, a famous crypto page, revealed this incident, in which the trader earned 36,067x returns over his UFD investment. More importantly, this happened within two days, leaving the netizens in shock. However, this is nothing new; investors have made such significant returns multiple times, including a crypto whale that earned 5M from the PENGU airdrop. 

What can $90 get you?

This trader turned $90 into $3.25M in just 2 days by buying $UFD—an insane 36,067x return! #UFDhttps://t.co/wLEWwVnYAR pic.twitter.com/T1qs1Q7m1a

— Lookonchain (@lookonchain) December 19, 2024

What is Unicorn Fart Dust, and Why Does It Blew Up?

Over the years, many people have come to challenge the authenticity of crypto trading and become fans of its profit potential and use cases. The same happened with Basement Ron, a Gold enthusiast who wanted to prove that crypto is nothing and Gold is the real investment. To do so, he launched a Solana meme coin called Unicorn Fart Dust (UFD) and posted about this to let the people know how it failed. However, to his surprise, the token blew up within days, reaching a market cap of $500M. Moreover, the UFD price surged by 5,500%, making heavy returns for its holders, aka crypto traders.

UFD Price RallyUFD Price Rally

The token currently trades at $0.1666 with a market capitalization of $165M after a 42% surge in the last 24 hours. It also has a trading volume of  $53,519,706 per Coingecko, representing its high demand.

Interestingly, this is not the first time the crypto community has come together to prove someone wrong. Earlier, a GenZ kid launched a meme coin on pump.fun and attempted to use a rug pull scam. However, the crypto trading community pumped the token by 71,000%, leaving the kid with a minimal profit as he sold early.

What’s The Lesson Here?

Crypto trading is a vast industry, facilitating billions of trades. Some turn profitable, and others in loss. Here, the unpredictability and crypto market volatility make it even more challenging. However, a few with experience and crypto tradies strategies have made heavy returns, including this crypto trader who identified the opportunity in Unicorn Fart Dust (UFD) and turned his $90 into $3.25M. However, people must do proper technical analysis and research before investing.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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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XRP Price Pumps 7% On Christmas Eve, Will It Reach Yearly Highs?

Published

3 hours ago

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December 25, 2024

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The XRP price is currently enjoying a nice recovery, having pumped over 7% on Christmas Eve. Based on several analyses, XRP could be eyeing a rally to its yearly high of $2.91.

XRP Price Eyes Current ATH Following Latest Pump

The XRP price is eyeing a rally to its current ATH following its 7% gains on Christmas Eve. Crypto analyst Javon Marks recently mentioned that XRP’s 4-hour chart is coming off a Hidden Bullish Divergence confirmation.

He added that this suggests that XRP could recover over 30% to its 2024 high of $2.91, which could be on the horizon. The crypto analyst added that a continuation of this uptrend can lead to a new all-time high (ATH).

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Marks is confident that this projected rally is a matter of when not if. In anticipation of this rally, Ripple Whales have accumulated 40 million XRP, which also provides a bullish outlook for the crypto.

Crypto analyst CrediBULL Crypto also provided a bullish outlook for the XRP price. He stated that the XRP/BTC chart looks absolutely “fantastic.” He suggested that a parabolic rally was on the horizon while revealing that he was looking to open another long position.

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The crypto analyst added that XRP’s chart is still the most bullish looking in the entire space off the lows. He believes that the crypto is just a “powder key building pressure.”

Double Bottom Pattern Adds To Bullish Sentiment

In an X post, crypto analyst CasiTrades stated that the XRP price has essentially formed a double bottom as it bounces around key Fibonacci levels. The analyst added that XRP is now getting a bullish wave.

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However, she warned that the crypto is still under $2.38, meaning that it is still technically within this recent price correction. As the Relative Strength Index (RSI) and price climbs, CasiTrades noted that the structure looks promising and that XRP is still on track for the wave, pushing toward D targets around $2.60.

Her accompanying chart showed that the XRP price could reach this Wave D target by December 26. Thus, she remarked that the crypto still has time to achieve this target.

In the long term, a CoinGape market analysis showed that XRP could still reach double digits as it rises to $10. Fundamentals such as the RLUSD stablecoin and a potential end to the Ripple SEC lawsuit support such bullish projections.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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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Here’s What To Expect After Pectra Upgrade

Published

6 hours ago

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December 24, 2024

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Amid its evolutionary journey, the Ethereum protocol is set to undergo another major upgrade dubbed Pectra in the first quarter of 2025. For a long time, developers have worked on this upgrade, adding and removing EIPs amid functionality review. However, many wondered what comes next after the coming Pectra upgrade. Here is where the Fusaka upgrade comes in.

Ethereum Fusaka Upgrade: The Pectra Enhancer

For various reasons, developers had to drop some improvements initially designated for inclusion in Pectra upgrade. Some of these EIPs will now be a part of the Fusaka upgrade. It is worth noting that the anticipated enhancements will help Ethereum and its associated Layer-2 solutions sustain their Decentralized Finance (DeFi) growth traction.

According to Galaxy Research Vice President and core Ethereum developer Christine Kim, stakeholders have not yet completed the scope of Fusaka as of now. This makes estimating the timeline for its launch fairly harder.

However, she noted that developers will focus on the original 12 code changes in the original Pectra EIPs for Fusaka. These changes are subdivided into EOF Code changes and PeerDAS. When Pectra goes live, developers may now focus on what changes need to go live with Fusaka and which might have to drop.

One of the major Ethereum Improvement Proposals billed for Fusaka is EIP 7549. This EIP will help improve the main chain’s ability to scale through Layer-2 rollups. According to a Galaxy Research note from October, this improvement will “implement a new networking protocol to increase blob capacity while keeping the computational load on nodes unchanged.”

Other major EIPs that will accompany Fusaka include EIP 3670 for “Code Validation” and EIP4750 to enhance “Functions.”

Notably, Fusaka may contain more than the 12 EIPs, a decision core devs will make when the upgrade is fully in focus.

The ETH Price Undertone

Amid the growing competition in the broader DeFi ecosystem, Ethereum L2s remains one of the biggest beneficiaries. However, Ethereum price might also need this upgrade as key fundamental updates might be the missing ingredient to trigger a new run in the the coin’s spot valuation.

Notably, ETH price suffered a major drawdown that pushed it below $4,000 mark over the past few weeks.

As of writing, ETH price was changing hands for $3,479.25, up 1.09% in 24 hours. With more upgrade comes enhanced functionalities which can drive adoption within the ETH ecosystem. This trend may help fuel increased demand for ETH, pushing its price to a new high.

Beyond Pectra and Fusaka, Ethereum developers are also eyeing Beam Chain consensus layer upgrade. Lately, there has been silence regarding this proposition.

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Godfrey Benjamin

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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