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Price analysis 9/16: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT

Price analysis 9/16: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT

Equities markets are witnessing aggressive selling due to increasingly bearish macroeconomic factors, and this is adding sell pressure to Bitcoin and altcoin prices.

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Bitcoin Could Plummet 30% Before Upward Trends Starts, Analyst

The crypto market has recorded massive losses since May 2022. After the Federal Reserve announced and kicked off interest rate hikes, prices tanked due to selling pressure. Many crypto investors and operators of diverse solutions have faced different crises from market moves. 

But it seems the end is not near yet. Even as the Merge date has finally come, analysts predict a price plunge for Bitcoin. Going by past market moves, a fall in BTC price causes altcoins to plummet and vice versa. So, this analysis is not what investors expect. 

Related Reading: Binance Coin Struggles Below $ 290 Resistance, Where Would Price Go?

CAPO Discloses Bitcoin Bottom

The popular crypto analysts going by the pseudonym Capo with 517,100 followers have predicted that BTC might plunge between $ 16K to $ 14K before rebounding. Capo believes that this price, indicating a 21% and 31% price reduction, will be its main downside target if the key support level falls. 

Other pointers from Capo show a possible BTC bounce to $ 23K from its current price of around$ 20K price level. 

Capo stated that this price might lead to Bitcoin bottoming out to the predicted price levels. Also, the analysts pointed out that BTC’s current pivot is $ 21K. If it makes a clean break below that level, it will fall to $ 19K. 

A break below $ 19K will push the coin to its target of $ 14K to $ 16K, the last lowest point.

For now, the BTC price might rise to $ 23K, but Capo advised Twitter followers not to be bullish. 

Capo analyzed BTC’s recent price of $ 20,122.54 from its highest point in August. The result shows a 10% loss, leading to the next prediction that Bitcoin might target a resistance level between $ 22.5K and $ 23K. 

The resistance zone, as indicated above, could lead to a lower high or a quick swing to $ 23K. By that, Capo sees an opportunity to go short since the movement will still be bearish. 

Bitcoin’s price is currently trading below $ 20,000. | Source: BTCUSD price chart from TradingView.com Recent Events Could Push Capo Predictions Forward 

Recent news on Bitcoin states miners are moving their BTC holdings to spot exchanges. 

Data shows that miners moved 10.4537 BTC hourly as of September 14. Such massive moves were recorded between July and August 2022 before BTC fell. 

CryptoQuant analysts predict that the current move will lead to price volatility beyond what the market has recorded.  

The transfer of BTC holdings to spot exchanges usually indicate a willingness to sell. As a result, supply will exceed demand, causing a price plunge. The analysts linked the miners’ action to the Merge today, September 15. 

Related Reading: Will Tron Tie-Up With Liquidity Provider Wintermute Boost TRX Price?

Many analysts had predicted a turbulent post-merge market. So, it’s likely that Bitcoin miners are preparing for such situations. 

Featured image from Pixabay and chart from TradingView.com
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Price analysis 9/14: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Price analysis 9/14: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin is struggling to find support in the $ 20,000 zone, which is negatively impacting investor sentiment and weighing on most altcoin prices.

Cointelegraph.com News

NFT creator Doodles raises $54M in funding at $704M valuation

NFT creator Doodles raises $54M in funding at $704M valuation

The firm said it will use the money from the raise to further enhance its intellectual property.

Cointelegraph.com News

Price analysis 9/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Price analysis 9/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin and altcoins are heating up ahead of the long-awaited Ethereum Merge, but do bulls have enough strength to sustain the rally?

Cointelegraph.com News

Binance removes 3 stablecoins, Russia eyes cross-border crypto payments and UK exudes crypto positivity: Hodler’s Digest, Sept. 4-10

Binance removes 3 stablecoins, Russia eyes cross-border crypto payments and UK exudes crypto positivity: Hodler’s Digest, Sept. 4-10

Cointelegraph.com News

BTC price nears $21.7K as whales boost Bitcoin ‘almost perfectly’

BTC price nears $21.7K as whales boost Bitcoin ‘almost perfectly’

It’s all about the big-volume buy and sell zones for Bitcoin on short timeframes, data reveals.

Cointelegraph.com News

Solana Nears 100 Billion Transaction Milestone As Price Aims For $40

Solana has made a name for itself in the decentralized finance (DeFi) and non-fungible token (NFT) space over the last few years. Its growth has seen it become one of the largest contenders for the leading smart contract network Ethereum, as it presents faster and cheaper transaction options. Its transaction count had quickly multiplied in light of this, and now, the cryptocurrency has neared another important milestone.

Almost 100 Billion Transactions

With only two years of operations under its belt, Solana has quickly grown in prominence among crypto investors. With an average of 3,000 transactions per second (TPS), the total transaction count on the Solana blockchain is like a runner on steroids.

Presently, the total transaction count on the network has surpassed 97.1 billion. This was the count as of Friday when this report was written. Given that the number was around 96 billion on Thursday, Solana’s transaction count is growing at around 1 billion per day. This rate would see the network hit the 100 billion mark before the weekend is over. 

To put this in perspective, the current daily transaction count on the Ethereum network is a little over 1 million at 13 TPS. The upgrade to ETH proof of stake will reportedly allow Ethereum to process 100,000 TPS, but for now, it continues to lag behind competitors such as Solana in terms of speed and capacity. 

Solana Looks To Grow Further

Over the last day, digital assets across the cryptocurrency market have seen some impressive gains. Solana grew more than 7% in this 24-hour period to bring its price above $ 35, but even this point does not look to be the highest for the cryptocurrency.

Since SOL is now sitting above its 20-day moving average, the selling pressure in the short term has begun to ease up, giving the digital asset room to establish support at $ 35 and target the $ 40 level from this point. 

SOL breaks above $ 35 | Source: SOLUSD on TradingView.com

Solana’s growth in other aspects besides its transaction count is also working to prop up its price. Most notably, the growth of NFT trading on the blockchain. Magic Eden, the leading NFT marketplace on Solana, is fast catching up to OpenSea. 

In the last 7 days, OpenSea saw a total of 149,488 unique traders, where Magic Eden saw 101,349 unique traders. The popularity of collections, such as Okay Bears, DeGods, and now Yoots, has also helped to increase the popularity of the blockchain and bring new demand to the market. 

This demand for the digital asset for trading activities has been the biggest driver of its recovery. If the momentum holds up, then SOL is likely to test $ 40 before the weekend is over.

Featured image from CNBCTV18, chart from TradingView.com

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Cato Institute CEO says his daughter married the ‘Bitcoin Sign Guy’ from 2017 hearing

Cato Institute CEO says his daughter married the ‘Bitcoin Sign Guy’ from 2017 hearing

Jerome Powell said that he also had “close family members” who argued that crypto was still in the development phase, suggesting Bitcoin proponents may be close to home.

Cointelegraph.com News

Why Prince Philip of Serbia is bullish on Bitcoin (not crypto)

Why Prince Philip of Serbia is bullish on Bitcoin (not crypto)

In an exclusive interview with Cointelegraph, Prince Philip Karageorgevitch, Hereditary Prince of Serbia and Yugoslavia, explains his reason for being bullish on Bitcoin

Cointelegraph.com News