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Bitcoin Price In Trouble? Bearish Divergence That Led To Market Crash Last Cycle Returns

Crypto analyst Kevin Capital has suggested that the Bitcoin price may be in trouble. This follows his revelation that a bearish pattern that once led to a market crash in the last cycle has returned for the flagship crypto. Bearish Divergence That Led To Market Crash Returns For Bitcoin Price In an X post, Kevin Capital revealed that the bearish divergence that led to the market crash in the last cycle has returned for the Bitcoin price. He highlighted how bearish this pattern is, noting that the only chart that keeps him up at night at the moment is the bearish divergence on the weekly time frame for BTC. Related Reading: Is The Crypto Market ‘Satiated’ For Now? Analysts Say Bitcoin Will Continue Sideways Move He noted how this pattern formed for the Bitcoin price at the same time it did in the last cycle, causing a big dip back then. However, the crypto analyst then alluded to what happened after the market crash as BTC recovered following this period. As such, he suggested that there was no need to be worried although he advised market participants to prepare through it if this bearish pattern plays out this way. However, amid the revelation of the bearish pattern, crypto analyst Titan of Crypto has provided some optimism for the Bitcoin price. In an X post, he stated that BTC’s mark-up phase is beginning and that the short consolidation appears to be wrapping up. His accompanying chart showed that BTC could rally to as high as $117,000 next. Crypto analyst CobraVanguard also provided a bullish outlook for the Bitcoin price. He stated that BTC has entered an ascending phase after its cup-and-handle formation at $105,000. He predicted that the flagship crypto could rally to as high as $123,000 following the formation of this bullish pattern. The crypto analyst also predicted that BTC could top around $260,000 in this market cycle. Monthly Close Provides Bullish Outlook For BTC The January monthly close has provided a bullish outlook for the Bitcoin price. In an X post, crypto analyst Mikybull Crypto noted that the good monthly close has invalidated the shooting star candle. He added that the cycle top is not in yet based on this. His accompanying chart showed that BTC could rally to $144,129 soon enough. Meanwhile, prior to the monthly close in January, Titan of Crypto mentioned that the Bitcoin price looks strong on the monthly chart from an Ichimoku perspective. He added that the price is holding above all lines, with both the lines and Kumo cloud trending upward. There is also a lot of optimism heading into February, as this month is historically bullish for the crypto market. Related Reading: Analyst Explains Bitcoin’s Path To $150,000 – Details At the time of writing, the Bitcoin price is trading at around $102,400, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from TradingView NullTx

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Purpose Invest Files for $XRP ETF in Canada: A Game-Changer for XRP Investors

In a momentous turn of events for the worlds of both cryptocurrency and traditional investment, Purpose Investments has sought regulatory approval for the Purpose XRP ETF to be listed on the Toronto Stock Exchange. The $23 billion asset management firm aims to launch this new exchange-traded fund with an elementary focus on the cryptocurrency XRP, giving investors a primely lit chance to step into the burgeoning XRP market in an environment that’s much more regulated than the one we were all living in just a year ago. JUST IN: Purpose Investments, a $23 billion AUM firm, aims to launch the world`s first #XRP spot #ETF , filing a preliminary prospectus with Canadian regulators. — CoinEcho (@mycoinecho) January 31, 2025 The Purpose XRP ETF signals a clear move toward the inclusion of digital assets such as XRP in traditional investment vehicles. This development could well lead to further adoption of cryptocurrencies by institutions. Purpose Investments has a solid track record in managing assets and appears to be a trustworthy actor in the crypto space. With the growing interest that the firm—not to mention the whole investment community—has in blockchain technologies, this ETF could be a worthwhile opportunity for long-term investors. XRP Market Rebounds with Strong Fundamentals The price of XRP has been resilient lately, bouncing back quickly from a brief dip just three days ago. Since then, the market cap for XRP has skyrocketed by an impressive 13.4%, signaling an uptick in investor confidence in the asset. This recovery comes at a time when XRP’s fundamentals are as strong as ever, particularly when you look at its growing user base and increasing network activity. At present, 4.34 million non-empty wallets each hold fewer than 100 XRP, with the average wallet holding $313 or less at the current price. That means 71.5% of the 6.07 million total non-empty wallets on the XRP Ledger are holding less than 100 XRP. This is clear evidence that XRP is being adopted by a very broad base of retail investors. These statistics concerning wallets reveal the increasing popularity of XRP among a wide array of users, which bodes well for the long-term investment thesis. With a clearly significant portion of the user base of the XRP Ledger holding small amounts of XRP, the asset seemingly enjoys much more “distribution” than many similar crypto assets and is, therefore, part of a much more “decentralized” network. @PurposeInvest has filed for the Purpose XRP ETF in Canada. The ETF is set to focus mainly on $XRP , offering investors a chance for long-term capital growth in a regulated environment. https://t.co/F37aSgtP5v pic.twitter.com/L6HPLLFyUo — ????????????????XRP (@BankXRP) January 31, 2025 XRP Ledger’s Automated Market Maker Gains Traction Besides the increasing interest in the Purpose XRP ETF, the automated market maker (AMM) of the XRP Ledger is also intensifying, with decentralized liquidity pools amassing over $83 million in total value locked (TVL). AMM, a key development on the XRP Ledger, radically improves trading efficiency by automating the price discovery process and hence makes it far easier for users to swap between digital assets. Users may conduct trades without worrying about the presence or absence of traditional order book traders at the moment of trade. Since its dip 3 days ago, XRP`s market cap has quickly rebounded +13.4%. 4.34M non-empty wallets currently hold less than 100 XRP (currently $313 or less). This is approximately 71.5% of the 6.07M total non-empty wallets currently sitting on the XRP Ledger. pic.twitter.com/ANl9XkBCze — Santiment (@santimentfeed) January 30, 2025 The XRP ecosystem is seeing greater value and involvement, as more people interact with it. Some of this is occurring in DeFi, particularly in the programmatic stablecoin space. The value locked in DeFi on the XRP Ledger has surged, and in the past few months, we’ve seen a few million dollars of total value locked up in the AMM—the AMM operates directly on the XRP Ledger and serves as a money market. What This Means for XRP and the Broader Crypto Market The Purpose XRP ETF marks another major step forward in the evolution of the digital currency industry, especially concerning the industry’s growing acceptance by the establishment. By creating this regulated investment vehicle, Purpose Investments is allowing both institutional and retail investors to have something similar to direct exposure to XRP without, well, directly holding the asset. The launch of the ETF could lead to further price appreciation and increased liquidity for XRP, as more capital flows into the asset. The ETF is a mechanism that allows for more direct institutional investment into the cryptocurrency space. As (Gonzalez) said in this context, “for companies like Grayscale, which is already running a trust for XRP, the launch of this investment vehicle means that even more institutional interest can be expected for the cryptocurrency.” In total, the Purpose XRP ETF filing and the recent market activity surrounding XRP serve to confirm the momentum that is building around this cryptocurrency and its potential to be a legitimate sovereign asset class in the not-too-distant future, if not already. Overall, the fundamentals of this crypto and its market keep getting stronger, and the types of players who are interested in it keep getting more serious. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: volody10/ 123RF // Image Effects by Colorcinch NullTx