15 hours ago
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 .
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Investors Move Bitcoin Reserves to Cold Wallets
Bitcoin reserves on exchanges have significantly decreased over time. Investors are increasingly favoring secure long-term storage solutions. Continue Reading: Investors Move Bitcoin Reserves to Cold Wallets The post Investors Move Bitcoin Reserves to Cold Wallets appeared first on COINTURK NEWS . Crypto Potato
Is Tron (TRX) The Next Ripple (XRP)?
TL:DR; Tron’s price flew through the roof in the past 12 hours or so, smashing its previous record and charting a new one a lot higher. This came amid a compelling post from Tron’s founder that compared the protocol’s native token against another high-flyer as of late – XRP. TRX’s Explosion It seems like the recent prediction by CryptoQuant’s CEO – Ki Young Ju, about the current altcoin season is coming true. He said that it will be a different altseason as only a selected handful of assets will skyrocket periodically. After alts like DOGE , XRP, HBAR, and XLM, the past 24 hours belonged to Tron’s native token. There are no better words to describe TRX’s movements since yesterday than a full-on explosion that pushed its price from $0.23 past its 2018 all-time high and toward a new one of $0.43, according to CoinGecko. $TRX broke the 7 year old all-time high! We need to show respect. One of the very few Crypto‘s which beat Bitcoin over multiple cycles! I will wait for a good long entry, my spot position remains untouched. pic.twitter.com/4G30eHaYft — MMCrypto (@MMCrypto) December 3, 2024 Aside from the apparent ongoing altseason, some of the reasons behind this impressive rally could be related to the overall developments within the Tron ecosystem. It continues to be at the forefront of Tether (USDT) transactions as well as it has seen the launch of numerous trendy projects like sun.pump. Additionally, the founder – Justin Sun, has been very active lately, especially in terms of spending cash, which includes a sizeable investment in Donald Trump’s crypto project. TRX = XRP? Sun also made an intriguing comparison as TRX’s rally was beginning, and the asset had just broken its 2018 all-time high. TRX=XRP — H.E. Justin Sun (@justinsuntron) December 3, 2024 Recall the price actions of Ripple’s cross-border token. The cryptocurrency became the top performer shortly after Trump won the elections, especially following Gary Gensler’s announcement about leaving the SEC. At one point, XRP had surged by over 420% on a monthly basis. Moreover, the token trades at a multi-year peak of its own, nearing $3 earlier this week. It has become the third-largest cryptocurrency by market cap and continues to capture the community’s attention through its price movements. TRX’s monthly surge of ‘only’ 135% is a lot more modest, but it managed to break its previous all-time high. As of now, TRX’s market cap remains about 5x lower than XRP’s but the crypto market is a wild place especially in the past month so everything can happen these days. The post Is Tron (TRX) The Next Ripple (XRP)? appeared first on CryptoPotato . Crypto Potato
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