Category: Cryptocurrency News

Bitcoin has been on a correction path since it reached a new all-time high of $108,135 on December 17. Notably, this correction has seen the leading cryptocurrency decline by about 10% up until the time of writing and even breaking below $93,000 very quickly. Related Reading: Dogecoin Price Above $10: Historical Data Shows How High DOGE Will Go This Bull Cycle This notable decline has seen Bitcoin retesting the Bollinger Bands, and technical analysis suggests a bounce from here to reach a price target around $178,000. Bitcoin Retests Monthly Upper Bollinger Band Bitcoin’s recent price correction has caught the eye of crypto analyst Tony Severino, who highlighted a critical retest of the monthly upper Bollinger Band. Sharing his insights on social media platform X, Severino emphasized the significance of this technical indicator, which measures market volatility and potential reversal points. According to him, this development mirrors a similar pattern observed in January 2024, which eventually led to a substantial rally after a similar retest. According to the daily candlestick chart shared by Tony Severino, the upper Bollinger Band is currently situated just above $96,000, which is around Bitcoin’s current price. This Bollinger Band retest suggests that Bitcoin might be entering a new phase of upward momentum after the recent corrections.  Historical Echoes: January 2024’s 86% Rally Offers A Blueprint Severino’s analysis draws parallels between the current price movement and Bitcoin’s behavior earlier in 2024. He noted that in January 2024, a similar retest of the monthly upper Bollinger Band preceded an 86% rally in Bitcoin’s price. At that time, Bitcoin was trading near $46,000, following a strong price rally that was brought forward from late 2023. However, January saw a brief correction, with Bitcoin’s price dropping to $40,000 to test the upper Bollinger Band. This test acted as a launchpad for not only a continued rally but also pushed Bitcoin to break its then all-time high and surpass $70,000 in March for the first time in its history. If Bitcoin were to replicate this 86% rally at this point, it could soar to approximately $178,000, which Severino noted is aligning with the upper range of his target zone. In another analysis, the analyst predicted that Bitcoin could reach its market top as early as January 20, 2025. At the time of writing, Bitcoin is trading $96,402, still hovering around the upper Bollinger Band. Interestingly, the leading cryptocurrency is currently down by 2.11% and 5.4% in the past 24 hours and seven days, respectively. This pullback has led to the realization of over $5.72 billion in Bitcoin profits, which has added to the short-term selling pressure. The impact of this correction is evident in Bitcoin’s Relative Strength Index (RSI), which has fallen sharply from 69 on December 17 to its current reading of 45. Related Reading: Ethereum Investment: Trump Crypto Project Grabs 722 ETH At $2.5 Million However, there are reasons to believe that the selling pressure may be easing. This is because the RSI level of 43 has acted as a significant support zone for Bitcoin since September. If this support holds, it could provide the foundation for Bitcoin’s move towards $178,000. Featured image from ABC News, chart from TradingView

Michael Saylor, co-founder and executive chairman of Microstrategy, brought bitcoin into the spotlight during an online exchange with Jeff Bezos on X. The Amazon founder found himself in the headlines after firmly rejecting claims he was planning a $600 million wedding with fiancée Lauren Sanchez next weekend in Aspen, Colorado. From Wedding Whispers to Bitcoin […]

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The government of El Salvador has clarified that it will continue pushing bitcoin as part of its economic strategy, even as it inked an agreement with the IMF to wind down its bitcoin operations. El Salvador Keeps Purchasing Bitcoin After IMF Deal While many lamented the recent agreement between El Salvador and the International Monetary […]

“I’m a huge believer in innovation, in powering the betterment of mankind, and increasing prosperity,” Miran recently said in a podcast.

In the cryptocurrency space, XRP is gaining much attention, and many people are making predictions regarding its prospects for 2025. Bitstamp, a cryptocurrency exchange, excites investors with its promising future. The XRP Army, a dedicated group of aficionados, is feeling hopeful after Bitstamp declared that the altcoin will “make history” next year. Related Reading: XRP Holds Key Demand Level – Whale Activity Suggests Strength A Year Of Development And Transformation For XRP, 2024 has been a great year. The digital asset has gained more than 250% since the March 2020 low of $0.1151 up to a current high of $2.30. The impressive gain comes after significant events that have made the climate for cryptocurrencies improve, like Donald Trump’s election victory and Securities and Exchange Commission Chair Gary Gensler’s resignation. $XRP gonna make history next year — Bitstamp (@Bitstamp) December 20, 2024 Amid challenges such as ongoing legal disputes with the SEC, XRP was able to avoid a prolonged consolidation trend that had been in place for over three years. Analysts are optimistic about the prospects of XRP by 2025. There are projections that it will be at a historic high of $3.55 in the first quarter of 2025. Other projections see prices going as high as $5 to $20. However, these projections are coupled with a sense of warning because there’s always market volatility in the picture. Key Drivers Influencing XRP’s Outlook Several elements are seen coming into play in the trajectory of XRP’s performance next year. The expected approval of an XRP exchange-traded fund (ETF), which could so increase investor confidence, could be one main stimulus. Moreover, the resolution of Ripple’s legal headaches with the SEC should give the market some stability and clear direction. Although optimism exists, other analysts caution that not all investors will benefit from the expected price increase of XRP. An analyst said that a big number of holders might be disappointed if their expectations don’t materialize. Related Reading: Ethereum Accumulation Address Holdings Surge By 60% In Five Months – Details The Road Ahead For XRP XRP’s path seems to be set for major benchmarks as we go toward 2025. The community of cryptocurrencies expects price swings but also innovations and further acceptance of Ripple’s coin. Forecasts indicate that XRP requires a 60% rise to reach its prior all-time high, which is the cause for great hope regarding a major comeback. Featured image from AscendEX, chart from TradingView

The blockchain was supposed to be this revolution of trust, decentralization, and equity; instead, here we are, debating the use of Proof of Work (PoW) vs. Proof of Stake (PoS). Let me break it down. The original blockchain model is Proof of Work, think Bitcoin: where miners solve complex puzzles in the interest of securing…
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