Bitcoin's price chart resembles the stock market in the 1930s, suggesting that the cryptocurrency could be heading towards a major drop, according to Bloomberg's senior commodity strategist, Mike McGlone.
The recent price pullback in Bitcoin and the cryptocurrency market is not surprising, as most risk assets typically suffer when the S&P 500 falls; however, volatility for both Bitcoin and the S&P 500 is declining, which suggests mainstream migration and a potential lack of price-pump potential for Bitcoin.
Bitcoin remains on track for a massive bull cycle despite recent price decline, as indicated by broader indicators of its price patterns and the use of logarithmic growth curves. The 200-week moving average is seen as less significant as a key price support level for Bitcoin, and the analyst is also looking for an entry point for Ethereum.
The current Bitcoin cycle appears to be lining up with previous cycles, showing similarities in the bear market drawdown phase and the convergence of prices after crashes, suggesting that more drawdown may be coming for the price.
Bitcoin's recent correction and regulatory news have caused a wave of selling, but analysts from JPMorgan believe that the sell-off may be nearing its end phase, with limited downside predicted for the crypto market in the near term.
Bitcoin's price dropped below $26,000 as the approval of a Bitcoin ETF was further delayed by the SEC, reversing the bullish gains from the Grayscale court decision earlier in the week. The crypto market also experienced a decline, with Ethereum's price going down by 3.5% and the overall market cap losing $11.2 billion. However, Maker and Toncoin managed to resist the bearish trend with positive gains. The global macroeconomic landscape also added to the uncertainty, as key economic data raised doubts about a potential interest rate hike.
Crypto analyst Ali Martinez warns that Chainlink (LINK) could experience a significant correction of up to 50% as whale transactions decline, indicating a lack of trading interest, while Bitcoin (BTC) may drop 10% if it loses key support and Ethereum (ETH) layer-2 blockchain Optimism (OP) is showing bearish signals with a potential drop of over 47%.
Bitcoin and other cryptocurrencies are experiencing a decline as analysts predict further decreases ahead.
Chainlink (LINK) may be on the verge of a bullish breakout against Bitcoin (BTC), according to crypto analyst Michaël van de Poppe, who believes that the recent launch of the Cross-Chain Interoperability Protocol (CCIP) could significantly boost Chainlink's value.
Chainlink (LINK) is expected to continue trading within a range for several months before breaking out, according to popular crypto trader Altcoin Sherpa, who recommends buying and holding the coin for six months before selling it at a higher price; the trader also discusses the potential of other cryptocurrencies, including Avalanche (AVAX), Fantom (FTM), and Rollbit's native token RLB.
The recent decline in the price of Bitcoin has raised concerns of a larger market downtrend, with Ethereum and Ripple also at risk of falling if Bitcoin weakens further.
Bitcoin, ethereum, and other top cryptocurrencies have been struggling recently despite the market conditions, as the bitcoin price drops and Coinbase plans to integrate bitcoin's lightning network, potentially causing crypto price chaos.
Chainlink (LINK) is expected to break out of its trading range and experience significant price growth, according to a popular crypto trader, while Bitcoin (BTC) is predicted to cross the 200-day SMA and rally to $28,000 by September 18th. However, the trader suggests Polygon (MATIC) may see a 42% decline and the native token of the Bored Ape Yacht Club community, ApeCoin (APE), is expected to collapse.
Chainlink's LINK tokens have seen significant movements in the market, particularly with transfers from notable Chainlink wallets injecting a substantial number of tokens into various platforms, raising concerns about the asset's stability and future price trajectory.
Despite claims of a bear market, indicators like website traffic suggest that cryptocurrencies may not be experiencing a decline, as some major platforms have seen a significant drop in traffic while others have experienced an increase.
Bitcoin and other cryptocurrencies experienced a decline in prices due to the Federal Reserve's monetary policy decision, signaling an anticipated return to range-bound trading.
Bitcoin and other cryptocurrencies are experiencing a decline in prices due to a strengthening dollar and risk-aversion, but there is hope for a rebound.
Bitcoin may be heading for a further price decline according to a top trader who previously predicted the cryptocurrency's 2018 bear market bottom, citing a bearish lower-high setup and an ABC corrective move that could push Bitcoin down to $23,800.
Chainlink's LINK token outperformed the top 20 cryptocurrencies in the past week with a 14% gain, supported by increased network activity and adoption of its Cross-Chain Interoperability Protocol (CCIP), while other major cryptocurrencies performed poorly.
Chainlink (LINK) is predicted to outperform other altcoins in the next bull cycle due to its solid fundamentals and its role as core infrastructure for numerous projects, according to crypto strategist Altcoin Sherpa. On the other hand, Altcoin Sherpa believes that Rollbit Coin (RLB) may decline in price in the coming weeks. Additionally, Altcoin Sherpa warns that Bitcoin (BTC) could potentially drop close to $20,000 as it struggles to maintain its bullish momentum.
Chainlink (LINK) may be on the verge of reversing its multi-year downtrend and sustaining bullish momentum, as it moves above a key long-term indicator, according to crypto strategist Kevin Svenson. However, Svenson also suggests that LINK may need more time before entering bull territory and breaking out above its macro resistance.
Crypto analyst Rekt Capital predicts that Bitcoin will form a lower high in the coming weeks, potentially leading to a higher low later in the cycle, while also noting that Chainlink has broken its downtrend.
Bitcoin is expected to continue its upward trajectory, leaving behind traders who are waiting for a further correction, according to crypto analyst Credible Crypto.
Investors should consider buying discounted cryptocurrencies with potential for long-term growth, such as Bitcoin, Chainlink, and Polkadot, as they have experienced significant declines but show promise for future price increases due to upcoming events and developments in the cryptocurrency market.
Ethereum-based altcoin Chainlink (LINK) is predicted to experience a final correction before doubling in price, potentially reaching $12-$15 by 2024, according to crypto strategist Michaël van de Poppe, who expects other altcoins to continue gaining momentum as long as Bitcoin remains consolidated. Bitcoin, on the other hand, could rally to $30,000 if it successfully retests the $26,700-$26,900 range.
Bitcoin could potentially face a 60% price drop, as liquidity remains negative and global rates continue to rise, according to Bloomberg Intelligence senior macro strategist Mike McGlone. He also suggests that a stock market drawdown related to a recession poses the biggest risk for the overall cryptocurrency sector.
Bitcoin is poised to reach new highs, according to crypto analyst Michaël van de Poppe, while Chainlink may undergo one final correction before a breakout that could extend into 2024.
Chainlink (LINK) is predicted to have a bullish breakout, potentially doubling in price to around $14, according to an analyst who accurately predicted the crypto bottom in November 2022. However, the analyst notes that the price action of Bitcoin (BTC) will also play a significant role in Chainlink's future performance.
Bitcoin and other cryptocurrencies experienced a slight decline along with the wider market, but analysts are optimistic that the recent uptrend will persist.
Inflation of Chainlink (LINK) tokens could pose a challenge for the cryptocurrency to reach new highs in the next bull run, as the increased number of tokens in circulation requires a significant increase in buying pressure to match previous price levels, according to a crypto analyst.
Despite multiple unsuccessful attempts to break out from a long-term descending resistance trendline, Chainlink (LINK) is currently in a bullish trend as indicated by the increasing RSI and accumulation by long-term holders and institutional wallets. However, if the price falls below the $6.95 support level, a bearish trend may continue with a potential drop to $6.35.
Chainlink (LINK) has outperformed Bitcoin (BTC), Ethereum (ETH), and other altcoins since September, becoming the leading decentralized blockchain oracle solution; however, concerns arise as the price faces a 10% correction and breaking the $7.20 support level may erase previous gains. The recent surge in LINK's value can be attributed to successful tests by SWIFT and the Australia and New Zealand Banking Group (ANZ), but changes to Chainlink's multisig and a decline in protocol fees have reduced investor interest.
Bitcoin and crypto markets are following a cyclical pattern, with bull markets typically occurring after halving events, but a significant pullback is anticipated in the period leading up to the next halving event in April or May 2023, potentially causing a drop in BTC prices.
Bitcoin and other major cryptocurrencies are experiencing a sudden surge in price as BlackRock and JPMorgan lay the groundwork for the next bitcoin bull run, with analysts suggesting that the crypto winter may be over and a "huge shift" in the market is imminent.
The decentralized oracle service Chainlink (LINK) is predicted to experience a significant upward price movement according to crypto analyst Altcoin Sherpa, who suggests that it is one of the best projects in the industry; however, it is still uncertain if an "altseason" is imminent, with attention being placed on Ethereum versus Bitcoin and Bitcoin dominance.
Bitcoin and other major cryptocurrencies have experienced a surge in prices as BlackRock and JPMorgan lay the groundwork for the next bitcoin bull run, with analysts suggesting that the crypto winter may finally be over and a "huge shift" in the market may be on the horizon.
The price of Chainlink's (LINK) token surged by 61.3% in a recent period, outperforming other cryptocurrencies and prompting optimism among investors due to partnerships, integrations, and upcoming upgrades.
Chainlink's native token LINK has surged 6% while Bitcoin and Ethereum remain stable, with LINK's market capitalization doubling since June; however, it has not yet reached its all-time high, and Chainlink's recent success can be attributed to its Cross-Chain Interoperability Protocol (CCIP) and partnerships with various platforms and protocols. Bitcoin, on the other hand, is experiencing mounting hype surrounding the potential approval of a spot Bitcoin ETF by the SEC, while Ethereum is slightly down but is expected to benefit from its Dencun upgrade that aims to improve scalability and reduce transaction costs.
