Started by PocketOption, Oct 11, 2022, 02:01 am
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Following the historic global market crash in March 2020, Bitcoin was priced at $8,000 at the time of the last halving occurrence.
On-chain analytics data-focused Twitter account “Root” reveals that the price at the halving is at a historically fair value using the Bitcoin on-chain value map. If the fair value does not fall dramatically, Bitcoin might hit $40K in 18 months, according to the estimate. The current macroeconomic situation is also a significant factor in this circumstance.
Will Clemente, a crypto analyst, recently presented a graph measuring the distance between Bitcoin’s all-time highs and subsequent macro lows. In 2014 and 2018, Bitcoin formed a macro bottom following its prior new all-time high in a predetermined time frame.
Bitcoin was selling for around $19,400 at the time of writing, down 71% from its record high of almost $64,000 set in November 2021 but still less than in 2018, indicating room for further decline.
Bitcoin must maintain the $19,000 support level to avoid a dramatic drop. 1.3 million addresses have bought more than 680,000 BTC at this price, and on-chain data shows little-to-no support below it.
However, crypto-native stablecoins like BUSD are already flooding exchanges, suggesting that some crypto-natives are stockpiling coins. Ripple’s native cryptocurrency, XRP, has recently gained popularity among investors following some encouraging developments in its dispute against the U.S. Securities and Exchange Commission (SEC). While all other cryptocurrencies have remained constant, XRP has increased by more than 16 percent in the last week.
XRP is now trading at $0.512 with a market cap of $25.64 billion as of press time. Market participants have been positive about XRP due to the recent price action. DonAlt, a popular cryptocurrency market analyst, claimed that he would buy more XRP in the event of a sell-off.
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