Bitcoin (BTC) has dropped over the past couple of days after failing to push above the $60,000 mark. After reaching a high of $59,683, BTC fell into the red and settled at $57,386, with sellers active at higher levels.
Despite BTC’s difficulty in recent days, one analyst has predicted that it could hit a staggering $330,000 this bull cycle.
Smart Money Is Betting On BTC
The staggering prediction was made by independent analyst Arsen, who, unfazed by BTC’s recent dip, predicted a staggering rebound during the current bull cycle. Arsen has stated that institutional investors, financial professionals, and market experts have been accumulating BTC during its recent correction, indicating long-term bullishness. The analyst noted that the recent dip was nothing new and pointed at previous bull cycles, which had experienced substantial price increases.
BTC’s first bull cycle in 2012 lasted for 800 days and saw the price of the asset increase by a staggering 9,000%. Subsequent bull cycles in 2016 and 2020 also went on for about 800 days and saw BTC’s value increase by 3000% and 1200%, respectively. Arsen’s prediction comes in the middle of an ongoing correction that has seen BTC down almost 24% from its all-time high of $74,000. Currently, the asset is trading just above the $57,000 mark, with bears looking to push the price lower.
Bitcoin (BTC) Price Analysis
Germany has been liquidating its Bitcoin (BTC) holdings, which has had a significant impact on the price of the asset. The government offloaded an additional $376 million worth of BTC on Thursday and now has around 9,000 BTC left to sell. So far, the German authorities have liquidated 82% of their holdings. With the selling seemingly at an end, BTC has remained steady around the $57,000 mark, which could bring some cheer to market watchers. So, is the bottom already in? After dropping to a low of $53,591 on July 5, BTC has done well in recovering and climbing to its current levels. Spot Bitcoin ETFs have registered strong inflows, which have nullified the selling pressure to an extent.
Source: TradingView
BTC started the current week on a positive note as bulls attempted to push the asset towards $60,000. However, BTC is facing considerable selling pressure at higher levels, and as a result, it dropped and settled at $56,762. Tuesday saw buyers continue to control the market, with BTC rising to $58,081. Buyers made a renewed push towards $60,000 on Wednesday as BTC went above the 200-day SMA, but with sellers defending this level strongly, BTC dropped to $57,826, a marginal drop of 0.44%. Thursday saw another push towards $60,000, but selling at higher levels again pushed BTC back down, as it fell even further, registering a drop of 0.76% to $57,386. The current session sees BTC marginally down, with sellers in control. BTC faces strong levels of resistance at $59,000 and $60,000, which is where the 200 and 20-day SMAs are presently placed. If sellers manage to breach BTC’s support levels, we could see a slide towards $50,000.
According to analysts, BTC is at a crucial point despite its recent rebound. A report by CryptoQuant has shown that the profit and loss (P&L) index is hovering around the 365-day moving average. If this metric slips below the moving average, BTC could see a major correction. CryptoQuant also stated that the bull-bear market cycle is approaching a crucial level and could switch to bearish if BTC declines further.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has encountered stubborn resistance at the $3,100 level, which has prevented the bulls from pushing ETH higher. ETH began the week facing considerable volatility as both bulls and bears sought to exert control over the market. Sellers pushed ETH to a low of $2,827, but Ethereum’s support was able to withstand the selling pressure. On the other hand, buyers pushed ETH to a day high of $3,096 as they attempted to push the price above $3,100 and the 200-day SMA. However, both levels held and ETH eventually settled at $3,020, an increase of 3.02%. Buyers remained in control on Tuesday, as ETH rose by 1.57% to $3,067 and then pushed to $3,103 on Wednesday.
Source: TradingView
Thursday saw high volatility once again as buyers and sellers battled for control. Buyers attempted to push ETH towards the 20-day SMA as it rose to $3,125. However, sellers pushed ETH back below the 200-day SMA, with ETH registering a marginal drop to settle at $3,101. The current session sees sellers in control, with ETH trading just below $3,100. While ETH has stayed above $3,000, it has been unable to move above $3,100. If it is able to push above the resistance level, we could see a move towards $3,300, the next crucial resistance level. However, if the bears are able to push ETH below $3,000 once again, we could see the $2,800 support level tested again.
One analyst pointed out that ETH could witness a stunning rally that could take it to $8,000 in this market cycle.
Solana (SOL) Price Analysis
Solana (SOL) has registered a drop of 3.40% over the past 24 hours, with selling pressure taking the asset below $140. While SOL has formed a strong level of support at $120, it is currently stuck under a key resistance level that the bulls have failed to overcome. While SOL has stabilized to a certain extent, failure to push above $150 could lead to another selloff. SOL registered a significant increase of 6.23% on Monday, pushing above the 20 and 200-day SMAs and settling at $139.88. Marginal increases on Tuesday and Wednesday saw SOL move to $142 by Wednesday. Buyers attempted to push towards $150 but could not do so.
Source: TradingView
SOL fell into the red on Thursday, dropping by 4.42% to $135.83. It also dropped below the 20 and 200-day SMAs once again. The current session sees SOL marginally up and trading at $136.66. Technical indicators for SOL remain bullish, meaning we could see the price recover. For now, SOL must reclaim the $140 level and then push towards $150. If it can push above $140, it could be an indication that bullish sentiment is returning to the market. The RSI also indicates bullishness, giving SOL considerable room to appreciate.
Cardano (ADA) Price Analysis
Cardano (ADA) is currently trading at $0.40 and is retesting its descending trendline, a factor that has been in play since March. The cryptocurrency has been quite bullish this week and has registered an increase of over 20% during the past seven days. The bullish momentum is also reflected in the RSI and the MACD. ADA formed a bullish divergence in the first week of July, often a precursor to a reversal or short-term rally. The positive sentiment is primarily driven by a surge in whale inflows, with data from IntoTheBlock pointing to a staggering increase of over 1,000% in such inflows.
Source: TradingView
This is why ADA has shown incredible resilience at a time of market volatility, spending all of the current week in the green. ADA registered an increase of over 6% on Monday, rising to $0.36. An increase of 1.90% on Tuesday and 3.46% on Wednesday took ADA above a crucial resistance level of $0.38. The current session sees ADA at $0.39, as it looks to push above $0.40 and towards the 50-day SMA.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) has significantly declined over the past few days after failing to push above the 20-day SMA, acting as a dynamic resistance level. The cryptocurrency has also been experiencing considerable volatility and could face considerable selling pressure in the coming weeks. AVAX climbed to $26.44 on Tuesday after facing significant selling pressure over the weekend. However, it was unable to push above the 20-day SMA and fell by 2.54% on Wednesday to settle at $25.77. Thursday saw AVAX drop by a further 2.14% to $25.22. The current session sees AVAX marginally down, trading at $25.19.
Source: TradingView
While AVAX has faced significant selling pressure, its support at $25 has held firm. The level has already been tested twice, and if buyers are able to consolidate above this level, we could see AVAX make another attempt to move above the 20-day SMA. However, if the bulls cannot push AVAX above this level, we could see the asset trade in a narrow range. The cryptocurrency could see a slide down to $20 if its support fails to hold.
Render (RNDR) Price Analysis
Render (RNDR) has been on a downward trajectory since May, with bearish sentiment intensifying this week. The cryptocurrency has lost almost 9% during the past 24 hours, and its extended downtrend has caused investors to lose a significant chunk of capital. The larger AI space has been in the doldrums, with its bearishness impacting other tokens besides RNDR as well. The cryptocurrency’s Chaikin Money Flow also indicates this bearishness, currently sitting below the zero line, indicating significant outflows.
Source: TradingView
RNDR also lost a crucial support level at the beginning of the month, slipping below $7. After managing to stay above $6, RNDR dropped by over 8% on Thursday, falling to $5.97. The current session sees RNDR down by 2.59%, with sellers in control. If sellers continue to control the market, RNDR could see a drop to $5.50 or even $5.
SEI Price Analysis
SEI has surged over 25% in the past 7 days as bulls eye a critical resistance level. Surpassing this level could lay the foundation for a reversal, leading to a significant rally at $0.50. The cryptocurrency dropped to $0.25 after a staggering fall of 10.30% on Sunday. However, its support level held, and SEI was able to rebound, surging by 10.94% to $0.28 and wiping out the previous session’s losses. SEI continued its upward trajectory on Tuesday, registering an increase of 15.99% and rising to $0.33.
Source: TradingView
However, it faced stiff resistance at this level and could only register a marginal increase on Wednesday. Thursday saw SEI register a drop of 6.54%, as it fell to $0.31. The current session sees the price at $0.32 as buyers attempt to push above the 20-day SMA. If SEI can push above this level, we can see a rally towards $0.40 and the 500-day SMA. A breakout above this level could push the price as high as $0.50.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
