The post Bitcoin Price Prediction: Will BTC Price Hit $40K By Mid August?appeared first on Coinpedia Fintech News

Anticipation is higher in the crypto space as experts project a bullish trend for Bitcoin’s price in the coming weeks.

Notably, the BTC is already entered its accumulation phase and as expected by everybody is eyeing a whooping $1,00,000 target before halving.

As highlighted by many there are several factors, including recent developments such as the favorable XRP lawsuit ruling and the increasing interest in spot Bitcoin ETFs by major institutions like Blackrock and Citadel, that are contributing to the positive sentiment. 

One such analyst is spilling the beans about why there is an impulsive move in BTC Price. 

$10K in the upcoming weeks? Analyst Theory

In a recent post in Platform X, the crypto analyst, CrediBull, stated that he has closely studied Bitcoin’s price movement and identified a significant build-up of upward momentum over the past three quarters. This suggests that a powerful surge is likely to occur in the near future, potentially propelling Bitcoin’s price above the $10,000 mark.

While displaying a strong parallel with past price movements, CrediBull notes that the previous upward surge from $24,000 to $31,000 was remarkable, and the next wave could be even more aggressive, possibly driving Bitcoin’s value up to an impressive $42,000.

But what is the reason behind such projections? He further explains that based on a pattern observed in the longer time frame, where the third wave tends to be a multiple of 1.67 times the projection of the second wave, which triggered the recent significant price increase. 

However, there is one more interesting observation made by the analyst that the deviations in Bitcoin’s price since November 2023 have displayed strong upward impulses and relatively minor retracements, signalling a bullish trend.

While a minor dip might occur around the $27,900 mark before the next upward impulse, the current price range indicates that Bitcoin is potentially close to finding a local bottom. This situation has heightened expectations that an aggressive upward movement could be imminent within the next two weeks. $BTC #LUNCDream #CryptoWorldbyINQ2

"Bitcoin's recent dip to $29,200 has set the crypto market abuzz, causing nearly $50 million in realized losses - predominantly from short-term holders. But what about long-term holders? Their behavior can significantly influence market dynamics. Amidst the chaos, on-chain analytics reveal an intriguing trend. Despite market turbulence, data indicates these stalwarts are showing resilience, but there's a twist. A key metric suggests a precarious situation for another group... Will this trigger further market volatility? #LUNCDream #CryptoWorldbyINQ2 $BTC

Dogecoin saw its price rise 3.37% over the past 24 hours to $0.07261, up from $0.07027 yesterday. The popular meme-inspired cryptocurrency now has a market cap of $10.05 billion. Let's look at some of the key technical insights from Dogecoin's latest price action.

Trading Volume Remains Healthy

Despite high volatility, Dogecoin continues to see strong trading activity with 24-hour volume of $607.22 million. This shows that interest and liquidity remain high, even through periods of price weakness. The robust volume provides evidence of an active user base.

Price Rally Stalls at Resistance

Dogecoin's bounce ran into heavy resistance around $0.075, which has rejected the price multiple times over the past few months. This level will need to be broken convincingly before any sustained uptrend can take shape. Failure to move past resistance could result in another move lower.

Momentum Oscillators Paint Mixed Picture

Looking at technical oscillators, the picture is somewhat mixed on Dogecoin currently. RSI shows bullish momentum strengthening, but MACD continues to trend lower suggesting building downside pressure. The conflicting signals make Dogecoin's near-term direction unclear. A breakout in either direction could gain momentum.

Prediction: Range-Bound Trading Before Breakout

My prediction is that Dogecoin will likely remain stuck in its current trading range between support at $0.06 and resistance at $0.075 in the near-term. However, a high-volume breakout above or below these levels is likely in the coming weeks which could set the stage for Dogecoin's next major trending move. In the longer-term, Dogecoin's fundamentals remain highly speculative.

Is Inflation Impacting Dogecoin’s Price Potential?

As an inflationary asset with no supply limit, Dogecoin differs from disinflationary cryptos like Bitcoin. Rising inflation reduces fiat purchasing power, which has driven some investors towards "harder" assets like Bitcoin as hedges. However, Dogecoin's low nominal price and meme appeal are less impacted by inflation. While inflation may limit upside vs. Bitcoin, Dogecoin's adoption and awareness remain more crucial to its price.

Can Dogecoin Become a Leading Payments Cryptocurrency?

Dogecoin's low fees and fast transactions give it potential for payments and tipping use cases. However, limited merchant acceptance and developer resources restrict mainstream adoption currently. For Dogecoin to compete with payments leaders like Bitcoin, significant infrastructure improvement would need to occur. While still a long shot, Dogecoin's brand recognition gives it an outside chance of becoming a leading digital payment method if development accelerates.#LUNCDream #CryptoWorldbyINQ2 #DOGECOIN $DOGE

That the Bitcoin Lightning Network is powered by nodes deployed primarily on Google Cloud and AWS raises awareness of an inherent challenge within the Lightning Network architecture. While the Lightning Network facilitates off-chain BTC transactions through channels, enabling nearly instant settlements and lower fees, node operators must maintain a constant online presence to execute these transactions.

Both parties must be online in the Lightning Network to initiate transactions for the smart contracts to update. If one party doesn’t respond, they may lose the funds in the channel. Many node operators use centralized cloud services like Google Cloud and AWS to avoid this.

Voltage, a Lightning as a Service (LaaS) platform, partnered with Google Cloud in May 2023 to enhance scalability. In a statement, Voltage said the collaboration will empower users to establish Bitcoin and Lightning Nodes across a diverse range of locations, utilizing the combined capabilities of Voltage and Google Cloud. 

Voltage through Google Cloud has onboarded 87 Bitcoin LN nodes when writing on August 2. Still, most BLN nodes, currently at over 550, are deployed on AWS. The cloud provider started supporting the deployment of BLN in 2022. 

More BTC On Ethereum Than Lightning Network

As of August 2, the collective capacity of the Bitcoin Lightning Network has exceeded $138.4 million in BTC, facilitated by a network encompassing over 15,500 individual nodes. However, adoption has been relatively low while the Lightning Network has succeeded, allowing users to transact with instantaneous settlements without necessarily waiting for 10 minutes or more.

More coins are being tokenized and moved to smart contract platforms like Ethereum or the BNB Chain for more yields via decentralized finance (DeFi). Dune Analytics data reveals more BTC has been transferred to Ethereum and even less locked in Bitcoin Lightning Network nodes. #LUNCDream #CryptoWorldbyINQ2 $BTC

The biggest cryptocurrency exchange in the world, Binance, has been given an operational minimal viable product (MVP) license to operate in Dubai.

This is the third of four steps to be fully regulated in the area, and it follows a provisional license it acquired from Dubai's Virtual Assets Regulatory Authority (VARA) last year.

The license enables Binance to provide approved services, such as the capacity to securely convert virtual assets to fiat in accordance with VARA-designated standards consistent with the international Financial Action Task Force, as well as to hold customers' funds locally in a domestic bank account.

The license for the Full Market Product (FMP), which is anticipated following a proof of compliance with all the laws, remains after Binance has passed three of Dubai's four licensing phases.

Binance's win in Dubai comes as it is set to return to Japan, after acquiring a fully licensed exchange based in Japan.

Reference CoinMarketCap

#LUNCDream #CryptoWorldbyINQ2 #Binance

Uniswap Price Prediction 2023-2032

Uniswap Price Prediction 2023 – up to $6.98

Uniswap Price Prediction 2026 – up to $25.21

Uniswap Price Prediction 2029 – up to $71.99

Uniswap Price Prediction 2032 – up to $211.15

#LUNCDream #CryptoWorldbyINQ2

Terraform Labs has announced the appointment of Chris Amani as the interim Chief Executive Officer (CEO), replacing co-founder Do Kwon. 

Chris Amani, an experienced leader with over two decades of experience in the technology industry, has been selected as the interim CEO for Terraform Labs. Having served as the Chief Operating Officer (COO) and Chief Financial Officer (CFO) since joining the company in 2021, Amani brings valuable insights and expertise to this new role. 

Previously, Amani held leadership positions at prominent technology companies such as MongoDB, Electronic Arts, and Zynga. His deep understanding of TFL’s operations and strategy positions him to steer the company through its current challenges and drive its mission forward

This decision comes as Kwon faces potential extradition to South Korea or the United States from Montenegro, where he is currently serving a prison sentence.

Navigating Through Troubled Waters: Terra’s Comeback Plan

Terra, known for its TerraUSD and Luna cryptocurrencies, faced a significant setback in May 2022 when the collapse of its stablecoin caused a ripple effect across the crypto market. 

Co-founder Do Kwon’s legal troubles further exacerbated the situation, with charges of misleading investors and alleged involvement in illicit transactions during the collapse.

Amidst these challenges, Chris Amani expressed his commitment to reviving the Terra blockchain and focusing on developing applications that provide real utility.

TFL’s comeback plan involves executing a clear vision for Terra’s role within the broader Web3 ecosystem, which Amani and the team are dedicated to implementing.

The new CEO emphasized the importance of community collaboration and shared goals during this rebuilding phase. With approximately 40 employees, the company will continue to operate without Do Kwon’s leadership, as he focuses on addressing his legal affairs.

The team is optimistic about its ability to salvage the situation and is actively working on plans to propel the company forward. Nevertheless, the legal issues surrounding Do Kwon’s involvement in the collapse have been a significant point of concern.

Terra’s recovery plan is not without its complexities, but the team is determined to restore value to the Terra Classic ecosystem.

Amain, in his statement, said, “The process won’t be easy, but we have a clear vision of where Terra fits within the broader Web3 ecosystem and are hyper-focused on executing against that vision. We look forward to sharing more on this soon”

The plan involves reducing node syncing times, creating a TerraUSD testnet, developing yield-generating applications, and implementing a reward system for developers.

$LUNC #LUNCDream #crypto2023 #bitcoin

Per the data, Litecoin's LTC token has bounced back 2.37% over the past hour to reach $91.34. LTC has a market cap of $6.55B and saw $538.81M in trading over the past 24 hours.

In the past day, Litecoin's price dropped 1.10%. However, it is up 0.72% in the past week and 2.51% for the month. Over the last 6 months, LTC has managed a slight gain of 2.21%.

Before we dive in, I want to highlight our data provider CoinStats. They've announced you can now register with a 10% discount to premium and track all your coins on their dashboard.

Analyzing the data, Litecoin looks to be stabilizing around the $90 level after bouncing from yesterday's decline. Trading volume is moderate relative to LTC's market cap. The price action suggests LTC may be settling into a range, lacking a clear catalyst in either direction.

However, LTC does seem to have established a base of support around $85. As long as it holds this level, further upside seems likely. Resistance appears around $95 and $100. A breakout above $100 could signal a bullish breakout toward Litecoin's previous 2022 high around $140.

Overall, Litecoin's technical picture remains neutral to mildly bullish. Patience may be required for a major move, but the data suggests upside potential if key support levels hold. Traders should watch volume for confirmation of any breakouts.#LUNCDream #CryptoWorldbyINQ2

Let's see why

Terraform Labs acquired over 25 million TerraClassicUSD (USTC) tokens last week with a massive $500K investment. This gave USTC a big boost in confidence and liquidity, boosting its price by 300%. This momentum strengthened LUNC as well.Over 74 billion LUNC tokens have been destroyed so far through the ongoing burn tax mechanism, reducing supply and driving up prices. This is a key factor in the price increase, as the supply of LUNC tokens is decreasing while demand remains relatively constant.LUNC is being used to build new DeFi projects on the Terra ecosystem. This is helping to create new demand for the token and drive up its price.Terraform Labs is working on a new stablecoin that will be collateralized by Bitcoin (BTC). This could be a major positive development for LUNC, as it would provide the token with greater stability and value.Investors are getting interested in discounted crypto assets again after the crash, bringing fresh capital into LUNA. This is helping to support the price of LUNC.

Overall, the LUNC token has seen a significant increase in price due to a number of positive factors. The token is being used to build new DeFi projects, is being burnt through the ongoing burn tax mechanism, is being used to build a new stablecoin, and is being bought by investors who are interested in discounted crypto assets. These factors are all contributing to the price increase and could continue to do so in the future.

It is important to note that there is no guarantee that the LUNC token will continue to rise in price. The cryptocurrency market is volatile, and prices can fluctuate significantly. Investors should carefully consider their own risk tolerance and investment goals before investing in any cryptocurrency.

Thanks for reading, following and supporting guys! Keep calm and just HODL it 🚀🚀🚀
#LUNCPricePrediction #LUNC.USDT #airdropking #LUNCDream $LUNC $BTC $BNB

On July 24, 2023, Coinglass data revealed that over $41 million worth of Bitcoin long and short leveraged positions were liquidated as the BTC prices unexpectedly crashed below a consolidation level of around $29,500, shrinking by over 4%. The drop below the primary support is heaping pressure on the coin.

It may draw more selling pressure in upcoming sessions, pushing prices toward immediate reaction lines, the next being at about $28,300. 

Bitcoin Drops, Over $41 Million Of Longs Liquidated

In crypto trading, liquidation happens the facilitating exchange, for example, OKX or Binance, forcibly takes over the collateral securing the leverage position whenever prices move against the trader’s prognosis. In this case, the recent liquidation was triggered by the rapid sell-off in Bitcoin, leading to a more than 4% price decline within a few hours during the New York Session on July 24.

Binance, the world’s largest crypto exchange and a platform facilitating trading crypto derivatives, liquidated most levered positions. Significant liquidation amounts were also observed in ByBit and OKX.

A big chunk of liquidated positions were “longs,” meaning traders expected prices to rise in the days ahead. Coinglass said over $41 million of cumulative long positions were closed. Meanwhile, only $2.5 million of short positions were closed despite Bitcoin plunging, moving along the traders’ price prediction.

Despite Bitcoin remaining in a bullish formation, prices have been moving inside a consolidation, failing to breach the $31,800 level recorded in mid-July 2023. Coinciding with this expansion, a United States judge had ruled to favor Ripple Labs, saying XRP was not a security, in their case against the Securities and Exchange Commission (SEC).

Following this declaration, the broader crypto market edged higher, only to cool off days later. Bitcoin has been no exception, as current price action reveals.

Will ETF Applications Support Prices?

Still, the collapse comes a few days after the SEC accepted applications from major financial institutions, including BlackRock, a prominent Wall Street giant, to launch Bitcoin exchange-traded funds (ETFs). News of BlackRock applying for a Bitcoin ETF previously triggered a bull run, pumping prices to 2023 highs. 

Bitcoin remains bullish as prices remain within the leg-up established from June 15 to July 13. Even though fundamental factors could support prices, BTC may edge lower should bulls fail to prop up prices and push them within the consolidation of the better half of July 2023. 

Technically, a close above $31,800 and July 13 highs may drive the coin towards the $36,000 zone and later $43,000 in a buy trend continuation formation. These are critical levels from the Fibonacci extension levels anchored on the recent leg-up from mid-June to mid-July.

Feature image from Canva, chart from TradingView

Will ETF Applications Support Prices?

Still, the collapse comes a few days after the SEC accepted applications from major financial institutions, including BlackRock, a prominent Wall Street giant, to launch Bitcoin exchange-traded funds (ETFs). News of BlackRock applying for a Bitcoin ETF previously triggered a bull run, pumping prices to 2023 highs. 

Bitcoin remains bullish as prices remain within the leg-up established from June 15 to July 13. Even though fundamental factors could support prices, BTC may edge lower should bulls fail to prop up prices and push them within the consolidation of the better half of July 2023. 

Technically, a close above $31,800 and July 13 highs may drive the coin towards the $36,000 zone and later $43,000 in a buy trend continuation formation. These are critical levels from the Fibonacci extension levels anchored on the recent leg-up from mid-June to mid-July.

Will ETF Applications Support Prices?

Still, the collapse comes a few days after the SEC accepted applications from major financial institutions, including BlackRock, a prominent Wall Street giant, to launch Bitcoin exchange-traded funds (ETFs). News of BlackRock applying for a Bitcoin ETF previously triggered a bull run, pumping prices to 2023 highs. 

Bitcoin remains bullish as prices remain within the leg-up established from June 15 to July 13. Even though fundamental factors could support prices, BTC may edge lower should bulls fail to prop up prices and push them within the consolidation of the better half of July 2023. 

Technically, a close above $31,800 and July 13 highs may drive the coin towards the $36,000 zone and later $43,000 in a buy trend continuation formation. These are critical levels from the Fibonacci extension levels anchored on the recent leg-up from mid-June to mid-July.

Feature image from Canva, chart from TradingView

Reference is newsbtc.com

#CryptoWorldbyINQ2 #LUNCDream $BTC

Tether Holdings Limited, issuer of USDT, has released its assurance opinion for Q2 of 2023, completed by BDO, a top five-ranked global independent public accounting firm. The report reaffirms the accuracy of Tether's Consolidated Reserves Report (CRR) as of June 30, 2023, and provides new insights into the company's financial standing and investment strategies.

Tether's excess reserves have increased by approximately $850 million, reaching a total of $3.3 billion at the end of Q2. Excess reserves are the company's profits that are not distributed to shareholders and are kept on top of the 100% reserves that Tether maintains to back all outstanding tokens.

The CRR reveals Tether's indirect exposure to US Treasuries, including those held by Money Market Funds and those collateralizing its Overnight Repo. The total amount of Treasuries backing Tether's stablecoins is about $72.5 billion.

Tether's operational profits for April to June 2023 are over $1 billion, marking a 30% increase quarter over quarter. The company also disclosed a share buyback amounting to $115 million USD, a sign of consolidation.

Tether has made investments in energy-related initiatives financed from the profits of this quarter. These investments are not included in the CRR as they are not considered by Tether as an eligible reserve for the token in circulation.

Tether's reserves remain highly liquid, with 85% of its investments held in cash and cash equivalents. The CRR and BDO's independent attestation confirm that Tether's consolidated assets exceed its consolidated liabilities, with total assets amounting to at least $86,499,251,218 and total liabilities amounting to $83,200,775,340.

Paolo Ardoino, CTO of Tether, expressed pride in the reserves attestation, stating, “Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry."

The latest report from Tether emphasizes the company's commitment to transparency, risk management, and community engagement. By disclosing detailed information about its reserves, investments, and financial strategies, Tether aims to set new standards in the industry and foster trust among its users and stakeholders. The increase in excess reserves, investment in US Treasuries, and focus on energy-related initiatives reflect Tether's strategic approach to maintaining stability and driving innovation in the crypto space.

Source: blockchain.news

Image source: Shutterstock

#LUNCDream #CryptoWorldbyINQ2

The projected 387% jump in the Terra Classic (LUNC) price holds promising implications for both investors and traders within the cryptocurrency market. As the LUNC community awaits the potential rally, investors may consider acquiring LUNC tokens to capitalize on the expected surge in value.

Traders, on the other hand, can benefit from the rapid price movement that could occur, opening opportunities for short-term gains. However, it is crucial to carefully analyze the market conditions, track the ongoing momentum, and stay updated with any developments in the Terra Classic ecosystem to make informed investment and trading decisions.#LUNCDream #CryptoWorldbyINQ2 $LUNC