Stacks (STX) Attracts Attention with sBTC Launch
Michael Poppe and Phoenix predict that STX will see new highs above the $3.8 level. If ETH breaks the $4,100 resistance, the price could rise to $6,000.
In the cryptocurrency market, Bitcoin pulled back as expected yesterday after trying a new ATH (all-time high) and settled around $104,800. This drop was not surprising, as BTC usually takes two steps forward and one step back even when it gains strong momentum. Double-digit price corrections are common, especially in the futures market, amid large liquidity accumulations. So, how are the expectations for Stacks (STX) shaping up? What level is STX Coin targeting and why is this coin important?
Bitcoin has become a major store of value in recent years, considered digital gold. While demand has increased following ETF approvals, today the US entering the process of creating its own BTC strategic reserve shows how much Bitcoin's acceptance has increased. Although these developments seemed like a dream a few years ago, today we are at a very different point.
Stacks has long attracted attention as a project that aims to improve the Bitcoin ecosystem by enabling the implementation of smart contracts compatible with the Bitcoin network, meaning that Bitcoin’s growth will have a direct positive impact on the STX price.
Michael Poppe and Phoenix recently simultaneously announced their price predictions for STX Coin. Poppe shared the following statement in the chart:
"A huge success for STX!
"sBTC was launched as Bitcoin's first step towards DeFi. Looking at the price action, it is still close to critical levels and I expect to see a continuation towards the previous peak. We continue to buy at the lows."
Poppe believes that a strong bullish move will follow once STX breaks above the $3.8 level, while fellow analyst Phoenix sees the launch of sBTC as a significant development, pointing to a breakout below the previous ATH.
These statements could herald a potential rise for STX.