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Bitcoin has '3 bullish reasons' to head higher after $68K dip - analysis
Bitcoin price strength is not in danger after the Mt. Gox sell-off, says QCP Capital, as multiple factors align to boost crypto markets.

Bitcoin (BTC V 67,7585) dropping to multi-day lows is nothing against the broader BTC price uptrend, new analysis says.
In its latest market commentary sent to Telegram channel subscribers on May 28, trading firm QCP Capital dismissed recent "bouts of supply

QCP Capital: BTC price drops are "blips" in uptrend

Bitcoin bulls have little to worry about when it comes to the BTC price uptrend, QCP Capital
argues.
Movement of coins from wallets belonging to defunct exchange Mt. Gox, which sparked a 2% BTC price dip overnight, does not warrant a rethink on market trajectory.
"Movement of BTC from a Mt. Gox cold wallet this morning triggered a sell off below 68k," analysts wrote.

QCP highlighted what it called "3 bullish reasons" to keep the faith in Bitcoin's robustness going forward.

These focused on strong United States stocks performance spilling over into crypto, political support by U.S. Presidential candidates and uptake of the forthcoming spot Ether exchange-traded funds (ETFs).
"Crypto is seeing unprecedented political support in the US (Bill passed to create regulatory clarity for digital currencies, positive turn by the SEC on the ETH spot ETF, Trump's overt support with Biden likely to follow suit)," it considered.
All three reasons for optimism are in their early innings, with Ether ETF trading yet to officially begin after a surprise approval by U.S. regulators earlier this month.
Bitcoin "holding the bullish flag"
QCP is far from alone in seeing a bright second half of 2024 for BTC price action.
Related: Bitcoin misses key resistance flip as BTC price falls below $68K
Financial research firm Fundstrat Global Advisors is among the most bullish corporate entities when it comes to Bitcoin this year, predicting $150,000

Cardano price analysis
The price action of the past few days has formed a symmetrical triangle pattern in Cardano (ADA A 0.468$), signaling

The bears will try to sink the price below the support line. If they succeed, it will signal the start of the next leg of the downtrend. The ADA/USDT pair may plummet toward the next support at $0.35.

Contrarily, if the price turns up from the current level or the support line, it will suggest that the pair may remain inside the triangle for some time. A break and close above the resistance line will tilt the advantage in favor of the bulls. The pair may then start a move toward $0.62.

Dogecoin price analysis
Dogecoin (DOGE A 0.17$) has been oscillating near the $0.17 level for the past few days, indicating a tussle between the bulls and the bears.

The upsloping 20-day EMA ($0.16) and the RSI above 58 suggest that the path of least resistance is to the upside. If buyers sustain the price above $0.17, the possibility of a break above $0.18 increases. The DOGE/USDT pair may then surge to $0.21.

Alternatively, if the price turns around and plummets below the moving averages, it will signal that the bears continue to sell on every minor rally.
The pair may then slide to $0.14 and remain inside the range for some more time.

XRP price analysis
XRP (XRP A 0.54$) started a bounce off the 20-day
EMA ($0.52) on May 24, but they could not build upon this strength. This shows that the recovery attempts are being sold into.

The bears will try to strengthen their position by pulling the price below the moving averages. If they do that, the XRP/USDT pair could slide to the support line. The bulls are likely to buy the dip to this level.

If the price turns up from the current level or the support line and breaks above $0.57, it will complete an ascending triangle pattern. The pair could then attempt a rally to the pattern target of $0.68.

Solana price analysis
Solana (SOL A 1705) has dropped to the breakout level of $162, indicating a lack of demand at higher levels.

The 20-day EMA ($164) is flattening out, and the RSI is just above the midpoint, signaling a minor advantage to the bulls. If the bounce sustains, the bulls will try to drive the SOL/USDT pair to $189 and, after that, to the overhead resistance at $205.

On the other hand, if the price turns down and breaks below $162, it will signal that the bulls have given up. That could start a downward move to $140 and later to $126. The bulls are expected to defend this level with

BNB price analysis
BNB (BNB A 605$) has stayed above the moving averages for the past few days, but the bulls have failed to challenge the $635 resistance.

The gradually rising 20-day EMA ($595) and the RSI above 58 suggest that the bulls have a slight edge.
The bulls will try to drive the BNB/USDT pair above $635. If they can pull it off, the pair may start the next leg of the uptrend toward $692.

On the contrary, if the price turns down from the overhead resistance and dives below the uptrend line, it will signal that the pair may extend its stay inside the range. The pair may then drop to $536 and subsequently to $495.

Etherum price analysis
Ether turned up from $3,730 on May 26, suggesting that the bulls have flipped the level into support.

The bulls are trying to maintain the price above $3,950. If they manage to do that, the ETH/USDT pair could rally to the stiff overhead resistance of $4,100. If bulls clear this barrier, the pair may pick up momentum and surge toward $4,868.

If bears want to prevent the upside, they will have to drag the price back below the breakout level of $3,730. That could start a decline to the 20-day EMA ($3,455), which is likely to act as a strong support. If the price rebounds off this level, the bulls will again try to propel the pair to $4,100.

Bitcoin price analysis
Bitcoin bounced off the 20-day EMA ($66,798) on May 24 and has risen above the $70,000 level on May 27, indicating that the bulls are trying to strengthen their hold.

The BTC/USDT pair is likely to rally to the formidable overhead resistance at $73,777. The bears are expected to defend this level with all their might because if they fail in their endeavor, the pair could surge to $80,000 and later to $84,000.

On the other hand, it the price turns down sharply from the overhead resistance and breaks below the moving averages, it will signal that the pair may remain stuck inside the $59,600 to $73,777 range for a while longer.

BTC spot ETF total net inflow was $305.72M yesterday, marking a 7 days of consistent inflow.

#floki

In line with the decision of the #Floki DAO, 15,246,000,000 $FLOKI tokens will be burnt on May 22, 2024.

The #Floki DAO voted in favor of burning 15,246,000,000 $FLOKI tokens, with an overwhelming majority of 99.84% voting in favor of the burn.

Stay tuned for further updates!

The percentage price increase after burning 15 billion #Floki Inu tokens depends on various factors, including market conditions, demand, and supply. However, we can estimate the potential impact on the token's price.

Assuming the total supply of Floki Inu tokens is 550 billion (as per CoinMarketCap), burning 15 billion tokens would reduce the supply by approximately 2.73% (15 billion / 550 billion).

Using the current price of $0.20850, we can estimate the potential price increase:

- If the token price increases proportionally to the reduced supply, we can expect a price rise of around 2.73% to $0.21425 (0.20850 x 1.0273).
- However, this is a conservative estimate, as the market often reacts more enthusiastically to token burns, leading to a potential higher price increase.
- A more optimistic estimate could be a 5-10% price increase, which would put the price at $0.21925 to $0.22950.

Please remember that this is a hypothetical scenario, and the actual price movement depends on various market factors, including demand, sentiment, and external influences.

Keep in mind that cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always do your own research and consider multiple perspectives before making investment decisions.$#floki