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Binance CEO Changpeng Zhao anticipates Bitcoin (BTC) hitting new all-time highs following the April 2023 halving. However, he cautions against succumbing to fear of missing out (FOMO) prematurely. CZ highlights recurring trends during BTC halvings, such as hype, heightened expectations, and market volatility.He emphasizes that BTC’s price won’t skyrocket overnight but will undergo adjustments and consolidation. CZ also points out that historically, about a year after the halving, BTC achieves multiple all-time highs, as was the case after the May 2020 halving when it surged from $8,000 to $29,000 in early 2021.
Binance’s CEO Changpeng Zhao is keeping a close watch on the upcoming Bitcoin halving, which is set for April 25 next year. He believes that BTC could reach new record highs following the event but offers some non-financial advice for those who might experience FOMO (fear of missing out) too early.
Recently, Binance added a countdown to the Bitcoin halving on its homepage. In response, CZ shared his thoughts on what might occur around the halving, drawing from his experience with the past three halvings.
Although it’s important to remember that history doesn’t guarantee the future, CZ pointed out the typical patterns leading up to the BTC halving:
The Bitcoin halving tends to create a lot of excitement and stress for investors and the crypto community in general. News, hype, anxiety, hope, and social media narratives can magnify bullish or bearish feelings among investors.
Beware of Overextending
Users might be tempted to increase their Bitcoin holdings or make big bets in anticipation of significant gains. However, CZ issues a warning that the crypto market can be highly unpredictable, and it’s crucial to remember that Bitcoin’s price won’t double overnight. Instead, the halving sets off a series of adjustments and price consolidation.
CZ suggests that it’s usually about a year after the halving when Bitcoin can achieve multiple All-Time Highs (ATHs). For instance, after the last halving in May 2020, Bitcoin was priced at around $8,000. It wasn’t until the first quarter of 2021 that BTC started experiencing several ATHs. This began in January with a remarkable 231% surge, ultimately reaching $29,000.
Bitcoin’s Price History
BTC’s Post-Halving Performance: CZ pointed out that in the year following the halving, Bitcoin often reached multiple All-Time Highs (ATHs). He acknowledged that people might wonder why this happens, emphasizing that human memory tends to be short. However, he cautioned that this historical pattern doesn’t guarantee future outcomes.
BTC’s Recent Recovery: Even with the various challenges and a generally bearish sentiment in the crypto market, Bitcoin managed to bounce back. It went from an average price of around $16,500 in January 2023 to $27,545 at the time of this statement, marking a significant 66% price increase.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

The post Ripple News: How Low Can XRP Price Drop This Month? appeared first on Coinpedia Fintech News

The XRP market is buzzing with predictions, and everyone has their share of versions to convince naive investors. Recently, XRP slipped beneath the $0.49 mark for the second time this month, hitting a one-month low amidst a generally bearish market and heightened selling pressure.

The air above XRP’s current state stems from its bearish trend since it surged 5.21% on Oct. 3, following the latest ruling in the Ripple case. That day, Judge Analisa Torres denied the SEC’s motion for an interlocutory appeal on aspects of the July 13 ruling they lost. 

Analyst Reviews XRP’s Bear Trapped Prices

Shedding some light into the scenario, Bill Morgan, a prominent pro-XRP lawyer, drew attention to this escalating bearish trend on Oct. 9. At that time, XRP was still holding above $0.50, but a gradual decline was evident.

Since the increase on Oct. 3, XRP has seen seven losses out of eight days, marking a decline of over 9.7%. XRP is trading at $0.4898, reflecting a 1.45% drop over the past 24 hours. The 24-hour trade volume has fallen by 29.28%, indicating reduced interest among traders.

XRP has now almost entirely lost the the gains from the recent Torres decision on the SEC’s motion for an interlocutory appeal as it previously almost entirely lost the gains from the summary judgment decision in July pic.twitter.com/Zloa3bcPMD

— bill morgan (@Belisarius2020) October 9, 2023

Understanding the XRP Decline

Since many are betting on XRP to reach a new ATH anytime soon, this bearish outlook catches everyone’s attention. So what’s pulling the 5th largest crypto asset? Firstly, a broader bearish sentiment has impacted the entire crypto market. Significant crypto assets like Bitcoin and Ethereum have suffered losses over the past week due to decreased buying pressure.

The global crypto market cap reached a two-month high on Oct. 2 and has since dropped by $70 billion, representing a 6.25% decline in just one week. These declines have had a spill-over effect, affecting assets like XRP.

Next up is the Israel-Palestine situation, which has also played a role in driving investors away from riskier assets like cryptocurrencies. Heightened tensions have led market participants to consider potential economic repercussions, prompting a move away from risk assets to hedge against potential crashes.

Finally, significant movements of funds by large holders to exchanges, including a transfer of 61 million XRP to Bitstamp, have raised concerns about further selloffs. Ripple moved 60 million XRP recently, contributing to the downward pressure on XRP’s price.

What’s Next in XRP Price? 

In the coming days, all eyes are on XRP as it teeters on a retest of the 0.45 mark, igniting excitement about a potential visit to the pivotal support at 0.41. The Ripple community braces for an exciting few weeks ahead, poised for whatever twists and turns may come its way!