The cryptosphere is a place of constant flux, especially in terms of pricing. Amidst the constant ups and downs, the close of last month saw a pessimistic shift in the market, with popular cryptocurrencies like Bitcoin, Ethereum, and BNB among others experiencing shrinkage in their values. In their latest market update, trading platform QCP Capital expected Bitcoin to become more quiet in the next few weeks, but, believes a movement is on the horizon for September. Notwithstanding, with other players in the crypto landscape showing declining figures, it’s plausible to muse over the likelihood of a trend change to the downside.
Up until August 14, Bitcoin was trading within a confined range, no sign of breakout evident. There was selling at higher levels and the BTC remains below the 20-day EMA leaving great room for speculation and a minor edge to the bears. Similarly, Ethereum also witnessed a slump as it failed to rise above the 20-day EMA in the last couple of days. The bears seem to have an upper hand here as well, as the price might likely tumble to an even lower level.
Commenting on the possibility of Bitcoin reaching the $100,000 mark before the next halving, Bitcoin investor and author Jesse Myers voiced his pessimism, stating a 12-18 months wait after halving to price-in the effects. While it seems the major altcoins will remain range-bound in the near term, one might expect unpredictable breakouts on the horizon.
Contrastingly, Delphi Digital co-founder Kevin Kelly predicts we are in the early stages of a new bull cycle. According to Kelly, Bitcoin may hit a new all-time high by Q4 2024 and a new cycle peak by Q4 2025. However, he remains skeptical that Bitcoin will reach the milestone value of $100,000 before the next halving.
The constant fluctuation of these digital assets’ values emphasizes the unpredictable nature of the market. The ripple effect of these shifts is expected to impact the overall blockchain marketplace significantly. Whether these shifts will favor the bulls or bears in the long run is still speculative. Yet the evolving narrative of crypto markets in relation to global economic trends remains a topic worth keeping tabs on for every crypto enthusiast. After all, in a market where opportunity could emerge as swiftly as the tide, agility and adaptability are keys to thrive.