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Major cryptocurrencies saw declines on Monday evening, marking a stark contrast to the bullish mood that emerged after Ripples’ recent court victory against the SEC.
Cryptocurrency Gains +/-Price (recorded 9:30 PM EDT)Bitcoin (CRYPTO:BTC)-0.36%$30,200Ethereum (CRYPTO:ETH)-0.64%$1914Dogecoin (CRYPTO:DOGE)+0 .17%$0.070
What happened: Bitcoin saw a strong surge, surpassing $31,700 last Thursday. The increase came on the heels of the U.S. District Court for the Southern District of New York’s ruling that Ripples’ sale of its XRP tokens through exchanges and algorithms did not constitute investment contracts.
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At the time of writing, the global crypto market capitalization stood at $1.21 trillion, down 0.25% from the last day.
U.S. stocks got a boost on Monday as Wall Street anticipated the release of quarterly reports from major global companies. The S&P 500 rose 0.39%, while the Nasdaq Composite posted a notable 0.93% increase.
See more: Best Crypto Day Trading Strategies
Analyst Notes: “Bitcoin remains pegged until the cryptoverse receives an update with one of the latest bitcoin exchange-traded fund (ETF) applications. best bitcoin ETF apps,” Edward wrote. Moya, senior analyst at OANDA.
Based on the analysis of crypto analyst Michael Van de Poppe, it looks like a downtrend is happening right now. The price is expected to drop to around $29,500 and possibly even $29,000.
Van de Poppe notes potential price levels to watch, such as $32,500, $34,000, and $38,000, which could serve as future targets for Bitcoin.
Pseudonymous analyst PlanB predicts a rise in the price of the king of crypto as Bitcoin nears its next halving event. In his latest video, PlanB explores the intriguing question of what the price of Bitcoin will be during the April 2024 halving. He offers an estimate based on the 200-week moving average, a popular indicator in the crypto community.
Currently, the 200-week moving average is rising at an approximate rate of $500 per month. Multiplying that amount by nine gives a figure of $4,500. Adding this to Bitcoin’s current 200-week moving average, which sits just below $28,000, gives us a projected moving average of $32,000 (200 weeks) at the halving.
PlanB goes on to explain that historically, Bitcoin has tended to trade “above that, and typically it would be like 50% above that, which would indicate a Bitcoin mid range between $40,000 and $50,000”.
Photo courtesy: Shutterstock.com
Read next: Jim Cramer advises against using Binance and provokes strong reactions from Twitter users
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