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Bitcoin Price Boost Ahead: CEO’s Bold Prediction Points To 10 US States Adopting Pro-BTC Laws In 2024

In a recent statement, Dennis Porter, the co-founder and CEO of Satoshi Action Fund, expressed his belief that the year 2024 will mark a crucial turning point in the history of Bitcoin. 

Porter’s remarks amidst growing anticipation surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) and the highly anticipated halving event scheduled for April 2024. 

According to Porter, these events, combined with the efforts of the Satoshi Action Fund, have the potential to impact the price and adoption of Bitcoin significantly.

Satoshi’s Plan To Establish The US As Global Bitcoin Leader

Satoshi Action Fund, a non-profit organization dedicated to informing policymakers and regulators about Bitcoin, has actively shifted the narrative surrounding the world’s leading cryptocurrency. 

The fund aims to promote “hyper-Bitcoinization,” a term coined to describe the widespread adoption of Bitcoin as a global currency.

One of the primary goals of the Satoshi Action Fund is to advocate for the passage of pro-Bitcoin legislation in 10 different US states by 2024. According to Porter, these proposed laws would protect individuals’ rights to self-hold and mine Bitcoin, positioning the United States as a global leader in Bitcoin adoption and mining.

Interestingly, Porter envisions a future where bipartisan legislation empowers Bitcoin and fosters the growth of an emerging digital asset industry.

Recent developments in the Bitcoin ecosystem further bolster Porter’s optimism. The halving event occurs approximately every four years and is anticipated to reduce the rate at which new Bitcoins are created, potentially leading to increased scarcity and upward price pressure. 

Additionally, the long-awaited approval of Bitcoin ETFs by the Securities and Exchange Commission (SEC) has the potential to attract institutional investors and facilitate mainstream adoption.

BTC’s Path To New Heights

Renowned crypto expert Charles Edwards has boldly proclaimed that the recent liquidation of fear, uncertainty, and doubt (FUD) surrounding the crypto market will pave the way for a significant price rebound. 

Edwards believes that the culmination of recent developments, particularly the Binance news, will eliminate sources of FUD accumulated over the past two years.

The market has been gripped by panic triggered by headlines associating the term “guilty” with cryptocurrencies. However, Edwards suggests that the recent news concerning Binance should be viewed more as a settlement rather than a detrimental event. 

Edwards points out that five years ago, exchanges were not compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations, whereas now, they have implemented these practices. Consequently, Edwards believes that the lingering FUD surrounding Binance can finally be restored.

Looking ahead, Edwards highlights several positive catalysts on the horizon for BTC. These include the potential approval of ETFs, the upcoming Bitcoin halving event, expectations of lower interest rates, and the possibility of a recession leading to increased quantitative easing (QE).

Edwards concludes by envisioning a “Bitcoin liquidity atomic bomb” waiting to explode. With the elimination of FUD and a series of positive triggers aligning, the market is poised for a substantial rebound. 

The convergence of ETF approvals, the halving event, accommodative monetary policies, and a potential recession are expected to propel Bitcoin to new heights.

Bitcoin

At the time of writing, Bitcoin (BTC) is trading at $36,500, experiencing a slight decline of 2.2% over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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BNB Price Crash To $5 Unlikely Despite Binance Critic’s Dire Predictions

A Binance critic, “Whale Wire,” on X, who also claims to be a crypto whale, has issued a bold prediction that BNB, the native currency of the BNB Chain and which is used to incentivize trading activity on Binance, could plunge 95% to under $5 in the coming months. 

Regarding Binance agreeing to pay $4 billion in fines related to legal settlements with U.S. regulators, Whale Wire argued that tighter oversight will supposedly “destroy Binance’s entire business model.” He further contended bankruptcy could be imminent as the effects of the BNB lead to a contagion.

Will The BNB Price Flash Crash?

However, while increasing regulatory oversight, wind-downs, and decreased risk tolerance among traders have impacted volumes, Binance remains the world’s largest crypto exchange by client count and still facilitates the most trading globally by a wide margin as of writing on November 22. 

For context and pulling data from CoinMarketCap (CMC), Binance continues to dominate spot crypto trading, generating over $14.7 billion in average trading volume, over 6X Coinbase, with $2.3 billion, and ahead by huge margins from Kraken, which draws 41.2 billion. The same trend can be observed in derivatives trading, where Binance leads ahead of OKX.

Binance dominates crypto trading | Source: CoinMarketCap

BNB also remains firmly among the top 5 cryptos in the market cap. Besides USDT, BNB is the third largest coin by market cap, leading other altcoins, including XRP, Solana (SOL), and Cardano (ADA). 

Besides its dominance, Binance has been given over a year to pay assessed fines. Meanwhile, its new CEO, Richard Teng, said the exchange will continue to enact compliance overhauls. At the same time, it is assuring clients that funds remain safe.

Considering the exchange will continue operating both in the United States and globally, the transitional window offered by the DOJ could make its collapse, and that of BNB, unlikely.

Binance Under Pressure, Trading Volume Falling 

Even so, factoring in dropping trading volume in 2023 and the impact of losing users, especially in areas Binance pulled out from, the resulting dip in revenue could, at the end of the day, apply downward pressures on BNB. Thus far, Binance sold its business in Russia while exiting Canada and the Netherlands. 

BNB price trending downward on the daily chart | Source: BNBUSDT on Binance, TradingView

Presently, $200 remains a critical support level for BNB. Whether this line will be retested in the months ahead remains to be seen. Changing hands at around $230, BNB is technically in an uptrend in the shorter time frame. It is up 15% from October 2023 lows. However, it is still down 65% from 2021 peaks when it soared to around $670.

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Chainlink Retests $14: Here’s What Will Happen If Support Holds

Chainlink has registered some drawdown and has recently retested the $14 level. Here’s what might happen if support holds at this mark.

On-Chain Data Suggests Resistance Is Thin At Higher Chainlink Levels

As pointed out by analyst Ali in a new post on X, Chainlink is currently in a critical on-chain demand zone. In on-chain analysis, a price range is defined as major support or resistance based on the number of investors or addresses that bought their coins inside the said range.

To any holder, their cost basis is naturally fundamental, as their profit/loss situation can flip whenever the cryptocurrency retests it. For this reason, an investor becomes more likely to show a move whenever such a retest takes place.

If the holder had earlier been holding a loss, but the price has now risen and reached its equilibrium point, they might lean towards selling. This is because they might fear their holdings would go into loss again shortly, so exiting at break-even wouldn’t sound like a bad idea.

The opposite can be true when the retest occurs from above: the investor might be willing to buy more, thinking that if this same cost basis proved profitable earlier, it would do so again soon.

A single investor making such buy or sell moves is insignificant for the rest of the market, but if many investors share the same cost basis, the asset could feel a sizeable reaction when the price retests the level.

Now, here is a chart that shows how the Chainlink ranges around the current price look in terms of the density of investors who bought inside them:

Chainlink Cost Basis

As displayed in the above graph, the Chainlink levels from $13.8 to $14.2 host the cost basis of about 11,470 addresses, which acquired 23.45 million LINK inside this range.

This range is notably thicker than any other range immediately below or above the asset’s current price. LINK has been floating around this range recently, meaning it has been retesting this major support zone.

From the chart, it’s apparent that the ranges above don’t contain that many investors, so in theory, a move toward the higher levels shouldn’t be too hard for the asset.

However, the trouble would be if this support area is lost and LINK slips under it for an extended duration. This dense zone will turn into a resistance wall if this happens, making it hard for the cryptocurrency to recover above it.

Ali notes, though, that if Chainlink can remain above this zone, the price could climb towards new highs for the year 2023.

LINK Price

Chainlink had slipped below this range just earlier, but the asset was quick to recover above it, implying that it’s still holding up as support.

Chainlink Price Chart

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Whale Alert: Big Players Scoop Up These 4 Altcoins, On-Chain Data Indicates

The transactions of ‘whales’ – large-scale investors – often set the tone for market trends. So far, recent on-chain data from Lookonchain, a renowned on-chain analytics platform, has unveiled a notable accumulation pattern in four specific altcoins.

Maker (MKR), ssv.network (SSV), Coin98 (C98), and RSS3 have emerged as the latest targets of these accumulative efforts. The data shows a series of substantial withdrawals of altcoins from Binance, a leading crypto exchange, hinting at a growing interest in these altcoins among heavyweight investors.

Notably, this trend of whale accumulation is not just a fleeting occurrence but a concerted effort that has been unfolding over recent months.

Diving Deep Into Whale Transactions: A Closer Look at the Accumulated Altcoins

The analysis by Lookonchain reveals intriguing details about the accumulated assets. A new wallet, identified as “0xB4aE”, mainly made waves by withdrawing 10 million RSS3 tokens, valued at approximately $1.44 million, from the OKX exchange.

This transaction underscores the growing interest in RSS3, a lesser-known crypto asset. In parallel, another prominent wallet, dubbed “0xb6a7”, substantially withdrew 114,227 SSV tokens from Binance, amounting to a value of about $1.93 million.

This same investor also transferred 2.77 million C98 tokens from Binance, signaling a bullish stance on these specific altcoins. It is worth noting that these transactions exemplify the strategic moves by whales, often aimed at leveraging market dynamics to their advantage.

The Maker (MKR) Movement: Whale “0x9e74 Leads the Charge

One of the most significant players in this scenario is the whale wallet “0x9e74”. Since July 2023, this investor has consistently withdrawn Maker (MKR) tokens from Binance, totaling roughly 4,776 MKR.

The most recent transaction involved moving $1.7 million worth of MKR from the exchange, bringing the total worth of MKR withdrawn by this investor to about $6.9 million. This consistent and targeted accumulation of MKR suggests a strong confidence in the future of this particular altcoin.

The Maker token, part of the MakerDAO ecosystem, has been a subject of interest, mainly due to its role in decentralized finance (DeFi) as a lender.

These large-scale movements by whales underscore a broader trend within the crypto world, where informed players are increasingly steering towards altcoins with strong fundamentals and potential for substantial growth.

Amid the accumulation of the altcoins above by whales, RSS3 and Maker are still the top gainers, with both altcoins seeing a surge in price by 34.8% and 10.7%, respectively, over the past two weeks.

Maker (MKR) price chart on TradingView amid whale altcoins accumulation

The remaining two altcoins, however, have seen slight gains and decline, with SSV seeing a mere 4.8% increase and C98 seeing an 8.6% plunge over the same period.

Featured image from iStock Chart from TradingView

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Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target

Bitcoin (BTC), the largest cryptocurrency on the market, has again failed to consolidate and reach the $38,000 level for the third time, as it is currently experiencing a 3% pullback. This has led the community to speculate that a significant retracement may occur before the bullish momentum resumes and the next uptrend begins. 

However, renowned crypto analyst Adrian Zduńczyk has recently shed light on Bitcoin’s potential next target of $50,000. Zduńczyk’s analysis considers several crucial factors, including the prevailing bullish market sentiment, the ongoing uptrend, the short-term outlook, miner sentiment, and seasonal trends. 

Evidence Of Dominant Bull Market

Zduńczyk notes that the cryptocurrency industry is in a bull market, with Bitcoin reaching a new 52-week high close and experiencing the third wave of the bullish cycle. The correlation between Bitcoin and the S&P 500 has risen, indicating a favorable environment for Bitcoin. High time frame trends are also rising.

Zduńczyk identifies key macro support levels for Bitcoin at $29,000 and $27,000, highlighting growing demand fueled by the anticipation of the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming halving event expected in April 2024.

Notably, the daily chart for BTC remains in an uptrend, according to Zduńczyk. He points to a target of $40,000, supported by the appearance of a “golden cross” pattern.

Furthermore, Zduńczyk believes that the rising Simple Moving Average (SMA) 200 serves as “irrefutable evidence” of a dominant bull market since January. These indicators suggest a continuation of the upward trajectory for Bitcoin.

Zduńczyk also identifies key support levels at $35,000 to $35,800, emphasizing that a bullish sentiment prevails as long as Bitcoin remains above these levels. 

Zduńczyk Eyes Bitcoin November Target Of $50,000

Currently, Bitcoin is ranging between $35,500 and $38,000, Zduńczyk notes that the momentum bands are widening, indicating an increase in volatility. The rising 50-day Average True Range (ATR) trend supports this observation.

Fear & Greed Index stands at 69, indicating a mixed sentiment among market participants. Miners, on average, are enjoying a profit increase of 23%. Zduńczyk maintains a positive outlook based on these factors. 

Regarding seasonal trends, October demonstrated a gain of 27%, exceeding the average performance. Historically, November has been the best month for Bitcoin, which has an average gain of 43%, with a target of around $50,000. Notably, December typically adds 7% to November’s closing price.

Bitcoin

Currently, BTC is trading at $36,400, reflecting a 5% and 22% profit over the past fourteen and thirty days, respectively. The focus now shifts to whether BTC’s price can maintain its crucial support levels and sustain its bullish uptrend, potentially reaching the $50,000 milestone supported by historical patterns.

Featured image from Shutterstock, chart from TradingView.com 

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Cardano Forecast: Crypto Analyst Identifies The Event That Could Send ADA Price To $11

Dan Gambardello, the founder of Crypto Capital Venture, has provided some insights into the future trajectory of Cardano (ADA). Interestingly, he hints that the crypto token could reach unprecedented heights that will change the lives of Cardano holders. 

When ADA Price Will Rise To $11

In a video shared on YouTube, Gambardello sounded bullish about the future of ADA as the crypto industry awaits the next bull run. According to him, this is when ADA will rise to as high as $11 at a market cap of $400 billion market cap then. He hinted that this bull run is likely to happen after the next Bitcoin Halving event.

The crypto founder also noted how the decentralized finance (DeFi) landscape on the Cardano network has grown since the last bull run. As such, he expects that this “new ecosystem” powered by Shelley and innovations like the multi-asset ledger, positions the token for significant growth in the next bull run. Shelley is the Cardano era, which focused on making the network a decentralized economic system.

Basically, Gambardello was alluding to the fact that Cardano has gotten better since the last bull run and now provides more utility to its users. To highlight ADA’s potential, he stated how the token rose from about $0.12 to $3 during the last bull run without having any of these “developmental milestones” in place. Therefore, a rise to $11 is feasible with the immense utility in place now. 

The Cardano-Ethereum Comparison

Gambardello drew a comparison between Cardano and Ethereum. He went as far as asserting that the former was more sound, secure, and decentralized. Despite his assertion, he recognizes the fact Cardano is like a cycle behind Ethereum. In line with this, he expects that Cardano’s success is going to be similar to the one Ethereum enjoyed when it first established its DeFi ecosystem.

The crypto analyst also mentioned how undervalued Cardano is while making a comparison between it and Ethereum. In his opinion, Cardano has everything something like Ethereum has but better. He also believes that the innovations on the Cardano network are happening in a more secure and decentralized way compared to its counterparts. C

While Gambardello seems to think that ADA will perform so well in the next bull run, another crypto analyst will beg to differ. This crypto analyst happens to be Lady of Crypto, who once outlined five reasons why she doesn’t believe ADA will perform well during that period. Interestingly, she stated that Cardano has a slow development pace, and that is one of the reasons it won’t thrive.

Cardano ADA price chart from Tradingview.com

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Celestia Loses Momentum: Anticipating A Rebound Post 11% Dip

Celestia witnessed a notable decrease in its price over the current week, indicating the conclusion of its recent upward trend. Celestia’s total market capitalization dropped below $800 million as a result of this decrease.

Tuesday’s low for TIA was $5.4, the lowest since last week, and represented a significant 20% decline from the stock’s highest point earlier this year. TIA, currently trading at $5.85, has shed 11% in the last 24 hours, based on latest data.

Celestia Tallies Over 200% Rally

After becoming public in October, the TIA token experienced a remarkable 232% increase, peaking at $7.50. Celestia’s overall market capitalization was close to $1 trillion at its peak.

Celestia had been a notable performer in the cryptocurrency industry before the current setback, especially after its successful airdrop earlier in the year.

With minimal sell pressure disrupting the members’ enthusiasm, Celestia accomplished what prior airdrops, like Arbitrum, were unable to: TIA mounted a prolonged upward move after the airdrop distribution.

Significant upward trends in key cryptocurrencies such as Tron, Solana, and Bitcoin were the reason for Celestia’s success in the wider crypto sector. Generally speaking, airdrops work best when cryptocurrency values are rising.

Meanwhile, Celestia’s price is going up to retrace back into the breakout channel. Its native token, Buyers quickly picked up on the retracement dump, which put the Celestia price back above the important lower trendline support in the breakout trade channel.

During the pullback, there was a second indication of a supply zone between $4 and $5, which suggests that this could be the bottom of a new range below $7.

Celestia bills itself as the first blockchain network that is modular and evolves with the amount of users within its ecosystem. This facilitates the cost-effective and simple launch of blockchains.

Growing Ecosystem

The ecosystem of Celestia is still tiny yet expanding. A few components of its ecosystem are Aether Games, Berachain, Cartesi, Astria, and CosmWasm. However, as of late, there hasn’t been any significant activity on the chain, subdued its activity.

Celestia is a modular blockchain that can grow with the needs of its users in an efficient manner. Since its debut, it has expanded dramatically, and most recently, the Celestia cryptocurrency recently tallied an impressive 170% price surge that generated a lot of interest in it.

With support from OKX, the network just opened its mainnet and distributed airdrops to more than 190,000 users, even though over 610,000 users were qualified.

TIA Could Hit $10

According to the on-chart data, its market valuation of nearly $795 million places it as the 64th largest cryptocurrency at the moment. Analysts believe that Celestia’s price might reach as high as $10.59 by the first quarter of 2024, despite its most recently declines.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Adam Krypel/Pexels

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Binance New CEO Affirms Strength In Company’s Fundamentals

The world’s leading cryptocurrency exchange Binance new Chief Executive Officer (CEO) and former global head of regional markets Richard Teng has recently expressed his confidence in the crypto company’s fundamentals.

Binance Fundamentals Shows Strength Amid Challenges, New CEO

Earlier today, the new Binance CEO confidently revealed the fundamental strength of the crypto company despite recent challenges. The CEO took to his official X (formerly Twitter) handle to share his belief in the company. According to Teng, the fundamentals of the company’s business are still solid. 

Related Reading: Bitcoin Price Plunge Due to Binance’s Settlement Could Be ‘Buy Dips’ – Here’s Why

Furthermore, the CEO has asserted that the company will continue to operate as the biggest crypto exchange in the world. Teng pointed out several areas that will enable the company to hold on to its position in the crypto market. These include its debt-free capital structure, modest expenses, and robust revenues and profits.

Teng said:

Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.

Richard Teng’s X post responded to another X post by a user highlighting Binance’s revenue due to the DOJ’s $4 billion fine. According to the user, the company has no “problem paying the fine, as its total assets are valued at approximately $6.35 billion.”

In addition, the crypto company also holds about $3.19 billion worth of Stablecoins. Interestingly, the mentioned funds do not include off-chain cash balances or funds kept in wallets outside the Proof of Reserve (PoR). The post read:

I backed out Binance Corporate’s crypto holdings from their Proof of Reserves:  $6.35B in total assets, and $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets, not in PoR. Most likely able to pay the full $4.3B DoJ fine with 0 crypto asset sales.

Changpeng CZ Zhao Pleads Guilty To Crime

This is so significant that despite the craze following former Binance’s  CEO Changpeng CZ Zhao, the company remains strong, according to the new CEO. Changpeng was charged with US money laundering, of which he has recently pleaded guilty to the charge. Furthermore, the former CEO has agreed to pay about $50 million as part of his plea.

In addition to the penalty is Binance’s $4 billion fine as part of a settlement. The company’s fine is regarded as one of the largest corporate penalties in US history.

Binance BNB