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Analyst Benjamin Cowen warns that Cardano (ADA) could face a significant sell-off if negative US economic data emerges, potentially dropping below $0.75. Currently trading at $0.95, ADA may follow a historical pattern, possibly dipping over 20% before rallying, similar to trends observed in January 2024.
Ethereum's price has recently dropped over 11%, returning to inflationary supply levels not seen since before "The Merge" in September 2022, with current supply at 120.4 million ETH. Despite this, bullish sentiment persists, with analysts predicting potential price surges, including a target of $20,000. However, Ethereum's ability to maintain support above $3,000 is critical, as failure to do so could lead to further declines. Meanwhile, the Meme Index presale has surpassed $2 million, offering structured investment options in the meme coin market.
Bitcoin's value has dropped to $91.2k, with analysts predicting a further decline to $70k after falling below key support levels. Network activity has plummeted, and historical trends suggest a potential 30% correction in January post-halving. Despite bearish signals, some analysts foresee a rebound, with predictions ranging from $150k to $350k in the future.
Ethereum prices have dropped over 11% in the past week, with the supply returning to pre-merge levels due to low demand, leading to inflationary pressures. Despite this, some analysts remain optimistic, predicting potential price targets of $8,000 to $20,000, while the ETH/BTC ratio hits a three-year low. The network's supply has increased by 0.35% over the last nine months, raising concerns about continued inflation as demand remains subdued.
Bitcoin has entered a new price discovery phase, recently reclaiming the $102K mark and nearing its all-time high of $108,135. Analysts are optimistic, noting that the post-halving year is historically bullish, although some predict a potential market peak by mid-2024. Meanwhile, the overall crypto market capitalization has risen to $3.74 trillion, driven primarily by Bitcoin's gains.
Citi's research indicates that the adoption of stablecoins and cryptocurrency ETFs will significantly enhance digital asset performance in 2025. Following the recent U.S. presidential election, stablecoin market caps surged by over $25 billion, and onchain activity, particularly on Ethereum, has increased by 210% compared to 2023 averages. The report highlights that ETF inflows are crucial for attracting new market participants, with Bitcoin's price potentially benefiting from rising institutional investments.
Bitcoin's price remains strong despite a $14.2 billion options expiry, which had a max pain point of $85,000. Following the expiry, Bitcoin peaked above $97,330, with analysts predicting a potential rise to $110,000 in January before a possible correction. Additionally, Bitcoin ETFs saw over $475 million in inflows post-Christmas, contributing to optimism for a rally towards $160,000 in 2025.
Ethereum is showing potential to outperform Bitcoin in January 2025, with the ETH/BTC ratio currently at 0.0356. Analyst Michael van de Poppe anticipates increased inflows into Ether, possibly triggering an "altcoin run" within the Ethereum ecosystem, while Bitcoin may experience outflows. Additionally, some analysts predict that spot Ether ETFs could surpass Bitcoin ETFs in performance due to accelerating inflows.
Crypto analyst Benjamin Cowen warns that Cardano (ADA) could face a significant price drop if the Federal Reserve does not resume quantitative easing. He suggests a potential decline of 56%, which could bring ADA below $0.60, with key technical indicators signaling further dips. Currently trading at $0.89, ADA's support levels are closely monitored, with the 20-week SMA around $0.56 and the 21-week EMA at $0.67.
Bitcoin (BTC) may face a significant correction, according to analyst Benjamin Cowen, who highlights bearish signals from the 20-week simple moving average. He suggests a potential drop to the bull market support band between $72,000 and $80,000, or even a retest of a trendline that could see BTC fall to the $60,000 range. Currently, Bitcoin is trading at $98,610, having risen 5.8% in the last 24 hours.
Benjamin Cowen
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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