Bitcoin’s price dipped to lows of $53,955 on Oct. 12 as comments from J.P. Morgan CEO Jamie Dimon at a conference on Monday contributed to a sour mood across crypto markets. Dimon stated that governments will regulate Bitcoin, which he personally thinks is “worthless.”
Altcoins which had been underperforming against Bitcoin over the past few days had this trend reversed as Bitcoin declined. Several positive developments herald bulls’ comeback into the Altcoin market.
First, U.S. crypto exchange, Coinbase is launching “Coinbase NFT,” a marketplace that will allow its users to buy and sell Ethereum-based digital collectibles by the end of the year 2021. Earlier, FTX.US had announced a marketplace for Solana-based NFTs, with plans to support other blockchains, including Ethereum, in the future.
Second, Stripe returns to Crypto after backing out in Jan. 2018. The company has announced that it is hiring four new engineers as it builds a brand-new crypto team — all as part of a push to “build the future of Web3 payments.”
As most Altcoins strive to recoup earlier gains, TABOO TOKEN (TABOO, +106%), Trust Wallet Token (TWT, + 37.05%), SafePal (SFP, +156.96%), ARPA Chain (ARPA, +74.35%) were significantly up in the last 24 hours.
ARPA, a blockchain-based layer 2 solution for privacy-preserving computation rallied nearly 100% to all-time highs of $0.168 on Oct. 13. Spurred on by the announcement of a $1 billion fund to enhance the Binance Smart Chain, BNB rallied nearly 15% to highs of $483 today.
Binance, the largest cryptocurrency exchange by daily trading volume, announced Tuesday it had committed $1 billion to further boost BSC’s growth. A year ago, Binance put up $100 million to support decentralized finance (DeFi) projects on BSC.
“BSC’s growth has attracted 100 million more DeFi users with just initial funding of $100 million…With the new contribution of $1 billion, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users.” Binance CEO Changpeng Zhao stated.
Benefitting from the positive news is SafePal (SFP) token. SafePal provides hardware and software wallets, all paired and managed through the SafePal App, and claims to be the first hardware wallet invested in and backed by Binance. SFP rallied nearly 155% to reach highs of $2.50 on Oct. 13.
Trust Wallet Token (TWT), a BEP-2 asset on Binance Chain was up 37.02% at $1.32 as of press time.
Where Will Bitcoin Q4 Price Action Lead To?
In a Twitter thread on Oct. 4, Crypto analyst, TechDev pointed to a familiar bullish behavior in Bitcoin’s relative strength index (RSI) suggesting that the second phase of the 2021 bull run is just beginning.
He says “200–300K #Bitcoin looks almost too programmed”.
Based on historical BTC price data, Crypto analyst Rekt Capital believes new all-time highs are likely coming in December, rather than in October while November may see a retracement back to current price levels of just above $50,000.
Recall that Bitcoin rallied to all-time highs of $20,000 in December 2017. A technical analyst, Filbfilb sees similarities in the 2017 and 2021 market cycles, both marking the year after a block halving event. On the topic of a potential retracement, Filbfilb believes a $48k Bitcoin floor is possible.
Stock-to-flow model creator PlanB forecasts demand $63,000 for October, $98,000 for November, and at least $135,000 for the December monthly close. The numbers for August and September — $47,000 and $43,000, respectively — were exactly on point.
Bitcoin’s present all-time high of $64,899 was reached on April 14 2021 and was trading marginally up at $56,272 as of press time.
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