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Crypto Price Prediction December 21: BTC, BONK, MINA

coingape.com 21-12-2023 01:54 3 Minutes reading
Crypto price prediction: Investors are anxiously waiting for the approval of the spot Bitcoin exchange funds (ETFs) by the Securities and Exchange Commission (SEC) in the United States. The agency is expected to node to multiple ETF proposals in early January -- a move likely to trigger a buy the rumor sell the news situation. The market has mainly been trading in a range over the last two weeks, with Bitcoin price hovering between $40,000 and $44,000. Select altcoin majors Solana (SOL), Internet Computer (ICP), Injective (INJ), and more continue with the uptrend unbothered by the volatility across the market. Ethereum and other tokens like Cardano and XRP wobbled in response to investors taking profits, losing 3%, 1.3%, and 7.5% in a week. Although bulls managed to turn things around this week, as Bitcoin retested resistance at $44,000, the tension surrounding the approval of BTC spot ETFs is creating uncertainty among investors. The potential greenlighting of spot ETFs in the US is sending mixed signals with market participants, for instance, QCP Capital, a Singapore-based digital asset trading platform, suggesting that Bitcoin will top out in the region between "$45k-$48.5k" and possibly correct to $36,000 ahead of the next major uptrend. "It is likely that the actual demand for the bitcoin spot ETF at the start will fall short of market expectations," QCP said in a note. "We expect topside resistance for bitcoin in the $45k-$48.5k region and a possible retracement to 36k levels before the uptrend resumes." Bitcoin is currently trading slightly above $44,000 on Thursday during US business hours, up 3% on-day. It is on the cusp of a breakout above the red horizontal array on the daily chart, which could prop the breakout to $45,000 and extend it toward $48,000 later this weekend. The Relative Strength Index (RSI) backs the bullish thesis. However, higher support at $44,000 is necessary for the continuation of the uptrend. In case traders lock in the gains afraid to ride the uncertain bullish trend, overhead pressure might weigh down on Bitcoin price such that it retests support at $40,000. Nevertheless, Bitcoin stands out as one of the top cryptos to buy in December ahead of the approval of the ETFs. Recommended article: Crypto Prices Today: BTC, IOTX Surge As Pepe Coin Slips Bonk is finally breaking out of a bull flag pattern which formed as the meme coin retraced from all-time highs of $0.000035. The correction also allowed BONK to consolidate within the flag, suggesting that the downtrend is gradually exhausting ahead of the next breakout. A bull flag pattern is validated with the price breaking above the flag, which in Bonk's case coincides with resistance highlighted by the 20 Exponential Moving Average (EMA) (in blue). A precise breakout target would be equal to half the distance of the flagpole, approximately 137.5% above the flag. Based on the RSI, consolidation may continue in the current session but a breakout could swiftly follow. Mina Protocol is on the move again, soaring 12% in 24 hours to $0.935 at the time of writing. The meme coin has since mid-October increased in value by a whopping 166% and the latest breakout could blast it above the next key hurdles at $1.1 and $1.6, respectively. The RSI at 67 and rising toward the overbought region, reinforces the bullish outlook. Support at $0.9 is required to validate the uptrend, as holders gain confidence to increase exposure to MINA. If MINA slides below the immediate $0.9 support, the path with the least resistance could quickly flip downwards, amid a spike in volatility and a sweep through lower levels like $0.78 and $0.58. Dips could prove profitable, especially with the expectations of a bull run in 2024.

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Vanguard May Reconsider Bitcoin Stance, Analyst Su...
13.01.24 07:54
by coingape.com

Vanguard May Reconsider Bitcoin Stance, Analyst Suggests

Bloomberg analyst predicts Vanguard may shift its anti-Bitcoin stance amid market changes and the need for diverse portfolios. Vanguard, a renowned investment firm, is speculated to shift its longstanding anti-Bitcoin stance, according to insights from Bloomberg's senior analyst Eric Balchunas. Despite Vanguard's current direction, Balchunas hints at possibly reevaluating this policy in the foreseeable future, aligning with the firm's expanding advisory services and the need for diverse investment portfolios. Vanguard's current approach towards Bitcoin and cryptocurrencies remains firmly resistant. The firm has recently made headlines by restricting customer access to the newly introduced spot Bitcoin Exchange-Traded Funds (ETFs). This decision aligns with their past actions, notably removing Bitcoin futures ETFs from their platform. According to a Vanguard spokesperson, this move aligns with the company's core values, focusing on products and services catering to long-term investors' needs. This stance, however, has not gone without consequence. Recent reports indicate that some Vanguard customers have started transferring their funds to other firms, seeking investment opportunities in the burgeoning cryptocurrency market. Despite these developments, Vanguard continues to uphold its cautious approach towards digital assets, reflecting the cautious perspective of its founder, Jack Bogle, who in 2017 labeled Bitcoin as a "plague." While Vanguard maintains its conservative stance, Eric Balchunas of Bloomberg foresees a gradual change in the company's philosophy. Balchunas notes that the growing emphasis on wealth growth and the necessity for diversified investments could nudge Vanguard towards reconsidering alternative asset classes like Bitcoin and other cryptocurrencies. This shift, he suggests, would be a strategic move to broaden their advisory business and cater to an evolving investment landscape. Balchunas's perspective is noteworthy, given the increasing institutional interest in cryptocurrencies. This trend is seen in contrast to Vanguard's current trajectory, but it highlights the dynamic nature of investment strategies in response to market demands and opportunities. Intriguingly, Vanguard's investment portfolio presents a contrasting picture. Despite its skepticism towards cryptocurrencies, the firm has significantly invested in MicroStrategy shares. MicroStrategy, known for its substantial Bitcoin holdings, is a key crypto player. As of September 2023, Vanguard holds over 1 million shares in MicroStrategy, valued at approximately $547 million, making it the second-largest institutional shareholder with an 8.24% ownership share. This investment is particularly notable given MicroStrategy's status as the leading public holder of Bitcoin, with an estimated 190,000 BTC valued near $6 billion. Vanguard's substantial stake in a company deeply entrenched in cryptocurrency raises questions about its investment strategy and potential openness to digital assets.

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