Crypto Price Analysis 11-13 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, TONCOIN: TON, INJECTIVE: INJ, FANTOM: FTM

As a seasoned cryptocurrency investor with years of experience under my belt, I find myself constantly intrigued by the ever-evolving landscape of digital assets. The past few days have been particularly exciting, as we’ve seen some significant movements across various coins and tokens.

For just a short while, Bitcoin (BTC) reached an astounding $90,000 but then dipped back to around $89,000. The past 24 hours have seen a dip in the crypto markets as the current bull run took a pause, with most significant cryptocurrencies experiencing losses over this period. Bitcoin (BTC) has fallen nearly 2%, dropping below $87,000, and Ethereum (ETH) has declined by almost 6% following a robust surge that propelled its price above $3,000. The cumulative value of the crypto market has dropped by 3.41% to currently stand at approximately $2.87 trillion.

Alongside Bitcoin, several other significant cryptocurrencies like Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), Toncoin (TON), Avalanche (AVAX), Chainlink (LINK), and Polkadot (DOT) have also witnessed notable drops. This decline can be linked to prices correcting after a nearly weekly rise or investors cashing out their profits.

Speaking about the recent price action, ChangeNOW CMO Pauline Shangett stated,

Following the latest surge in prices, this temporary drop is a beneficial adjustment. Ether has retreated after surpassing $3,000, and other significant cryptocurrencies have also lost some of their gains. This pause helps prevent excessive heating and establishes a strong base for future expansion. Investors should consider this dip not as a setback but as a chance to re-invest at reduced prices. As Bitcoin falls below $87,000 again and Ether retreats from recent peaks, this price drop might signal the beginning of a more stable and powerful rally.

Bitcoin (BTC) Entering Price Discovery Mode?

In recent updates from CoinMetrics, Bitcoin (BTC) momentarily reached approximately $90,000 before experiencing a dip. After Donald Trump’s win in the U.S. elections, BTC rapidly soared above $80,000 within a few days. Analysts forecast that BTC could potentially reach $100,000 by year-end as market sentiment stays optimistic, despite experiencing a dip over the last couple of trading sessions. Since election day, Bitcoin has experienced a growth of more than 33%, with Ethereum (ETH) following closely at an increase of 28%. Michael Colonnese, analyst at H.C. Wainwright, expressed this viewpoint.

Currently, Bitcoin is experiencing a new price trend as it surpassed its previous records early on Wednesday morning when Trump’s election victory was announced. Throughout the remainder of 2024, there’s a strong likelihood that this optimistic outlook will continue, and we predict that Bitcoin prices could climb to six figures before the year ends.

The promise from Trump’s election to create a more favorable regulatory climate for crypto has bolstered the confidence of the crypto community and investors. Cryptocurrency businesses have faced challenges due to ambiguous regulations and conflicts with the U.S. Securities and Exchange Commission. Although Bitcoin is viewed as a secure asset by Washington, other cryptocurrencies and related companies have been operating in a murky legal landscape. Matt Hougan, the Chief Investment Officer at Bitwise Asset Management, commented on this issue.

We’ve made a complete turnaround. Now, we find ourselves in a favorable regulatory climate. This change brings us beneficial conditions, especially considering a market that was already on an upward trend. This positive momentum will likely propel us even further.

Over the past 24 hours, many cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have seen a drop in prices following nearly a week of optimistic sentiments. However, Dogecoin (DOGE), associated with Elon Musk, stood out with an impressive surge of 130% since the election. In conventional markets, MicroStrategy managed to trim its losses and closed the day up by 5%, while Coinbase experienced a decrease of 1.5%. Interestingly, Coinbase crossed the $300 mark for the first time in 2021 on Monday. Analysts predict that last week’s upward trend is just the start.

It appears that there’s a significant gap between past peak prices around $72,000 and the current target of $100,000. It’s challenging to predict what might prompt sellers to enter this market and potentially halt the upward trend before we reach that level. However, it’s crucial to remember that there are no assurances in the market. We may experience pullbacks, but given the new phase of the cryptocurrency market, I believe it is justified to remain optimistic, as the overall sentiment still leans towards a bullish trend.

Is Trump Really Behind The Market Surge?

Bitcoin’s extraordinary rise has pushed its value beyond $80,000 and towards $90,000, with many anticipating it could surpass this figure soon. This surge can be attributed to investors who wagered on a bull market during Trump’s presidency. Notable figures like Anthony Scaramucci, CEO of SkyBridge Capital, who was previously critical of Trump, have recognized the influence of Trump’s election on the market and Bitcoin’s recent spike. Nevertheless, not everyone is ready to attribute all the gains solely to Trump’s impact. Jesse Myers, co-founder of OnRampBitcoin, has pointed out that while Trump’s victory may have played a role, other factors also contribute significantly to Bitcoin’s current rally.

“Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst, but that is not the main story here. The main story is that we are six-plus months post-halving.”

Myers pointed out that Bitcoin’s halving process caused a shortage in supply compared to growing demand, causing prices to skyrocket as a means to balance things out. This pattern has been observed after every halving event. However, Peter Schiff, who is known for his criticism of Bitcoin, downplayed the recent price increase and maintained that it’s driven by speculation rather than intrinsic value. He also cautioned investors about potential dangers in the future.

Italy Mulls Lowering Capital Gains Tax On Crypto

It’s being discussed that the Italian government may reduce the tax on cryptocurrency capital gains from 42% to 28%. Based on a Bloomberg report, it appears they are leaning towards accepting a partner’s proposal to lower the rate. Originally, the Italian government had proposed a 42% tax on crypto gains, which would have affected many traders and investors quite substantially. This tax was unveiled during the 2025 budget speech, with the intention of utilizing investment-based earnings to bolster the country’s economy. However, just last week, Italy’s Economy Minister, Giancarlo Giorgetti, indicated that the government is open to reconsidering this proposed increase.

Bitcoin (BTC) Price Analysis

Over the last few trading days, Bitcoin (BTC) has experienced a minor dip in value and an increase in volatility. After briefly surpassing $90,000, it dropped to $86,707, representing nearly a 3% decrease over the past 24 hours due to market corrections. The surge of Trump’s re-election ignited excitement within the cryptocurrency market, pushing BTC to unprecedented highs. This upward trend was fueled by the anticipation of a government more supportive of cryptocurrencies and increased regulatory clarity. Trump had expressed his intention to replace the current Securities and Exchange Commission Chair Gary Gensler and position America as a global leader in cryptocurrency.

Starting from the election day, Bitcoin’s upward trend took off, surging more than 8% to break through $70,000 and reach $75,175. However, bullish feelings weakened on Thursday due to stiff resistance around $76,000, causing only minimal growth, with BTC ending at $75,776. The price managed to surpass $76,000 on Friday, registering a 0.92% increase and settling at $76,470. Bullishness picked up over the weekend, leading to an almost 5% growth for BTC to exceed $80,000 and close at $80,152.

As a researcher examining the cryptocurrency market, I observed an astounding 9% surge on Monday, propelling its all-time high to an unprecedented $88,398, although it subsequently dipped slightly and closed at $87,706. The following day, Tuesday, was marked by significant volatility as the cryptocurrency briefly broke its own record, spiking above $90,000 before plummeting to a low of $82,709. Despite this, the overall market atmosphere remained optimistic, enabling the cryptocurrency to rebound from this level and finish at $87,212, recording only a minor decline. Currently, the session shows the cryptocurrency trading slightly in the red, maintaining its position just above $87,000. Given that the Relative Strength Index (RSI) is in the overbought zone, market participants anticipate a correction. Sellers aim to drive the cryptocurrency down towards $80,000, a level where it might find support. If the cryptocurrency falls below this point, a descent to $76,000 seems probable.

Experts firmly believe that Bitcoin will continue its upward trend over the long term and is expected to break through $100,000 before the year ends. Furthermore, they predict it could reach $200,000 by the close of 2025.

Ethereum (ETH) Price Analysis

The price surge of Ethereum (ETH) has temporarily halted around the $3,400 mark, experiencing a significant drop in the last two trading days. If the selling pressure persists, ETH might fall below $3,000 once more. Initially, on Wednesday, ETH experienced a remarkable rise and surpassed both its 20-day and 50-day moving averages (SMAs) and $2,700 to close at $2,723. The upward trend continued on Thursday, reaching $2,897, and by Friday it settled slightly below the 200-day SMA, which functioned as a resistance level. Over the weekend, ETH managed to go above both the 200-day SMA and $3,000, increasing nearly 6% and closing at $3,128. The price of Ethereum saw volatility on Sunday as buyers and sellers battled for control. However, the buyers ultimately gained the upper hand, pushing ETH up almost 2% to $3,185.

Yesterday, Ether (ETH) experienced a notable rise of approximately 6%, reaching an intraday peak of around $3,389. However, due to strong selling activity above $3,400, it fell back slightly to $3,373. Ether surged to an intraday high of $3,444, but sellers were active and halted the upward momentum, causing a correction that led to a drop of nearly 4% to $3,247. Today, ETH is down almost 3% due to continuous selling pressure. The Relative Strength Index (RSI) showed that ETH had entered an overbought zone, making a decline expected. If sellers maintain control, ETH might drop to $3,000 or even $2,850. But if buyers regain control, ETH could challenge the resistance at $3,400 again. Overcoming this level could lead to a potential move towards $3,500. Despite the recent correction, experts remain optimistic about Ether’s long-term prospects.

Solana (SOL) Price Analysis

Similar to Ethereum (ETH), Solana (SOL) has experienced a significant drop in its price during the last two trading days, with sellers aiming to force it below the $200 mark. SOL had been on an upward trajectory since the election, surpassing its 50-day Simple Moving Average after a 12% increase, reaching $186. Buyer confidence remained high on Thursday, causing SOL to rise to $196 following a 5.23% surge. On Friday, buyers made an attempt to push the price above $200, taking SOL to an intraday high of $205. However, selling pressure kept it from staying above $200 and it retreated to close at $199. With sellers active around $200, SOL held steady at $199 on Saturday before rallying by more than 5% to overcome the selling pressure and jump over $200, reaching $210.

Buyers retained control on Monday as SOL registered an increase of almost 6% to settle at $222. However, SOL faced selling pressure again at this level and fell back on Tuesday, falling to a low of $204 before recovering and settling at $211. The current session sees sellers retain control, with SOL down 2.51% and trading around $206. If sellers retain control, SOL could slip below $200 and drop to the 200-day SMA which could act as a level of support and facilitate a recovery. On the other hand, if buyers prevent a drop below $200, we could see SOL recover and retest the resistance at $225.

Dogwifhat (WIF) Price Analysis

Since last Wednesday, the cryptocurrency known as Dogwifhat (WIF) has experienced significant fluctuations. After experiencing a remarkable jump of nearly 15% on Wednesday, WIF encountered resistance from its 20-day Simple Moving Average (SMA). This resistance caused WIF to dip by 0.91% the following day, or Thursday.

This week’s trading for the meme coin WIF started off strongly with bulls gaining significant control, causing a 14% increase that took the coin over $3 and settling at $3.12. Tuesday saw a significant rise in market volatility as WIF dipped to an intraday low of $2.81 before rebounding by approximately 4%, closing the day at $3.25. However, today’s trading session has seen WIF reversing direction and losing nearly 9% of its value, pushing it below $3 to its current level of $2.97.

Toncoin (TON) Price Analysis

Over the last two days, Toncoin (TON) has experienced a rise in bearish sentiment and price fluctuations, peaking at $5.50 following a surge, but then stalling. On the other hand, DOT displayed significant volatility during the weekend while attempting to break above its 20-day Simple Moving Average (SMA), even as the broader market rallied post US elections. However, on Saturday, bulls managed to gain full control, pushing TON up nearly 7%, surpassing both the 20 and 50-day SMAs, and settling at $5.25. The market saw volatility again on Sunday, with TON dipping to a low of $5 and reaching a high of $5.57 before closing at $5.27 after a slight rise.

This week started off positively for TON, as it surged over 4% to reach $5.49 due to optimistic market feelings. However, volatility resurfaced on Tuesday when TON struggled to break through the resistance at $5.50. Initially, buyers pushed TON up to a peak of $5.72, but they lost steam, allowing sellers to regain control. This led to a dip in TON’s price to an intraday low of $5.09, followed by a recovery to close at $5.48. Currently, sellers are maintaining their upper hand, causing TON to drop nearly 4% and trade at $5.28. Sellers aim to push TON below its 50-day moving average towards $5.

Injective (INJ) Price Analysis

On Wednesday, Injective (INJ) broke through important resistance levels and both the 20-day and 50-day moving averages, soaring more than 22% to reach $21.22. After a brief period of volatility on Thursday, INJ continued its upward trend, climbing almost 2% and ending at $21.62. On Friday, the price went above the 200-day moving average with an increase of nearly 4%, settling at $22.43. Attempts by sellers to push INJ below the 200-day moving average on Saturday were unsuccessful as buyers regained control and boosted the price over 6% to reach $23.80. By Sunday, bullish feelings about INJ intensified, causing it to surge more than 8% and pass $25, closing at $25.74.

On Monday, despite resistance from sellers, INJ climbed higher by 4.43% to end at $26.88. But on Tuesday, the sellers took over, causing a drop of nearly 9% to $24.50. The price dipped even lower during this session to an intraday low of $22.36 due to continued selling pressure. However, it has since rebounded slightly and is currently trading at $23.69, representing a decrease of 3.28%.

Fantom (FTM) Price Analysis

Fantom (FTM) has seen a substantial drop in recent sessions as sellers look to drive the price below the 20 and 50-day SMAs. FTM had surged past the 20 and 50-day SMAs on Wednesday after rallying over 18% and settling at $0.689. Bulls remained in control on Thursday as FTM rose to $0.722 after an increase of almost 5%. Despite the bullish sentiment, FTM registered a marginal drop on Friday before recovering to register a rise of 5.25% and move to $0.756. FTM experienced considerable volatility on Sunday, dropping to an intraday low of $0.732 and reaching an intraday high of $0.825 before settling at $0.786 after registering an increase of almost 4%.

Buyers retained control on Monday as FTM surged over 6% to go above $0.80 and settle at $0.836. However, it fell back in the red, dropping to an intraday low of $0.72 before settling at $0.764, registering a drop of almost 9%. The current session sees FTM down 8.77% as sellers look to drive the price below the 20 and 50-day SMAs.

2024-11-13 13:39