Crypto Price Analysis 11-19 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, INJECTIVE: INJ, CHAINLINK: LINK, APTOS: APT, UNISWAP: UNI

As a seasoned cryptocurrency analyst with years of experience under my belt, I have seen the market ebb and flow like the tides. The past week has been particularly fascinating as we witnessed some notable fluctuations across various coins.

Bitcoin (BTC) remained steady near the $90,000-$91,000 range, as sellers kept a lid on any attempts for further increase. Over the last day, there was a minor uptick in its value, with trading happening slightly above $91,000. Experts anticipate that Bitcoin still has considerable growth potential; ARK Invest’s Cathy Wood even suggested that despite its current impressive gains, Bitcoin has a long journey ahead before it fully realizes its potential.

In simpler terms, the cryptocurrency sector has been relatively quiet lately, but some altcoins have managed small increases. Ethereum (ETH) rose nearly 2%, Solana (SOL) increased by 0.68%, and Ripple (XRP) continues to climb, currently up by 1%. Investors are aiming to strengthen the $1 level as a new support point for XRP. Meanwhile, Dogecoin (DOGE), Cardano (ADA), and some other coins have also seen minor growth. However, Toncoin (TON), Chainlink (LINK), Stellar (XLM), Polkadot (DOT) are the ones leading the market trends with substantial gains. The total value of all cryptocurrencies increased by 1%, currently standing at around $3.08 trillion. According to ChangeNOW’s Chief Marketing Officer, Pauline Shangett, this is the current state of the crypto market.

The crypto market may be currently quiet but could soon erupt. The stability of Bitcoin around $90K-$91K, along with consistent growth in Ethereum and Solana, hints at a potential widespread surge if investor confidence improves. As Cathy Wood suggests, Bitcoin’s full potential has yet to be tapped, with the $91K level serving as a significant psychological barrier. However, the real narrative lies in the continuous adoption and technological advancements driving the industry.

Discussions for a significant acquisition between Trump Media and crypto trading platform Bakkt are progressing, causing shares of the platform to skyrocket. This company, primarily owned by President-elect Donald Trump, also manages the Truth Social app, which similarly experienced a surge in share value due to these reports. It’s worth noting that Kelly Loeffler, a former CEO of Bakkt and co-chair of Trump’s inauguration committee, is involved. Bakkt made its public debut in 2021, reporting over $50 million in revenue the previous year, according to FactSet data. As of now, the platform’s market capitalization stands at approximately $400 million.

Trump is scheduled to hold his first meeting with Brian Armstrong, CEO of Coinbase, following the election. The purpose of their discussion isn’t yet known. This encounter occurs as Trump is selecting his cabinet and determining other significant positions. It appears that Trump intends to establish a Bitcoin and cryptocurrency advisory team. Armstrong has endorsed Hester Pierce, a commissioner at the Securities and Exchange Commission under Trump, for leadership in the regulatory body. Additionally, Coinbase donated more than $100 million to various political action committees.

Goldman Sachs To Spin Out Crypto Platform

Goldman Sachs is gearing up to separate its cryptocurrency division into a standalone company, with a focus on developing and trading financial products across multiple blockchain networks. The bank has been discussing partnership opportunities to enhance the platform’s functionality and create innovative new services. Matthew McDermott, Goldman’s Digital Assets Head, mentioned that the separation could take 12-18 months, pending regulatory approvals, explaining it would benefit the market to have an industry-led entity. Furthermore, he hinted at the establishment of markets for tokenized real-world assets and a concentration on the “fund complex” in the U.S. and European debt markets.

The bank plans to focus on large financial institutions rather than individual retail investors when it comes to introducing its new products. These products are designed exclusively for use with permissioned blockchain networks.

Bitcoin (BTC) Faces Potential Correction

Over the recent trading sessions, Bitcoin (BTC) has been hovering around $90,000. Yet, analysts have issued a caution that it might experience a notable short-term correction. Based on a market update from CryptoQuant, BTC could potentially dip to the $70,000 price bracket due to a cooling period in the market. This indicates that even with its recent bullish trend, Bitcoin, the world’s largest cryptocurrency, might encounter a significant decline before it reaches or surpasses $100,000. CryptoQuant presented two possible future situations for BTC. The first scenario suggests that BTC may stabilize within the $87,000 to $93,000 range before regaining momentum and breaching the $100,000 mark. Alternatively, there’s a possibility of BTC spiking up to $120,000.

As a researcher examining the cryptocurrency market, I foresee a possible scenario where Bitcoin (BTC) could experience a downturn to approximately $70,000. However, this predicted drop should not deter us as BTC’s upward momentum might eventually lead it to reach $100,000. Interestingly, despite the potential for a significant dip, Bitcoin whales are actively buying Bitcoin, which suggests strong market faith in its future growth.

Bitcoin (BTC) Price Analysis

Currently, Bitcoin (BTC) is hovering around $91,500, showing a slight upward jump of about 1% over the last day. Market observers have varied opinions regarding Bitcoin’s possible price fluctuations in the future. CryptoQuant anticipates that BTC might dip to $70,000 before resuming its growth or may stabilize between $87,000 and $93,000 prior to surpassing $100,000. Cathy Wood of ARK Invest, a strong backer of BTC, believes that despite its impressive performance so far, the asset has significant potential yet to be realized. She remains optimistic about Bitcoin’s future direction, stating that it will continue to gather steam as regulatory uncertainties ease under a new administration.

As a crypto investor, I’ve noticed that Bitcoin has experienced a subtle dip since it reached a new record high about a week back. Yet, eager buyers have successfully thwarted any significant drop below $90,000, suggesting that the bullish momentum may rekindle and propel the asset beyond the $100,000 mark.

Examining the Bitcoin price trend, it appears that Bitcoin might be in a holding pattern following its record high, with the value fluctuating between approximately $88,000 and $93,000. Last week, Bitcoin experienced a substantial surge of 9.43% and ended at $87,706. However, on Tuesday, it encountered strong selling pressure that caused it to dip to $82,709 before recovering to close at $87,210, marking a slight decrease. On Wednesday, bullish optimism returned, pushing Bitcoin to a new record high of $93,434, but then falling back to $90,150. Yet, sellers took control on Thursday as Bitcoin dipped more than 3%, sliding below $90,000 and ending at $87,324.

On Friday, Bitcoin surged back over $90,000, climbing approximately 4%, to reach $90,726. Yet, the market turned bearish over the weekend, resulting in a 0.67% decrease on Saturday and another 0.73% drop on Sunday, pushing the price below $90,000 to $89,464. Attempts were made by buyers to drive the price above $93,000 on Monday as it peaked at an intraday high of $92,549 before falling back to close at $90,509. Currently, Bitcoin is showing a 1.25% increase and hovering around $91,600 as it approaches the $92,000 level.

Where does Bitcoin (BTC) go from here? Some analysts foresee a phase of consolidation prior to breaking through $95,000 and reaching $100,000. On the contrary, other analysts anticipate a temporary fall in the near future, potentially causing the price to dip down to $70,000 before continuing its upward trend. Nevertheless, most analysts agree that Bitcoin will surpass $100,000 during this bull market cycle.

Ethereum (ETH) Price Analysis

Last week, Ethereum (ETH) initially struggled to break through the $3,400 mark at the start, instead falling significantly due to strong selling pressure. Nevertheless, persistent buying activity kept ETH from dipping below $3,000, averting a more substantial drop. The previous week had begun bullishly for Ethereum, with its price soaring nearly 6% to exceed $3,300 and close at $3,373. On Tuesday, buyers aimed for $3,500 as ETH reached an intraday peak of $3,443, but soon lost momentum, allowing sellers to take over and drive the price down by 3.78% to $3,246. Ethereum experienced a notable surge in volatility on Wednesday, reaching an intraday high of $3,338 before plunging to an intraday low of $3,120, resulting in a drop of almost 2%. Pessimism prevailed on Thursday as ETH slid by 4.12% to $3,059, finding it tough to stay above the $3,000 mark.

ETH hit a low of $3,013 on Friday before recovering and ending the day with a 0.99% increase to reach $3,090. On Saturday, buyers took control, pushing ETH up to an intraday high of $3,218 and settling at $3,133. But, on Sunday, ETH fell by nearly 2%, dropping to $3,075. Despite the selling pressure, ETH managed to stay above $3,000. The start of this week saw a significant increase of 4.37% for ETH, reaching $3,209. However, in the current trading session, ETH has dipped again by 2.52%, currently trading at $3,130.

If sellers manage to lower Ethereum (ETH) prices below $3,000, there’s a possibility it might fall further to approximately $2,850. Yet, buyers have held their ground against the selling pressure from the bears, preventing a drop below this level so far. If buyers regain control and gather momentum, ETH may challenge the resistance at $3,400. Overcoming this barrier could propel ETH beyond $3,500.

Solana (SOL) Price Analysis

To begin the week, Solana (SOL) saw a positive trend, breaking through the $225 mark. Yet, it encounters significant resistance at $250, with sellers thwarting any attempts to exceed that point. After a promising start last week, SOL’s momentum waned, rising approximately 6% before settling at $222. On Tuesday, sellers gained control, causing SOL to decline by 4.69%, settling at $211. The selling pressure persisted on Wednesday, pushing SOL to an intraday low of $201. However, it recovered from this level, increasing by 1.69% and closing the day at $215. On Thursday, buyers aimed to capitalize on Wednesday’s momentum, taking SOL to a high of $222 during the day. Nevertheless, the price fell after reaching this point, dropping nearly 3% to $209.

SOL recovered on Friday as it attempted to break out of its trading range, rising over 4% and settling at $218. The weekend began with a decline as SOL dropped 1.30% on Saturday and settled at $215. However, bullish sentiment returned on Sunday as SOL rallied over 10% to surge past $225 and settle at $237, ending the weekend on a bullish note. Bullish sentiment persisted on Monday as SOL rose to an intraday high of $248, with bulls setting their sights at $250. However, with sellers active at this level, SOL fell back to settle at $239, an increase of 1.04%. The current session sees SOL marginally up, trading at $241 as buyers look to build momentum and retest the resistance at $250. On the other hand, sellers will attempt to retake control and drive the price below $225.

Injective (INJ) Price Analysis

Over the past week, Injective (INJ) has experienced considerable fluctuations as buyers strive to push the value above $27 and sellers aim to pull it beneath its moving averages. Initially, INJ started the preceding week on a positive trajectory, climbing nearly 5% to reach $26.89. Nonetheless, with sellers active at this price point, INJ plummeted almost 9%, dropping to an intraday minimum of $23.47 before recovering to $24.50. On Wednesday, INJ witnessed a considerable rise in volatility, peaking at an intraday high of $27.08 and sinking to an intraday low of $22.34 before closing at $24.15. Buyers made an effort to recuperate on Thursday, propelling INJ to a new intraday high of $25.87. However, they lost steam after reaching this level, and sellers took control, causing the price to decline by 3.62% to $23.27.

Despite overwhelming selling pressure, INJ recovered on Friday, rising by 5.66% and settling at $24.59. Bullish sentiment persisted on Saturday with INJ rising just over 5% and settling at $25.84. INJ surged to an intraday high of $27.20 on Sunday as buyers attempted to break past the resistance. However, sellers overwhelmed buyers, and INJ fell back in the red, dropping by 5.02% and settling at $24.54. The current week began positively, as buyers returned to the market, helping INJ register an increase of 4.78% and settle at $25.72. INJ is marginally down during the ongoing session as buyers and sellers struggle to establish control.

Chainlink (LINK) Price Analysis

Over the past few days, Chainlink (LINK) has experienced a notable rebound from its significant dip last week. Yet, it’s been challenging for LINK to hold onto prices above $15, with sellers aiming to push the price downward. The decline started on Tuesday when LINK failed to surpass $15. This failure led to a 6.56% drop, leaving the price at $13.95. Wednesday saw heightened volatility as both buyers and sellers vied for control. In the end, buyers managed to take charge, but not without LINK dropping by over 3% to $13.50. The downward trend persisted on Thursday, with a further 3.70% drop, bringing the price back to a critical support level of $13.

On Friday, LINK bounced back from its current level, seeing a 6.33% rise and settling at $13.83. The bullish trend continued on Saturday, with LINK climbing another 5.02%, reclaiming the $14 mark and settling at $14.52. However, the momentum slowed down on Sunday, resulting in a drop of over 5% for the day, falling below $14 to settle at $13.78. The start of this week saw bullish sentiments return, pushing LINK up almost 11%, surpassing the resistance level of $15 and reaching an intraday high of $16.01 before settling at $15.27. Unfortunately, during the current trading session, LINK is experiencing a decrease of 1.37%, with sellers aiming to push it below the $15 mark.

Aptos (APT) Price Analysis

Over the recent trading sessions, Aptos (APT) has experienced a slowdown in its progress as it grapples with maintaining momentum and reascending to $12. Initially, APT began the previous week with a highly optimistic trend, experiencing a significant 26% increase that culminated in a closing price of $13.72. However, following this peak, buyer enthusiasm dwindled, resulting in APT recording a steep decline on Tuesday, dipping to an intraday minimum of $11.49 before rebounding to close at $12.36. The volatility escalated on Wednesday as buyers tried to regain control; however, sellers eventually gained the upper hand, causing APT to dip over 5% and fall below $12, settling at $11.73. Pessimism continued into Thursday as sellers prevented another recovery and pushed APT down by 4.23%, closing the day at $11.23.

On Friday, I saw a positive recovery for APT, with a 5.66% surge that took its value to $11.87. Over the weekend, I noticed buyers maintained control as APT regained $12 and reached $12.30 on Saturday, but it slipped into negative territory on Sunday, dipping over 4% and closing at $11.78. As we entered this new week, APT once again touched $12 and settled at $12.04. However, during the current trading session, I find that APT’s price is back in the red, dropping by 2.46% to trade at $11.75.

Uniswap (UNI) Price Analysis

Last week saw a notable drop in the value of Uniswap (UNI), but it made a strong comeback, climbing above $9 at the start of this week. UNI peaked at an intraday high of $10.77 on Tuesday, only to lose momentum when reaching that level, causing sellers to gain control. This led to UNI dropping to a low of $8.64 before recuperating to close at $8.96, representing a decline of about 4%. The bearish trend continued on Wednesday and Thursday as UNI decreased by 3.70% and 5.31%, ending the period at $8.17.

On Friday, UNI bounced back from a low of $7.87, gaining nearly 5% to close at $8.56, buoyed by optimistic outlook. This positive momentum continued on Saturday, with UNI climbing almost 6% to reach $9.06. However, the price dipped again on Sunday, shedding 3.60% to land at $8.73. Market participants showed renewed interest in UNI on Monday, causing it to surge by 5.75% and close at $9.23. As of now, the price is slightly decreasing as both buyers and sellers vie for control. If sellers manage to push UNI below $9, it might fall to its support level of $8.50. Conversely, if buyers regain control, we could see an effort to push UNI above $9.50.

2024-11-19 13:04