Crypto Price Analysis 11-1 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, CHAINLINK: LINK, ARTIFICIAL SUPERINTELLIGENCE ALLIANCE: FET, RENDER: RNDR

As a seasoned cryptocurrency analyst with years of experience under my belt, I must say that the recent price movements of Chainlink (LINK), Artificial Superintelligence Alliance (FET), and Render (RNDR) have been quite intriguing.

Bitcoin (BTC) dipped below $70,000 as the market turned pessimistic following a brief hint at a fresh record high earlier this week. At present, BTC has fallen by more than 4% and is being traded around $69,300. The majority of significant cryptocurrencies are experiencing losses as markets plummet after several optimistic days, with the US elections approaching.

key digital currencies experiencing losses are Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Cardano (ADA), Chainlink (LINK), and Polkadot (DOT). The total value of the crypto market has dropped significantly by nearly 4%, now standing at approximately $2.34 trillion. Regarding this downturn in the cryptocurrency market, ChangeNOW’s Chief Marketing Officer Pauline Shangett commented on the situation.

It appears we’re witnessing a typical scenario where high anticipation caused prices to rise earlier this week, but then a decrease followed as investors cashed out their profits in preparation for potential election-related volatility. This recent drop serves as a warning about the market’s susceptibility under current macroeconomic pressures.

BlackRock ETF Records Biggest Day Of Inflows Since Launch

As an analyst, I’m excited to report that BlackRock’s IBIT ETF witnessed its record-breaking day of inflows since its inception on October 30, amassing over $875 million. This figure surpassed the previous high of $849 million set in March. Remarkably, IBIT has seen inflows for 13 consecutive days, totaling an impressive $4 billion. Many traders predict that a billion-dollar inflow day is imminent for IBIT. Furthermore, BlackRock’s performance outshone all other US spot Bitcoin ETFs, which collectively recorded inflows of merely $21 million on the same day. The Fidelity Wise Origin Bitcoin Fund followed closely with inflows exceeding $12 million, while the Bitwise Bitcoin ETF experienced outflows amounting to approximately $24 million.

As cryptocurrency markets experience a significant drop, analysts are optimistic that the upcoming US presidential elections might stimulate a rebound, potentially propelling Bitcoin to a fresh record peak. Yet, they warn investors about market fluctuations and advise them to strategically plan their transactions to minimize potential heavy losses.

A Friendlier Post-Election Washington?

In the world of cryptocurrencies, there have been several disagreements with the Biden administration in the past few years. However, market experts anticipate a more welcoming environment from Washington, regardless of the election outcome. During the election campaign, Donald Trump advocated for a pro-crypto government, while his Democratic counterpart, Kamala Harris, also pledged clear and favorable crypto regulations. With these recent trends in mind, cryptocurrency asset managers like Bitwise and Canary Capital are already preparing new offerings. Ripple too is planning to renew its efforts for crypto legislation within Congress.

“Regardless of who wins, there will be a new approach to how we move forward with crypto.”

Harris has not specified her strategy regarding cryptocurrency yet, but analysts anticipate a more favorable stance from her compared to the present Biden administration. Billionaire Mark Cuban endorsed Harris’s crypto plans, expressing optimism about a more accommodating administration under her leadership. He emphasized that her commitment to safeguarding cryptocurrencies was significant. Nevertheless, Cuban expressed his disapproval of SEC Chair Gary Gensler and the crackdown on crypto during his tenure.

The Chairman of the Securities and Exchange Commission (SEC), Gensler, firmly believes that the crypto sector poses a substantial threat to investors due to incidents like the collapse of FTX and numerous bankruptcies. Consequently, the SEC has taken legal action against prominent crypto entities such as Coinbase and Kraken, alleging they violated rules and neglected to warn investors about potential risks. Gensler’s term concludes in 2026, but it’s unclear whether Trump plans to dismiss him if he wins the election; Harris has not specified any plans for a replacement at this time.

Trump’s favorable view towards cryptocurrencies has gained him backing from significant figures within the crypto sector, such as the Winklevoss brothers who founded Gemini. In contrast, Chris Larsen, Ripple’s chairman, and various pro-Democratic crypto groups have shown their support for Harris.

MicroStrategy’s Bitcoin Plan

Michael Saylor’s firm, MicroStrategy, has revealed an ambitious plan to gather a staggering $42 billion over the next three years to buy more Bitcoin. The strategy involves raising $21 billion through selling stocks and another $21 billion from bond issues. This could potentially enable the company to acquire approximately 578,586 Bitcoins at current prices, which is roughly 2.7% of the total supply. MicroStrategy’s CEO, Phong Le, asserted that this approach would boost the company’s Bitcoin investment returns. The company has projected a yield of 17.8% on its Bitcoin holdings by 2024, with annual returns anticipated to range from 6% to 10% from 2025 to 2027.

If MicroStrategy intends to invest around $42 billion in Bitcoin over the next three years but you’re pessimistic about its future, it’s worth noting that they have already acquired more than 250,000 Bitcoins for approximately $9.9 billion, with an average price of roughly $39,200 per Bitcoin.

Market Euphoria Eases

Market optimism took a dip on Thursday as Bitcoin, stocks, and gold experienced significant declines following the release of Personal Consumption Expenditures (PCE) figures. These numbers met expectations and did not influence the anticipated interest rate cuts in November, leading to a market adjustment. The core PCE for September, which excludes food and energy costs, slightly surpassed predictions by rising 2.7%, compared to the forecasted 2.6%. Additionally, initial jobless claims dropped by 12,000 to reach a five-month low of 216,000, lower than the projected 230,000. The PCE report serves as the last inflation data before the Federal Reserve makes its decision on interest rate cuts next week.

Before making any decision about an interest rate cut, the Fed should take into account the final monthly report due for release on Friday. As mentioned by Matt Mena, a Crypto Research Strategist at 21Shares, this is crucial information to consider.

Today’s PCE figures, as predicted, have further strengthened the dovish attitude triggered by the Fed’s rate cut last month, making it clear that they are on the appropriate path to taming inflation. This optimistic environment has significantly boosted Bitcoin, as investors flock towards riskier assets, betting on a sustained lenient stance from the Fed. In fact, Bitcoin had already incorporated this favorable outlook, surpassing $72,000 yesterday – a level it reached once before when it peaked at its all-time high of $73,700 in March of this year. This change in investor sentiment is also mirrored in the growth of Bitcoin ETPs.

Bitcoin (BTC) Price Analysis

As a crypto investor, I’ve witnessed Bitcoin (BTC) dip below $70,000 recently, as market sentiment turned bearish following the release of PCE data. The upward momentum that BTC had been building seemed to falter at higher levels, with buyers struggling to maintain their pace just shy of setting a new all-time high. On Tuesday, BTC almost reached this milestone, surging to an intraday high of $73,512, only to lose steam.

At the moment, Bitcoin (BTC) is experiencing a 4% decrease as traders aim to further lower its price. The week started off bullishly for BTC, with a 1.22% rise on Sunday that took its value up to $67,972. On Monday, BTC surpassed both the $68,000 and $69,000 milestones, reaching $69,761 following a 2.63% increase. The bullish trend continued on Tuesday when BTC moved above $70,000 and ended at $72,627 after a 4.11% surge. It even hinted at a new record high of $73,512, but the momentum faded, causing it to retreat slightly to $72,358 on Wednesday. With significant resistance at this level, the buying pressure waned, leading to a modest decline in BTC’s value.

On Thursday, pessimism surrounding Bitcoin (BTC) increased as sellers caused its price to fall below $72,000, leading to a 2.84% decrease that ended with BTC trading at $70,384, slightly above $70,000. The ongoing session has seen BTC continue its downward trend, falling below $70,000 and currently trading around $69,300. Buyers aim to keep the price above $69,000 and attempt to reestablish the $70,000 level. If sellers succeed in pushing BTC below $69,000, a drop to $68,000 is possible, where it might find support. A more significant level of support lies around $65,000. Given the anticipation of market volatility as the U.S. elections approach, there’s a chance BTC could rebound from its current levels and surpass $70,000 once again. Analysts predict that Bitcoin could reach new highs in November and potentially exceed $80,000.

Ethereum (ETH) Price Analysis

On Thursday, I observed a substantial drop in Ethereum (ETH), dipping below crucial support zones and moving averages. The ETH bulls have been battling to maintain it above the $2,500 mark, with sellers remaining dominant.

On Wednesday, there was a significant rise in fluctuations as buyers aimed to push the price beyond $2,700 and sellers sought to pull it under $2,600. This battle led ETH to reach its lowest point of the day at $2,599, then climb up to a high of $2,722 before retreating again to $2,659. Despite this, it failed to maintain above this level and decreased by 0.81%. The following day, Thursday, saw ETH plummet significantly by 5.35%, dipping below its 20 and 50-day moving averages and settling at $2,515. Currently, in the ongoing session, ETH continues to trend downward, experiencing a minimal decrease and hovering slightly above $2,500.

In simpler terms, the sellers aim to lower the price of Ether (ETH) below the current $2,500 mark, having previously pushed it down to $2,466 in this session. Yet, it is anticipated that buyers will step in and hold the line at this level, preventing any significant drop. If the $2,500 level is broken, ETH might fall to its next support level of $2,400.

Solana (SOL) Price Analysis

On Thursday, the price of Solana (SOL) dipped below $170 as market sentiments shifted and selling pressure increased. Initially, SOL was on an upward trajectory until midweek, but its bullish trend reversed when a surge beyond $180 failed to materialize. The so-called “Ethereum killer” saw a substantial growth over the weekend, rising by 3.60% on Saturday and 3.42% on Sunday, pushing its price above $170 and settling at $176. However, the bullish momentum weakened on Monday due to selling pressure, causing SOL to plummet to a daily low of $172 before rebounding slightly to close at $178 with an increase of 0.96%.

On Tuesday, SOL made an effort to surpass $180, hitting a peak of $183 in the process. But it failed to maintain its pace, dipping below $180 and ending the day with just a small rise, closing at $170. Negative feelings re-emerged in the market on Wednesday, causing SOL to decline by 2.44% to $174. On Thursday, SOL dropped below its crucial support level of $170 as sellers took over, pushing the price down by almost 4% to $168. Currently, sellers are in charge, with SOL dropping nearly 2% and trading at $165. If sellers continue to dominate, SOL might fall below its 20-day Simple Moving Average (SMA) to $160. However, buyers will aim to regain control and push the price back above $170. Should they succeed, we could see SOL challenge $180 again.

Ripple (XRP) Price Analysis

On Friday, Ripple (XRP) experienced a significant dip, reaching a low of $0.48. However, it bounced back over the weekend, recording gains of 2.35% on Saturday and 0.58% on Sunday, pushing its value above $0.50 to close at $0.516. On Monday, XRP continued to show positive signs but only managed a slight increase, moving up to $0.518. On Tuesday, buyers made an effort to surpass the 20-day Simple Moving Average (SMA), pushing XRP to reach an intraday high of $0.531. Unfortunately, their momentum waned, and XRP ended the day with a minor decrease of 1.72%, settling at $0.527.

On Wednesday, XRP experienced a decline, dropping 1.02% to reach $0.522. The bearish trend became more pronounced on Thursday as sellers tried to push XRP below $0.50. As a result, the cryptocurrency dipped to $0.502 but then rebounded slightly to end at $0.509. Currently, in this session, XRP is showing a slight increase, but it’s experiencing significant volatility as both buyers and sellers vie for control. The price stands at $0.511.

Chainlink (LINK) Price Analysis

Over the past few days, Chainlink (LINK) has experienced a significant drop as the broader market struggled, with its price dipping below crucial moving averages. The cryptocurrency had initially started the week on a positive note, bouncing back from a low of $10.70 on Monday to close at $11.18, marking an increase of 1.88%. Confidence among buyers increased on Tuesday when LINK surpassed both its 20 and 50-day Simple Moving Averages (SMAs) and ended the day at $11.78, recording a gain of 5.37%. On Wednesday, purchasers continued to dominate the market, pushing LINK past $12 to reach $12.40, resulting in an additional increase of 5.25%. However, the upward momentum was halted due to resistance at $12.50.

Due to recent trading activity, LINK experienced a significant decrease on Thursday, dropping approximately 8%, causing it to dip below $12 and settle at $11.40. This price is slightly above its 20 and 50-day Simple Moving Averages (SMAs). Throughout the current session, LINK has seen a decline that has pushed it beneath these same SMAs. Earlier in the session, LINK reached a low of $11.21, but has since slightly recovered to $11.33. If sellers continue to dominate the session, LINK may fall to $11, a level where buyers might become active and potentially halt further losses.

Artificial Superintelligence Alliance (FET) Price Analysis

For the third day in a row, the Artificial Superintelligence Alliance (FET) has dipped below $1.30, following a day of significant fluctuations. Over the weekend, FET experienced a robust rebound after experiencing a considerable drop on Friday, increasing by 2.22% on Saturday and more than 3% on Sunday, reaching $1.27. On Monday, FET faced intense selling pressure, reaching a low of $1.18 during the day. However, strong demand at lower levels helped FET recover slightly to close at $1.27. On Tuesday, bullish sentiment remained as FET rose by 4.53% and climbed to $1.33.

On Wednesday, FET declined nearly 3% and dipped below $1.30, reaching $1.29, due to the 20-day Simple Moving Average acting as a resistance point. The price fluctuated significantly on Thursday as both buyers and sellers fought for dominance, but ultimately sellers prevailed, causing a minor decrease in FET’s value. As of today, FET is continuing its downward trend, having dropped by 3.37% to trade at $1.25. If sellers maintain control, FET may fall further to hit its support level of $1.20.

Render (RNDR) Price Analysis

To begin the week, RNDR experienced significant fluctuations, reaching a daily low of $4.63 on Monday. However, it managed to rebound due to modest buyer interest, ending the day with a slight increase of 0.98%, or $0.04, at $4.91. On Tuesday, bullish sentiments grew as RNDR surpassed $5, rising by 4.41% and closing at $5.13. Yet, it failed to exceed its 20-day moving average (SMA). Consequently, with the 20-day SMA serving as a barrier of resistance, RNDR experienced a decline on Wednesday, losing more than 3%, falling below $5 and settling at $4.96.

As an analyst, I observed a strengthening bearish outlook yesterday when RNDR plummeted to a daily low of $4.65 before rebounding slightly to close at $4.76, representing a decline of more than 4%. Today’s trading session has seen RNDR continue its downward trend, with the price dipping almost 1% and currently trading at $4.72. If sellers maintain their grip on the market, there is a possibility that RNDR could slide further to around $4.50. Conversely, if buyers manage to regain control, we might witness an effort to surpass $5 and challenge the 20-day Simple Moving Average (SMA).

2024-11-01 16:05