return.

Bitcoin is catching momentum following the retesting of support at $32,000. As reported on Wednesday, it was unlikely the lower support at $30,000 would be rested. Simultaneously, the leg up to $40,000 was only possible if BTC/USD closed the day above $36,000.

The largest cryptocurrency has extended its price action above $38,000. The break past the 50 Simple Moving Average must have increased investors' confidence in the uptrend. A daily close above $38,000 may see BTC explode to $40,000 and perhaps reach new record highs.

BTC/USD 4-hour chart

On the flip side, the Bitcoin bullish narrative will be thrown out the window if a correction occurs under $38,000. The 50 SMA might absorb some of the selling pressure, but some of the most formidable support levels sit at $36,000, $34,000 and $32,000. The level at $30,000 is home to BTC's primary support.

Ethereum has just broken above the x-axis of an ascending triangle. This move is occurring after Ether took back the support at $1,100. The plunge to $900 also allowed more investors to join the bullish market.

A horizontal line can be drawn along with the swing highs, while a rising trendline developed along with the swing lows.

A recent spike in the buying pressure behind the largest altcoin allowed it to break above the overhead resistance. At the moment, ETH could shoot up nearly 17%, revisiting the recent yearly high on the ascending triangle formation.

ETH/USD 4-hour chart

On the downside, if the upswing becomes unsustainable, ETH price may retest the x-axis. Breaking under this crucial level would call for more sell orders as some investors prefer to cash out before the price dips further. Overhead pressure could see Ethereum tumble to the $1,100 and $1,000 support areas.

Ripple's upside is still capped under $0.3 as well as the 50 SMA. The cross-border token seems to be embracing another consolidation, as observed using the Bollinger bands. The middle boundary protects XRP from falling to $0.29, as explained earlier.

As the Bollinger bands constrict, XRP/USD nears its ultimate breakout. To ascertain an uptrend beyond $0.3, support at the Bollinger Bands middle boundary must hold. Buying activity is likely to rise once Ripple spikes past $0.3. The target to the upside is $0.35, but the 200 SMA may limit further price action.

XRP/USD 4-hour chart

It is worth keeping in mind that Ripple selling pressure will intensify if the 50 SMA rejects the price. More losses will come into the picture on XRP breaking under the middle boundary. The support areas likely to be tested include $0.275 and $0.25.

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Bitcoin faced a strong dip last weekend and early this week.

Since charging onto the crypto scene late last year, MicroStrategy CEO Michael Saylor has become something of a Bitcoin poster boy.

On January 12, the day the price of Bitcoin dropped from $41,000 to $30,500, over $2.5 billion worth of futures contracts were liquidated.

Bitcoin bounces at $30k support to allay fears of a complete capitulation.

It’s been a bloody past day for the Bitcoin and broader crypto market.

Thursday.

Buying opportunities near $30,000—a level Bitcoin touched after its decline from $41,986—renewed traders’ short-term bullish bias. The BTC/USD exchange rate leveled a sharp retracement against the downside outlook caused by the appearance of a Head and Shoulder bearish pattern, instilling hopes of a broader upside move towards $40,000.

Two of the most brighter market outlooks came from CryptoQuant, a blockchain analytics platform that tracks BTC movements across the exchanges. Its CEO Ki-Young Ju asserted amid Wednesday’s choppy price moves that institutional investors purchased Bitcoin between $30,000 and $32,000. That gave the cryptocurrency a natural defense against short-term dumping sentiment.

“Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it won’t go down below 28k,” Mr. Ju added.

Meanwhile, Nuggets News AU’s co-founder/CEO, Alex Saunders, highlighted another CryptQuant chart that showed an increase in stablecoin deposits across all the crypto exchanges. For speculators, the inflow of dollar-pegged tokens into trading platforms equates to a potential boom in buying behavior.

Recent strength in the US dollar was a likely contributing factor to weakness in the Bitcoin market.

Meanwhile, rising bond yields also added to the downside pressure on the cryptocurrency. Many speculators agree that investors jumped into riskier assets like Bitcoin in 2020 because of negative-yielding debt in shorter-maturity bonds and below 1 percent returns in the longer-dated Treasuries.

The newfound sentimental correlation between Bitcoin and yields proved troublesome as the percentage-returns on the US 10-year Treasury note surged above 1 percent for the first time since March. The recovery started after Democrats won key Senate run-offs last week, sparking hopes that the incoming Joe Biden administration will bring additional stimulus to boost the US economy.

That improved growth and inflation expectations, leading both the dollar and the benchmark yield higher. Bitcoin turned lower in response.

The last 24 hours witnessed yields correcting lower, which, in turn, prompted Bitcoin to pare its early-week losses. As of Wednesday, the US10Y was rising all-over again, signaling potential downside correction ahead for the cryptocurrency.

Felipe Villarroel, a portfolio manager at TwentyFour Asset Management, sees the yields rising to 1.5 percent by the end of this year on revised US growth expectations. That would drive up the US Treasury supply higher than anticipated, driving prices lower and yields higher.

whether the range will eventually turn into another buying opportunity, as proven in the recent past.

The long-term weekly outlook is still very much bullish. The recent correction has skewed the medium-term outlook towards the bears. A combination of geopolitical crisis and a strong dollar is building a negative Bitcoin trend analysis.

The BTC/USD pair went down south on Wednesday after a massive rally took it to fresh new all-time highs. Profit-taking and a rising US Dollar saw the price plummet below the $30,000 level as bulls struggled to understand what was happening. The quick bout made Bitcoin trend analysis negative, which was expected after technical indicators turned excessively overbought.

At the time of writing, the price is hovering near a crucial pivot point of $35,000. On the daily and hourly charts, the $35k pivot point means a lot as it is a crucial support level built to withstand extended selling bouts in Bitcoin trend analysis. After many days of heightened volatility, the long-term support levels have risen following an ascending price channel. So, any break below this level can mean weakening bullish resolve on the daily timeframe.

Other altcoins like Ethereum and Cardano are also experiencing similar volatility and consolidation phase. In the past five months, the BTC price has gone up by almost 230 percent, and the cryptocurrency market is experiencing a massive boom. Thus, talks of speculations and bubbles are also propping up rapidly in Bitcoin trend analysis.

After an approximately 11 percent price drop, Bitcoin trend analysis is now stabilizing, albeit in a tight range. The trendline support is waning fast, and the price is moving lower towards the $33,500 support level. Currently, the price is near the 23.6 percent Fibonacci retracement, close to the $35,700 level, and well above the support region.

A zone of resistance near the rising price channel on the hourly charts between $36,000 to $38,680 may prove a tough spot in the short term. The 20-day SMA is providing support to the price. The ‘Relative Strength Index’ is comfortably beneath the 70 reading, indicating that a bull run is sustainable. The MACD is giving mixed signals since the price is unable to break to either side. Also, the Bollinger Bands are closing in on the range-bound price.

If bulls can gather liquidity to build volumes, the price can cross the present resistance channel. The bull run must also strive to close the price above $37,670 resistance soon if they want to sustain the long-term bull run and retest $40,000 soon. However, there is strong opposition lined up near the $38,000 level.

When famed investors like Mark Cuban compare crypto with the 2000’s Dot Com bubble, his comments will undoubtedly reverberate through the investor community. The current meteoric rise does raise eyebrows, especially considering the overbought technical indicators. Traders and investors are worried about the extremely bullish daily charts and hoping for a healthy correction with minimal volatility.

The present correction saw the price decrease from $42,000 highs to the current $35,000 level within just four days. Such a volatile move does raise questions about the bubble bursting phenomenon. However, unlike 2017, crypto markets are now much more mature, and regulations are in place globally. Even if a catastrophic bubble bursting event occurs, Mark Cuban believes some coins will come out unscathed while the weaker counterparts may not survive.

Profit-taking and lack of confidence in price action may spark another bearish run on the BTC price. However, the downturn may prove short-term since the financial markets are already pricing in some correction post the December rally.

As the BTC price retreats to $35k, the technical charts paint a critical picture. The current Bitcoin trend analysis reveals that a weekly close above $38,000 is needed to rekindle a bull run. Remember, the long-term Bitcoin bull rally is very much alive on the daily charts.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

will be able to regain the same bullish pressure. The king started off the day with a low of $32,640 and on a upward trend hiked to a 24-hour high of $38,100. At the time of writing, the king was priced at $37,287.

Out of the 28 technical indicators, 16 are giving out a signal of buy with ten neutral indications and two sell indications. Nine of the total oscillators are neutral with two sell indications and zero buy indications. The majority of the moving averages are at buy indications with one neutral and zero sell indications. 

Analyst Trader PH has identified a symmetrical triangle break out in their Bitcoin price prediction. Per the analyst, the break out will only be confirmed if Bitcoin was able to break the strong resistance of MA 75, which it was able to. The break out from the triangle indicates that upward pressure has taken over, and Bitcoin is gaining bullish momentum. The analyst is also expecting a 51 percent move from the low of $30,200. Per the analyst, the 51 percent move is likely because the all-time high that Bitcoin established was a 51 percent move – from $27,000 to $42,000.

Secondly, the current break-out has been confirmed with the MA 75 level breaking and indicates strong bullish momentum. And finally, the recent 3-wave Elliot correction of Bitcoin means that the cryptocurrency is safe from a correction for a while. The analyst also stated similar patterns in the historical price action of Bitcoin that indicates a 51 percent move. As per the analyst’s Bitcoin price prediction, BTC will peak in three days, and then a sharp correction to the ascending trend line can be expected. 

Analyst Jacob Thames has identified two possible trajectories for the king of cryptocurrencies in his Bitcoin price prediction. If Bitcoin can hold the $37,000 level, then the first target price can be $39,025, followed by $40,100 and ultimately $41,990. However, if Bitcoin cannot sustain its current support level, the price can take a downturn. The first target price, in that case, can be $36,317, followed by $34,000. The MACD appears to have taken a downturn, but the analyst is optimistic that the upper targets will be reached. 

Analyst Greenfield Analysis has established Bitcoin to be operating inside two ascending parallel channel lines. The lower line of the channel will be providing crucial support to the cryptocurrency, which will help it continue its bullish divergence. Per the analyst, if Bitcoin continues inside these two channel lines, then Bitcoin can be expected to retest major resistance levels soon and possibly break out to the upside. However, if Bitcoin broke out of the formation to the downside, per the analyst, it will enter a “Danger zone.” 

However, not all analysts are so hopeful for Bitcoin price action. Analyst Galice has identified a bearish butterfly pattern in their Bitcoin price prediction, which indicates the onset of bearish momentum. 

investment firm, and if approved, will be listed on the Toronto Stock Exchange under the ticker “BIT.U.”

Owned by the Winklevoss twins, Gemini is well-known in the crypto space for offering one of the largest selections of digital assets in its exchange. Moreover, it also offers custody services, under Gemini Custody, since 2015. As it turns out, Arxnovum has listed Gemini as sub-custodian of all its assets held outside Canada, in its Bitcoin ETF filing. Notably, the crypto custody platform is also approved by the New York State Department of Financial Service (NYDFS).

The ETF was filed on Monday, January 11, 2021, at Canada’s Ontario Securities Commission. The filing will, however, have to receive approval from the Toronto Stock Exchange (TSX), as well as fulfill all its listing requirements. And even if Arxnovum successfully does all that, there is still no guarantee that the Bitcoin ETF will be listed. 

But if successful, the ETF will be traded against the U.S. dollar on the TSX, which would include BTC, BTC Futures, as well as other derivatives. The Bitcoin ETF will also “hold cash, cash equivalents and/or other fixed-income securities”.

Speaking on the announcement, Arxnovum CEO Shaun Cumby disclosed that he has great confidence in the successful listing of the ETF, while also noting that the volatile nature of cryptocurrencies could still, however, result in a negative verdict.

Cumby, prior to serving as Arxnovum’s CEO, worked at 3IQ Corp. It is important to note that 3IQ was the first firm to list the first-ever Bitcoin ETF in Canada. Furthermore, Gemini also provides custody services to 3IQ’s Bitcoin ETF, QBTC.U, as BTC Manager previously reported.

Several crypto firms have tried obtaining approval to list a Bitcoin ETF in the US, such as VanEck, SolidX, Bitwise, Wilshire Phoenix, and many more. In fact, SolidX had sued VanEck over ETF plagiarism. But all bickerings aside, the U.S. SEC has rejected every single ETF application.

This is why US-based crypto enthusiasts look forward to the first  SEC-approved Bitcoin ETF in the country this year, considering all the pending applications. However, JPMorgan, in a recent report, pointed out that listing a Bitcoin ETF may cause more harm than good.

reported last week.

Ziaullah Bangash, advisor to the chief minister of KP on Science and Information Technology, said the provincial parliament passed a bill allowing the KP government to use its own money to establish the mining facilities.

The province, which has since legalized crypto mining, will be mining bitcoin (BTC) for profit, BOL News, a local media organization, reported. No details were given about the capacity of the mining farms nor the funds that the state intends to invest in the project. This particular province has previously advocated friendly crypto laws in Pakistan.

According to Bangash, the KP Assembly also passed a separate no-objection certificate allowing individuals to mine cryptocurrency and issue their own digital assets. The development coincided with the launch of a private bitcoin mining farm by Waqar Zaka, a long-time crypto enthusiast who has worked to develop the Pakistani crypto industry.

“After years of struggle, I am launching the biggest crypto mining farm in KPK where you all can invest & earn,” Zaka said in a tweet. He thanked Bangash for his legal backing. Replying, Bangash stated that “in future, the help of Waqar Zaka will be sought” in the KP administration’s crypto mining plans.

Profits from bitcoin mining may help prop-up Pakistan’s ailing economy, but KP must first overcome the country’s long-running electricity crisis. Pakistan is facing severe electricity shortages, with power cuts a common occurrence.

Last Saturday, the entire country was thrown into darkness, the Financial Times reports. Authorities blamed the blackouts on a “technical fault” at one of the country’s main power plants in the south. Pakistan only started to restore power in bits on Sunday.

Now BTC mining — the process by which new bitcoins are created using sophisticated, super-computers — is not only an energy-intensive venture but also one that demands consistent power supply. Situated in north-western Pakistan, a mountainous, cool region along the border with Afghanistan, KP might have the best weather for bitcoin mining. But will it have enough energy to sustain a profitable operation?

What do you think about the Khyber Pakhtunkhwa government’s bitcoin mining plans? Let us know in the comments section below.

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

Binance launched a new project called the bitcoin standard hashrate token (BTCST), a coin that represents 0.1 terahash (TH/s). Furthermore, the mining operation Poolin has also revealed a hashrate token called pBTC35A and each token represents 1 TH/s hashrate with pre-determined SHA256 processing power.

With bitcoin mining showing significant upside potential, a couple of crypto industry heavyweights have introduced tokens backed by PoW hashrate. Last week, Binance unveiled a new project called the bitcoin standard hashrate token (BTCST), a coin that’s claimed to be backed by 0.1 terahash (TH/s).

“BTCST sets off to solve the problem of limited exit options by bringing exchange-grade liquidity to Bitcoin mining, and in secondary trading,” Binance announced last Wednesday. “BTCST will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin.”

The crypto trading exchange added:

BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market.

However, Binance is not the only business looking to offer a PoW mining token as the mining operation Poolin has also introduced the Mars Project. On January 11, 2021, Poolin tweeted “Join the first Ethereum-based standardized hashrate protocol, earn wBTC and LP reward. Infinite possibility when PoW mining steps into [an] Ethereum smart contract,” the mining pool further said. Currently, Poolin is the fifth largest bitcoin pool capturing around 9.4% or 14 exahash per second (EH/s) today.

The Poolin minted ERC-20 token is called pBTC35A and the company says each coin is backed by the firm’s PoW hashrate. “The protocol consists of pBTC35A tokens and [the] MARS token,” Poolin’s announcement explains. “Each pBTC35A token represents 1TH/s hashrate with a pre-determined power ratio, mining rigs would be in Poolin Superhashrate’s custody during life cycle. While net profit on wBTC would be distributed per block.”

Poolin says the first batch will be “50,000 pBTC35A (approximately 50PH/s) tokens for Bitcoin (output with wBTC) mining in this protocol and locks up more than 50PH/s machines physically.” Poolin notes that people can obtain the tokens using the inhouse shop (basic KYC needed) or via the token’s Uniswap contract. The company further detailed that Ethereum and other PoW mineable coins will be also created, but Poolin doesn’t have a confirmed schedule.

According to Binance Launchpool, the PoW token (BTCST), the organization recently launched has also passed an audit from the blockchain security company Certik, and scored a “98 out of 100 in a security audit.” Users will be able to stake BNB, BUSD, and BTC in separate pools in order to farm BTCST tokens, Binance Launchpool also said.

“Compared to conventional cloud mining, BTCST portrays the decentralized spirit of blockchain, with all mining rewards distribution done by smart contracts that are onchain with full transparency,” Alex Zhao, the cofounder, and CTO of BTCST said last week.

What do you think about the new tokens backed by PoW hashrate? Let us know what you think about this subject in the comments section below.

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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submit several documents explaining its legality to the New York Prosecutor’s Office tomorrow, Jan. 15, before the deadline expires.

It is believed to contain information about Tether’s business practices, its issuance, its supposed one-to-one peg with the US dollar, and other information regarding Tether Limited. 

Stablecoins are one of the biggest use-cases of cryptocurrencies. They are usually pegged on a 1:1 basis with a fiat currency (or algorithmically controlled) and are said to be backed by a certain amount of reserve at all times.

But stay silent when it comes to Tether doing the exact same thing to Bitcoin.

I love #Bitcoin, but this is not sustainable. Wake up people. pic.twitter.com/k8d0sD7XHm

— CryptoWhale 🐳 (@CryptoWhale) January 8, 2021

USDT is among the first such stablecoins and the most widely used one. It was founded in 2014 as “realcoin”) by Reeve Collins, Brock Pierce, and Craig Sellers, before rebranding to its current form and stating that “every Tether+ token is backed 100% by its original currency, and can be redeemed at any time with no exposure to exchange risk.”

However, for a few years, several critics have questioned the reserve of Tether, given the company has not yet provided a verifiable audit of its dollar reserves or allowed a third-party auditor to reveal their findings to the public. This has resulted in people questioning the very existence of Tether.

But how does it matter? It’s because USDT’s issuance has reached over $23 billion in recent times, and with daily volumes exceeding even Bitcoin’s, some crypto users are ringing the alarm bells.

That said, however, the January 15 deadline is only the delivery of the required documentation to New York courts. No judgment or judicial charges are expected or levied tomorrow, meaning any fear in the market is likely a result of overreaction.

Tether’s problems started after the Panama Leaks papers linked the executives of Bitfinex, Philip Potter and Giancarlo Devasini, to Tether Limited in 2015. This caused controversy at the time.

The second controversy came after USDT supply grew from $10 million to over $2.8 billion from January 2017 to September 2018. The rise was questioned by many, and by mid-2018, Tether accounted for over 80% of the overall Bitcoin volume.

Research suggested that an alleged price manipulation scheme involving tether accounted for about half of the price increase in Bitcoin in late 2017. However, that has not unfazed its backers yet. 

— Samson Mow (@Excellion) January 14, 2021

What 2021 holds for USDT is a guess at best. But crypto fanatics are likely praying the critics don’t turn out right.

USDC, a stablecoin developed by the Circle, is the second-largest USD-backed stablecoin on the market according to data from Skew.

Tether (USDT) has seen extreme growth since the start of the year.

Decentralized finance (DeFi) has seen a massive explosion over recent weeks and months, reaching a total value locked of $7.13 billion according to DeFi Pulse.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

The price of Bitcoin has recovered strongly overnight, rising from around $34,000 to $38,500.

Bitcoin bounces at $30k support to allay fears of a complete capitulation.

It’s been a bloody past day for the Bitcoin and broader crypto market.

EllioTrades, picks 14 crypto assets that could provide traders with major gains in the next few weeks.

First, Wainman predicts big things are in store for decentralized liquidity network THORChain (RUNE), which is currently trading at $1.76 with about a $278.28 million market cap at time of writing, according to CoinMarketCap.

The altcoin analyst predicts THORChain will reach a $1 billion market cap and potentially even higher.

“I’ve always been a fan of THORChain, I’ve always been a fan of RUNE, because it allows for yield to be extracted by locking up Bitcoin, and anything that’s DeFi and Bitcoin related to me is set to go absolutely bananas as Bitcoin also grows. So in my mind, a project like RUNE was and always is set to do really well on the back of Bitcoin and DeFi growing together.” 

Another crypto Wainman says is set to grow with Bitcoin and Defi is REN, a protocol that enables the transfer of crypto assets between blockchains. The trader says he’s “betting big” on REN, which is trading around $0.42 with $369 million market cap at time of writing.

Wainman is also bullish on AllianceBlock (ALBT), a “decentralized, blockchain-agnostic layer 2 that bridges traditional and decentralized finance” with only a $46 million market cap. The trader highlights AllianceBlock’s new partnership with data storage project Ocean Protocol as a bullish sign of things to come.

Next up, the crypto trader mentions two related projects that help miners extract the greatest possible value from confirming transactions. Wainman says KeeperDAO (ROOK) and Archer DAO (ARCH), which is up 128% on the day, can multiply in value during this bull cycle.

Wainman then moves on to the decentralized insurance sector, which the analyst labels as one of the most important portions of the decentralized space. Wainman chooses to spotlight Polkadot-based Bridge Mutual (BMI) as an exciting project in the sector.

“Bridge has been at this for two years and has a very interesting complex web of mechanisms that they use to ensure that insurance is provided accurately, that the right policies get approved, that when people are harmed that they actually get the coverage that they’re entitled to.”

Next on Wainman’s list is decentralized derivatives platform, Injective Protocol (INJ). With a market cap of $88 million, the trader points out that the project, which just announced the first decentralized Tesla futures market is now available on its Solstice testnet, has a lot of room to grow considering the traditional derivates market is worth tens of trillions of dollars.

Wainman’s next three picks are also decentralized derivatives related products. The trader highlights Oiler Network, which has not yet had its token launch, Hegic, and a project built on top of Hegic, Whiteheart (WHITE).

Wainman then highlights REVV which is a project in the NFT space, a sector which Wainman is particularly bullish on.

Next on his list is PARSIQ (PRQ), which Wainman labels as an undervalued project that boasts high profile partnerships and great tech.

“They’ve partnered with some of the biggest and most influential coins and projects and chains in the entire ecosystem and I believe they are just getting started as their technology is being recognized a one of the most superior infrastructure projects in the entire space.”

The last two assets Wainman mentions are Akash (AKT), a decentralized cloud storage project, and RAMP which as of writing stand at $27 and $28 million market caps respectively.

Featured Image: Shutterstock/Marc A

CEO Raoul Pal. The industry executive noted that Ethereum is following Bitcoin’s growth trajectory based on Metcalfe’s law.

— Raoul Pal (@RaoulGMI) January 7, 2021

For Ethereum to achieve $10,000, it would have to hit a $1.1 trillion market cap. The current valuation of Bitcoin is hovering at $640 million while ETH’s market cap is at around $120 million.

So, proportionally, it would be possible for Bitcoin to reach a multi-trillion dollar market cap, and for Ethereum to follow suit. Pal said:

“But ETH market cap is growing faster than BTC at the same point ( from first 1m active addresses)… Yeah, ETH might well go to $20,000 this cycle… (exact same as BTC last cycle, by market cap ETH will be bigger). BTC = ETH. Fact. Different assets, different ecosystems, same adoption, same behavioral economics = same same but different…”

Ethereum has the potential to reach such a high valuation mainly due to the significant increase in user activity.

In the past several years, particularly before 2020, there was not a lot of users on Ethereum.

It was the explosive growth of decentralized finance (DeFi) that propelled the upwards trajectory of the Ethereum blockchain network.

In mid-2020, the total value locked in DeFi was hovering at around $1 billion. That figure has increased by 21-fold since, and it is now above $21 billion.

Considering DeFi’s rapid growth and the consistent increase in user activity on Ethereum, analysts are becoming more confident in a more aggressive long-term bull case.

A pseudonymous Ethereum research and developer known as “Antiprosynthesis” said:

“Call me crazy, but I firmly believe that $ETH will hit $10k-$20k within the coming 1-2 years. And this time deservedly so. #Ethereum has firmly established itself to become the universal value settlement layer of the internet, backed by an $ETH with maximum demand/supply ratio.”

On January 13, Brian Brooks, the U.S. acting comptroller of the currency, wrote an oped on the Financial Times about DeFi. He wrote:

“Banking is headed down the same road. And it’s being driven by the technology behind decentralised finance, or DeFi. But just as the original rules of the road protected us from other drivers, so our current bank regulations exist mainly to prevent human failings.”

Brooks also touched on the possibility of granting banking charters to DeFi protocols in the oped, which is a significant recognition from a key official.

If DeFi sees mainstream attraction i the longer term, it would only strengthen the bull case of Ethereum, especially now that layer two solutions are booming.

DeFi protocols are currently running into scaling issues due to the Ethereum network’s limited capacity. But Eth2 and layer two solutions would offset these issues over time.

The decentralized exchange traded over $222 million in the past day alone.

Ethereum has undergone a remarkable rally over the past seven days.

Long-time cryptocurrency investor and crypto Twitter personality “Crypto Cobain”, a.k.a.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

The price of Bitcoin has recovered strongly overnight, rising from around $34,000 to $38,500.

Bitcoin bounces at $30k support to allay fears of a complete capitulation.

It’s been a bloody past day for the Bitcoin and broader crypto market.

rising wedge pattern. On the 13th of January, the LINK price observed a continuous uptrend and hit the ceiling near the $16 level before coming to a rest.

After Bitcoin’s price correction towards the $30000 mark, the cryptocurrency market observed a significant price decline. As at the 13th of January, the king of cryptocurrency has been soaring upwards on the charts where it returned above the $37000 level. Chainlink followed Bitcoin BTC‘s uptrend and it has reached above the $16 mark on the 14th of January.

At the time of writing, the price for the cryptocurrency was observed at the $15.65 mark. The highest price that the altcoin observed during the day was $16.35, whereas the lowest price was the $15.31 level. The price had come to a rest above the $15.5 level, where it suffered mild fluctuations.

The technicals show that out of 24 indicators, 10 stand neutral while 14 suggest a buying market for the cryptocurrency. Across the oscillators, two had a buy indication and nine were neutral. We observed 12 of these technicals showing off a buy signal for the moving averages while one stood neutral.

On the 4h time frame, we can see the upper Bollinger band being tested by the LINK price line. This means that the price will see bullish movements in the short term.

Analyst Alien Algorithms believes the cryptocurrency’s trajectory tests the upper boundary of an ascending wedge pattern. Per the Chainlink price prediction, the price will move long towards the $40 mark after a breakout.

The chart shows that the cryptocurrency has been ascending inside this wedge pattern since 2018, and the cryptocurrency has tested the upper boundary at multiple instances. The price trajectory suggested by the crypto analyst in this Chainlink price prediction shows that the cryptocurrency will see a breakout soon and rise across the $40 mark. The breakout is expected to follow a retracement and another increase in price before a dump below the wedge pattern. Per the analyst, this price crash for LINK/USD could lead the trajectory below the $1 level over more than a year.

Analyst Tangerine Trader highlighted a rising triangle pattern on the LINK/USD charts. Per the analyst’s Chainlink price prediction, the cryptocurrency will hit the bottom of the triangle soon and then possibly see an upward move. As the trajectory progresses through the triangle, the trading volume and volatility will decrease until the cryptocurrency sees a major breakout towards the upside in the long term. Currently, the price is supported by the 12-day and 26-day Exponential Moving Averages. A breakout towards the upside from this point should allow the price to rise above the $23 to $33 range. The key resistance lies right below the all-time high of Chainlink.