Benzinga - Major cryptocurrencies saw a decline on Monday evening, marking a stark contrast to the optimistic atmosphere that emerged following Ripple’s recent legal victory against the SEC.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.36% | $30,200 |
| Ethereum (CRYPTO: ETH) | -0.64% | $1914 |
| Dogecoin (CRYPTO: DOGE) | +0.17% | $0.070 |
What Happened: Bitcoin experienced a significant surge, surpassing $31,700 last Thursday. This surge came on the heels of the U.S. District Court of the Southern District of New York ruling that Ripple’s sale of its XRP tokens through exchanges and algorithms did not amount to investment contracts.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Sui | +14.78% | $0.7785 |
| GALA | +10.97% | $0.02797 |
| Chainlink | +8.54% | $7.24 |
At the time of writing, the global crypto market capitalization stood at $1.21 trillion, a decrease of 0.25% over the last day.
The US stocks experienced a boost on Monday as Wall Street anticipated the release of quarterly reports from major global corporations. The S&P 500 rose by 0.39%, while the Nasdaq Composite saw a notable increase of 0.93%.
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Analyst Notes: "Bitcoin remains anchored until the cryptoverse gets an update with any of the latest bitcoin exchange-traded-fund (ETF) applications. We are approaching crunch time for getting the final comments from all the top Bitcoin ETF applications," wrote Edward Moya, Senior Analyst at OANDA.
Based on the analysis by crypto analyst Michael Van de Poppe, it appears that a downward trend is currently occurring. It is expected that the price may decline to around $29,500 and possibly even reach as low as $29,000.
Van de Poppe notes potential price levels to watch out for, such as $32,500, $34,000, and $38,000, which could act as future targets for Bitcoin.
Sweep of the lows indeed taking place.Best guess, sweeping $29,500 and dropping towards low $29,000.
After that, $32,500 | $34,000 | $38,000 next for #Bitcoin. pic.twitter.com/Ir8t6wWW7S
— Michaël van de Poppe (@CryptoMichNL) July 17, 2023
Pseudonymous analyst PlanB predicts a surge in the price of the crypto king as Bitcoin approaches its next halving event. In his latest video, PlanB explores the fascinating question of what the price of Bitcoin will be at the 2024 April halving. He proposes an estimation based on the 200-week moving average, a popular indicator in the crypto community.
Currently, the 200-week moving average is increasing at an approximate rate of $500 per month. By multiplying this amount by nine, we arrive at a figure of $4,500. Adding this to Bitcoin’s current 200-week moving average, which stands just below $28,000, we get a projected $32,000 (200-week) moving average at the halving.
PlanB goes on to explain that historically, Bitcoin tends to trade "above that, and usually it would be like 50% above that, which would indicate a range of Bitcoin at the halving between $40,000 and $50,000."
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