Bitcoin Price Prediction – A Return to $47,000 Would Bring $50,000 Back into Play

After a bearish week last week and a bearish start to the current week, Bitcoin and the crypto majors found much-needed support this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 2.14% to $45,920.0.

A mixed start to the day saw Bitcoin fall to an early morning low $44,699.0 before making a move.

Steering clear of the first major support level at $43,311, Bitcoin rose to a late morning high $46,212.1.

Falling short of the first major resistance level at $46,741, however, Bitcoin eased back to sub-$46,000 levels.

BTCUSD 140921 Hourly Chart

The Rest of the Pack

It has been a bullish morning for the broader crypto market.

At the time of writing, Crypto.com Coin and Polkadot were up by 4.35% and by 4.46% respectively to lead the way.

Binance Coin (+1.12%), Chainlink (+1.04%), Ethereum (+1.33%), and Ripple’s XRP (+1.18%) also found solid support.

Bitcoin Cash SV (+0.50%), Cardano’s ADA (+0.11%), and Litecoin (+0.08%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,047bn before rising to a high $2,109bn. At the time of writing, the total market cap stood at $2,099bn.

Bitcoin’s dominance fell to an early morning low 40.98% before rising to a late morning high 41.29%. At the time of writing, Bitcoin’s dominance stood at 41.14%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $45,093 pivot to bring the first major resistance level at $46,741 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $46,212.1.

Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,523.

A fall back through the $45,093 pivot would bring the first major support level at $43,311 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$41,000. The second major support level at $41,663 and the 38.2% FIB of $41,592 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the late morning.

We also saw the 100 EMA flatten on the 200 EMA providing further support.

Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 and 200 EMAs would bring sub-$47,000 levels.

A bullish cross of the 50 EMA through the 100 and 200 EMAs, however, would bring $50,000 levels back into play.

Key through the late morning and early afternoon would be to avoid a fall back through the day’s $45,093 pivot.

Bitcoin Price Prediction – Bears Eyeing a Return to sub-$40,000…

Following a mixed end to the week for Bitcoin and the cryptos on Sunday, it has been a particularly bearish morning.

At the time of writing, Bitcoin, BTC to USD, was down by 2.97% to $44,673.0.

A mixed start to the day saw Bitcoin rise to an early morning high $46,269.0 before hitting reverse.

Falling well short of the first major resistance level at $46,745, Bitcoin slid to a mid-morning low $44,222.0.

The pullback saw Bitcoin fall through the first major support level at $45,053.

The Rest of the Pack

It has been a bearish morning for the broader crypto market.

At the time of writing, Chainlink was down by 10.07% to lead the way down, with Cardano’s ADA (-6.73%) close behind.

Binance Coin (-4.58%), Bitcoin Cash SV (-3.59%), Crypto.com Coin (-5.60%), Ethereum (-5.48%), Litecoin (-5.12%), and Ripple’s XRP (-5.77%) also saw deep red

Through the early hours, the crypto total market cap rose to an early morning high $2,143bn before falling to a low $2,003bn. At the time of writing, the total market cap stood at $2,044bn.

Bitcoin’s dominance fell to an early morning low 40.62% before rising to a late morning high 41.52%. At the time of writing, Bitcoin’s dominance stood at 41.13%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level and the $45,760 pivot to bring the first major resistance level at $46,745 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $46,269.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,452.

Failure to move back through the first major support level at $45,053 and the $45,60 pivot would bring the second major support level at $44,068 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$44,000. The second major support level at $44,068 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pullback from the 200 EMA suggesting a bearish afternoon.

Through the 2nd half of the day, a further pullback of the 50 EMA from the 100 and 200 EMAs would bring sub-$44,000 levels.

Key through the afternoon, however, would be to move back through the day’s pivot level at $45,760. Failure to return to positive territory would give the bears the upper hand.

ADA Down By 7% Today Despite Cardano Launching Its Smart Contract Features

The price of Cardano (ADA) is down by more than 7% today despite the blockchain launching smart contract features a few days ago.

Smart Contract Features Now Available on Cardano

Cardano (ADA) has been one of the top-performing cryptocurrencies in the world in recent months. The blockchain has undergone various developments over the past few months, and it has added another achievement to its belt.

According to the Cardano development team, the Alonzo hard fork was completed over the weekend, introducing Plutus-powered smart contract scripts to the blockchain. This implies that Cardano is the latest blockchain to integrate smart contract features into its network.

In a blog post on Saturday, IOHK, the development team behind Cardano, said, “The Alonzo upgrade will bring highly anticipated capabilities to Cardano through the integration of Plutus scripts onto the blockchain. These will allow the implementation of smart contracts on Cardano, enabling a host of new use cases for decentralized applications (DApps) for the very first time.”

The development team is anticipating further upgrades to the Cardano blockchain in the coming months and years. The Alonzo upgrade makes it possible for users to write smart contracts on the Cardano network using Plutus scripts. According to the team, Plutus scripts is a purpose-built smart contract development language. It is also an execution platform that leverages the functional programming language Haskell.

ADA Price Down By Over 7%

The cryptocurrency market has been caught in a bearish trend for the past week, and it has continued on the first day of a new week. The prices of most cryptocurrencies have been down by more than 3% over the past 24 hours.

ADA, the native cryptocurrency of the Cardano network, has been down by more than 7% in the past 24 hours. The cryptocurrency’s price is down despite the developers launching smart contract features on the network.

ADA/UD chart. Source: FXEMPIRE

ADA is currently trading at $2.40 per coin, down by 7.6% in the past 24 hours. Year-to-date, ADA’s performance has been exceptional. The cryptocurrency has been up by more than 1000% since the start of the year. ADA was trading at $0.177 at the start of the year, but it is now trading at $2.40 per coin.

Cardano’s value could still go higher in the coming months, as market experts believe it could trade at $5 by the end of the year.

The Crypto Daily – Movers and Shakers – September 13th, 2021

Bitcoin, BTC to USD, rose by 1.92% on Sunday. Following a 0.57% gain on Saturday, Bitcoin ended the week down by 11.09% to $46,038.9.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,774.2 before making a move.

Steering clear of the first major support level at $44,575, Bitcoin rallied to a late intraday high $46,466.0.

Bitcoin broke through the first major resistance level at $45,815 to end the day at $46,000 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Cardano’s ADA slid by 2.11%, with Bitcoin Cash SV (-0.13%) also seeing red to buck the trend.

It was a bullish day for the rest of the majors, however.

Polkadot rallied by 11.27% to lead the way, with  Chainlink (+9.03%) close behind.

Binance Coin (+2.86%), Crypto.com Coin (+3.50%), Ethereum (+4.19%), Litecoin (+2.45%), and Ripple’s XRP (+3.93%) also made solid gains.

It was also mixed week for the crypto majors, however.

Polkadot rallied by 16.91%, with Crypto.com Coin (+1.18%) also bucking the trend in the week.

It was a bearish week for the rest of the majors, however.

Litecoin slid by 21.24% to lead the way, with Binance Coin (-17.52%) and Bitcoin Cash SV (-18.68%) close behind

Cardano’s ADA (-11.37%), Chainlink (-12.51%), Ethereum (-13.88%), and Ripple’s XRP (-14.31%) also struggled, however.

In the week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,134bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 40.65%.

This Morning

At the time of writing, Bitcoin was up by 0.15% to $46,107.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,003.4 before rising to a high $46,269.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.82%), Cardano’s ADA (-0.53%), and Ripple’s XRP (-0.23%) saw red to buck the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 2.94% to lead the way.

BTCUSD 130921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $45,760 pivot to bring the first major resistance level at $46,745 into play.

Support from the broader market would be needed for Bitcoin to break out from $46,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,452.

A fall through the $45,760 pivot would bring the first major support level at $45,053 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000. The second major support level at $44,068 should limit the downside.

The Crypto Daily – Movers and Shakers – September 12th, 2021

Bitcoin, BTC to USD, rose by 0.57% on Saturday. Partially reversing a 3.33% loss from Friday, Bitcoin ended the day at $45,107.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,750,0 before making a move.

Steering clear of the first major support level at $43,657, Bitcoin rose to a late afternoon intraday high $45,990.0.

Falling short of the first major resistance level at $46,546, however, Bitcoin eased back to end the day at sub-$45,200 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Saturday

Cardano’s ADA rallied by 10.60% to lead the way, with Polkadot (+7.34%) close behind.

Bitcoin Cash SV (+2.97%), Chainlink (+2.29%), Litecoin (+2.55%) and Ripple’s XRP (+2.14%) also made solid gains.

Binance Coin (+0.86%), Crypto.com Coin (+1.61%), and Ethereum (+1.79%) trailed the front runners, however.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,083bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 40.76%.

This Morning

At the time of writing, Bitcoin was down by 0.02% to $45,161.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,138.0 before rising to a high $45,201.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.13%), Bitcoin Cash SV (-0.08%), Cardano’s ADA (-0.33%), and Ethereum (-0.13%) joined Bitcoin in the red.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 1.25% to lead the way.

BTCUSD 120921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,282 pivot to bring the first major resistance level at $45,815 into play.

Support from the broader market would be needed for Bitcoin to break out from $45,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $45,990.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,522.

Failure to move through the $45,282 pivot would bring the first major support level at $44,575 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000. The second major support level at $44,042 should limit the downside.

The Crypto Daily – Movers and Shakers – September 11th, 2021

Bitcoin, BTC to USD, fell by 3.33% on Friday. Reversing a 0.73% gain from Thursday, Bitcoin ended the day at $44,852.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $47,044.0 before hitting reverse.

Falling short of the first major resistance level at $47,343, Bitcoin slid to a late intraday low $44,155.0.

Bitcoin fell through the first major support level at $45,491 and the second major support level at $44,592

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $44,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday

Polkadot rose by 1.17% to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Ethereum slid by 6.26% to lead the way down.

Binance Coin (-4.70%), Bitcoin Cash SV (-4.08%), Cardano’s ADA (-5.29%), Chainlink (-5.70%), and Crypto.com Coin (-4.92%) weren’t far behind.

Litecoin (-3.49%) and Ripple’s XRP (-3.09%) also struggled, however.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,070bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Friday low 39.92%. At the time of writing, Bitcoin’s dominance stood at 41.04%.

This Morning

At the time of writing, Bitcoin was up by 0.62% to $45,132.0. A mixed start to the day saw Bitcoin fall to an early morning low $44,750.0 before rising to a high $45,169.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin and Polkadot bucked the early trend, with losses of 1.41% and 0.88% respectively.

It was a bullish start for the rest of the majors, however.

At the time of writing, Ethereum was up by 1.00% to lead the way.

BTCUSD 110921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,350 pivot to bring the first major resistance level at $46,546 into play.

Support from the broader market would be needed for Bitcoin to break back through to $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $47,044.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,239.

Failure to move through the $45,350 pivot would bring the first major support level at $43,657 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level at $42,461 should limit the downside.

The Crypto Daily – Movers and Shakers – September 10th, 2021

Bitcoin, BTC to USD, rose by 0.73% on Thursday. Partially reversing a 1.67% loss from Wednesday, Bitcoin ended the day at $46,389.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $45,546.0 before making a move.

Steering clear of the first major support level at $44,578, Bitcoin rose to a late afternoon intraday high $47,398.6.

Falling short of the first major resistance level at $47,457, however, Bitcoin fell back to sub-$46,100 levels before finding support.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday

Ethereum led the way down, falling by 2.13%, with Ripple’s XRP (-1.15%) also bucking the trend on the day.

It was a bullish day for the rest of the majors, however.

Crypto.com Coin rallied by 10.03% to lead the way, with Chainlink and Polkadot ending the day up by 3.05% and by 6.72% respectively.

Binance Coin (+1.49%), Bitcoin Cash SV (+1.09%), Cardano’s ADA (+1.88%), and Litecoin (+0.91%) also found support.

In the current week, the crypto total market rose to a Tuesday high $2,438bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,145bn.

Bitcoin’s dominance rose to a Tuesday high 43.64% before falling to a Thursday low 40.15%. At the time of writing, Bitcoin’s dominance stood at 40.77%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $46,436.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,486.3 before falling to a low $46,291.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin bucked the early trend, with losses of 0.45% and 0.36% respectively.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 6.46% to lead the way.

BTCUSD 100921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $46,445 pivot to bring the first major resistance level at $47,343 into play.

Support from the broader market would be needed for Bitcoin to break back through to $47,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $47,398.6 would likely cap the upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,297.

Failure to move back through the $46,445 pivot would bring the first major support level at $45,491 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level at $44,592 should limit the downside.

Cardano (ADA): The Expected Pullback Came. Rally Time?

A week and a half ago, see here, I preferred for Cardano (ADA) “… wave-b is now underway, which can target as high as $2.97-3.17 for what would then become an “irregular flat,” before (green) wave-c of (red) wave-iv brings the price back down to the ideal target zone of $2.50-2.20 once again.” Bingo. In the meantime, I had told my premium crypto trading members that a break below $2.70 would be bearish. Thus, using the Elliott Wave Principle (EWP) combined with Technical Analyses (TA), my preferred view was the correct one, and now I can look at the new pieces of the never-ending puzzle.

Figure 1. ETH daily chart with EWP count and technical indicators.

The break below $2.20 created another option

My preferred view of a larger, more complex, i.e., irregular flat 4th wave, remains, but with the drop to $2.04, I must acknowledge the possibility of another option. See Figure 1 above. I’ll get to that in a minute. As long as this week’s low holds, ADA can build on its (red) 5th wave to ideally $3.50 +/- 0.25. See Figure 1A. Namely, so far, ADA has, over the last two days, closed daily inside the ideal (red) wave-iv target zone ($2.22-2.51), at $2.51 and $2.47, respectively, and is now trying to move back above it. Closing prices are most important and thus, so far so good.

The 2nd option, shown in Figure 1B, is based on where the new uptrend started. The preferred case has the June low because the July low was a higher high (red wave-i, ii), but it is the July low in the new alternate case. The new possibility suggests the recent rally was only a 1st wave (Red wave-i in figure 1B), and Cardano is now working on (red) intermediate wave-ii. With Tuesday’s low, it follows that ADA had already retraced almost enough to get to the ideal wave-ii target zone ($2.04 vs. $1.99). Thus this option has merit and must be considered going forward. It does mean, bigger picture-wise, the 3rd wave to ideally $5.00-5.25 should soon start.

Bottom line

Given Cardano (ADA) has essentially done as forecasted over the last 2-3 weeks. My preferred POV remains it completed its 3rd and possibly also its 4th wave and should embark on a 5th wave to ideally the mid-$3s soon as long as this week’s low at $2.04 holds. If it does not, then -given that this week’s low was a bit lower than expected ($2.04 vs. $2.22, albeit still within the 10% error range)- it does open up the possibility that ADA is in a 1st and 2nd wave setup instead, with a 3rd wave to the $5s to commence. Regardless, both options do look for higher prices ultimately. As always, all we can do is “anticipate, monitor, and adjust.”, and as such, I constantly monitor for potential new options in this never-ending puzzle.

Bitcoin Price Prediction – Bulls Fight Back to Bring $50,000 Back into Play

Following a mixed day for Bitcoin and the cryptos on Wednesday, it was a bullish morning.

At the time of writing, Bitcoin, BTC to USD, was up by 1.82% to $46,907.0.

A mixed start to the day saw Bitcoin fall to an early morning low $45,546.0 before making a move.

Steering clear of the first major support level at $44,578, Bitcoin rose to an early afternoon high $47,222.0.

In spite of the return to $47,000 levels, however, Bitcoin fell short of the first major resistance level at $47,457.

BTCUSD 090921 Hourly Chart

The Rest of the Pack

It has been a bullish morning for the broader crypto market.

At the time of writing, Crypto.com Coin was up by 8.54% to lead the way.

Cardano’s ADA (+3.95%) Chainlink (+3.67%), and Litecoin (+4.16%) also found strong support.

Binance Coin (+0.23%), Bitcoin Cash SV (+1.63%), Ethereum (+0.70%), Polkadot (+2.64%), and Ripple’s XRP (+1.30%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,092bn before rising to a high $2,175bn. At the time of writing, the total market cap stood at $2,159bn.

Bitcoin’s dominance fell to a mid-morning low 40.52% before rising to a mid-day high 41.04%. At the time of writing, Bitcoin’s dominance stood at 40.89%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $45,965 pivot to bring the first major resistance level at $47,457 back into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $47,222.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $48,844.

A fall back through the $45,965 pivot would bring the first major support level at $44,578 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should avoid sub-$44,000 and the second major support level at $43,086.

Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pullback from the 200 EMA suggesting a bearish afternoon.

Through the 2nd half of the day, a narrowing of the 50 EMA on the 100 and 200 EMAs would support a run at $50,000 levels.

Key through the afternoon, however, would be to avoid a Bitcoin fall back through the day’s pivot level at $45,965.

Bitcoin Price Prediction – Bears Remain in the Driving Seat, with Sub-$40,000 the New Target

Following Tuesday’s broad-based crypto meltdown, it’s been a bearish Wednesday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 0.70% to $46,521.0.

A mixed start to the day saw Bitcoin rise to an early morning high $47,351.0 before hitting reverse.

Falling well short of the 23.6% FIB of $50,473 and the first major resistance level at $52,085, Bitcoin slid to a late morning current day low $44,472.0.

Steering clear of the first major support level at $42,417, however, Bitcoin found support to move back through to $46,500 levels.

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

At the time of writing, Litecoin was up by 3.35% to lead the way, with Crypto.com Coin (+0.52%) also bucking the trend.

It’s been a bearish morning for the rest of the majors, however.

Through the morning, Cardano’s ADA (-4.31%) and Chainlink (-3.85%) led the way down.

Binance Coin (-1.52%), Bitcoin Cash SV (-1.04%), and Ripple’s XRP (-2.98%) also struggled.

Ethereum (-0.23%) and Polkadot (-0.13%) saw relatively modest losses, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,138bn before falling to a low $1,970bn. At the time of writing, the total market cap stood at $2,083bn.

Bitcoin’s dominance fell to an early morning low 41.67% before rising to a high 42.44%. At the time of writing, Bitcoin’s dominance stood at 42.00%.

For the Afternoon Ahead

Bitcoin would need to move through the $47,652 pivot to bring the first major resistance level at $52,085 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from the 23.6% FIB of $50,473.

Barring a broad-based crypto rebound the 23.6% FIB would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,320.

Failure to move through the $47,652 pivot would bring the first major support level at $42,417 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 and the second major support level at $37,984.

The 38.2% FIB of $41,592 should limit the downside.

Looking beyond the support and resistance levels, we saw bearish crosses this morning. The 50 EMA crossed through 200 EMA in the early hours. We also saw the 100 EMA cross through the 200 EMA in the late morning.

Through the morning, the 50 EMA continued to pullback from both the 100 and 200 EMA, which was also a bearish signal.

A further pullback of the 50 EMA from the 100 and 200 EMAs would bring support levels back into play. For the bulls, a move back through to $47,500 levels will be key going into the afternoon.

The Crypto Daily – Movers and Shakers – September 8th, 2021

Bitcoin, BTC to USD, slid by 11.06% on Tuesday. Reversing a 1.73% gain from Monday, Bitcoin ended the day at $46,849.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,262, Bitcoin tumbled to a mid-afternoon intraday low $43,220.0.

Bitcoin fell through the day’s major support levels and also through the 23.6% FIB of $50,473.

Finding late support, Bitcoin briefly revisited $47,000 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Tuesday

Ripple’s XRP slumped by 19.26% to lead the way down.

Bitcoin Cash SV (-18.26%), Chainlink (-18.90%), and Litecoin (-18.73%) weren’t far behind.

Binance Coin (-15.66%), Cardano’s ADA (-11.31%), Crypto.com Coin (-15.80%), Ethereum (-12.52%), and Polkadot (-8.63%) were also in the deep red.

Early in the week, the crypto total market rose to a Tuesday high $2,437bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,087bn.

Bitcoin’s dominance fell to a Tuesday low 40.85% before rising to a Tuesday high 43.65%. At the time of writing, Bitcoin’s dominance stood at 42.09%.

This Morning

At the time of writing, Bitcoin was down by 0.46% to $46,633.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,968.0 before falling to a low $46,402.0

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 1.02%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was down by 2.20% to lead the way down.

BTCUSD 080921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move the $47,652 pivot to bring the first major resistance level at $52,085 into play.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

Barring a broad-based crypto rally, the 23.6% FIB would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,320.

Failure to move through the $47,652 pivot would bring the first major support level at $42,417 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $37,984.

Panama Touts Bitcoin and Ethereum in New Crypto Law

Central America’s bitcoin adoption is on the rise, with Panama the latest country to flock toward cryptocurrencies. The development has unfolded on the very same day that El Salvador officially accepts bitcoin as legal tender. Now the Republic of Panama is moving in the same direction but is putting its own personal touch on the roll-out by also embracing Ethereum and other cryptocurrencies as well.

Panama has unveiled a cryptocurrency law in draft form, as announced by Congressman Gabriel Silvaon Twitter. Similar to El Salvador, Panama wants to make bitcoin as well as Ethereum more popular as a payment method. Panama’s lawmakers also want to support the use of the blockchain in the public sector as well as use the technology in its banking sector.

The bill explains how Panama is compatible with the digital economy, including the blockchain crypto assets and the internet. The bill roughly states,

“Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet. This has the potential to create thousands of jobs, attract investment and make the government transparent.”

Prices Under Pressure

Despite wider-scale adoption of bitcoin and Ethereum, most of the broader cryptocurrency market is trading in the red today. The bitcoin price continues to hold $50,000, while Ethereum could be gearing up for a run toward $4,000.

Crypto Assets

The draft legislation touts bitcoin as a hedge against inflation and points to its divisible nature, saying that it can be “subdivided into 100 million Satoshis” as an example. It also acknowledges other cryptocurrencies including Ethereum and Cardano for similarly being divisible into more assets than traditional investments lend themselves to.

On social media, users were quick to point to the fees associated with Ethereum transactions in particular. The average Ethereum transaction fee currently hovers at just under $40, compared to more than $50 in early September.

Panama is keeping it loose and is not requiring merchants to adopt bitcoin or any other cryptocurrency. That was a key criticism of El Salvador’s bitcoin roll-out, in that merchants and consumers alike felt forced to suddenly adopt bitcoin as the currency.

According to Silva cited by a local publication, Telemetro, the new bill “does not oblige and does not seek to impose digital currency, or forced means of payment, but the freedom to use cryptocurrencies such as Bitcoin or Ethereum.” This could make all the difference so that Panama avoids the protests that broke out in El Salvador amid a lack of understanding about bitcoin.

Bitcoin Price Prediction – Bears Eye a Return to sub-$50,000

After a mixed start to the week for Bitcoin and the broader crypto market, it’s been a bearish Tuesday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 3.02% to $51,084.0.

A mixed start to the day saw Bitcoin rise to an early morning high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,262, Bitcoin slid to a late morning current day low $50,600.0.

The sell-off saw Bitcoin fall through the first major support level at $51,570.

Steering clear of the 23.6% FIB of $50,473 and the second major support level at $50,464 was key early on.

BTCUSD 070921 Hourly Chart

The Rest of the Pack

It has been a bearish morning for the broader crypto market.

At the time of writing, Ripple’s XRP was down by 7.45% to lead the way down.

Cardano’s ADA (-6.36%), Chainlink (-6.39%), and Crypto.com Coin (-6.47%) also saw heavy losses.

Binance Coin (-5.16%), Bitcoin Cash SV (-5.95%), Ethereum (-4.33%), Litecoin (-5.52%), and Polkadot (-2.42%) also struggled, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,390bn before falling to a low $2,253bn. At the time of writing, the total market cap stood at $2,292bn.

Bitcoin’s dominance fell to an early morning low 41.45% before rising to a high 42.21%. At the time of writing, Bitcoin’s dominance stood at 41.93%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level at $51,570 and the pivot at $52,156 to bring the first major resistance level at $53,262 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $52,888.0.

Barring a broad-based crypto rebound resistance at $52,000 would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, the first major resistance level at $53,262 would likely cap the upside. The Bitcoin bulls may need to wait for another day to revisit $55,000 levels.

Failure to move back through the first major support level at $51,570 would bring sub-$51,000 levels back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$50,000.

The 23.6% FIB of $50,473 and the second major support level at $50,464 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs early in the morning before narrowing.

The 100 EMA also pulled away from the 200 EMA adding further early support.

Through the mid-morning, however, a narrowing of the 50 and the 100 EMAs on the 200 weighed.

Key going into the afternoon would be a break back through to $52,000 levels.

A further narrowing of the 50 EMA on the 100 EMA, however, would bring sub-$51,000 levels back into play.

The Crypto Daily – Movers and Shakers – September 6th, 2021

Bitcoin, BTC to USD, rose by 3.77% on Sunday. Reversing a 0.20% loss from Saturday, Bitcoin ended the week up by 6.11% to $51,779.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,470.0 before making a move.

Steering clear of the first major support level at $49,352, Bitcoin rallied to a late intraday high $51,900.0.

Bitcoin broke through the first major resistance level at $50,495 and the second major resistance level at $51,091.

The breakout also saw Bitcoin break back through the 23.6% FIB of $50,473 to end the day at $51,700 levels.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Sunday

Chainlink led the way, surging by 12.51%, with Litecoin rallying by 9.49%.

Bitcoin Cash SV (+3.48%), Cardano’s ADA (+2.84%), Crypto.com Coin (+5.53%), Polkadot (+2.51%), and Ripple’s XRP (+4.11%) also found strong support.

Binance Coin (+1.44%) and Ethereum (+1.66%) trailed the front runners, however.

It was also a bullish week for the crypto majors.

Chainlink (+30.44%), Ethereum (+22.49%), Litecoin (+33.14%), and Polkadot (+26.20%) led the way.

Bitcoin Cash SV (+13.65%), Crypto.com Coin (+14.93%), and Ripple’s XRP (+14.50%) also found strong support.

Binance Coin (+5.17%) and Cardano’s ADA (+2.14%) saw modest gains, however.

In the week, the crypto total market fell to a Monday low $1,996bn before rising to a Sunday high $2,390bn. At the time of writing, the total market cap stood at $2,342bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Sunday low 40.85%. At the time of writing, Bitcoin’s dominance stood at 41.50%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $51,657.1. A mixed start to the day saw Bitcoin rise to an early morning high $51,877.0 before falling to a low $51,657.1.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.09%), Crypto.com Coin (+2.00%), and Ripple’s XRP (+0.84%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Chainlink was down by 1.97% to lead the way down.

BTCUSD 060921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $51,050 pivot to bring the first major resistance level at $52,630 into play.

Support from the broader market would be needed for Bitcoin to break back through $52,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,480.

A fall through the $51,050 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $50,200 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $48,620.

The Crypto Daily – Movers and Shakers – September 5th, 2021

Bitcoin, BTC to USD, fell by 0.20% on Saturday. Following a 1.48% gain on Friday, Bitcoin ended the day at $49,899.0.

After mixed start to the day, Bitcoin rose to a late morning intraday high $50,544 before hitting reverse.

While falling short of the first major resistance level at $51,318, Bitcoin broke back through the 23.6% FIB of $50,473.

The reversal, however, saw Bitcoin fall to a late afternoon intraday low $49,401.0.

Steering clear of the first major support level at $48,501, Bitcoin revisited $50,200 levels before easing back into the red.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday

Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%), and Crypto.com Coin (+1.03%) bucked the trend on the day.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA slid by 4.53% to lead the way down.

Chainlink (-2.89%), Polkadot (-3.38%), and Ripple’s XRP (-2.65%) also struggled.

Ethereum (-1.33%) and Litecoin (-0.55%) saw relatively modest losses on the day, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Saturday high $2,334bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Saturday low 40.74%. At the time of writing, Bitcoin’s dominance stood at 41.36%.

This Morning

At the time of writing, Bitcoin was down by 0.15% to $49,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,956.0 before falling to a low $49,819.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.16%, with Bitcoin Cash SV flat to buck the early trend.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down.

BTCUSD 050921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play.

Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $50,544.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,091.

Failure to move back through the $49,948 pivot would bring the first major support level at $49,352 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,805 should limit the downside.

The Crypto Daily – Movers and Shakers – September 4th, 2021

Bitcoin, BTC to USD, rose by 1.48% on Friday. Following a 0.92% gain on Thursday, Bitcoin ended the day at $50,001.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,332.0 before making a move.

Bitcoin fell through the first major support level at $48,482 before rallying to an early afternoon intraday high $51,142.0.

Bitcoin broke through the first major resistance level at $50,216 and the 23.6% FIB of $50,473.

Coming within range of the second major resistance level at $51,157, however, Bitcoin fell back to end the day at sub-$50,100.

The pullback saw Bitcoin fall back through the 23.6% FIB and the first major resistance level.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday

Litecoin led the way, surging by 16.25%.

Bitcoin Cash SV (+6.26%), Crypto.com Coin (+4.78%), Ethereum (+4.01%), and Polkadot (+4.04%) also found relatively strong support.

Binance Coin (+1.03%), Cardano’s ADA (+0.20%), Chainlink (+2.72%), and Ripple’s XRP (+2.91%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Friday high $2,333bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Friday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.45%.

This Morning

At the time of writing, Bitcoin was down by 0.16% to $49,921.0.  A mixed start to the day saw Bitcoin rise to an early morning high $50,012.0 before falling to a low $49,877.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Ripple’s XRP bucked the early trend, rising by 0.16%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 1.73% to lead the way down.

BTCUSD 040921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $49,825 pivot to bring the first major resistance level at $51,318 into play.

Support from the broader market would be needed for Bitcoin to break out from 23.6% FIB of $50,473 once more.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $51,142 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,635.

A fall through the $49,825 pivot would bring the first major support level at $48,508 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,015.

Bitcoin Price Prediction – U.S Nonfarm Payrolls Bring $53,000 Levels into Play

After a relatively bullish Thursday for Bitcoin and the broader market, it’s been another bullish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 1.99% to $50,257.0.

A mixed start to the day saw Bitcoin fall to an early morning low $48,332.0 before making a move.

Finding support at the first major support at $48,482, Bitcoin rallied to a late morning intraday high $50,494.0.

The morning rally saw Bitcoin break through the first major resistance level at $50,216 and the 23.6% FIB of $50,473 before easing back to sub-$50,300 levels.

BTCUSD 030921 Hourly Chart

The Rest of the Pack

It has been a bullish morning for the broader crypto market.

At the time of writing, Litecoin was up by 5.79% to lead the way.

Bitcoin Cash SV (+3.82%), Chainlink (+4.34%), Crypto.com Coin (+3.21%), and Ethereum (+4.17%) also found strong support.

Binance Coin (+1.28%), Cardano’s ADA (+0.52%), and Ripple’s XRP (+1.31%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,175bn before rising to a high $2,289bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to an early morning high 41.85% before falling to a low 41.47%. At the time of writing, Bitcoin’s dominance stood at 41.66%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $50,216 to bring the second major resistance level at $51,157 back into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside.

In the event of an extended rally, however, Bitcoin could target $53,000 before any pullback. The third major resistance level sits at $52,891.

A fall back through first major resistance level and through the $49,423 pivot would bring the first major support level at $48,482 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,689.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning.

The 100 EMA also pulled away from the 200 EMA adding further support through the morning.

Key going into the afternoon would be a break back through the 23.6% FIB and a move through to $51,000 levels.

A narrowing of the 50 EMA on the 100 EMA, however, would test investor resilience.

On the economic data front, particularly disappointing nonfarm payroll figures from the U.S should deliver support…

Avoiding a fall back through the first major resistance level at $50,216 will be key, however.

The Crypto Daily – Movers and Shakers – September 3rd, 2021

Bitcoin, BTC to USD, rose by 0.92% on Thursday. Following a 3.57% gain on Wednesday, Bitcoin ended the day at $49,273.7.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,631.0 before making a move.

Steering clear of the first major support level at $47,229, Bitcoin rallied to an early afternoon intraday high $50,365.0.

Bitcoin broke through the first major resistance level at $49,778 before easing back to $49,200 levels.

Late in the day, Bitcoin briefly revisit $49,850 levels before easing back to end the day at sub-$49,300 levels.

The first major resistance level at $49,778 pegged Bitcoin back.

The near-term bullish trend remained intact, supported by the latest return to $50,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday

Polkadot slid by 5.03%, with Binance Coin (-1.28%), Bitcoin Cash SV (-0.52%), and Ethereum (-1.08%) also seeing red.

It was a bullish day for the rest of the majors, however.

Cardano’s ADA and Crypto.com Coin led the way, with gains of 3.11% and 4.08% respectively.

Chainlink (+0.72%), Litecoin (+1.40%), and Ripple’s XRP (+1.35%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Thursday high $2,285bn. At the time of writing, the total market cap stood at $2,216bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Wednesday low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.85%.

This Morning

At the time of writing, Bitcoin was up by 0.11% to $49,326.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,212.7 before rising to a high $49.406.2.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.11%), Chainlink (-0.06%), Litecoin (-0.18%), and Ripple’s XRP (-0.24%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was up by 2.38% to lead the way.

BTCUSD 030921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $49,423 pivot to bring the first major resistance level at $50,216 and the 23.6% FIB of $50,473 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $50,365.0.

Barring a broad-based crypto rally, the 23.6% FIB would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,157.

Failure to move through the $49,423 pivot would bring the first major support level at $48,482 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,689.

Bitcoin Has Clear Path to $52,000 while Select Alt Coins near ATHs

At approximately 6 PM EST BTC futures are trading up 4.13% or $2,015 at $48,715. All through this week, when alt. coins were rallying, BTC retested its support at $44,000 made up by the 100-day M.A. and the 38% retracement level. Yesterday prices took off from this level and traded right up to resistance, closing at the highest level since May.

0902 crt

Today pricing continued higher breaking through resistance at $46,000 and now has technical resistance between current prices and $52,000, which is where I believe it will trade to next week.

0902 chrt #2

Alt. Coins have also been on the rise in this all-inclusive crypto rally. Solana, Helium, Luna, and Cardano are all at or very close to their all-time highs. This is significant because all other coins are nowhere near their ATH; most are around 60% of their peaks. These cryptos are exhibiting very strong recoveries ahead of Bitcoin and Ethereum. Cardano, especially with its sizable market cap (third highest amongst all cryptos), is showing it could become a real competitor for Bitcoin in the future.

0902 Chart 1

Cardano Hits The $3 Mark For The First Time As Analysts Predict Super Bull Cycle

The cryptocurrency market has resumed its rally, and some analysts are calling the next phase a super bull cycle.

ADA Sets New All-Time High At $3

Cardano (ADA) has been one of the best performing cryptos in the market. The coin has surpassed Binance Coin (BNB) to become the third-largest cryptocurrency by market cap. However, ADA might surge higher after setting a new all-time high at $3 earlier today.

The general cryptocurrency market resumed its rally today after underperforming since the start of the week. Bitcoin was finally able to touch the $50k level again after struggling for the past few days.

Ether has also successfully cemented its price above the $3,500, with the Ethereum native coin currently trading at $3,775 per coin. Cardano continues to set the trend in the market, reaching a new all-time high of $3 earlier today.

Cardano’s rally coincides with the launch of its Alonzo testnet as the network prepares for a mainnet launch later this month. The Alonzo upgrade is expected to usher in numerous changes to the Cardano blockchain, including the introduction of smart contract features. With the availability of smart contracts, the Cardano blockchain can host a wide range of decentralized finance (DeFi) protocols and NFTs.

DeFi and nonfungible tokens are some of the hottest fields in the crypto space, and they are gaining massive adoption globally. Hence, the possibility of NFTs and DeFi coming to the Cardano blockchain is enough to cause a rally.

ADA/USD chart. Source: FXEMPIRE

Cardano’s price is up by over 4% in the past 24 hours, and ADA is trading around the $3 mark.

Analysts Believe A Super Bull Cycle Is Under Way

The crypto market has been in a bullish trend over the past year despite the slight correction experienced over the summer. Despite the impressive performance displayed by the broader cryptocurrency market, some analysts believe that we are set to enter a Super Bull Cycle.

 

This cycle could see the prices of most cryptocurrencies double or triple over the next few months. Michaël van de Poppe is confident that the prices of cryptocurrencies could continue to rally over the coming months.