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As the market stabilizes from last week’s correction, BNB is attempting to hold a crucial area that could set the stage for a rally, leading some analysts to suggest that the next leg up could be around the corner. Related Reading: Ethereum Ready For Round 2? Analyst Forecasts Early October Rally Amid $4,200 Retest Kazakhstan Adoption Pushes BNB To $1,000 Nearly two weeks after breaking above the $1,000 milestone for the first time, BNB is attempting to hold this key area as support following the recent market pullback. The cryptocurrency has recorded a massive multi-month rally this quarter, surging 54% since the July opening. Over the past month, the cryptocurrency has climbed 16% from the start-of-September lows, turning the crucial $800-$900 zone into support before surging toward its latest all-time high (ATH) of $1,083 nine days ago. Nonetheless, the altcoin’s massive run was halted during the end-of-month pullback, which saw most cryptocurrencies, including Ethereum (ETH) and Solana (SOL), hit multi-week lows. BNB dropped over 10% from last week’s high, losing the critical $1,000 breakout level on Friday. During the pullback, the altcoin retested the $930 level as support, bouncing off this level over the weekend and reclaiming the crucial barrier yesterday morning. The recent price surge was driven by Kazakhstan’s announcement of its investment in the altcoin. On Monday, Kazakhstan announced the launch of its first crypto reserve, the Alem Crypto Fund, aimed at long-term investment in digital assets. According to the statement, Binance Kazakhstan is the strategic partner of the fund, which was established by the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan. As part of the partnership, Alem Crypto Fund made BNB its first investment. Nurkhat Kushimov, General Manager of Binance Kazakhstan, stated that “The fund’s choice of BNB as its first digital asset highlights the trust in the Binance ecosystem and marks a new chapter for institutional recognition of cryptocurrencies in Kazakhstan.” Price Discovery Continuation In Q4? It’s worth noting that the BNB Chain ecosystem also saw a strong performance, with multiple projects built on the network leading in terms of profitability. As reported by NewsBTC, BNB Chain projects led Binance Wallet’s top ten Initial DEX Offerings (IDOs) list with up to 2,000x historical returns, while BSC projects led the top five Alpha trading volume rankings. Market watcher Daan Crypto Trades suggested that neither BNB nor BSC-related tokens’ rally is over yet, as the “market is eager for a narrative or chain to gamble on.” Analyst Ali Martinez affirmed that the token “still has many legs up,” suggesting that successfully holding this level could target new highs. The analyst previously stated that BNB’s price targets the $1,200-$1,300 area as part of its bullish breakout from its macro range. Turning the current area into support in the higher timeframes could set the stage for a price discovery continuation with a 20%-30% run in the coming months. On the contrary, a rejection from this level could see the price retest the $900-$930 area again. Related Reading: The Bitcoin Long: Bybit Traders Push BTC Taker Buy/Sell Ratio Above 24 Similarly, Altcoin Sherpa asserted that the cryptocurrency “has been the strongest major to recover so far from the dump,” adding that another rally later in the year is possible. As of this writing, BNB is trading at $1,002, a 1.3% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin’s $90,000 Level Holds Key To Preventing A New Bear Market, Top Analyst Says
Bitcoin (BTC) continues to navigate a phase of consolidation, hovering just above $113,000, leaving investors uncertain about the BTC’s next move. This uncertainty has led one analyst, known for accurately predicting BTC’s trajectory during this cycle, to suggest that a new bear market may be closer than many investors anticipate. Bear Market Warning In a recent post on social media platform X (formerly Twitter), the analyst, who goes by the name Doctor Profit, expressed ongoing confidence in his bearish outlook. Since adopting a negative stance in August, he has maintained that Bitcoin is likely to reach the $90,000 to $94,000 range. While he initially expected this target to be hit this month, he noted that the price has spent an average of 77% of the time below his short position entry point of $115,500. This has reinforced his belief in the validity of his analysis. Related Reading: Solana Gaining Ground On Ethereum: These Key Metrics Show Colossal Growth Doctor Profit emphasized that the critical test for BTC involves the $90,000 to $94,000 range. He predicts that not only will this level be tested, but there is a strong possibility that Bitcoin could break below it, effectively signaling the end of the current bull market. While the probability of a bear market is alarmingly high, Doctor Profit insists that confirmation hinges on how Bitcoin reacts within this key price band. He clarified that reaching this target does not need to happen immediately, nor does a temporary bounce back to $116,000 or $117,000 invalidate his bearish thesis. The analyst views any upward price movements, such as the mid-September surge to $117,800, as mere opportunities to enter short positions at more favorable levels, instead of being signals of a new bullish catalyst. 4 Key Indicators For The Bitcoin Price Analytics platform CryptoQuant has identified four critical indicators to watch based on on-chain data. Notably, Tether’s USDT market cap has seen a substantial increase of $10 billion over the past 60 days, signaling fresh liquidity entering the market, which is typically a positive sign during bullish phases. Moreover, the Stablecoin Supply Ratio (SSR) RSI currently sits at 21, which indicates a “buy” signal. This metric assesses the buying power of stablecoins in relation to Bitcoin’s market cap. Related Reading: Ethereum Founder Dumps Billions In These Meme Coins, Is This A Repeat Of Shiba Inu In 2021? Additionally, the number of accumulator addresses, which are wallets that have made multiple purchases of the leading cryptocurrency without selling, has reached an all-time high of 298,000 BTC. Conversely, the Inter-Exchange Flow Pulse (IFP), which tracks Bitcoin flows between spot and derivatives exchanges, is currently trending downward—an indicator commonly associated with bearish market conditions. Featured image from DALL-E, chart from TradingView.com
Bitcoin’s $90,000 Level Holds Key To Preventing A New Bear Market, Top Analyst Says
Bitcoin (BTC) continues to navigate a phase of consolidation, hovering just above $113,000, leaving investors uncertain about the BTC’s next move. This uncertainty has led one analyst, known for accurately predicting BTC’s trajectory during this cycle, to suggest that a new bear market may be closer than many investors anticipate. Bear Market Warning In a recent post on social media platform X (formerly Twitter), the analyst, who goes by the name Doctor Profit, expressed ongoing confidence in his bearish outlook. Since adopting a negative stance in August, he has maintained that Bitcoin is likely to reach the $90,000 to $94,000 range. While he initially expected this target to be hit this month, he noted that the price has spent an average of 77% of the time below his short position entry point of $115,500. This has reinforced his belief in the validity of his analysis. Related Reading: Solana Gaining Ground On Ethereum: These Key Metrics Show Colossal Growth Doctor Profit emphasized that the critical test for BTC involves the $90,000 to $94,000 range. He predicts that not only will this level be tested, but there is a strong possibility that Bitcoin could break below it, effectively signaling the end of the current bull market. While the probability of a bear market is alarmingly high, Doctor Profit insists that confirmation hinges on how Bitcoin reacts within this key price band. He clarified that reaching this target does not need to happen immediately, nor does a temporary bounce back to $116,000 or $117,000 invalidate his bearish thesis. The analyst views any upward price movements, such as the mid-September surge to $117,800, as mere opportunities to enter short positions at more favorable levels, instead of being signals of a new bullish catalyst. 4 Key Indicators For The Bitcoin Price Analytics platform CryptoQuant has identified four critical indicators to watch based on on-chain data. Notably, Tether’s USDT market cap has seen a substantial increase of $10 billion over the past 60 days, signaling fresh liquidity entering the market, which is typically a positive sign during bullish phases. Moreover, the Stablecoin Supply Ratio (SSR) RSI currently sits at 21, which indicates a “buy” signal. This metric assesses the buying power of stablecoins in relation to Bitcoin’s market cap. Related Reading: Ethereum Founder Dumps Billions In These Meme Coins, Is This A Repeat Of Shiba Inu In 2021? Additionally, the number of accumulator addresses, which are wallets that have made multiple purchases of the leading cryptocurrency without selling, has reached an all-time high of 298,000 BTC. Conversely, the Inter-Exchange Flow Pulse (IFP), which tracks Bitcoin flows between spot and derivatives exchanges, is currently trending downward—an indicator commonly associated with bearish market conditions. Featured image from DALL-E, chart from TradingView.com