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News | Crypto Converter | Crypto Calculators |
A new Bitcoin ATH in January 2025? Peter Brandt says No! |
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Key points: |
Bitcoin's price corrected on the charts, falling below $95,000 after hitting $108K. Veteran trader Peter Brandt believes a fall to $78K is possible.
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News - After hitting a new all-time high on the charts, Bitcoin fell significantly on the price charts. However, while many expected BTC to hit one high after the other, that has not happened. In fact, since hitting an ATH, the cryptocurrency has fallen by over 15%. |
As expected, this bout of depreciation had a corresponding impact on the market's altcoins. At press time, most of these altcoins were still trading in the red. Hence, the question - What next for Bitcoin's price? |
Bearish signs ahead? - According to Peter Brandt, a possible head and shoulders pattern might be forming on Bitcoin's price chart. Such a pattern is ordinarily a bearish reversal signal, with the same suggesting that BTC might fall to $78,000 too. |
Here, it's worth pointing out that Brandt's latest prediction is contingent on the cryptocurrency's price breaking down below its support level. If BTC fails to hold the $93,000 - $95,000 zone, Brandt's bearish outlook might be validated. |
Not all bad news - Brandt's projection is just one of many though. In fact, a look at historical patterns seemed to suggest something completely contrary to what Brandt is expecting. |
Consider this - Bitcoin's ongoing cycle shares some similarities with the one it traced back in January 2024. At the time too, BTC's price charts were interspersed with highs and lows, before hitting a former ATH of over $73,000 in March 2024. |
What this means is that despite its latest period of decline, there is a possibility that BTC could still hit a new ATH on the charts. |
This projection can also be supported by the fact that at press time, short-term holders' unrealized profits were surging. Simply put, the cryptocurrency's short-term holders are refraining from selling the cryptos they hold, in anticipation of the price climbing higher. This can be interpreted to be a very bullish signal. |
In fact, a similar hypothesis has driven the likes of MicroStrategy, with the firm buying another 2,138 Bitcoins ($209 million) towards the end of 2024. |
a16z's latest rally pushes its market cap upwards of $2 billion |
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Key points: |
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News - Bitcoin and most of the altcoin market are consolidating right now, with the king coin holding steady between $93,000 and $95,000 on the price charts. Analysts expect the rest of the market to profit once BTC gets a move on. |
However, while this has been the case for most cryptos, others have been doing better. a16z is one such exception, with the altcoin climbing by over 20% in the last 24 hours. In fact, its latest rally pushed the crypto's market cap to over $2 billion at press time. |
Catalysts behind the surge - What precipitated the hike in a16z's value on the charts? Well, a recent update from the team behind the altcoin revealed a new roadmap for 2025. Additionally, the proposal in question also touched upon a possible revamp of existing tokenomics in an effort to drive more value into the market. |
Finally, there is also talk of positioning a16z as a Layer One network. |
These updates and the subsequent uptick in price and market cap come at a good time, especially since these updates will allow a16z to challenge Virtuals Protocol, its top rival and AI launchpad leader. |
What's next? - 2024 was a good year for AI agents, with the trend precipitated by an exchange between Marc Andreessen and Truth Terminal and later, the viral popularity of GOAT. |
In fact, according to many analysts, AI agents are likely to be one of the leading market narratives in 2025. |
Swiss National Bank faces proposal to hold Bitcoin on balance sheet |
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Key points: |
Proposal introduced by Tether's Giw Zanganeh, alongside non-profit think-tank 2B4CH. It will now require at least 100,000 signatures from Swiss citizens to initiate a public referendum on the subject.
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News - 2024 was a good year for Bitcoin and the cryptocurrency market. Not only did the world's largest crypto hit a new ATH of over $108K, but the year also saw a host of institutions across the world getting into the sector. In fact, such has been the scale of success that countries like the United States are now seriously contemplating holding Bitcoin in its reserves. |
With nation-states going this way, banks can't be too far behind though. And, it would seem that the Swiss National Bank might soon go this way too thanks to a recent proposal. |
Such an idea was first proposed back in October 2021 by 2B4CH. At the time, not only was something like this irregular, but back then even BTC wasn't doing as well as it is doing right now. |
All the details - As its stands, this proposal is 100,000 Swiss signatures away from being voted on in a public referendum. This, after a Bitcoin proposal for a "financially sound, sovereign, and responsible Switzerland" was registered in the Federal Gazette yesterday. |
According to the same, Article 99 Paragraph 3 of the Swiss Federal Constitution should be amended to say, |
"The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin." |
Here, it's worth pointing out that the aforementioned proposal comes within weeks of SNB's Chair expressing his skepticism about BTC's use as a payment. |
2B4CH and its affiliates now have until 30 June 2026 to find these 100,000 signatures. |
Terraform Labs' Do Kwon now back in U.S custody |
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Key points: |
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News - After months of political and legal tussles, Terraform Labs' Do Kwon is back in U.S custody after Montenegro approved the country's extradition request. This, within days of Do Kwon's legal team running out of appeals to file before the local courts. |
The update was first shared by Milojko Spajić on X (Formerly known as Twitter). On 31 December, he stated, |
"Our nation welcomes innovation and legitimate crypto, AI and other tech entrepreneurs — but we have ZERO TOLERANCE FOR FRAUD." |
A wanted man - Do Kwon is wanted for his role in fueling the collapse of Terra back in 2022, a collapse that had a ripple effect across the industry and contributed to that year's market downturn. In fact, the SEC found him liable for fraud in a civil case the agency brought against Do Kwon. |
Additionally, the U.S Department of Justice also charged him with almost a dozen felony counts in 2023, including commodities fraud. |
Do Kwon was absconding for months after the aforementioned episode, until he was arrested by Montenegro's authorities for forging travel documents. |
South Korea is in line too - Here, it's worth noting that alongside the USA, South Korea also filed an extradition request to gain custody of Do Kwon after the Asian country filed charges against him. |
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More stories from the crypto ecosystem |
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Interesting facts |
Wikileaks turned to Bitcoin donations to circumvent the banking blockade by U.S payment giants in 2010. Founder Julian Assange later thanked the U.S government for encouraging investment in BTC and subsequent 50,000% returns. In September 2021, a hamster named Mr. Goxx became a cryptocurrency sensation, earning a 20% return on his initial investment within months. Using an "intention wheel" to select cryptocurrencies and dashing through tunnels for buying and selling, Mr. Goxx gained attention for his uncanny trading ability. Pharmaceutical companies are now exploring blockchain's potential to track and verify the authenticity of medication throughout the supply chain.
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Top 3 coins of the day |
Avalanche (AVAX) |
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Key points: |
At press time, AVAX was trading at $35.11 after falling by almost 15% over the last 7 days. Altcoin has been one of the market's biggest losers over the aforementioned period.
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What you should know: |
Thanks to Bitcoin's fall below $100K, AVAX was badly affected on the price charts too. After hitting a local high less than a month ago, the altcoin went on a downward trajectory soon after. In fact, such was the scale of this downtick that all its technical indicators promptly reversed bearishly too. What this means is that all the goodwill and optimism associated with the launch of the Avalanche9000 upgrade a few weeks ago has all but disappeared. This was underlined by the crypto's indicators as at the time of writing, the Parabolic SAR's dotted markers highlighted the market's bearishness. Similarly, the Awesome Oscillator has been flashing red since mid-December. |
Chainlink (LINK) |
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Key points: |
LINK's press time price was $19.70, after losses of over 22% in one week alone. Like AVAX, LINK was one of the market's biggest losers.
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What you should know: |
LINK's price trajectory shares some similarities with that of AVAX. After hitting a local high in mid-December, LINK too collapsed on the price charts, with the altcoin losing over 20% of its value in the past week alone. Despite some efforts from the market's bulls to rescue the altcoin, it didn't recover. Right now, LINK is back trading at its early-December levels. The same was established by the observations of its technical indicators as the Chaikin Money Flow registered a sharp downtick below zero on the charts - A sign of negative capital inflows. Worth noting, however, that LINK's downturn may not be done yet as the Bollinger Bands pointed to yet more incoming volatility. |
Virtuals Protocol (VIRTUAL) |
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Key points: |
VIRTUAL's uptrend continued undeterred, with the altcoin valued at $3.9 at press time. Token has been surging on the back of the popularity of AI Agents.
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What you should know: |
Contrary to the rest of the altcoin market, VIRTUAL holders have been happy lately thanks to the performance of the altcoin. As Virtuals Protocol grew to become the largest creator of AI agents, VIRTUAL prospered on the price charts. That is why unlike the rest, the crypto has been on a consistent uptrend over the last few weeks. The strength of this uptrend was evidenced by it hiking by 22% in just over 48 hours. Additionally, not only was the Moving Average just under the price candles to underline bullishness, but the Relative Strength Index was also holding steady close to 60. |
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