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This Is How Bitcoin (BTC) Price Could Rally 20%

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Bitcoin’s (BTC) price has shown signs of recovery in recent days following a sharp decline at the beginning of October. After dipping below key support levels, BTC has rebounded, giving hope to investors that a significant rally could be on the horizon. 

For Bitcoin to experience a 20% increase, it must flip a critical resistance level into support. The upcoming days will be crucial in determining whether the cryptocurrency can break through this barrier and sustain the momentum necessary for a potential surge.

Bitcoin Backers Are Back

Institutional interest in Bitcoin has resurged, marking a significant shift in market sentiment. On Monday, spot Bitcoin ETFs saw the largest inflows, with $235 million entering the market.

This came after several days of outflows, indicating a renewed appetite for the cryptocurrency among ETF investors. The influx of capital suggests that institutional and retail investors are once again viewing Bitcoin as a valuable asset, contributing to the bullish outlook.

This rise in interest is a positive indicator of Bitcoin’s price trajectory. When institutions start accumulating, it often signals confidence in the asset’s future. The increased inflows into spot BTC ETFs also reflect broader market interest, further supporting the possibility of Bitcoin achieving its target of a 20% rally in the near term.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

IBIT FBTC BITB ARKB BTCO EZBC BRRR HODL BTCW GBTC BTC
27 Sep 2024 110.8 123.6 12.9 203.1 3.3 0.0 3.3 11.2 0.0 26.2 0.0 494.4
30 Sep 2024 72.2 8.3 (9.7) (9.5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 61.3
01 Oct 2024 40.8 (144.7) (32.7) (84.3) 0.0 0.0 0.0 (15.8) 0.0 (5.9) 0.0 (242.6)
02 Oct 2024 (13.7) 21.1 (11.5) (60.3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (64.4)
03 Oct 2024 36.0 (37.2) 2.6 (58.0) 2.4 0.0 0.0 0.0 0.0 0.0 0.0 (54.2)
04 Oct 2024 0.0 13.6 15.3 5.3 0.0 0.0 0.0 5.3 0.0 (13.9) 0.0 25.6
07 Oct 2024 97.9 103.7 13.1 12.6 2.5 0.0 0.0 5.4 0.0 0.0 0.0 235.2
Bitcoin Spot ETF Netflows. Source: Farside

Additionally, long-term holders (LTHs) continue to exhibit strong conviction in Bitcoin, further boosting macro momentum. The Hodler Net Position Change indicator has shown positive figures since mid-August, demonstrating that LTHs have been in accumulation mode. This trend continues, as recent data indicates that LTHs are once again increasing their positions, adding to Bitcoin’s overall strength.

The sustained accumulation by long-term holders suggests that these key market participants believe in Bitcoin’s potential for further price appreciation. As LTHs hold onto their assets, the circulating supply reduces, creating a more favorable environment for a potential price surge. This macro momentum could help propel Bitcoin toward the much-anticipated 20% rally.

Bitcoin Hodler Net Position Change.
Bitcoin US Spot ETF Balance. Source: Glassnode

BTC Price Prediction: Reigniting Hope

Currently at $62,273, Bitcoin’s price has already broken out of a double-bottom pattern formed in September. However, the price is now once again trading below the neckline of the double-bottom pattern.

It has not yet gained enough momentum to realize the 20% rally predicted by the pattern. The target price remains $75,979, which would surpass Bitcoin’s previous all-time high of $73,787.

At the moment, the factors driving institutional interest and long-term holder accumulation point to Bitcoin possibly making another attempt at the rally. This will be confirmed if BTC breaks the $63,068 resistance and flips $65,000 into support. Such a move could trigger the next leg up, reinforcing the bullish thesis.

Read more: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin fails to breach $63,068, the price may return to $59,666. Losing this support would invalidate the double-bottom pattern and also undermine the bullish outlook, potentially leading to a deeper correction.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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BNB Price Faces More Downside—Can Bulls Step In?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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VanEck Sets Stage for BNB ETF with Official Trust Filing

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Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF). 

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF 

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing
VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto. 

BNB Price Performance
BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF. 

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months. 

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Recovery Stalls—Are Bears Still In Control?

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XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

  • XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
  • The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

XRP Price

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.



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