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What are the chances that Bitcoin will ever see $20,000 again?

Most Bitcoin price predictions by technical and on-chain analysts on Crypto Twitter are pointing towards further price discovery beyond $41000 and top on-chain analyst Willy Woo commented on this deba

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Most Bitcoin price predictions by technical and on-chain analysts on Crypto Twitter are pointing towards further price discovery beyond $41000 and top on-chain analyst Willy Woo commented on this debate in a twitter thread arguing that BTC may never ever see the $20k price range again, as it currently settles above the $40k level.

Source: Twitter

30% is the maximum projected pull back once BTC tops, an estimation that is also changing fast. Woo predicted this outcome based on investment inflow and Bitcoin’s latest price action, however, there may be a possibility that the price drops to $20000 again. Ever since price discovery started above $35000, there is speculation and anticipation of an inevitable correction in price. 

On-chain analysis data does not exactly signal a drop, but debates on Crypto Twitter never fail to amuse retail traders. During this price rally, while the number of unique addresses actively trading Bitcoin went up, the number of whales also went up. Based on data from bitinfo charts, there are over 6000 addresses holding more than $10 Million in Bitcoin and this is a nearly 4 times increase from December 2017 when there were 2000+ addresses that identified as Bitcoin whales.

Even if 5% of these addresses were to sell their holdings and start booking profits at the current price level, if not cascading, there may be a sell-off and the current market order on spot exchanges may be the tip of the iceberg. The sell-off may lead to a revisit of the 2018 market crash for Bitcoin.

It is interesting to see that institutional investors are not ready to sell since the price has more than doubled since $20000, however, what is the threshold? Or is there one?

When will institutional investors start selling? If 100% is close enough to their target, assuming that most of the buying occurred in the range starting at $20000, there may be a correction, and a drop of over 25% would push the price closer to the $30000 range. The price is currently at the $39755 level based on data from CoinMarketCap and if the price never sees $20000 again, this would be a similar situation as the 2013 bull run, and that indicates that there is further room for price discovery beyond the current ATH.

Source: https://ambcrypto.com/what-are-the-chances-that-bitcoin-will-ever-see-20000-again

Blockchain

Tron, Augur, Maker Price Analysis: 16 January

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TRX moved within a fixed channel as momentum rested with neither the market’s bulls nor the bears. Augur looked to claw back to the $21.6-mark, but a boost from market leaders BTC and ETH might be required to make the ascension possible on the charts. Finally, MKR looked to break above $1,563 and targeted a move closer to its record high levels.

Tron [TRX]

Source: TRX/USD, TradingView

Tron revisited the $0.029-level after bouncing back from $0.027. However, the crypto’s price failed to break above its immediate resistance and traded between $0.029 and $0.031 over the past couple of days. The next few trading sessions could see the price trade back and forth between the aforementioned channel, since the indicators remained neutral and did not specify a breakout in either direction.

The Awesome Oscillator was bullish-neutral and showed a balance between the buying and selling pressure. A bullish outcome could see the index rise above the equilibrium-mark, while the price could look to target the $0.032-resistance level.

The Bollinger Bands were converging at press time and highlighted low volatility in the crypto’s price. This hinted at the possibility of TRX trading between its present channel moving forward.

Augur [REP]

Source: REP/USD, TradingView

Augur looked to climb back towards the $20-mark at press time as the price rose by over 3% in 24 hours. A rise above the press time resistance could confirm a bullish trend, while the price could look to target the $21.6-mark after doing so. However, a broader market rally might be required to push REP towards the aforementioned levels as the indicators were bullish-neutral on the crypto-asset moving forward.

The MACD was on the verge of a bullish crossover, but the momentum could shift either way as the bars on the histogram seesawed at the equilibrium mark.

The Chaikin Money Flow stabilized above zero and hinted that capital inflows could prevent the price from moving lower on the charts. However, it also suggested that an external impetus would be needed to boost the price beyond its upper ceiling.

Maker [MKR]

Source: MKR/USD, TradingView

After scaling to a record high of $1,999, Maker cooled down and fell below several key levels till it found support at $1,153. The price rose once again from this level, but the gains were capped at the resistance level of $1,563. However, sellers might struggle to keep the price below its current resistance as the indicators were largely bullish for MKR.

If the Stochastic RSI continues its upward trajectory into the overbought zone, the price could break above its immediate barrier and head close to record levels once again.

The Chaikin Money also confirmed the possibility of a bullish outcome as more capital was moving into the cryptocurrency.

Source: https://ambcrypto.com/tron-augur-maker-price-analysis-16-january

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Chainlink Price Analysis: 16 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Chainlink looked to be strongly bullish on the price charts as it broke past its previous all-time high to touch $22.56. While the market-wide correction on 10 January saw LINK drop from $17 to $12.6, its recovery since has been extraordinary. In fact, a pullback to the confluence of support levels at $20 would be an ideal scenario for traders to enter or add to a long position.

Chainlink 12-hour chart

Chainlink Price Analysis: 16 January

Source: LINK/USD on TradingView

Using the double bottom formed by LINK in late December at $10.4 as the beginning of LINK’s ascent, both Fibonacci retracement levels (white), as well as Gann fan lines (yellow), were plotted. These lines gave some levels of support for LINK and projected upside targets.

A move past the ATH means that, on the longer timeframes, LINK does not have any resistance to the upside.

The surge from $14 did not yet show clear signs of an impending pullback, while the 27% extension projected an upside of $28 for LINK in the coming weeks.

In the event of a pullback, some areas of interest were highlighted where the price can expect a reaction. Further, LINK’s shorter timeframes showed a bearish divergence between the price and momentum, something that could contribute to a minor dip on LINK’s charts.

On the 12-hour chart, the RSI and the Stochastic RSI climbed into the overbought territory, but this was no evidence of an impending pullback. Rather, it pointed to the strength of bullish momentum behind LINK.

The first was the $19.8-$20 region. This region is a confluence of the previous ATH, as well as an area where the price stalled on the shorter timeframe, making it a former region of supply-turned-demand.

Beneath this line, there were the $18.89 and $17.5-levels of support, but there was no evidence yet to indicate a drop deep enough to test these levels.

The long-term outlook for LINK still remained strongly bullish at press time, and the next week or two could see LINK reach the projected $28-mark. For just the surge from $13.2 (The dip on 13 January) to $22.7, the 27% extension level gave a target of $26.

Source: https://ambcrypto.com/chainlink-price-analysis-16-january

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Ethereum competitor Near Protocol (NEAR) gains 106% as DeFi heats up

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Near Protocol (NEAR) is a smart contract platform that uses parallel processing to scale the network. This technique, known as sharding, resembles what Eth2 is aiming to achieve and Near’s proof-of-stake consensus mechanism also allows token holders to stake their coins. 

In the past month, NEAR has rallied by 107% and this raises questions on whether the project is making significant strides in what has become an ultra-competitive smart contract industry.

NEAR/USDT (Binance). Source: TradingView

Compared to its competitors, NEAR is a relatively new project as the mainnet only launched in April 2020. Unlike Ethereum, NEAR’s consensus mechanism works towards fee stabilization and according to its website, the protocol aims to accelerate the development of decentralized applications.

Interestingly, Near’s ICO took place four months after its mainnet launch. A possible reason for this is that the team raised $35 million in private funding rounds held in July 2019 and May 2020. Among its investors are Andreessen Horowitz’s a16z Crypto Investments, Pantera Capital, Electric Capital, and Ripple’s incubator Xpring.

Over the past three months, Near Protocols’ network activity has increased significantly and information on the Near Blog shows there are a couple of exciting applications already live.

Near Protocol daily number of transactions. Source: explorer.near.org

One is Berry Club, a yield arming app/game that lets players draw with pixels and earn collectible tokens. Another application called Paras also allows users to interact with a NFT digital art card marketplace.

DeFi integration accelerates

On Nov. 24, 2020, 1inch.exchange-backed project Mooniswap revealed their plan to build Automated Market Making (AAM) features on NEAR.The decentralized exchange’s aggregator is designed to roll liquidity and pricing from all significant DEXs into one platform.

Sergej Kunz, CEO and co-founder of 1inch, stated: “By building on NEAR, we’ll be able to experiment with sharding and be prepared for the arrival of Ethereum 2.0.

On Jan. 19, Crypto.com also intends to launch a new pool offering $250,000 worth of NEAR tokens at 50% below the market price. Clients will need to stake CRO tokens and also meet the set trading volume requirements on the exchange.

One area of concern is there are open questions regarding how the community treasury is governed. A substantial number of NEAR tokens are being managed by a handful of people who are not required to abide by clear guidelines and rules.

NEAR Twitter user activity vs. price (USD). Source: TheTie

Data from TheTie, an alternative social analytics platform, shows that the recent price spike was accompanied by increased social network activity. Nevertheless, transfers and transactions on the Near Protocol mainnet began only three months ago.

Compared to its competitors NEAR protocol appears to be in an early development stage. Effectively delivering the Mooniswap integration will likely be an important milestone for the project and if successful, NEAR token could possibly see further upside.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/ethereum-competitor-near-protocol-near-gains-106-as-defi-heats-up

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