Analyst Nicholas Merten predicts that Bitcoin will drop to $12,000 in September. Crypto analyst Aaryamann Shrivastava says DOGE has shaken investor confidence. Meanwhile, Evai CEO Matthew Dixon predicts a significant pullback for the XRP price.
BTC price will drop to $12,000
According to Nicholas Merten, the price of Bitcoin (BTC) is very close to being at the turning point where it can briefly adjust, where it will take a turn on the weekly timeframe in the key momentum indicator. Despite the earlier correlation, the analyst points out that Bitcoin is starting to lag behind traditional equity markets.
BTC Chart / Source: TradingViewThe analyst states that Bitcoin is starting to lag behind the growth of Microsoft and Nvidia. In this context, the analyst continues his statements in the following direction.
Bitcoin has definitely made some good moves in the last few months. However, the question you have to ask yourself is whether this will continue. Even if you bought it in November and are considering buying it now, there’s one question you need to ask yourself: Will Bitcoin still continue to be the leading horse of the race?
Because what we’ve seen here over the past few months is very similar to what we’ve seen in previous price movements. The same range that was previously used as support in the last bull market… It acts as resistance as it did in May. We didn’t even get to the upper band around $32,000 to $33,000, which many people set as their exit target. People constantly change their goals by keeping their expectations too high and in the end they cannot make a profit.
DOGE shakes investor confidence
Dogecoin price has made almost no attempt to start a recovery in the past two weeks. The meme coin, trading at $0.078, has been trading below the 50-day Exponential Moving Average (EMA) since the 17% crash in mid-April. This acts as the next key barrier. Weak macroeconomic conditions are certainly affecting. However, the pessimism of DOGE holders has been increasing since last month.
DOGE 1-day chartInvestors are rapidly losing their trust in meme coin. The lack of green candlesticks caused the weighted sentiment of Dogecoin holders to drop below the neutral mark. This indicates a bearish trend towards the digital asset. While Dogecoin investors have exhibited this kind of pessimism in the past, this particular example is the longest period of increasing decline in their behavior. This has led investors to dispose of their assets to minimize their losses. Most of that sales came from one of their most influential groups.
Dogecoin sentimentMid-term owners or “Cruisers” are the group of investors who hold their supply for more than a month and less than a year. As these 1.2 million addresses collectively own more than 53% of the entire circulating supply, their actions somewhat affect the price.
These investors were a much larger 61% up until a week ago, but since the Dogecoin price stopped showing signs of recovery, these investors decided to make up for their losses. As a result, 7% of their supply was disposed of. Also, this amount was later collected by short-term holders representing less than a month’s supply.
Distribution of Dogecoin supply by holding periodThus, such owners’ loss of faith has a downward impact not only on the price but also on the investors’ outlook. This sell-off could increase if DOGE price fails to rally anytime soon and instead hovers around $0.078.
XRP price will drop before a big increase
As you follow on Kriptokoin.com, Evai CEO Matthew Dixon predicts a significant downturn for XRP. The expert expects the XRP price to drop as low as $0.34 before experiencing a dramatic recovery. However, he predicts it will potentially exceed $0.6 later. Dixon frequently uses Elliot Wave Theory to analyze market trends. The expert hints that there is an opportunity for higher risk-reward ratios following the predicted price volatility.
Referring to this structure, Dixon says that XRP’s “X wave” will be a small upward move. However, he states that there will be a downward “Y wave” afterward. However, the XRP price is expected to recover after that. According to Dixon’s predictions, XRP will drop to the $0.34 level before it moves beyond the $0.6 mark.
XRP, BTC, and ADA see the lowest trading volumes
According to a report from the intelligence portal Santiment, the most important digital assets such as XRP, BTC or Cardano (ADA) are experiencing the lowest combined trading volume in over a year. This decline in trading activity is particularly notable among altcoins, which have seen a significant drop in trading volumes. The report highlights that even when only Bitcoin and Ethereum (ETH) trading volumes are taken into account, the figures are the second lowest recorded since September 2019. Decreasing trading volumes point to a lack of investor participation and market enthusiasm.
Source: Santiment
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