The Bitcoin price continues to lead the market and with each crash, it has taken down the altcoin market with it. Amid this, Ethereum has performed especially poorly, returning to prices not seen since seven years ago. As Donald Trump’s tariff situation rocks the market, the question on everyone’s lips is, where is the Bitcoin price headed from here?

Market Experts Chime In On Bitcoin Price

Crypto market sentiment has tanked to levels not seen in years with the Bitcoin crash into the $ 70,000 territory, and according to many, the battle is far from over. One of the experts who have said that the Bitcoin price could stay low during this time is Alex Guts, CEO of Banxe.

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According to Guts, the BTC price could continue to trade in a tight $72,000-$84,000 range during this time. Looking over for the long-term, the CEO sees “prospects staying bullish as adoption and policy support grow.”

On the same note, while Trump’s policies and tariff wars have caused the markets to tank, expectations remain that this could be good for the markets in the long term. In an analysis shared with NewsBTC, a Bitunix expert analyst pointed out that what the Trump administration is doing is “igniting a regulatory renaissance for crypto.”

He points out that all of the President’s actions since he took office have shown this, especially with his empowerment of crypto leaders. So, despite the market being down now, Trump’s moves could end up igniting further growth for the market.

The Bitunix analyst warns that investors should not allow the news of the tariff wars to cloud their judgment. He outlines that sometimes it is imperative to implement new things in order to fix what is broken, likening it to ‘taking medicine’.

As for where the Bitcoin price could be headed next from here, the expert analyst told NewsBTC:

“Well, the recent price drop in major cryptocurrencies has worried retail investors, but we believe that Bitcoin could potentially reach $117k after the dust settles.”

The Sad State Of Affairs Of ETH/BTC

Despite being the second-largest cryptocurrency in the world, the Ethereum price has performed poorly, especially in comparison to Bitcoin. Looking at the ETH/BTC chart, there seems to be no support in sight as the crash continues.

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So far, Ethereum has fallen to 0.01889 BTC, a level that has not been recorded since 2019. This suggests that Ethereum has completely retraced its gains from the past six years, plunging believers and supporters into deep losses.

For a turnaround for Ethereum, it seems major news would have to come out to propel a recovery. Otherwise, the lack of support suggests that Ethereum holders have more turbulence ahead of them to deal with.

Featured image from Dall.E, Chart from TradingView.com

The XRP price has been experiencing notable movements since the last week of July, closely linked to updates about a potential settlement between the SEC and Ripple. This anticipation has significantly influenced XRP’s market performance, causing a remarkable surge in its price as it skyrocketed from $0.599 to $0.655 in just a matter of hours. Although the price has since corrected, this rapid increase has once again highlighted XRP’s potential and its ability to draw substantial investor interest. 

According to a crypto analyst, XRP is just waiting to break out of a symmetrical triangle in which it has consolidated for years. A breakout of the triangle would mean intense, full, bullish pressure on the price of XRP. 

XRP To Breakout Of Symmetrical Triangle

The analysis of the XRP price movement, recently shared on the social media platform X by the prominent crypto analyst Ali Martinez, has captured significant attention. Martinez’s detailed examination reveals that the XRP pri has been consolidating within a symmetrical triangle pattern for the past six years.

According to the monthly candlestick XRP price chart he posted, this consolidation phase began after XRP reached its all-time high of $3.40 during the early 2018 bull market, which triggered a bearish run until it bottomed out at $0.11 in 2020. Since then, XRP’s price has been characterized by a series of lower highs and higher lows, which has resulted in the formation of the symmetrical triangle pattern observed by Martinez.

Symmetrical triangle patterns typically indicate periods of consolidation before a significant price movement. For XRP, this period of consolidation has been notably prolonged, extending beyond the usual timeframe expected for such patterns. This extended consolidation has been further exacerbated by Ripple’s legal issues with the SEC, which have stunted the crypto’s price since December 2020.

A breakout from this symmetrical triangle would signal the beginning of intense bullish pressure on XRP’s price, potentially leading to a substantial upward trend. Martinez highlights that the critical breakout point for XRP is around $0.90. He suggests that surpassing this level could be the catalyst for a substantial upward trend. In his own words, “A bullish breakout could occur if #XRP surpasses $0.90.” 

XRP Price Rally to $1?

The XRP price has increasingly been in the spotlight in the past year as the Ripple-SEC lawsuit seems to be drawing to a close. This increase in activity has seen the cryptocurrency inch closer to the breakout level of $0.90. 

On-chain data provides further insights into the growing optimism around XRP’s future performance. Many investors are anticipating a bullish run for XRP and are already positioning themselves accordingly. According to data from Santiment, there has been a notable increase in shark and whale wallets over the past five weeks. These wallets, which hold at least 10,000 XRP each, have seen a significant uptick. Wallets falling into this category are now around 279,400 addresses, which suggests increased accumulation. 

Featured image created with Dall.E, chart from Tradingview.com

Bitcoin broke over the $46,000 level twice in the past 24 hours for the first time since the approval of spot Bitcoin ETFs by the SEC, signaling a bullish return into most cryptocurrencies spearheaded by BTC. In particular, Bitcoin investors seem to be gearing up for action as the next Bitcoin halving approaches with an interesting time of withdrawal from exchanges.

Serious money has been on the move from exchanges in the past 30 days, as shown by on-chain data. As a result, the Bitcoin balance across various exchanges has seen a drastic drop to the lowest level in six years.

Percentage Of Bitcoin Supply On Exchanges Drops To Lowest Level Since 2017

A large portion of Bitcoin holders have been holding onto their coins for the long haul. According to IntoTheBlock data, about 69% of Bitcoin holders have been holding their coins for longer than one year.

Data from the on-chain analytics platform Santiment also showed that the supply of Bitcoin on exchanges recently dropped to 5.3% of the total circulating supply for the first time since December 2017, indicating 94.7% of the supply is currently in private custody. This metric is particularly interesting, considering BTC’s total circulating supply has grown by 2.84 million since December 2017.

As shown in Santiment’s chart, the supply on exchanges has been on a free fall since January 10, around when the first spot Bitcoin ETFs went live in the US. This isn’t surprising, as the sentiment around Bitcoin turned fully bullish during this period despite a prolonged price struggle.

#Bitcoin‘s price dominance has continued to grow over #altcoins, as its market value surged as high as $45.5K today. Traders remain skeptical toward the asset for a 3rd straight week. This is the lowest ratio of $BTC on exchanges since December, 2017. https://t.co/XC3UK258lM pic.twitter.com/4MwvXE28RC

— Santiment (@santimentfeed) February 8, 2024

In a similar manner, whale transaction tracker Whale Alerts has disclosed large bouts of BTC exiting crypto exchanges to private wallets in the past month. Notably, Bitcoin’s dominance over altcoins has gained ground, with the institutional demand for Bitcoin post-ETF approval also surging.

1,150 #BTC (51,452,847 USD) transferred from #Coinbase to unknown wallethttps://t.co/bQl4vCkifM

— Whale Alert (@whale_alert) February 8, 2024

This mass BTC exodus from crypto exchanges signals that long-term holders feel more comfortable keeping their coins in self-custody rather than on exchanges. 

The total Bitcoin withdrawals from exchanges in the past seven days were to the tune of $8.64 billion, outpacing a $8.42 billion inflow by $220 million. Wallets holding more than 1,000 BTC have also accumulated 1.03% of the total circulating supply in the past month.

Withdrawals from exchanges are generally a good phenomenon for crypto assets, as they reduce the amount of cryptocurrencies readily available for sale. Fewer BTC available means less selling pressure and the opportunity for the value to go up based on supply and demand. 

At the time of writing, Bitcoin is trading at $46,250, up by 4% in the past 24 hours and 7.15% in the past seven days. The cryptocurrency is currently aiming for the $50,000 mark, which it can reach very soon if the accumulation strategy continues.

BTC price crosses $47,000 | Source: BTCUSD on Tradingview.com

Featured image from Forbes, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

The directionless trading environment is causing a lot of impatience across the market, with traders forced to jump on FOMO pumps in little-known altcoins like LOOM, CREAM, and SXP. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) continue to face the lowest spot trading liquidity in many years.

#Bitcoin‘s ratio of discussions compared to #altcoins has just hit a 3-month low as traders look elsewhere to #FOMO in on #crypto pumps. Smaller projects like $LOOM, $CREAM, and $SXP are seeing surges in chats, which typically indicates market greed. https://t.co/1WaB9rKRSp pic.twitter.com/tcIodzGPaf

— Santiment (@santimentfeed) September 25, 2023

According to CryptoQuant, an on-chain data analytics platform, Bitcoin’s spot trading volume has plummeted to a six-year low. Having understood that Bitcoin tends to move in cycles of four years due to the miner reward halving process, investors “are more interested in holding their coins, believing in their future value, than selling at the first sign of profit.”

Bitcoin Price Hovers Above $26,000 – Long-Term Hodlers Unfazed

Bitcoin price bulls have all the reasons to defend support at $26,000, including the need to push for a trend reversal and avert a possible flash drop in search of liquidity at $25,000. It is not possible to predict the impact of a drop to the critical $25,000 support because any sign of weakness could send BTC spiraling to $22,000 or $20,000 if push comes to shove.

Ensuring support at $26,000 and subsequently the lower ascending trendline is paramount for the resumption of the uptrend. It will help bulls prepare to face the growing seller influence, considering Bitcoin price sits below all the three applied moving averages.

The 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue) meet at around $26,500, forming a confluence resistance while the 200-day EMA (purple) could delay the uptrend at $26,600.

Traders are likely to be on the lookout for the Moving Average Convergence Divergence (MACD) to confirm a buy signal. As the blue MACD line crosses above the signal line in red, traders could seek new exposure to BTC longs which will contribute to building momentum.

Until Bitcoin rises above $27,500, it would be difficult to validate a longer uptrend, targeting highs above the next major resistance at $31,000. In other words, Bitcoin is in danger of affirming the bearish grip the longer it stays below $27,500.

Buying and selling of Bitcoin on spot exchanges has gone down significantly, contributing to the plague of scarce volatility. On-chain data analytics company, IntoTheBlock, revealed on Sunday that long-term holders currently account for 69% or 13.44 million BTC of the circulating supply.

Long-term holders prefer to endure the harsh crypto winter with the hope that a market turnaround will reward their patience. Although the crypto market is untradeable for most cryptos especially BTC, ETH, and other major altcoins, the halving in 2024 promises a resounding rally as has been the norm with historical four-year Bitcoin cycles.

Despite market turbulence, long-term ‘Hodlers’ are unfazed. Our latest data reveals a near-record 13.44M BTC held by long-term holders, making up 69% of the circulating supply. Historically, these holders sustain prices in bear markets and take profits in bull runs. pic.twitter.com/99OA9LfUjU

— IntoTheBlock (@intotheblock) September 24, 2023

MicroStrategy Buys More BTC

The largest institutional holder of Bitcoin, MicroStrategy made headlines on Monday after making another massive purchase of 5,445 BTC for approximately $147.3 million. According to the company’s board chairman, MicroStrategy currently holds 158,245 BTC “acquired for $4.68 billion at an average price of $29,582 per Bitcoin.”

MicroStrategy has acquired an additional 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin. As of 9/24/23 @MicroStrategy hodls 158,245 $BTC acquired for ~$4.68 billion at an average price of $29,582 per bitcoin. $MSTR https://t.co/GbJtUoQfXv

— Michael Saylor (@saylor) September 25, 2023

There was little to no reaction from Bitcoin following the announcement, which could indicate an asset class that has matured or the lack of interest from retail investors who are known to be the market movers by capitalizing on such whale actions.

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.