A crypto analyst has forecasted a powerful Wave 3 Bitcoin price rally that could take it toward new all-time highs between $160,000 and $200,000. Notably, this surge is expected to come with rising Bitcoin Dominance (BTC.D) and a delayed altcoin season, particularly if BTC can make a clean break above the $108,500 resistance level. 

Bitcoin Price Breakout To Spark Next Bull Run

The Bitcoin price is currently hovering below a critical resistance level at $108,500, and according to a crypto analyst known as ‘BigMike7335’ on the X social media platform, a clean breakout and flip of this level into support could ignite an explosive Wave 3 bull run. Based on Elliott Wave Theory and Fibonacci Extension analysis, a successful move above this threshold could open the door to a bullish price surge with potential targets set in the $160,000 to $200,000 range.

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The analyst’s chart shows that Bitcoin has already completed its Wave 1 of a five-wave impulse move, followed by an ABC corrective Wave 2. The market is also currently consolidating, and Bitcoin’s bullish momentum appears to be rebuilding. These positive developments are supported by a rising Stochastic Relative Strength Index (RSI) from the oversold region and a neutral-to-bullish RSI, both of which point toward upward price action.

Notably, the 0.618 and 1.0 Fibonacci Extensions around $117,795 and $137,421, respectively, are highlighted as interim resistance zones where price momentum could temporarily slow before continuing upward. A clean breakout above $108,500 could also place Bitcoin above a heavy volume node visible in the volume profile within the chart, suggesting less overhead resistance and a stronger potential for a price rally. 

Furthermore, the analysis implies that during this powerful Wave 3 phase, Bitcoin Dominance will likely climb toward 70%. This increase in BTC.D would mean capital is concentrating in the leading cryptocurrency, which historically results in altcoins underperforming. As a result, the expected altcoin season for this cycle may be postponed, following the completion or cooling of Wave 3. 

Analyst Predicts $375,000 Bitcoin Bull Run Peak

Crypto analyst TechDave has just sounded the alarm on what he calls the Bitcoin “launch signal”, a rare trigger that has only appeared four times in history and each time marked the start of major bull market rallies. This signal previously appeared in October 2012, July 2016, and July 2020—all preceding major upward moves that ended in new cycle peaks. 

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Currently, the same signal is emerging this July, aligning with the previous cycle structures and reinforcing the expectation of a breakout phase. Notably, the formation has led to exponential gains, with each bull market run typically peaking months later. Following this historical pattern, TechDave now predicts a fresh cycle top for Bitcoin at $375,000.

Featured image from Getty Images, chart from Tradingview.com

When it comes to cryptocurrency, there are plenty of examples of projects with a high market cap that have failed to maintain their position and plenty of smaller projects that have reached new all-time highs. One project that has managed to outperform both of these categories is Uniglo (GLO), which has been on a tear lately, bucking the trend of slumping prices in the crypto world. 

So, how has Uniglo managed to have a 35% price spike, unlike Fantom (FTM) and Dogecoin (DOGE)? Part of it has to do with the fact that Uniglo is a relatively new project scheduled for launch on October 2022. 

The team behind Uniglo is also very active and has started to gain traction in the crypto community. The main reason for Uniglo’s recent success, however, is that the project has a unique business model that is designed to protect its native token from the toughest market conditions, which is hardly possible for any current cryptocurrencies. Let’s learn more about this unique addition to ERC-20 token family.

Uniglo (GLO) – A New Volatility-Hedge Crypto

Uniglo (GLO) is a digital asset that utilizes a unique hedging algorithm to protect against market volatility. They implement a special vault that will work as a support tool for the native token.

Glo Vault is a secure storage solution for physical valuables. By putting the Top 15 cryptocurrencies, NFTs, and other physical assets in its vault, Uniglo protects its treasury holdings from speculative ventures and concentrates the bulk of its resources on those that are more predictable and established. 

Glo foundation charges a 5% transaction tax to finance the Uniglo treasury, which is then used to buy physical assets and expand its vault to sustain the $GLO floor price. As a consequence, asset-backed $GLO may provide investors with a more stable investment solution to reduce volatility. 

The ultra-burn mechanism is another potent instrument created by the GLO foundation. This mechanism eliminates 2% of each $GLO sale and burns a certain number of tradable GLO tokens by repurchasing them. As a DAO system, the community chooses the number of GLO tokens to be repurchased. 

Uniglo tokenomics seems very attractive to investors, explaining why thousands of new enthusiasts join the community. The hype around the new Ethereum-based project has resulted in a 35% price boost, letting investors stay hopeful for the launch.

Hard Time For Fantom (FTM) And Dogecoin (DOGE)

While Uniglo dominates the news, market veterans Fantom and Dogecoin struggle. 

Fantom (FTM) is a layer 1 smart contract development platform with enhanced scalability, EVM compliance, and excellent performance. The architecture of Fantom has been tuned for overcoming challenges associated with decentralizing a large number of services. For instance, outdated financial systems, such as consumer-facing solutions and back-end tools, need a greater throughput and quicker finality. 

Nonetheless, Fantom disclosed that it was hurt by the pessimistic market attitude in the previous week, as its on-chain value declined. FTM’s number of whale transactions on the network decreased as well. 

Named after the now-famous Doge meme, Doge’s engineers created a viable blockchain with lightning speed. They were able to make the DOGE blockchain a superior transaction medium to Bitcoin, with quicker transaction speeds and lower transaction costs. Nevertheless, as seen by its overall performance, DOGE’s hype-driven nature may be a smart short-term investment, but it inevitably leads to enormous price volatility and, eventually, disappointment for those who HODL.

Learn More About Uniglo:

Join Presale: https://presale.uniglo.io/register

Website: https://uniglo.io

Telegram: https://t.me/GloFoundation

Discord: https://discord.gg/a38KRnjQvW

Twitter: https://twitter.com/GloFoundation1

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.

While American stocks plunged at the opening of Wall Street on July 14, Bitcoin escaped losses, but traders remained uneasy.

Analysts Weigh In On Bitcoin Bottom

The S&P 500 and Nasdaq Composite Index both fell by about 1.8% at the time of writing as Wall Street opened in the red.

Although the largest cryptocurrency’s correlation to stocks declined to its lowest levels of 2022 so far, Bitcoin was still able to hold its own.

BTC/USD trades above $20k. Source: TradingView

BTC/USD fluctuated around $20,000 during the day, as shown by data from TradingView.

However, few were prepared to declare that hodlers’ worst days were behind them.

Aksel Kibar summarized to his Twitter followers:

“This has been a weak rebound so far. Another possible bearish continuation…”

Related Reading | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play?

Due to a confluence of macroeconomic factors, well-known economist and analyst Michael Suppo anticipated a lower low than June’s around $17,500 levels.

“No way is $17.5k the bottom for Bitcoin,” he noted.

Before any retest of the current multi-month lows, some people thought that higher support levels would hold.

13.7K is a possibility that we’ve been watching for 10 months now. #Bitcoin will not hit 13.7K unless we lose 19.5K as support.

19.5K is holding really well so far. The bottom is likely in or very close to being in but most will miss the bottom while waiting for lower prices pic.twitter.com/AJF5ye0ntn

— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) July 12, 2022

Trading Volume Tumbles To Lowest Since 2020

Exchange-wide spot and derivative volumes have decreased, falling more than 15% since May to over $4.2 trillion, the lowest level since January of last year. Spot volumes fell roughly 28% to $1.41 trillion in June alone as Bitcoin fell to its lowest level since December 2020, according to statistics gathered by CryptoCompare.

The amount of trade in derivatives decreased by 7% during the month, which was the lowest level since July 2021. In the cryptocurrency industry, derivatives play a significant role and account for more than half of the market.

Source: Cryptocompare

Market observers believe the pattern makes sense in light of the dips in Bitcoin and Ether, both of which have plunged more than 70% from their all-time highs last year. The price of bitcoin dropped 15% on June 18 to $17,599, its lowest level since late 2020.

Related Reading | Data Suggests Buying On Coinbase Behind The Bitcoin Pump

Featured image from Pixabay, charts from TradingView.com

Three days after the announcement of the Union Budget 2022, tax services and fintech startup, Clear, formerly known as ClearTax, launched a crypto tax platform to track and manage portfolios across exchanges and wallets. The app will keep record of income generating from transfer of virtual digital assets such as cryptocurrencies and NFTs, according to Yourstory.com.  

Meanwhile, in the cryptocurrency market, the price of Bitcoin was up by 3.97 per cent and was trading at $37,967.67 at 6:30 pm, while its dominance in the crypto market is currently at 40.80 per cent, down by 0.38 per cent in the last 24 hours.    

Ethereum (ETH) was trading at $2,837.92, with a rise of 8.66 per cent in the last 24 hours, while Binance Coin (BNB) was up by 3.62 per cent over the same period and was trading at $377.78. Solana (SOL) up by 7.04 per cent to $104.17 and Cardano (ADA) was up by 3.08 per cent to $1.06.  

Meme Coins  

Co-founder of meme coin, Dogecoin Billy Markus, appealed to supporters to “stay cool” amid the cryptocurrency failing to gain any significant traction since January 2022. Meanwhile, all major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have shown a rise in the last 24 hours.   

Dogecoin was up by 2.40 per cent while trading at $0.1397 at 6:30 pm. Rival Shiba Inu was up by 3.18 per cent and was trading at $0.00002113, Dogelon Mars up by 9.69 per cent and was trading at $0.0000008505, while Samoyedcoin was trading at $0.02086 and recorded a rise of 2.16 per cent.    

Overall Scenario    

The global crypto market cap was at $1.76 trillion, registering an increase of 5.06 per cent in the last 24 hours, while the total crypto market volume was $67.61 billion, down by 10.27 per cent.   

MetaPay (METAPAY) became the biggest gainer, recording a rise of 531.30 per cent, it was trading at $0.000002021 at 6:30 pm. On the other hand, Vive La Bouje (VIVE) witnessed maximum loss, falling 92.83 per cent, it was trading at $31.66. 

Latest Update 

Myanmar’s military government plans to establish a digital currency to support domestic payments and boost the economy within the year and is assessing how to move forward, Bloomberg quoted a top spokesman of the State Administration Council.