18.09.23  - 24.09.23

Bitcoin, during the past week, has established a new trading channel, maintaining its upward movement. This trend unfolds at a measured pace, although there is some potential for sudden declines. Traders are advised to be cautious.

▶️Since its launch in August 2020, Shiba Inu Meme Coin (SHIB) has made significant strides. The token not only gained immense popularity but also secured a spot in the top 20 cryptocurrencies by market capitalization. Despite a substantial (more than 90%) drop from its all-time high, its current value is still higher than its initial price. In 2020, SHIB debuted at approximately $0.00000000051. Had an investor allocated $100 to SHIB at that time, they would now possess 196,078,431,373 SHIB tokens. In 2023, this investment would have risen to $1.42 million, marking a remarkable gain of 1,427,350%. However, if the investor had cashed out at the peak price of 0.00008616, their $100 investment would have yielded an astounding $16.8 million, a staggering gain of 16,894,017%. SHIB's exceptional performance in 2020 and 2021 can be attributed to various factors, including Ethereum (ETH) co-founder Vitalik Buterin's substantial burn of SHIB supply and his donations towards India to help in the fight against COVID-19. Should Shiba Inu (SHIB) replicate a similar burn, it could potentially trigger another rally similar to the 2021 takeoff.

▶️BTC Faces Selling Pressure but Hope Still Persists. Bitcoin has encountered selling pressure from traders on platforms like Deribit and Binance, according to Onchain analytics. Interestingly, this bearish sentiment may lead to potential liquidations that could, paradoxically, drive prices higher. Some analysts believe that as traders continue to bet against Bitcoin, a rebound to $30,000 becomes increasingly likely.



▶️The self-learning machine algorithm deployed by crypto tracking platform CoinCodex set the price of Bitcoin at $38,183 on December 31, 2023. This suggests that its value would increase by nearly 23% from its June 30 figures. Moreover, if Bitcoin follows growth patterns similar to the internet, mobile technologies, Google (NASDAQ: GOOGL), or Facebook (NASDAQ: META), its average price by the end of 2024 could reach $62,193. Specifically, following the internet's trajectory could lead to $38,887, mimicking Google's expansion could reach $56,838, while mirroring Facebook's path could potentially result in a price of $114,812. Looking further ahead into 2025, predictions hint at an average Bitcoin price of $110,636, with scenarios ranging from $50,202 (internet growth), $48,942 (mobile tech model), $88,713 (Google emulation), to a remarkable $254,687 (Facebook-like trajectory). The pending decision by the Securities and Exchange Commission (SEC) regarding Bitcoin spot exchange-traded-fund (ETF) filings adds to optimism, with the potential to further boost Bitcoin's price. The SEC previously deferred its decision on these ETF applications in August, with the new deadline set for October.