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Can Bitcoin Hit $80k This Month as Bitcoin Minetrix Nears IEO

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Bitcoin (BTC) remains a hot topic this week, with the leading cryptocurrency now trading above $72,000.

Speculation is mounting that BTC could be gearing up for another upward leg soon, potentially pushing past $80,000 by the end of the month.

Adding fuel to this bullish narrative is the imminent Initial Exchange Offering (IEO) of Bitcoin Minetrix’s native BTCMTX token following its highly successful presale phase.

Bitcoin Blasts Past $73k, But Is $80k Next?

Bitcoin is showing incredible strength, with the crypto king breaking past $73,000 for the first time ever earlier today.

While a typical round of profit-taking caused a slight dip, Bitcoin quickly rebounded.

But can it reach the ambitious $80,000 milestone in March?

Several factors are lining up that could lead to such an enormous milestone.

For one, demand for spot Bitcoin ETFs has been off the charts, with billions of dollars being funneled into simply obtaining BTC exposure.

Additionally, the highly anticipated “halving” event, during which Bitcoin’s new supply issuance will be cut in half, is just around the corner in April.

Historically, this deflationary occurrence has preceded massive bull runs as market pricing adjusts to tighter supply conditions.

With whales relentlessly accumulating BTC and retail investors maintaining buying pressure, Bitcoin seems poised to crack the psychological barrier of $80,000.

Coinbase Bond Issue & Saylor’s Comments Lead to Investor FOMO

Beyond Bitcoin’s strong fundamentals and the upcoming supply reduction from the halving, several other developments could accelerate BTC’s momentum.

Most notably, Coinbase – the largest US-based crypto exchange – recently announced plans to raise $1 billion through a bond offering.

The crypto behemoth hasn’t revealed what the funds will be used for, yet speculation is rife that some could be directed towards BTC purchases.

Such a massive accumulation from a mainstream, publicly traded company would inevitably put upward price pressure on the coin.

Additionally, Michael Saylor – the famous Bitcoin bull and CEO of MicroStrategy – has been beating the drum even louder lately.

In a recent interview with CNBC, Saylor doubled down on his “Bitcoin will eat gold” narrative, claiming that the coin’s superior properties will see it siphon massive amounts of capital from the precious metal throughout 2024.

Combined with BlackRock making strides to offer BTC exposure across its fund selection, this sort of endorsement from Saylor could lead to more FOMO.

Ultimately, with so many forces converging at the same time, a run at the $80,000 level in March doesn’t seem so farfetched.

Bitcoin Minetrix’s Native BTCMTX Nears Highly-Anticipated Exchange Debut

With broader catalysts setting the stage for Bitcoin to potentially explode higher, another event that could add fuel to the fire is the upcoming exchange launch of Bitcoin Minetrix’s native BTCMTX token.

For those unaware, Bitcoin Minetrix is introducing a novel “Stake-to-Mine” ecosystem built on the Ethereum blockchain.

This allows anyone to earn BTC rewards by staking BTCMTX – no mining rigs or technical knowledge is required.

Here’s how it works in simple terms: Investors purchase and stake BTCMTX tokens, which are then used to mint cloud mining credits through a smart contract.

These credits essentially represent a share of Bitcoin Minetrix’s enormous mining power.

By burning those cloud mining credits, users will receive a cut of the mining rewards from Bitcoin Minetrix’s cloud mining operations, which are paid out in BTC.

It’s cryptocurrency mining, but it’s accessible, secure, and affordable for the average person.

Alongside the Stake-to-Mine feature, the platform even has another staking protocol offering yields of 57% per year.

After a wildly successful presale event, Bitcoin Minetrix is now nearing the $15 million funding target.

Once that target has been hit, the development team intends to list BTCMTX on several CEXs.

Members of Bitcoin Minetrix’s Telegram channel are looking forward to these listings, believing they could spark a significant price surge for BTCMTX.

Visit Bitcoin Minetrix Presale

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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