Bitcoin price is set to retest the $52k level once again, rising to highs of $51,880 on Sept. 5. The total market capitalization of all cryptocurrencies is up 2.61% at $2.32 trillion with the majority of cryptocurrencies trading in green.
As of press time, Chainlink (LINK, +10.60%), Filecoin (FIL, +27.97%), Quant (QNT, +31.57%), Fantom (FTM, +19.78%), Internet Computer (ICP, +14.01%), Algorand (ALGO, +12.05%), Holo (HOT, +10%), Oasis Network (ROSE, +19.36%), ECOMI (OMI, +22.27%), Klever (KLV, +22.27%) were posting significant gains.
According to a new report from Bloomberg, most digital assets led by Bitcoin and Ethereum are on track for new highs. The September edition of Bloomberg’s Crypto outlook gives $100,000 BTC and $5,000 Ethereum (ETH) as the “path of least resistance” after the two assets survived an earlier correction in May.
While bullish energy revs up in the crypto space, expectations are rising that Bitcoin might squash the slump trend noted in September. Historically, September marks that of lackluster action for Bitcoin. A glance at the monthly price data since 2013 reveals that BTC has only posted positive gains in September twice in eight years — in 2015 and 2016 — with a maximum of 6%, which could be considered to be almost flat.
Here Are the Bullish Predictions for Bitcoin, XRP, Hedera Hashgraph, and MATIC
While Bitcoin seeks to establish the $50k-$51k range as a firm support, on-chain metrics have been much more firmly bullish for some time. In a Sep. 5 tweet, analyst Willy Woo highlighted a “conservative” price estimate of $55,000 for BTC/USD using the “supply shock valuation model.”
Popular analyst Will Clemente stated in a Sept 5 tweet ”Feels like a massive green candle is coming for Bitcoin soon”. The analyst earlier stated that Bitcoin could trend higher in the coming months given that “This wave of Bitcoin supply shock has the most momentum of any in recent history. We’re going much higher over the coming months.”
Supply Shock Rations, Courtesy@WClementeIII Twitter: Glassnode
He also noted that ”Bitcoin whales have added +41,580 BTC (~$2B) to their holdings in the last 10 days”.
XRP (XRP) and Hedera Hashgraph (HBAR)
CrediBULL Crypto, @credible crypto, an independent market analyst, noted that XRP could reach $1.50 to $1.60 next, citing impulse buying sentiment. The analyst also believes that it is almost time for XRP and HBAR to rally, ending their accumulation phase. Stating:
“Time is running out to pack your HBAR and XRP bags. Pack heavy. It’s a long way to the moon.”
XRP was trading at $1.32 at the time of writing, up more than 3.73% in the last 24 hours and 12.53% weekly.
HBAR, the native asset of the Hedera Hashgraph, a decentralized public network, is trading at $0.283639 at the time of writing, up 3.01% and 20.43% on a 7-day basis. Hedera is seeing developmental advances as the latest release of Hedera Service Code v0.17.4 on mainnet has updates to the Hedera Token Service including NFTs, Coin Custom Fees (including NFT royalties), and Wrench Metadata standards for tokens.
On Sept. 5, Polygon’s native MATIC token pushed its prices above $1.79 for the first time in nearly three months. The recent rise alludes to the creation of a decentralized autonomous organization (DAO) for its community members while focusing specifically on the booming decentralized finance (DeFi) space.
Polygon, which offers layer-two scaling solutions for Ethereum projects, allocated $100 million for the DAO creation and also announced that it would airdrop new DAO governance tokens to existing Polygon (MATIC) users. Although Polygon (MATIC) seems to be facing resistance at current levels, Twitter analyst, PentoshiWontDMYou, @Pentosh1 sees further upsides in store for the token, stating that MATIC has the right fundamentals to go with it:
”I don’t think it’s long before price discovery on this probably this month or at least ATH’s. Likely flags out on this short-term and breaks up. I like this chart a lot and has the FA to go with it”.
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