Crypto analyst Moustache shared insights on the latest market developments, stating that people are panicking over news related to Mt. Gox. The analyst suggested that this is the final dip before the market enters a phase of euphoria again.
In a significant move, over 140,000 Bitcoins, worth around $9 billion, were transferred from Mt. Gox wallets to an unknown address in thirteen transactions. This transfer is part of a plan to repay creditors by October 31, 2024. The market reacted negatively to these movements, with Bitcoin dropping by 1.4% to $67,680 after reaching a high of over $70,000 on Monday.
Mt. Gox Transfers $5B in BTC After 5 Years to Unmarked AddressCrypto analyst Moustache also highlighted the potential breakout signals for the total cryptocurrency market cap, excluding Bitcoin. The market has been trading within a descending channel characterized by lower highs and lower lows since March. Recent price actions suggest a shift in market sentiment.
The daily chart reveals a descending channel pattern where the market has been consolidating. The lower boundary of this channel has acted as strong support, while the upper boundary has provided significant resistance. The current market action indicates that the price has successfully broken above the upper boundary of the channel, signaling a bullish breakout.
The inset diagram outlines the price objective following the breakout. According to the chart analysis, the expected price objective is estimated at around $1.75 trillion. This target is derived from the height of the descending channel projected upwards from the breakout point.
The recent analysis of the cryptocurrency’s total market cap, excluding Bitcoin, reveals a significant development. The chart illustrates a downward trend confined within a descending channel. However, a potential breakout is evident as the price appears to breach the upper boundary of the channel. As of now, Bitcoin is trading at $67,971, with a slight decrease of 1.41%.
Highlighted in yellow, the consolidation phase indicates a possible reversal. The Relative Strength Index (RSI) at the bottom of the chart also suggests a bullish divergence, reinforcing the breakout potential.
Altcoins are showing signs of potential breakout movements, with Solana leading the charge by trading in a bullish trend over the past week, currently priced at $170.59 with a 1.39% increase in the last 24 hours, indicating strong growth potential.
XRP, now priced at $0.5274, faced a minor decline of 0.62% in the last 24 hours yet remains a key player with potential for recovery. Dogecoin (DOGE) is trading at $0.1622, experiencing a notable decrease of 4.35% over the last day.
Toncoin (TON) is priced at $6.36, with a 2.07% drop in the last 24 hours despite continuing to attract interest. Cardano (ADA), at $0.4545, saw a decrease of 2.58% over the last day, and Shiba Inu (SHIB), trading at $0.00002551, experienced a slight decline of 0.08% in the past 24 hours.
