Bitcoin has consolidated between $34k and $35k for more than two weeks. However, on-chain data has highlighted a potential path to $40K. Meanwhile, analysts have stated that the ongoing rally for XRP and Bitcoin Spark is far from over.
Data Highlights Bitcoin Pathway To $40,000
Bitcoin (BTC) broke above the $30k resistance in mid-October. However, throughout November, the number one crypto has consolidated between $34,000 and $35,000. The price movement of Bitcoin has been restricted within a 4.5% narrow range over the last two weeks.
Analysts have now highlighted on-chain data that suggests a potential path for the Bitcoin price to climb to $40,000. Open interest for BTC jumped to $16.3 billion – its highest level since April 2022. The high demand for leverage is often followed by a bullish market for Bitcoin.
The potential approval of a spot Bitcoin ETF and the upcoming Bitcoin halving are the catalysts fueling the market rally. In addition, the Bitcoin futures premium has surged above 11%, confirming a bullish market. With these indicators, the Bitcoin price prediction hints at a break above the $40,000 resistance in the coming weeks.
The XRP Price Rally is Far From Over – ActionFX
The price of XRP has also been on an uptrend over the last few weeks. The XRP price has increased more than 30% on the monthly chart, increasing from $0.4750 to $0.6800 in November. However, ActionFX has reported that the rally for the altcoin is far from over.
They highlighted that the XRP coin has formed a major bullish trend line on the 4H chart. Also, the altcoin has formed a support near the $0.6300 level. With this, a bullish price performance has been forecasted for XRP. However, bulls would look out for $0.7050 and $0.7150 as potential resistance levels.
According to Action FX, if the momentum is sustained, the XRP value could jump to $0.7850 or as high as $1 in the coming weeks. This price forecast is backed by several positive developments around Ripple and XRP. The Ripple lawsuit settlement has been projected to favor the crypto company, while XRP has been approved to be used in Dubai.
Bitcoin Spark To Experience a Major Rally Ahead of Halving Event
The potential approval of a spot Bitcoin ETF and the April 2024 Bitcoin halving has been projected to fuel a major rally. Bitcoin Spark (BTCS) is set to be a major beneficiary of the market rally. However, unlike most other Bitcoin forks, BTCS could see even greater gains in the next bull market.
Bitcoin Spark has made several remarkable improvements to the Bitcoin blockchain, making it the best new crypto to buy now. One great improvement is the inclusion of smart contract functionality. This obviously missing component of Bitcoin has been integrated into the Bitcoin Spark architecture.
To cope with the demands of a dApp and DeFi ecosystem. The Bitcoin Spark team has built a new, more efficient consensus algorithm, Proof-of-Processs. This new consensus is a hybrid of Proof-of-Stake and Proof-of-Work but offers faster transaction speeds, cheaper fees, and quicker completion times.
Also, the team has launched the project via a crypto presale to give investors another chance at entering into Bitcoin early. The project is now in its ninth ICO stage, where BTCS is valued at $3.50 per token. However, analysts have projected a price of $50 for BTCS in the bull market.
Find out more about the Bitcoin Spark ICO below:
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure.
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