Bitcoin (BTC) is presently consolidating below $48k after rebounding to highs of $48,475 on Sept. 15. The majority of Altcoins likewise remain in the previous day’s trading range, with selected digital assets such as Avalanche (AVAX, +15.26%), Sushiswap (SUSHI, +22.79%), Curve DAO Token (CRV, +11.33%), Synthetix (SNX,+14.21%), Horizen (ZEN, +18.65%), Ren (REN, +14.54%), Phala Network (PHA, +21.09%) significantly up in the last 24 hours.
Despite the rangebound trading seen for Bitcoin and the majority of Altcoins, tokens such as Gala (GALA, +158.45%), Alitas Price (ALT, +70.94%), Celer Network (CELR, +14.17%) went ahead to record all-time highs on Sept. 16.
Gala Games is a platform that builds a range of blockchain-powered games, each of which provides players with true ownership of their in-game items through the use of non-fungible tokens (NFTs). Gala’s 158% run-up to recent all-time highs today was partly buoyed by a recent exchange listing as it announced Sept.15: ”GALA has been listed on Poloniex. GALA wallet is now open and full trading for GALA/USDT is already enabled”.
In the near term, Bitcoin’s price action looks to be aided by three positive catalysts. First, Business intelligence outfit, MicroStrategy on Sept 13 announced increasing its BTC ownership with an additional purchase of 5,050 BTC for about $242.9 million at an average of $48,099 per coin.
Second, On Sept. 13, U.S Bank, Morgan Stanley appointed a lead cryptocurrency analyst for its dedicated cryptocurrency research team. Third, a potential exchange-traded fund (ETF) approval by the U.S SEC seems to be in the offing following Fidelity Digital Assets’ recent private meeting with the agency.
Likewise, recent research has indicated that demand for Ethereum and other Altcoins are growing at a faster rate than the demand for Bitcoin while noting that in August, well over four-fifths of the amount of cryptocurrency purchased were Altcoins.
If historical data plays any role in the price of Bitcoin, the month of September presented negative performances in four of the previous five years. What holds for Bitcoin and Altcoins in the coming days?
Here Are the Predictions!
1. Former Goldman Sachs executive Raoul Pal says he believes the remaining months of 2021 will be extraordinary for the crypto markets. In a recent Real Vision Finance interview, Pal says he expects Bitcoin and the broader crypto markets to have a big run-up by the end of 2021. Stating:
“Generally speaking, the last quarter of the year is when all the buses come. Everybody’s job is to be on the lookout for those buses. Because… you don’t want to be run over by the bus, and you want to catch the right bus… My bet is that the crypto bus is a rocket ship and not a bus. And this last quarter will be extraordinary.”
Terra Supply, Courtesy: Messari
2. Crypto analyst, PentoshiWontDMYou, @Pentosh1 says he believes Bitcoin should see fresh all-time highs sooner than expected, likely October or November. Stating:
”48.7k really bears the last line of defense, New ATH’s probably coming sooner than you think (in my opinion Oct-Nov). This is most likely an HL after a HH of the broken downtrend and PoB break The mistake people are going to make after new ath’s is trying to over-trade it.”
3. On-chain analytics, Messari sees Terra UST clinching top spot among decentralized stablecoins with its upcoming Colombus-5 upgrade, Stating:
”In 2021 Terra’s UST became a leading decentralized stablecoin reaching $2.5BN+ in circulation. With Colombus-5 and Wormhole V2 going live in the coming weeks, UST growth will likely accelerate, setting it up to challenge DAI for the top spot among decentralized Stablecoins”.
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