Bitcoin dipped to lows of $48,650 on Dec. 8 before rebounding past $50k where it presently trades. Several altcoins are posting a rebound after the Dec. 4 brutal selloff as renewed market optimism captured investors’ attention. Chainlink (LINK, +12.12%), Near protocol (NEAR, +23.47%), Loopring (LRC, +15.75%), Kadena (KDA, +15.96%), WAX (WAXP, +17.85%) are significantly up in the last 24 hours.
However, on a cautious note it should be noted that, as we are going through the final weeks of the current year, the markets may experience temporary abrupt or even exaggerated movements.
Bitcoin (BTC)
Amid renewed market optimism, the market sentiment likewise felt the benefit, exiting “extreme fear” since the Dec. 4 selloff to ”fear”. Cryptoanalyst Will Clemente believes Bitcoin might continue to consolidate in the near term. “Earlier today everyone thought we were going to the moon, if we sweep the lows everyone will probably think we’re going to dump again. Still, just think we’re going to consolidate and carve out a regime of mixed-negative funding before eventually going higher”.
S2F Creator, PlanB sets a $100k price target for Bitcoin, stating in a Dec. 1 tweet ”Stock-to-Flow model on track since March 2019, aiming for $100K”
Crypto analyst, Kaleo says BTC might reach at least $100,000 during this present cycle.
”I still expect to see Bitcoin have a parabolic move to top out at $100K+ this cycle. I’ll gladly start scaling out around $150K. I expect it to go higher”
XRP (XRP)
On-chain analytics, Santiment’s ”strong and oversold” indicates that XRP is showing signs of having an ”undervalued” price in comparison to its fundamentals. XRP was up 7% at $0.87 as of press time.
Crypto analyst, Michael Van de Poppe in a YouTube update gives the $0.81 and $0.97 levels as the area to watch for XRP price. He says “If these are going to hold, we’re most likely going to have a scenario like this (rally to $2.00) in which we start to break out, and these are the triggers here ($0.90, $1.00, and $1.20)… Then, we get a vertical move” He indicates XRP’s next price targets to be $2.87 and $4.33.
Terra (LUNA)
Terra LUNA has posted an impressive rally since late November to enter the top 10 cryptocurrencies by market cap. TradingView data shows since hitting a low of $37.90 on Nov. 26, the price of LUNA has surged nearly 106% to a new all-time high at $78.37 on Dec. 5.
Crypto analyst, Kaleo believes LUNA could eventually reach $100 “LUNA going to $100 from here is only a matter of time.” LUNA traded at $70.87 as of press time.
Metaverse and NFT tokens surged in November, as investor interest in the metaverse rose. Data from Macro Hive indicated a bucket of metaverse-related cryptocurrencies notably Axie Infinity, Decentraland, Sandbox, Enjin Coin, and GALA rose 37,000% this year. Coins related to smart contracts rallied 2,355% this year, and DeFi coins jumped 548%. Bitcoin rose just 97%.
However, as noted by the research firm, Metaverse and DeFi coins fell the most over the past week as the market plunged. Would this imply an attention shift? The outlook continues to be bullish as strategists at Bank of America believe that the metaverse will create new opportunities in blockchain technology.
That said, any dip in such tokens might present opportunities for longer-term trades.
Image Credit: Micro Hive, CoinGecko, Shutterstock
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