Ripple Price Predictions, Bitcoin’s Woes at $65K, SHIB Developments, and More: Bits Recap June 20
TL;DR
- Analysts forecast a bullish trend for BTC, predicting spikes to $72,000-$74,000 and possibly above $100,000 by the end of 2024.
- SHIB sees increased adoption and a significant rise in its burn rate, alongside a resurgence in the Shibarium network.
- Ripple’s XRP shows potential for a rally, with predictions of price movements toward $0.75 and possibly up to $18 based on historical patterns.
The Odds of a Fresh BTC Rally
The primary cryptocurrency has been on a downtrend in the last month, continuing to underperform in the past several days. It plunged toward $64,500 on June 18 before slightly rebounding to its current level of approximately $65,800 (per CoinGecko’s data).
The negative trends haven’t deterred some analysts from speculating that the asset is headed for a new bull run in the following months. The X user Crypto Rover recently claimed that BTC has “bottomed” and is now poised to spike to $72,000-$74,000.
Ali Martinez and Titan of Crypto were bullish, too. The former suggested that the asset might yet reach its cycle top, assuming it mimics its performance in previous bull runs. He thinks the price could peak around December 2024 or by October 2025.
Titan of Crypto envisioned a potential rally above the $100,000 coveted mark before the end of 2024. The forecast is based on the BTC halving, which took place two months ago.
The event occurs every four years (approximately) and slashes in half the daily issuance of new coins. Historically, it has been a precursor of a major resurgence for BTC and the entire cryptocurrency market.
SHIB Developments
The second-largest meme coin in terms of market capitalization made the headlines thanks to its increasing adoption. As CryptoPotato reported, the popular gaming platform The Sandbox revealed that it holds SHIB and other meme coins such as DOGE, PEPE, BONK, and more.
“We’re excited to integrate these meme coins into The Sandbox and look forward to the utility they will provide for our users and the broader meme coin community. Stay tuned for more soon,” the gaming platform stated.
Prior to that, SHIB made waves due to its burn rate, which exploded by over 12,000% on a 24-hour scale, and the resurgence of the layer-2 scaling solution Shibarium. The network, which aims to foster the development of Shiba Inu, witnessed a spike in new contracts and daily transactions. Those curious to learn how Shibarium works and its main specifics, feel free to take a look at our dedicated video below:
XRP Predictions
Ripple’s XRP is among the few leading cryptocurrencies seeing some gains on a weekly basis. It briefly surpassed $0.51 on June 17, currently hovering the $0.49 level. Earlier this week, the X users World of Charts and Dark Defender envisioned a further rally for the asset.
The former noted a “breaking falling wedge with strong volume,” expecting a possible move towards $0.75 in the following days. This technical pattern, formed by two converging descending trend lines, usually occurs after a prolonged downtrend, signaling the potential exhaustion of the selling pressure.
Dark Defender was even more optimistic, predicting a price explosion toward $18 should XRP repeat its performance from years ago.
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