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- Samson Mow Debunks $40K Bitcoin Crash Fears: Why $100K is Within Reach!
Samson Mow Debunks $40K Bitcoin Crash Fears: Why $100K is Within Reach!
Samson Mow argues that fears driving Bitcoin's potential drop to $40,000 are unfounded and that macroeconomic factors could propel Bitcoin to $100,000.
Steven Walgenbach
September 07, 2024
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Breaking Crypto Stories
Here are the top stories today:
Samson Mow Challenges Bitcoin's $40K Bearish Predictions, Sees Potential for $100K Surge
Coinbase Wins Court Ruling, Gains Access to SEC Documents on Token Securities Classification
Judge Overturns CFTC Order, Allows Kalshi to Offer US Election Derivatives
🤔Samson Mow Challenges Bitcoin's $40K Bearish Predictions, Sees Potential for $100K Surge
Samson Mow, CEO of Jan3, argues that recent predictions of Bitcoin dropping to $40,000 are driven by fear rather than technical fundamentals. He believes Bitcoin could instead reach $100,000, citing macroeconomic factors and growing institutional interest as support for a bullish outlook.
Samson Mow asserts that fear-driven predictions of Bitcoin falling to $40,000 lack technical basis and are driven by market sentiment.
Mow highlights macroeconomic factors, including high US government debt and increasing corporate adoption, as potential drivers for Bitcoin reaching $100,000.
Despite current market fears and recent price declines, Mow emphasizes that fundamentals will ultimately prevail, citing historical resilience even amid significant market disruptions.
🥊Coinbase Wins Court Ruling, Gains Access to SEC Documents on Token Securities Classification
Coinbase secured a partial court victory allowing it access to certain SEC documents related to the regulator's classification of tokens as securities. This development follows the SEC's enforcement action against Coinbase for allegedly operating as an unregistered securities exchange.
Judge Katherin Failla granted Coinbase's motion to compel the SEC to produce documents related to the classification of tokens and the SEC’s approach to digital assets, partially supporting the exchange's request.
The ruling is significant for Coinbase’s ongoing legal battle with the SEC, which alleges the firm was operating as an unregistered securities exchange, broker, and clearing agency.
This partial court victory coincides with other legal challenges for Coinbase, including a class-action lawsuit alleging the exchange misrepresented the regulatory status of listed crypto assets. The ruling could influence similar cases and future regulatory decisions.
🧑⚖️Judge Overturns CFTC Order, Allows Kalshi to Offer US Election Derivatives
A US judge ruled in favor of prediction market Kalshi, enabling the platform to offer derivatives for betting on the upcoming US election, overturning a previous order by the Commodity Futures Trading Commission (CFTC). This decision marks a significant shift in the legal landscape for election betting markets.
Judge Jia Cobb of the US District Court for the District of Columbia ruled that Kalshi can offer election-related derivatives, overturning the CFTC's previous order which deemed such betting illegal in some states.
The ruling is seen as a major victory for Kalshi and its proponents, with Kalshi's CEO highlighting its historic nature as election markets become legal in the US for the first time in a century.
The CFTC has the option to appeal the decision, and recent discussions around regulatory proposals, including one from crypto exchange Gemini, highlight ongoing debates about event contracts and prediction markets.
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Bitcoin (BTC)
Price Movements: Bitcoin's recent performance on the 4-hour chart has been bearish, with consecutive lower closing prices indicating a continued decline in market sentiment. The Relative Strength Index (RSI) shows oversold conditions, suggesting that the cryptocurrency has faced significant selling pressure. While this could lead to a potential short-term relief rally, technical indicators like the Exponential Moving Averages (EMAs) and the MACD show that the downward trend remains strong, keeping the bears in control for the time being.
Key Levels To Watch: On the upside, resistance levels are situated at $58,134, $58,214, and $58,230, where the market would need to break through to signal a more sustained recovery. However, Bitcoin remains under bearish pressure, making it more likely that the price will test lower support levels. The critical support to watch is $51,340, as a break below this level could trigger further downside, increasing the likelihood of additional selling momentum.
Trade Strategies: Given the current market conditions, short positions might be favorable, particularly if Bitcoin fails to break above key resistance levels. Traders considering short trades should look for exit points around $51,340 if the bearish trend continues. For those looking for long opportunities, a break above the $58,230 resistance level could indicate a potential reversal, with exits aimed at higher price levels. However, caution is advised due to the strong downward momentum indicated by technical factors.
Ethereum (ETH)
Price Movements: Ethereum's price has been under pressure on the 4-hour chart, with a recent close at $2,261.4 signaling a continued bearish trend. The exponential moving averages (EMAs) highlight this weakness, as the 9-EMA is trailing below the 20-EMA. The MACD indicator also shows deepening negative momentum, suggesting that the downward movement may continue, though the selling pressure is starting to ease slightly. Traders should remain cautious, as the price may consolidate before making another significant move.
Key Levels To Watch: Ethereum is facing crucial resistance at $2,455.4, $2,526.0, and $2,527.6. These levels are pivotal in determining whether a bullish reversal could occur or if ETH will continue its bearish descent. A break above these levels could shift momentum in favor of the bulls, while failure to breach them might result in further consolidation or even a decline. Traders should closely monitor ETH's ability to overcome these resistance points for any signs of a trend reversal.
Trade Strategies: For bullish traders, waiting for a break above $2,455.4 could be a potential entry point, signaling a shift in market sentiment. However, for those leaning bearish, short positions may be considered around the $2,527.6 resistance level, with a stop-loss to manage risk. Additionally, the oversold RSI levels suggest a possible rebound, providing opportunities for short-term buyers to capitalize on a brief recovery.
Ripple (XRP)
Price Movements: XRP has been experiencing downward pressure in recent trading sessions, reflected by its inability to break above resistance levels. The price has consolidated around $0.5267, showing signs of bearish momentum. Both the 9-EMA and 20-EMA suggest a continuation of this downward trend, with XRP remaining below these critical moving averages. Additionally, the MACD histogram shows consistent negative readings, signaling weakened buying interest, while the RSI remains in oversold territory, indicating bearish control in the short term.
Key Levels To Watch: XRP is approaching critical support levels that traders should monitor closely. Immediate support lies at $0.4997, with the next key support zone at $0.4857. A break below these levels could signal a deeper correction. On the upside, resistance stands at $0.5609, followed by $0.5692 and $0.5701. A sustained move above these levels could signal a bullish reversal, but XRP would need to overcome significant bearish momentum for this to occur.
Trade Strategies: For short positions, traders might consider entering near the current price, targeting a breakdown toward $0.4997 or $0.4857. For long trades, waiting for a clear breakout above $0.5609 is recommended, as this could indicate a shift in momentum. Tight stop-loss orders are advised due to the volatility, and traders should closely monitor the RSI and MACD for early signs of trend reversal.
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