- Bitcoin price fluctuates around USD 42,000.
- Ethereum is down over 5%, XRP is still below USD 0.95.
- ALGO and CRV declined over 9%.
Bitcoin price started a fresh decline below the USD 43,200 support. BTC even traded below USD 42,000 before moving back above this level. It is currently (12:05 UTC) showing bearish signs, with a risk of a move towards USD 40,000.
Similarly, most major altcoins are trading in the red zone. ETH declined over 5% and it is trading below USD 3,000. XRP is struggling to stay above USD 0.90 and it could extend losses. ADA is facing a major resistance near USD 2.20.
Total market capitalization
Recently, bitcoin price saw a fresh bearish wave below the USD 43,200 support. BTC settled below USD 43,000 and it even traded below USD 42,000. An initial support on the downside is near USD 41,200. The next major support is near USD 40,650, below which the price could accelerate lower. In this case, there is also a risk of a move below the USD 40,000 support.
On the upside, the price might face resistance near USD 42,500. The next key resistance is now forming near the USD 43,200 level.
Ethereum price declined and settled below the USD 3,000 level. ETH is now struggling to stay above USD 2,880. If there is a clear break below USD 2,880, the price could slide further. The next major support is near the USD 2,750 level, below which it could revisit USD 2,650.
On the upside, the USD 3,000 is a key breakout zone. A close above USD 3,000 could start a fresh increase towards the USD 3,120 and USD 3,150 levels.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down 4% and it is trying to stay above the USD 2.10 level. The next key support is near USD 2.05, below which the bulls might defend USD 2.00. If they fail, the price may possibly decline towards USD 1.88 support in the near term.
Litecoin (LTC) settled below the USD 150 level, with a bearish angle. An immediate support is near the USD 142 level. A successful close below USD 142 could push the price towards USD 135. Any more losses may possibly lead the price towards the USD 125 support level.
Dogecoin (DOGE) could decline below the USD 0.200 support, but it managed to return to this level. The next major support is near the USD 0.192 level, below which the price might decline towards the USD 0.180 support. If there is a fresh increase, the bears could take a stand near the USD 0.208 level.
XRP price is sliding and trading below USD 0.950. If there is a downside break below USD 0.900, the price could even decline below USD 0.880. The next major support is USD 0.850. On the upside, an immediate resistance is near USD 0.950, followed by the main USD 1.00 handle.
Other altcoins market today
Many altcoins are down over 8%, including PERP, CRV, SRM, RUNE, SOL, ICX, DCR, COMP, HBAR, AAVE, FTT, ALGO, and DYDX. Out of these, ALGO dropped by 9%, reaching USD 1.67, while CRV lost 11% of its value, hitting USD 2.4.
To sum up, bitcoin price is showing bearish signs below USD 43,200. If BTC fails to recover, there is a risk of a move towards the USD 40,000 support in the coming sessions.
Bitcoin Bullish Prediction Is Released By PlanB
There are all kinds of bullish predictions about the price of Bitcoin these days.
At the moment of writing this article, BTC is trading in the red and the king coin is priced just a little above $60k.
One of the bullish predictions has been revealed by analyst PlanB.
Bitcoin to go parabolic
He is expecting Bitcoin (BTC) to go on a major parabolic run over the next few months.
Just to refresh your memory, PlanB is the creator of the Bitcoin stock-to-flow (S2F) model – this attempts to predict the price of the king coin by measuring the amount of new supply that enters the market each year. This is compared to the amount of supply already in existence.
During a new interview, he addressed his S2F floor model as a reliable indicator which allowed him to nail BTC’s monthly closing prices in August and September.
“The model that got the most attention the last couple of months was the floor model because I predicted on June 20th – that was the same time, by the way, that the Guggenheim chief officer predicted Bitcoin to go below $20,000 – at about that same day, I made the prediction: ‘No, no, no it’s going to $47,000.’”
He continued and said the following:
“And Bitcoin was below $34,000 at that time. I said, ‘Well, in August, it will close above $47,000. In September, it goes down a little but it will close above $43,000, and in October it will close above $63,000.’”
He also said that if BTC is to continue following the floor price predictions of his S2F model, then it could surge over 44% from its current price of around $60,000 in November. The king coin could stage another major rally in December.
“If that continues, and frankly I would be very surprised if it doesn’t, that would be a black swan event that we haven’t seen in the last ten years.”
He also said:
“But if that continues, we’ll go to $98,000 in November already and $135,000 Bitcoin in December, so that will be a really nice Christmas this year if that comes true.”
200 Bitcoin ATMs are installed in Walmart stores, according to a report
It is now possible for customers of Walmart stores to withdraw Bitcoins at ATMs installed in their US stores.
The American retail multinational will allow its customers to buy bitcoin using ATMs installed in some of its stores in the United States. The initiative was made possible after a collaboration between retail giant Coinstar and Coinme.
Walmart will actually install Bitcoin ATMs
Last month, Walmart’s name became involved in a story, according to which the company had partnered with Litecoin (LTC) to allow its customers to make payments with the cryptocurrency. Although the rumors caused great excitement throughout the market, as soon as the facts were revealed he corrected them.
Now, however, a more credible Bloomberg report says the company has joined forces with Coinstar – known for its machines that can exchange physical currency for digital money.
The result of this new partnership was the installation of 200 Bitcoin ATMs in Walmart stores. It is now possible for customers to buy and withdraw Bitcoins at ATMs installed in some US stores.
Sam Doctor – director of strategy at cryptocurrency broker BitOoda – said installing bitcoin ATMs in supermarkets is a growing trend in the United States. However, he noted that Walmart is different from its rivals in that its customer niche can reach a more sizable percentage of society:
“Walmart expands access to Bitcoin to more people, as long as it continues to provide legitimacy among the most skeptical”
The Coinstar deal was previously reported by Coindesk, which tested the service. Customers who buy Bitcoin will need to insert paper bills into the machine to receive a voucher.
They must also set up a Coinme account and undergo a background check before the voucher can be redeemed. The machines charge a 4% fee for the Bitcoin option and a 7% cash exchange rate.
“It’s an expensive way to buy Bitcoin, but it lowers the barriers to entry for first-time cryptocurrency buyers,” concluded Sam Doctor.
Number of Bitcoin ATMs Grows Worldwide
This is not just a trend in the US. The number of Bitcoin ATMs is growing worldwide.
According to Coin ATM Radar data, they had only 7,756 in May 2020, and we’ve jumped to 29,852 now in October 2021.
What likely influenced the increase in demand for Bitcoin ATMs (ATMs) between 2020 and 2021 was the growing popularity of digital payments.
A report by Global Trade Magazine suggests that digital payments increased in popularity during the COVID-19 pandemic, with retailers reporting a 69% increase in usage since January, and this likely weighed on the increased demand for bitcoin worldwide.
A month ago, for example, Bitcoin became the official currency of El Salvador and the government launched its own BTC wallet, but, especially because of identity theft, adoption is not going as well as you think.
When there was a distribution of US$ 30 in bitcoin for each citizen in the country, criminals went after other people’s bonuses, similar to what happened in Brazil with the coronavoucher.
Other problems were also reported by two Brazilians who were in the country.
“For example, one of the things that happened is that they announced that the 200 ATMs were going to be [fruto de] a public-private partnership, but in the end, I don’t know if there was any problem in the bidding or any commercial problem in this project, [mas] it ended up being done with public resources”, they told Cointimes.
Bitcoin Forecast and Analysis October 25 — 29, 2021
Bitcoin BTC/USD ends the trading week at 63433, continues to move within the growth and bullish channel. However, while above the local maximum, the quotes are in no hurry to go further up. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53665. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 76505.
Bitcoin Forecast and Analysis October 25 — 29, 2021
An additional signal in favor of the growth of BTC/USD quotes in the current trading week October 25 — 29, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Now the values of the RSI indicator are testing resistance, so it is too early to expect the cryptocurrency to grow directly from the current levels. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 47055 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 36605. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 67055.
Bitcoin Forecast and Analysis October 25 — 29, 2021 suggests an attempt to support area near the level of 53665. Then, the cryptocurrency will continue to rise to the area above the level of 76505. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 47055 area. In this case, we should expect a continued decline with a target at 36605.