Analyst: New Bitcoin Bull Cycle Will Take BTC to $120,000 – Plus XRP, Ripple, Litecoin Update
From a new prediction on Bitcoin’s next cycle to the shutdown of a Ripple-backed company, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A popular crypto analyst says a breakdown of Bitcoin’s past bull market cycles may indicate where the leading cryptocurrency will head next.
CryptoWolf tells his 18,600 followers on Twitter that each subsequent BTC bull run has taken longer to materialize than the last.
After crunching the numbers, he believes Bitcoin will reach its next top in December of 2022, about 1,400 days after its primary bottom of $3,220 in December of 2018.
As for the return on investment, he says BTC will surge 40x, bringing the price to approximately $120,000.
“Bitcoin Analysis:
– Bull cycles are getting longer
– ROI since bottom are decreasing
Conclusion of cycle IV:
Next top: ~ 1400 days since bottom. ETA December 2022
ROI: ~40X since bottom, ~$120k.”
Ripple and XRP
The online rental marketplace Omni is reportedly shutting down.
According to a report from TechCrunch, the San Francisco startup decided it would be too difficult to scale.
Omni was aiming to build a global marketplace where people can earn money by loaning unused items from their homes in exchange for fiat or cryptocurrency.
It was one of the first companies to earn an investment from Ripple’s fundraising arm Xpring. The company launched a validator on the XRP Ledger back in August.
Coinbase is hiring 10 of Omni’s engineers.
Litecoin
Litecoin’s hash rate continues to fall, according to BitInfoCharts.
The metric indicates miners that power the network are deciding to switch off their rigs for the time being.
Despite the drop, LTC’s mining profitability has stabilized after a 51% drop in August when the rewards miners earn for powering the network were cut in half.
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