Morning Crypto Insights: Bitcoin Down 80%? Legendary Trader's Perspective, XRP's Surge, and SHIB's 'Black Friday' Approach

Bitcoin continues to dominate the cryptocurrency market, currently priced at $87,481. Major altcoins are exhibiting mixed signals, influenced by both historical trends and current trading activity. Renowned trader Peter Brandt warns that Bitcoin could face an 80% retracement following previous bull cycles. Meanwhile, XRP has gained traction, potentially shifting market dynamics, and Shiba Inu (SHIB) hovers close to its liquidation low.

Key Takeaways

Bitcoin Remains Influential: Trading at around $87,481, Bitcoin's price is critical for the market's direction.
Potential 80% Decline: Veteran trader Peter Brandt points to historical patterns indicating Bitcoin could see a significant drop, possibly to $17,680.
XRP's Performance: XRP has regained momentum, currently at $1.88 with substantial trading volume.
SHIB's Struggles: Shiba Inu is facing challenges, trading near lower levels as it approaches a crucial support zone.

Market Overview

Bitcoin is still setting the pace in the cryptocurrency market, priced at approximately $87,481. Altcoins are experiencing varied movements as they navigate between old liquidity and new opportunities. Looking ahead to the remainder of today, major cryptocurrencies seem to be in a steady range unless Bitcoin can rally back to its weekly reference level of $91,488. Trading volume remains central to market performance, with Midnight (NIGHT), XRP, and Shiba Inu (SHIB) displaying distinct behaviors.

Renowned trader Peter Brandt, who has over 50 years of trading experience, has highlighted a concerning trend: historical bull runs of Bitcoin have often been followed by drastic corrections of at least 80%. He notes this pattern correlates to five major parabolic increases in Bitcoin’s 15-year history, yet he also emphasizes that the current market cycle isn't fully concluded.

According to a recent TradingView analysis, Bitcoin is at $88,398.9. If we consider Brandt’s warning of a potential 80% decline, this could bring Bitcoin's price down to a target of $17,680. Brandt's analysis suggests we are only halfway through its current cycle.

Interestingly, he projects that the next significant bull market peak could emerge around September 2029. This perspective shifts the focus of today’s discussions from the notion of a "dead" market to one that is merely resetting.

Midnight (NIGHT) Developments

Midnight (NIGHT), which is associated with Cardano’s new privacy blockchain, continues to gain traction during its launch week. Currently, its market cap stands at $1.33 billion, with a 24-hour trading volume of $1.66 billion, as stated by CoinMarketCap. This impressive volume-to-market cap ratio of 123% signifies heightened activity in the market.

Midnight Market Data
Source: CoinMarketCap

This explains why NIGHT is able to briefly compete with major cryptocurrencies in terms of trading volume, even while its overall market capitalization remains lower. Despite experiencing an -18.68% reduction in 24-hour performance, NIGHT still ranks as a top-nine asset in terms of trading volume.

XRP's Resurgence

XRP’s position in the market has strengthened, trading at $1.88 with a robust $2.54 billion in 24-hour trading volume and a market cap of $114.39 billion. This places XRP back as a leader in daily turnover, distinct from NIGHT in terms of valuation.

Shiba Inu (SHIB) Insights

The meme coin Shiba Inu (SHIB) continues to test lower price boundaries, with the current price at $0.00000717. Its recent trading session ranged from $0.00000728 to $0.00000711, showing a downward trend since November.

The reference point for SHIB's performance is the low from October 10, now dubbed “Black Friday,” which saw a staggering $40 billion in liquidations across crypto markets. These liquidation levels often establish support zones where selling pressure diminishes.

Shiba Inu Performance Chart
Source: TradingView

Currently, a significant price level for SHIB is set at $0.00000678. Based on its current price of $0.00000717, this represents a 5.44% distance. Should SHIB maintain this level, it could serve as a solid support base after weeks of lower price points. If it fails to hold this zone, the next support level to watch is $0.0000065, extending the current downtrend.

Market Outlook

For those entering the cryptocurrency space today, here's a quick market snapshot:

Bitcoin (BTC): Currently near $87,500. Watch for upside targets of $91,500 and $93,900. Key levels to monitor if it declines are $85,000 and $80,000.
XRP: Trading around $1.88, with critical resistance at $2. If it drops below this, watch for $1.80 and then $1.70.
Midnight (NIGHT): Priced around $0.08, trading like a new launch. Active price band is between $0.078 and $0.104. Strength is indicated above $0.09, while weakness may emerge below $0.078, suggesting $0.07 could be next.
Shiba Inu (SHIB): Currently at $0.00000717, moving towards $0.00000678. Should this support fail, the next level to consider is $0.0000065. For any positive movements, it must reclaim $0.0000075, then reach $0.000008, with a significant barrier at $0.00001.