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TL;DR
- Bitcoin peaked at $49,000 earlier in January and then fell below $40,000. Experts are predicting a potential rebound, with some envisioning a dramatic new ATH.
- Ripple is engaged in an escalating legal battle with the SEC, which is demanding critical financial documents. The trial is set for April 23, 2024.
- The WIF meme coin recently saw its price increase after being listed on major cryptocurrency exchanges.
What's Next for Bitcoin (BTC) Price?
The leading cryptocurrency had a strong start to the year, peaking at $49,000 on January 11 (a day after the US SEC approved several Bitcoin spot ETFs). Since then, however, it has been in freefall, briefly falling below the $40,000 mark and hovering around it as I write this.
According to some experts, the negative trend could soon be replaced by a new substantial rise. Ali, the popular user of X (Twitter) recently argued that BTC “still has 600 days of bullish momentum ahead of it” if it repeats the historical patterns of the 2015-2018 and 2018-2022 bull runs.
Samson Mow (CEO of development studio Pixelmatic) also weighed in, suggesting that many investors are waiting for a potential crash below $30,000 before they can buy BTC. He thinks these individuals “will be disappointed” since this collapse is out of the question.
Earlier this year, Mow predicted that the price of the leading digital asset would sooner or later explode to a staggering $1 million figure. He also claimed that the potential recovery could cause “maximum pain” to most people around the world due to not jumping on the BTC train in time.
Those who are curious about whether Bitcoin is poised to hit a new all-time high this year, feel free to watch our dedicated video below:
Ripple versus SEC
The legal battle between the two sides has recently intensified, with the SEC insistent from Ripple to deliver essential documents. The requested documents include the company's 2022 and 2023 financial statements and its post-complaint XRP sales contracts, and they could reveal whether the company violated certain securities laws. Ripple previously claimed that these documents were inappropriate and irrelevant to the case.
The great trial between the organizations is together for April 23, 2024. Ripple apparently has the upper hand, to secure three partial legal victories last year.
The crypto community awaits the outcome of the case, as a decisive victory for the company could have a positive impact on the entire digital asset market. On the other hand, the opposite scenario could slow down the sector and lead to the implementation of strict rules.
The resurgence of WIF
The Solana-based meme coin – dogwifhat (WIF) – has also made headlines, being one of the few cryptocurrencies to record substantial price gains over the past few days.
As CryptoPotato reported on January 24, the value of the asset increased by 30% following its listing on Bitget. Earlier this month, the token exploded to an all-time high of $0.45 after Binance launched WIF/USDT perpetual contracts.
Currently, the meme coin is trading around $0.35, an increase of 10% on a daily scale (according to CoinGecko data).
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