Cryptocurrencies Price Prediction: Bitcoin, Ondo & Maker – European Wrap 26 September
|Bitcoin bulls eye for $70,000 if it breaks above the consolidation zone
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week. QCP Capital’s report highlights macroeconomic developments that could bolster risk assets like Bitcoin. At the same time, Ki Young Ju, founder of CryptoQuant, notes rising US dominance in BTC holdings and rebounding spot ETF demand, suggesting a potential rally in the coming days.
QCP Capital’s report on Wednesday highlights a series of macroeconomic developments that could be more bullish for risk assets, including crypto. According to the report, “The People’s Bank of China (PBoC) introduced several policies aimed at kickstarting their sputtering housing market and anemic equity market. It has apparently worked (for now) as Chinese A50 futures closed 8% higher, with Chinese and Hong Kong indices following suit.”
Why is ONDO’s price outlook bullish?
Ondo (ONDO) continues to trade higher at around $0.78 on Thursday, having rallied 14% so far this week following a 12% increase last week. This bullish momentum appears poised to continue as on-chain data shows a new all-time high in Total Value Locked (TVL), coupled with whale accumulation, rising trading volume, and decreasing supply on exchanges.
Crypto aggregator platform DefiLlama data shows a bullish outlook for Ondo. The data shows that Ondo’s TVL increased from $537.13 million at the end of August to $618.32 million on September 22, making a new all-time high (ATH).
Maker price eyes a rally on technicals and on-chain metrics
Maker (MKR) trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Maker price retested the descending trendline (drawn by connecting multiple high levels with a trendline from the end of July) on Monday and declined 5% in the next two days. This level roughly coincides with the daily resistance level at $1,669, making it a key resistance level. As of Thursday, it trades slightly higher at $1,561 and approaches the descending trendline.
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