BTC New Peak, XRP Bullish Price Predictions, Pi Network Warning: Bit Summary Dec 17

TL;DR

Bitcoin (BTC) hit a new all-time high of nearly $108,000. Analysts predict it could rise to $250,000 or even $500,000 this cycle. Ripple’s XRP surged more than 130% in a month, trading above $2.50. Market watchers set short-term targets between $5.85 and $8.76. Pi Network urged users to trust official channels and use the verified Pi Wallet. The launch of the open network is pending, with approximately one million verifications remaining. BTC reaches a new ATH

The major cryptocurrency has broken down in the last seven days, registering a price increase of more than 10%. Several hours ago, it hit a new all-time high of nearly $108,000. In the following hours, BTC experienced further volatility and eventually stabilized at its current $107,000 (according to CoinGecko data).

BTC Price, Source: CoinGecko

It’s important to note that the asset’s new peak came shortly after MicroStrategy announced its latest crypto purchase. As reported by CryptoPotato, the business intelligence firm acquired 15,350 BTC at an average price of $100,386. His total holdings rose to 439,000 BTC, which at current rates is equivalent to nearly $47 billion.

Such bulk purchases leave fewer assets available on the open market, which could lead to a rally in prices (assuming demand stays the same or increases). However, when MicroStrategy revealed billionaires buying Bitcoin the previous two times, BTC’s valuation briefly headed south.

The asset’s push to a new ATH aligns with general bullish sentiment among popular X analysts. Jake Gagain said he would be surprised if BTC doesn’t hit $250,000 this cycle, while Michael van de Poppe he believes the price could explode to $500,000. .

XRP Price Forecasts

Another leading cryptocurrency that has risen substantially lately is Ripple’s XRP. Its price has risen more than 130% in the past month, currently trading well above $2.50.

XRP Price, Source: CoinGecko

Factors possibly fueling the resurgence include the overall resurgence of the market and the upcoming launch of Ripple’s RLUSD stablecoin. The product is supposed to go live on many exchanges in the next couple of days. Early adopters include Uphold, MoonPay, Bitso, CoinMENA and more.

Many industry participants believe that XRP’s latest surge could be just the beginning of a major bull run yet to be witnessed. X-users JAVON MARKS recently predicted a possible price breakout, while Dark Defender set $5.85 and $8.76 as short-term targets. The latter also described $2.29, $2.24, $2.10 and $2.02 as major support areas.

User X Scofield also chimed in, advising XRP investors to consider selling their positions once the asset’s valuation rises to $5.

Pi Network Alerts

Last but not least, we’ll conclude with two caveats that came from the controversial Pi Network cryptocurrency project. The team urged users to only trust information shared on official channels. They provided a dedicated security page that shows all the sources and URL links that the community can refer to.

The developers also warned people to only use their Pi wallets in the designated Pi browser. “Make sure you’re on the correct Pi Wallet, not a fake one, to protect your Pi. The real Pi Wallet is also visually identified by a purple color in the Pi browser navigation bar with a Pi logo with the Core Team apps logo,” the warning reads.

Pi Network saw the light of day in 2019, amassing a multi-million dollar community in the following years. However, it has yet to launch its native token and open mainnet, which has created some controversy. According to the team, the open network will see the light of day once 15 million people complete the necessary verifications. Pi News recently claimed that only one million remains to be done.

In addition, the Pi Core Team promised to announce the open mainnet roadmap in December, which should provide more clarity on when users will be able to buy and sell Pi tokens.

It remains to be seen whether the final weeks of 2024 will bring significant developments or if there will be further delays.

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