– The founder of Cardano and co-founder of Ethereum, Charles Hoskinson, has stated that the crypto industry no longer needs bitcoin. According to him, it has become a religious symbol, which means its ecosystem is doomed. "98% of changes in the industry are happening outside of the first cryptocurrency," writes Hoskinson. "The hash rate of the digital gold blockchain will decline, and it will slowly move towards thermal death."
As an example, the founder of Cardano referred to the situation with the Windows operating system, which stopped implementing innovations. As a result, users began to switch to Android and iOS devices. Hoskinson noted that he has repeatedly urged the developers of the main cryptocurrency to implement innovations, but the community has ignored his initiatives.
– According to Ecoinometrics, bitcoin has lost its leading position among high-capitalization assets in terms of RAROC (Risk-Adjusted Return on Capital). The first cryptocurrency has been surpassed by shares of the graphics processor developer Nvidia, while gold has come close to BTC. Nvidia shares have surged by 142% since the beginning of 2024, whereas bitcoin has gained only 40% during this period. Ethereum has lagged even further, with its growth limited to just 10%, falling behind even the Nasdaq 100 stock index.
– The President of Euro Pacific Capital and well-known bitcoin critic, Peter Schiff, pointed out that although the first cryptocurrency has risen in price since the beginning of the year, the real growth occurred only in the first two months, driven by the hype surrounding the launch of spot BTC-ETFs in the United States. "If you didn’t buy bitcoin at the beginning of January, you have no profit. In fact, the vast majority of people who bought bitcoin this year, either directly or through ETFs, are losing money," stated Schiff, often referred to as the "gold bug." He added, "It’s unlikely that anyone who bought gold would lose their investment." The investor emphasized that throughout 2024, the precious metal has been steadily increasing in value. The hopes of crypto enthusiasts that BTC will surpass gold or match it in market capitalization now seem increasingly elusive.
Schiff declared that he is open to new developments, but he has yet to encounter a convincing argument that would change his strongly negative stance on bitcoin. The businessman remains confident that sooner or later, the price of digital gold will crash to zero, bankrupting all holders of this cryptocurrency.
– The decline in prices in August alarmed many small cryptocurrency holders and short-term speculators, leading them to start selling off their assets. On the other hand, large investors continued to accumulate more coins. According to the analytics firm Santiment, this category includes wallet holders with between 10 and 10,000 BTC. As a result of this redistribution, whales now control nearly 67% of the total circulating supply of coins. The fact that large investors have begun accumulating digital gold may indicate their positive expectations regarding its price growth.
– In their report, experts from the cryptocurrency exchange Bitfinex attributed the recent spike in BTC price to speculation driven by dovish statements from the US Federal Reserve Chairman, Jerome Powell. In their view, the upcoming decision by the US central bank on interest rates at the September 18 meeting could significantly impact bitcoin’s price. Many market participants believe that the Fed will cut the rate by 25 basis points. Bitfinex suggests that "such a reduction would likely signal the start of an easing cycle, which could lead to a long-term increase in bitcoin’s price as liquidity rises and recession fears diminish." However, if the rate is cut by 50 basis points, it could trigger an immediate price surge, followed by a "correction as recession concerns intensify." Analysts do not rule out the possibility that, due to increased volatility during this period, the BTC/USD pair could lose up to 15-20% of its value.
– It is worth noting that Craig Wright has formally admitted that he is not the creator of bitcoin, Satoshi Nakamoto. This admission came after losing legal cases in the High Court of England and Wales, where Judge James Mellor suggested that Wright could face criminal charges for giving false testimony. Wright’s account now even features a notice stating that the owner is not the creator of the leading cryptocurrency. However, this has not deterred the entrepreneur. He has since claimed that "the truth will prevail" and has actively begun promoting his own cryptocurrency, which he has named Bitcoin SV (BSV). "Everyone else, [...] manipulate, deceive, try to erase the essence of what I have built. But you cannot change the fundamental reality that will surface as the truth," wrote Craig Wright.
– Former Goldman Sachs executive and now CEO and Co-Founder of Real Vision, Raoul Pal, believes that gaming applications utilizing cryptocurrencies are on the verge of a breakthrough. He sees the transition from Web2 to Web3 as a critical catalyst for significant changes in both the gaming industry and blockchain technology. As a result, we may witness an explosive surge in user interest in such applications in the coming months.
According to Raoul Pal’s forecast, this will trigger the beginning of large-scale trading of crypto assets used in gaming applications. The Solana network, where a substantial number of new coins are being created, is expected to play a leading role in this development.
– Willy Woo, one of the most prominent figures in crypto analysis, has highlighted that long-term bitcoin holders currently control over 14 million BTC, or 71% of the circulating supply. In his view, such significant accumulation by HODLers is a positive sign of market stabilization. Willy Woo noted that the bears are gradually losing their dominance.
The upcoming decision on the Federal Reserve's interest rate will be crucial, and it will depend on the U.S. labor market data, which is set to be released this Friday, 6th September. Despite this, Woo believes that in September, the first cryptocurrency is likely to remain in a sideways trend. Unless extraordinary events occur over the next few weeks, significant changes in bitcoin's price are expected only in early October.
According to Willy Woo, the predictions of some experts that BTC could surpass the $65,000 mark in the short term are unlikely to come true. It will likely take a few more months to reach a new all-time high (ATH), possibly happening by the end of the year.
– September has historically been one of the most bearish and challenging months for investors, with an average bitcoin price drop of 6.18%. However, technical analysis signals are providing a degree of optimism. Notably, significant attention is being drawn to the so-called "cup and handle" pattern, which has been forming over the past three years. (We began discussing this pattern last week). This technical formation is one of the most recognized bullish chart patterns.
Currently, the price has already reached the consolidation phase, characterized by a slight downward movement (the "handle" of the cup). This phase is crucial as it sets the stage for the subsequent upward surge. Analysts predict that if this formation fully develops, it could propel bitcoin to an impressive $110,000. This could potentially happen before the end of this year.
– Despite Ripple's victory over the SEC (the U.S. Securities and Exchange Commission), XRP has been unable to firmly establish itself above the critical resistance level of $0.60 (currently, the token is priced at $0.57). However, according to several analysts, the altcoin could still end the year with moderate price growth, potentially reaching $0.66 per coin. Experts at CoinCodex suggest a higher level of $1.10. But even this is not the upper limit in forecasts. Some maximalists do not rule out the possibility of seeing XRP reach $1.50 by the end of the year. Their prediction is based on XRP's "unique position in the financial sector, given its focus on cross-border payments and partnerships with major financial institutions."
