Bitcoin (BTC) experienced a tumultuous week, with renowned trader Peter Brandt predicting a drop to $76K due to a bearish rising wedge pattern. However, Coinbase analysts remained optimistic, pointing to bullish RSI divergence and renewed interest from long-term holders. Robert Kiyosaki and Jack Dorsey also endorsed BTC as a wealth protection tool amid tariff-driven sell-offs.
In contrast, the Mantra [OM] cryptocurrency saw a devastating 90% crash over the weekend, with founder Jack Mullin blaming centralized exchanges for ‘forced liquidations’. Despite allegations of dumping by early investors, Mullin vowed to act in the community’s best interest. The market size of Mantra’s Real World Asset (RWA) platform plummeted from $6B to below $700 million, causing significant losses for investors.
On a more positive note, the Virtual ecosystem rebounded after a 90% crash in network activity, with AI tokens showing signs of a comeback. Additionally, the SOL/ETH ratio hit a record high, with SOL outperforming ETH by 20% and reclaiming the mid-range. Speculation of a SOL ETF approval driving further price gains heightened anticipation in the market.
As Bitcoin briefly surged above $85K before settling at $76K due to mixed market views, analysts remained divided on its mid-term trajectory. While some forecasted a drop to $76K, others cited bullish indicators like RSI divergence and long-term holder interest. Amidst the uncertainty, the endorsement of BTC by influential figures like Robert Kiyosaki and Jack Dorsey provided some reassurance for investors.
In the aftermath of Mantra’s 90% crash and the RWA platform’s substantial losses, concerns were raised about the stability of projects like Ondo [ONDO]. Despite founder Jack Mullin’s denial of dumping allegations, investors were left wary of potential similar incidents in the future. The rebound of the Virtual ecosystem and the strong performance of the SOL/ETH ratio offered a glimmer of hope amidst the market turmoil.
Overall, the cryptocurrency market witnessed a rollercoaster week, with significant price fluctuations and contrasting predictions from analysts. While Bitcoin faced uncertainty and volatility, the crash of Mantra and subsequent market losses served as a stark reminder of the risks involved in investing in digital assets. Despite the challenges, the resilience of certain tokens like SOL and the potential for a SOL ETF approval hinted at brighter days ahead for the crypto market.
