The price weakness comes as Bitcoin is expected to see its fourth “halving” in 15 years. One of the original designs of Bitcoin was to be a deflationary asset, increasing in value over time. Therefore, in order to achieve this goal, the Bitcoin reward must decrease over time, thereby limiting the total supply.
The main purpose of the halving is to control the supply of Bitcoin and create a deflationary economic environment. By slowing down the rate at which new Bitcoins are created, if demand remains stable or increases, the halving helps maintain scarcity and increase the value of the cryptocurrency.
Each Bitcoin halving brings a certain pattern. In 2016, Bitcoin was worth $665 before the halving and rose to $2,250 a year later. The 2020 halving took place in May, and at the end of the same year, the price of Bitcoin reached $29,000, the highest point of the year.
Therefore, we can reasonably expect that there will be a bull market after each Bitcoin halving cycle, and then ambush some cryptocurrencies with huge potential.
OP Price Trends and Optimism Predictions
Optimism Coin (OP) is trading in the range of $1.64 to $3.22. In the past week, the price has dropped by 28.06% and in a month, it has dropped by 33.96%. However, the past six months show a strong increase of 76.76%. The current price trend seems to be going through a correction phase.
In terms of future price trends, the picture is mixed. Looking at past performance, there's potential for growth, as demonstrated by significant growth over six months. But the short-term trend is downward. The relative strength index (RSI) is close to 50, which indicates that OP is not currently overbought or oversold. Prices can go in any direction, so keep an eye out for possible resistance or support levels.
Celestia Price Analysis and Outlook
Celestia (TIA) has been trending down lately, losing 16.60% in a week and 26.13% in a month. However, it is worth noting that the coin’s value has increased by 178.34% in the past six months. The current price range fluctuates between $7.71 and $13.14. Considering the drop from higher levels, the recent movement of the coin’s price seems to be more of a correction phase.
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Looking ahead, Celestia has the potential to rally to the nearest resistance level of $15.73 if market conditions improve, either driven by overall growth across the cryptocurrency industry or positive updates specific to TIA. However, given the potential for a break below the $4.86 support level, investors are advised to remain cautious. Investors should closely monitor market trends and the latest developments regarding Celestia's usage and partnerships.
Aptos price fluctuates significantly
The price of Aptos (APT) shows significant volatility. The price has dropped by more than 25% in the past week and by about 37% in the last month. However, in the past six months, the price has increased by more than 80%. Currently, the price fluctuates between $6.03 and $13.79. The price movement does not go up or down in a straight line.
Looking ahead, Aptos could go up or down. In a scenario where everything goes well, it could touch the highs near $17.98. But if there are more troubles, it could drop to around $2.46. Some believe it could go up further, perhaps even to $25.74, but this is not certain. Based on the recent movement and technical indicators like the RSI and Stochastics, investors have a high level of uncertainty about the future movement. Therefore, the price could go up, especially considering its good performance over the past six months.
Starknet (STRK): Current Price Dynamics and Future Outlook
Starknet (STRK) has been on a roll in terms of price, having gained more than 500% in the past six months. However, there have been some recent declines, closing the week with a loss of 34.75%. The coin is currently fluctuating between $1.06 and $1.99. Despite the positive growth on the half-year timescale, recent trends suggest caution, and this dynamic could indicate that a correction phase is underway.
Predicting the future price of Starknet is a delicate balance. Optimistically, if it continues its long-term trend, overcoming the $2.50 resistance could open a path to $3.43. However, if the selling pressure persists and STRK falls below the $0.63 support level, further declines could occur.
