Bitcoin fell 0.37% from Aug. 25 to Sept. 1 to US$26,012 as of 5 p.m. Friday in Hong Kong. The world\u2019s largest cryptocurrency by market capitalization has been trading below US$30,000 since Aug. 9, according to CoinMarketCap data. Ether<\/a>, the world\u2019s second-largest cryptocurrency, fell 0.59% over the week to US$1,645.<\/p>\n This week started with positive news for crypto investors, after a U.S. court ruled in favor of Grayscale<\/a> on Tuesday, reversing the Securities and Exchange Commission\u2019s (SEC) earlier refusal to allow the company\u2019s Grayscale Bitcoin Trust (GBTC) to be converted into a spot Bitcoin exchange-traded fund (ETF).<\/p>\n Over US$80 million worth of Bitcoin short positions were liquidated within an hour after Grayscale\u2019s favorable ruling<\/a>. Bitcoin rose to a two-week high of US$27,322 on Thursday, two days after the decision, but remained under the US$28,000 support level.<\/p>\n \u201cThe SEC losing both the Ripple<\/a> and the Grayscale cases has provided the market with optimism that a spot ETF could be approved,\u201d Lucas Kiely, the chief investment officer of digital asset platform Yield App<\/a>, told Forkast.<\/em><\/p>\n \u201cWhile it is likely that a Bitcoin ETF will eventually emerge in the U.S., the Grayscale news won\u2019t break Bitcoin out of a current wedge pattern that dates back to the start of 2023.\u201d<\/p>\n Mike Ermolaev, founder of blockchain PR firm Outset PR<\/a> and the author of the interview series \u2018Crypto Opinion with Mike Ermolaev,\u2019 said that Grayscale\u2019s legal victory can provide further regulatory clarity for the crypto industry.<\/p>\n \u201cOne of the key reasons why this is a big win is that it sets the stage for increased institutional adoption of crypto, with multiple applications pending from major U.S. asset managers,\u201d wrote Ermolaev.<\/p>\n In other positive news for the crypto space, Pantera Capital, a hedge fund with over US$4.8 billion in assets under management, predicted<\/a> that Bitcoin would rise to US$35,000 before the 2024 halving and reach US$148,000 in 2025.<\/p>\n Pantera\u2019s prediction could come to fruition, considering that Bitcoin surpassed its previous all-time high in each bullish cycle following the halving, Nilesh Verma, crypto market analyst and founder of India-based Crypto Granth<\/a> consultancy, told Forkast<\/em>.<\/p>\n \u201cIf the trend follows suit, Bitcoin has the potential to reach anywhere between US$100,000 to US$200,000 by 2025,\u201d wrote Verma.<\/p>\n Adiel Barzel, the co-founder of Crypto Index, agreed that Pantera\u2019s price prediction may play out, despite the recent correction in Bitcoin prices.<\/p>\n \u201cEven if Bitcoin ends 2023 in the current price range, or even slightly lower, I will still be bullish on [Pantera\u2019s] price forecast, because, as mentioned, the significant upward movement is fully expected to begin during 2024 post-halving,\u201d wrote Barzel.<\/p>\n The global crypto market capitalization stood at US$1.05 trillion on Friday at 5 p.m. in Hong Kong, maintaining the same value from a week ago, according to CoinMarketCap<\/a> data. With a market cap of US$506 billion, Bitcoin represented 48.4% of the market while Ether, valued at US$197 billion, accounted for 18.9%.\u00a0\u00a0<\/p>\n Toncoin (TON), the native cryptocurrency of the Open Network, was this week\u2019s biggest gainer in the top 100, rising 20.91% to US$1.73. The coin started picking up momentum on Tuesday, after the Ton Foundation announced<\/a> last week that it will send 1 million Ton coins to reward users that locked their coins in Believers.ton, a community-driven fund that aims to make the coin\u2019s tokenomics more decentralized.<\/p>\n Maker DAO\u2019s (MKR) governance token was this week\u2019s second-biggest gainer, rallying 15.33% to US$1,162. The token started picking up pace on Thursday, a day after Maker DAO announced<\/a> plans to introduce SubDAOs in Korea, which will allow developers to create their own decentralized autonomous organizations<\/a> that can utilize the liquidity allocation from the Maker Protocol.<\/p>\n \u201cBitcoin price needs to conclude above the weekly 200-week moving average at US$27,588 to sustain bullish momentum. Notably, the levels of US$28,500 and US$32,000 will serve as pivotal resistance points, while the robust support of US$25,000 is expected to underpin the market,\u201d wrote Verma, referencing the chart below.<\/p>\n Yield App\u2019s Kiely said that Bitcoin remains in a bearish pattern and it could drop to US$20,000 if prices retrace below the US$25,000 resistance level.<\/p>\n \u201cBitcoin is still most likely to break down from current levels \u2013 the longer Bitcoin trades sideways, the further the probable price decline.\u201d<\/p>\n \u201cWhile it briefly spiked toward the pivotal US$28,000 level \u2013 where the price initially began to break down in mid-August \u2013 Bitcoin must trade consistently above US$28,000-28,600 to have a shot at the key US$31,000-32,000 level where a bullish pattern could be re-established,\u201d added Kiely.\u00a0<\/p>\n Aziz Kenjaev, financial analyst and director of business development at cross-chain liquidity protocol Entangle<\/a>, also said that Bitcoin will likely see another correction before overcoming the key US$28,155-28,700.<\/p>\n \u201cBased on the Order Book data of Coinglass, Bitcoin has all chances to hit and penetrate the wall at US$28,700, although a small downward [movement] is required to collect pending buy orders which are set at US$26,200-26,500,\u201d said Kenjaev, sharing the below chart.<\/p>\n On the macroeconomic front, investors will be looking forward to speeches from key Federal Reserve members, including a Wednesday speech from Federal Reserve Bank of Dallas President Lorie Logan at the Lubbock-area community listening session and a Thursday speech from U.S. Federal Open Market Committee Member Michelle Bowman at the Federal Reserve Bank of Philadelphia\u2019s 7th annual fintech conference in Philadelphia.<\/p>\n![\"wCZ9PSTsUVZJozK4RF3e1ZTsVo0Jy0j8DtdtXwY6CUZYSjPoTQyzMLaREIpr1NK4FecEzn584NjR56EU2n40JYUdZA6h](\"https:\/\/lh6.googleusercontent.com\/wCZ9PSTsUVZJozK4RF3e1ZTsVo0Jy0j8DtdtXwY6CUZYSjPoTQyzMLaREIpr1NK4FecEzn584NjR56EU2n40JYUdZA6h-Pyu4sKFryUtvIjpYfs2JGAWIVB5_zTIPAGtYRHXKaBmhnL8y6kF4EnsUdw\" "\\"Weekly")
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Notable movers: TON, MKR<\/h3>\n
Next Week: Can Bitcoin close above US$27,500?<\/h3>\n
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