Bitcoin's Volatility encountering Innovation: Hyper Secures $12M to Revolutionize Bitcoin
In the world of cryptocurrency, the past 24 hours have seen a significant drop for Bitcoin (BTC), which has fallen to $109,000. This decline has cast doubt on the bullish target of $200,000 set by analyst Tom Lee from Fundstrat, a well-known investment firm.
However, not all analysts are bearish. Crypto Birb, another prominent voice in the crypto sphere, believes that Bitcoin could first slide towards $90,000-95,000 before rebounding. This rebound, according to Birb, would give way to a powerful rally during Uptober and Moonvember, traditionally the most profitable months for Bitcoin.
The current decline in Bitcoin's price might make it an attractive buying opportunity for some investors. Peter Schiff, a well-known Bitcoin skeptic and critic, predicts a collapse of Bitcoin towards $75,000, urging investors to sell now and buy back lower.
Meanwhile, a new player in the crypto world is making waves. Bitcoin Hyper (HYPER), a Layer-2 built for Bitcoin, has secured over $12 million in funding. This protocol is the first to integrate Solana's execution speed directly into Bitcoin's base layer, offering a competitive advantage due to its proximity to the Bitcoin narrative.
Bitcoin Hyper operates on a dual economy, with Bitcoin powering dApps and the HYPER token serving as currency for fees, governance, and other functions. At the current price of $0.012815 per token, HYPER appears extremely attractive for a token directly exposed to the performance of Bitcoin. The price of HYPER is set to increase in the next round, as there are only 31 hours remaining in the current sale phase.
The crypto market has also seen a massive selloff of 24,000 BTC, leading to the liquidation of over $838 million in leveraged positions. This selloff was triggered by a whale dumping huge amounts of Bitcoin, causing a cascade of forced liquidations and wiping out more than $838 million from the entire crypto market.
Looking back, September has historically been one of the worst months for Bitcoin, with an average of -3.77% and sharp drops in the past. However, the goal of BTC reaching $200,000 may seem ambitious, but one analyst believes it remains achievable due to the two most bullish months recorded in the past: "Uptober" and "Moonvember".
As the crypto market continues to evolve, these predictions and developments serve as a reminder of the volatile nature of this space. Investors are advised to exercise caution and make informed decisions based on their own research and risk tolerance.
