Both Bitcoin price (BTC) and cryptocurrency market capitalization (TOTALCAP) surpassed their previous highs. SEI reached a new all-time high price. A new report noted that cryptocurrency phishing scams resulted in the theft of more than $295 million in 2023.
TOTALCAP is breaking out of a long-term horizontal and Fibonacci resistance area. Bitcoin (BTC) started a sharp rise this week and surpassed $45,000 for the first time since April 2022. SEI has risen parabolically since December 18. The price reached another new all-time high today.
TOTALCAP Reaches a New High
The cryptocurrency market capitalization has increased rapidly since October. In the past two weeks, the price struggled to close above the $1.65 trillion resistance area that almost coincides with the 0.382 Fibonacci retracement resistance level.
However, the price started an upward movement this week and surpassed this area, although it has not yet reached a weekly close above it.
If the rise continues, the next resistance will be at $1.87 trillion, created by the 0.5 Fib retracement resistance level. This is 10% above the current price. Then, resistance levels converge at $2.14 trillion, 26% above the price.
Despite this bullish TOTALCAP prediction, a close below the $1.65 trillion resistance will invalidate the breakout. So, TOTALCAP may fall by 18% to the nearest support of $1.40 trillion.
Bitcoin Moving Above $45,000
The price of Bitcoin has increased rapidly since October. The move triggered a break above the 0.5 Fibonacci retracement resistance level at $42,300.
After the price consolidated above the zone, it began another upward move this week, peaking above $45,000.
If the upward movement continues, BTC may rise by 13% and reach the next resistance between $48,600 and $50,500. This is an area of Fib and horizontal resistance.
Despite this bullish BTC price prediction, closing below $42,300 will invalidate the breakout. Then, the price may fall by 18% to the nearest support at $38,000.
SEI Reaches a New All-Time High
The SEI price has been rising rapidly since December 18, 2023. The upward movement has been parabolic, leading to a new all-time high of $0.80 today. Since December 18, SEI is up 240%.
Technical analysts use Elliott wave theory to identify long-term recurring price patterns and investor psychology, helping them determine the direction of a trend.
The most likely wave count suggests that SEI is in the third wave of a five-wave up move. So far, wave three has extended and is 2.61 times the length of wave one. This is a potential area for a top, although there are no signs of weakness yet.
If the SEI breaks higher, it may rise another 40% and reach the next resistance at $1.05 trillion, which would give wave three 3.61 times the length of wave one.
Despite this bullish SEI price prediction, failure to achieve a breakout may result in a 30% drop to the nearest support at $0.56.
Phishing Scams with Cryptocurrencies Generated the Theft of More than 295 million Dollars in 2023
More than 324,000 cryptocurrency users fell victim to phishing scams in 2023, with around $295 million in digital assets lost to wallet theft.
In its “2023 Wallet Drainers Report,” blockchain security platform Scam Sniffer analyzed trends around drainers used in cryptocurrency phishing scams. The platform highlighted that there was continued growth in phishing activities throughout 2023.
According to Scam Sniffer, scammers have managed to bypass Google and X advertising guidelines, and have reported that phishing websites have been able to serve paid ads on Google Search and Twitter.
By Leonardo Perez
