Dramatic 90% Dip in Mantra, BTC Updates, and Other Major Crypto Events of the Day

Key Points

• Bitcoin’s future is uncertain, with predictions ranging from a drop to $76K to bullish projections.
• Mantra [OM] crashed by 90%, but the founder denies claims of a ‘rug-pull’.

Peter Brandt, a well-known trader, has predicted a drop in the value of Bitcoin (BTC) to $76K. This forecast is based on a bearish rising wedge pattern on the 4-hour chart.

In contrast, analysts from Coinbase have a more optimistic outlook. They point to a bullish RSI divergence and renewed interest from long-term holders as reasons for their positive prediction.

Mantra’s Dramatic Drop

Over the weekend, Mantra [OM] experienced a dramatic 90% drop. Jack Mullin, the founder of Mantra, attributes this to ‘forced liquidations’ on centralized exchanges.

Despite accusations of a ‘rug-pull’ by analytics firm Lookonchain, Mullin denies these claims. He has pledged to do what is right for the community, but the specifics of this promise remain unclear.

Virtual Ecosystem Recovers

In other news, the Virtual ecosystem has seen a recovery following a 90% drop in network activity and traction. According to analytics firm IntoTheBlock, the ecosystem saw over 100K transactions in April, indicating a potential comeback for AI tokens.

The SOL/ETH ratio also hit a record daily and historical weekly session close last week. The ratio rallied by 20%, demonstrating that SOL outperformed ETH. This rally saw SOL increase by over 21% from $95 to $133, while ETH posted a 1% gain.

Kyle Samani of MultiCoin Capital suggests that approval of a SOL ETF could lead to the altcoin massively outperforming ETH.