• Peter Brandt predicts a potential dip for BTC down to $76K.
• Mantra experiences a dramatic 90% crash in 24 hours, founder refutes ‘rug-pull’ accusations.

Even after briefly touching $74K last week, Bitcoin [BTC] bounced back with a strong 7% surge. It even briefly climbed past $85K, leaving analysts with differing opinions on where it’s headed in the mid-term.

Bitcoin’s Outlook: A Mix of Opinions

Looking at Bitcoin’s potential downside, well-known trader Peter Brandt anticipates a possible drop to $76K. He points to a bearish rising wedge pattern observed on the 4-hour chart as the reason.

Source: X

On the flip side, some analysts, such as those at Coinbase, are feeling bullish. They highlight a bullish RSI divergence and a resurgence of interest from long-term Bitcoin holders.

Adding another layer to the discussion, Robert Kiyosaki has been advising investors to consider Bitcoin as a safe haven, especially amidst the current tariff-driven market downturn.

“Those who take action and acquire real gold, silver, and Bitcoin….MAY come out of this premeditated disaster…”

Adding to the chorus, Jack Dorsey, CEO of Square, shares a similar viewpoint. He expressed that Bitcoin serves as a crucial check on power for both the U.S. and China.

Beyond Bitcoin: The Mantra Drama, Virtual’s Revival, and SOL/ETH Ratio Surge

The biggest news this week? The dramatic 90% plunge of Mantra [OM] over the weekend. Mantra’s founder, Jack Mullin, attributed the crash to ‘forced liquidations’ on centralized exchanges.

“OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders.”

However, blockchain analytics firm Lookonchain pointed the finger at some wallets linked to early investors, like Laser Digital, suggesting potential dumping. Mullin has refuted these allegations, promising to ‘do right by the community’, though concrete actions are still awaited.

This drastic crash saw the market capitalization of the real-world asset (RWA) platform plummet from a staggering $6 billion to under $700 million in mere hours, resulting in significant losses for investors. Adding to the RWA concerns, Quinn Thompson of Lekker Capital cautioned about a possible similar downturn for Ondo [ONDO], another RWA project.

Shifting gears from the RWA turmoil, there’s positive news for the Virtual ecosystem – it’s showing signs of recovery after a sharp 90% drop in network activity and user engagement.

Data from analytics firm IntoTheBlock indicates that the Virtual ecosystem’s transaction count has climbed back above 100,000 in April. This could hint at a potential resurgence for AI tokens.

Source: IntoTheBlock

In other market developments, the SOL/ETH ratio has reached a new daily high and a historic weekly closing high. Last week’s 20% jump in the ratio signals that Solana (SOL) is currently outperforming Ethereum (ETH).

The ratio closed at 0.08, successfully reclaiming its mid-range position. This upward momentum could potentially propel the ratio further, targeting the upper channel around 0.09.

Source: SOL/ETH, TradingView

Looking at their individual price movements, SOL has surged over 21% from $95 to $133 within the same period, while ETH saw a more modest 1% increase. Adding fuel to the SOL bull narrative, Kyle Samani from MultiCoin Capital suggests that the approval of a SOL ETF could trigger a significant outperformance of SOL against ETH.