As we approach the end of the year, Bitcoin (BTC) continues flying to new highs, setting bullish expectations for the rest of the cycle. Bitfinex’s latest reports suggest when BTC’s peak could come and how much climbing might be left for the flagship crypto. Related Reading: Bitcoin To Hit $180,000 If These Cycle Top Indicators Are Absent, Says VanEck’s Sigel Bitcoin’s ‘Unique’ Cycle In its latest Alpha Report, Bitfinex highlighted the crypto industry’s big strides in adoption and mainstream recognition this year, which have differentiated this cycle from previous ones. Notably, the launch and increasing institutional demand of Bitcoin and Ethereum spot exchange-traded funds (ETFs) have surpassed expectations and attracted a “new class of investors” to the crypto space. Per the report, this cycle has been “unique” as these new investors brought by ETFs and increasing confidence in the sector sent BTC’s price to a new ATH ahead of the Halving event, historically leading the flagship crypto to a new high after 5-7 months. The industry also saw a growing interest in diversifying national reserves with cryptocurrencies, with several jurisdictions worldwide considering implementing a Strategic Bitcoin Reserve after the flagship crypto’s recent performance. According to Bitfinex analysts, these factors have kept BTC’s corrections smaller than other cycles and will likely continue this trend for the rest of the bull run: In the current bull cycle, which began in mid to late 2023, Bitcoinʼs corrections have been smaller, particularly since the launch of Bitcoin ETFs in early 2024. With institutional and ETF demand providing consistent buying pressure, we expect this trend to continue, keeping future corrections limited and potentially shorter in duration. Moreover, the upcoming crypto-friendly US administration added to the growing bullish sentiment surrounding the industry, leading to the massive post-election rally. As a result, the crypto market has grown 130% year-to-date (YTD) to a market capitalization of $3.69 trillion, increasing nearly 70% this quarter. What’s Next For Bitcoin This Cycle? The report noted Bitcoin’s performance, highlighting its 573% surge from its 2022 low of $15,487. The flagship crypto has also seen an increase of 130% year-to-date (YTD), fueled by this year’s industry achievements. Earlier this month, Bitcoin broke past the $100,000 barrier for the first time, setting a new ATH closer to the $110,000 level on Monday. According to Bitfinex, the cryptocurrency still has several levels to climb in 2025, as historical data indicates that the market is mid-cycle. This data suggests BTC’s price will likely peak around Q3 and Q4 2025, as it tends to do approximately 450 days post-halving. Meanwhile, metrics like Market Value to Realized Value (MVRV), Net Unrealized Profit and Loss (NUPL), and the Bull-Bear market indicator signal that “we remain in the bull phase but far from euphoric peaks.” Bitfinex also explained that the Pi Cycle Top Indicator has historically been effective in timing cycle highs, forecasting the peaks with a three-day window. The previous cycle’s predictions indicate that Bitcoin could peak between mid-2025 and early-2026. Related Reading: PNUT Memecoin Drops 10% Following Peanut’s Owner Legal Warning To Binance If it follows the 2021 cycle pattern, BTC could see its price experience a 40% increase to $339,000 and peak around June or July 2025. Nonetheless, the report notes that the flagship crypto has been on a trend of diminishing returns over the cycles. Based on this, Bitcoin’s price might see a 15% to 20% increase to the $160,000-$200,000 range instead. However, if the cryptocurrency mirrors 2017’s cycle pattern, BTC’s rally could extend until January of 2026, peaking at $229,000 with similar diminishing returns. As of this writing, BTC is trading at $107,729, just 0.3% below its ATH. Featured Image from Unsplash.com, Chart from TradingView.com
Spot Ether ETFs racked up $224.9 million in net inflows over the last four trading days — around $190 million more than the spot Bitcoin ETFs.
Blackrock's IBIT ETF now holds upwards of $33 billion in assets, more than the asset manager's gold fund.
The recent US elections on November 5 have reshaped the political space and appear to have significant implications for the cryptocurrency industry. Coinbase CEO Brian Armstrong expressed optimism in a post-election “reflection”, emphasizing that the political winds gradually shift toward digital assets. Related Reading: Crypto Advocate Bernie Moreno Takes Ohio Senate Seat, Vows Regulatory Clarity […]
Trump's win sparked a surge of interest in crypto, Galaxy's CEO reportedly said.
The 2024 US presidential election is decided. Donald Trump will get a second term, defeating Kamala Harris. In the midst of election night, the Bitcoin price rose to a new all-time high of $75,407 on Binance. The euphoria is driven by Trump’s big election promises. He wants to establish Bitcoin as a national strategic stockpile, fire Securities and Exchange Commission (SEC) Chairman Gary Gensler and generally enforce a crypto-friendly policy. While a Harris victory would have meant a short-term setback for Bitcoin according to most experts, the predictions by the majority of experts are extremely bullish thanks to the Trump victory. However, renowned economist Henrik Zeberg offers a cautionary perspective. Zeberg warns that Trump’s proposed economic policies could precipitate a US recession, leading to a “blow-off top” scenario for Bitcoin and the broader crypto market. Central to his argument is Trump’s plan to replace certain taxes with tariffs to stimulate domestic economic growth. Is A Bitcoin Blow-Off Top Scenario Looming? Drawing parallels with historical events, Zeberg suggests that Trump’s tariff strategy could echo the economic missteps of the 1920s and 1930s. In a post on X, he shared a link to the Wikipedia page for the Smoot-Hawley Tariff Act of 1930. He stated: “Now everything is lined up for history to repeat itself. US Tariffs implemented into a Recession—reinforcing the downturn and popping the Greatest Bubble ever.” Related Reading: Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000 The Smoot-Hawley Tariff Act is widely regarded as a catalyst that deepened the Great Depression. By substantially increasing US tariffs on imported goods, the act prompted retaliatory tariffs from other nations, leading to a severe contraction in international trade. This protectionist spiral exacerbated global economic decline, resulting in heightened unemployment and prolonged hardship worldwide. Amid these economic concerns, Zeberg has projected a significant, yet potentially short-lived, surge in Bitcoin’s price. “Making it Simple! BTC target 115-123K,” he asserted via X a few days ago. His analysis is grounded in Fibonacci extension levels—a technical analysis tool used to predict future price movements based on historical price patterns. Related Reading: Institutional Traders Bet On Bitcoin Exceeding $79,300 By End Of November According to Zeberg’s analysis, the critical level to monitor is the 1.618 Fibonacci extension, calculated at $114,916.16. He suggests that this level is “very likely the top,” indicating that Bitcoin could reach this price point before experiencing a significant reversal. The analysis also notes other key Fibonacci levels that may serve as resistance points during Bitcoin’s ascent. The 0.382 level at $77,437.88 marks a significant initial resistance following the breakout from the previous all-time high. The 0.618 level at $85,205.47 could act as minor resistance as the price climbs. Additionally, the 1.0 level at $107,435.71 represents a crucial psychological and technical threshold, while the 1.27 level at $123,148.19 indicates a possible overshoot beyond the primary target zone. An annotation on Zeberg’s chart poses the question, “58% in less than 3 months into the top?” This suggests he anticipates a rapid price increase within a relatively short time frame, consistent with historical patterns. At press time, BTC traded at $73,742. Featured image created with DALL.E, chart from TradingView.com
Bitcoin has broken past the $73,800 mark for the first time since March 13, briefly tapping $75,000, as election results give Donald Trump an early lead.
The crypto industry is watching Senate races in Ohio, Montana, Pennsylvania, Wisconsin, and Massachusetts — all seen as key to getting pro-crypto lawmakers into office.
Less than a day before the polls closed in the United States, crypto analysts continued to offer their two cents on the future of Bitcoin and cryptocurrencies. For example, many Wall Street analysts say wild BTC market prices will continue after the elections. Other analysts and observers have shared their price predictions based on who will win this Tuesday. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 Gautam Chhugani of the Berstein Group projects that Bitcoin can increase to $80,000 or even $90,000 if the Republican Donald Trump wins the election. If Kamala Harris wins the polls, Chhugani expects the BTC price to dip to $50,000. But Bernstein didn’t stop making Bitcoin predictions immediately after the election; the group remains bullish on Bitcoin in the short term and expects the digital asset to hit $200,000 by 2025. According to Bernstein analysts, the other key factors driving Bitcoin’s price are the increasing demand for spot BTC ETFs and rising US debts. Bernstein Adjusts BTC Price Predictions: $50K Under Harris, $80-90K With Trump Bernstein analysts have adjusted their Bitcoin price estimates based on the potential outcomes of the upcoming U.S. election. If Harris wins, they foresee Bitcoin dropping to around $50,000, while a… pic.twitter.com/Z1zJ21aJ48 — The Wolf Of All Streets (@scottmelker) November 4, 2024 Bernstein’s Bullish Outlook For Bitcoin Next Year Analysts at Bernstein are betting on Bitcoin and expect its price to reach $200,000 by the end of next year, regardless of the election results. Gautam Chhugani made this bold prediction days before the Americans visited the polls and added that the results would not impact the long-term outlook for the asset. The analyst’s bullish project on Bitcoin is anchored on several factors. He even likened the asset to a “genie out of the bottle” and said stopping its price trajectory is difficult. Chhugani identified a few factors that can drive the asset’s price, including increased interest on the BTC ETFs and higher government’s national debt. Last month, Bernstein’s top analyst targeted $100k for Bitcoin but soon revised his projection to reflect changes in market trends. BTC’s Erratic Price Action Ahead Of Elections This year’s election battle between Trump and Harris is among the most highly debated and anticipated. In addition to traditional polling, data from betting markets like Polymarket became famous, too. For example, at Polymarket, Trump remains the favorite, cornering 63% of all wagers, with Harris getting 38%. Bernstein analysts say that regardless of the results, the asset will have short-term price movements. However, they expect BTC to benefit more from a Trump win. In the same Bernstein analysis, Bitcoin may increase to $90,000 if the Republican wins. Currently, Bitcoin’s price has dropped to $69k to $68k due to profit-taking. Also, analysts noted the weak inflows this week to ETFs. Most analysts agree that Bitcoin is still poised for an end-of-the-year rally. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival US Election Results Can Impact Other Digital Assets The US elections affect other digital assets besides Bitcoin. For example, in a Harris presidency, Ether may gain due to heightened regulations that can limit the performance of its competition, like Solana. However, Chhuhani offers a differing view, saying if the SEC adopts moderate policies, these can propel Bitcoin and other assets. This year’s election cycle puts crypto and the blockchain at the center of debates. Both candidates have shared their thoughts on crypto, with Trump offering more crypto-friendly solutions. Initially, Democrat Harris was reluctant to offer policy proposals, but she shifted her tone as the campaign moved forward. Featured image from Invezz, chart from TradingView
The US election is fast approaching, with voters set to cast the final votes in the next 48 hours. This election season has seen a unique focus on the crypto industry, as the two major candidates, Kamala Harris and Donald Trump, have addressed the future of digital assets as a key campaign point. Related Reading: […]
As US elections approach, crypto advocates warn that opposing blockchain could be as shortsighted as resisting the internet in the 90s, potentially costing politicians key support.
Investors got excited as Dogecoin experienced a big price upsurge making it the best-performing cryptocurrency in the last 24 hours after a massive campaign rally by presidential candidate Donald Trump. Dogecoin’s price spiked following the disclosure that the Tesla CEO is being considered as the head of a proposed department. Related Reading: Pepe Battles Price Decline, But Analysts Signal A Potential Rally Ahead Musk As Gov’t Efficiency Head Former US president Trump, who is eyeing a White House comeback, announced that Tesla CEO Elon Musk will hold a key position in his administration once he emerges triumphant in the upcoming US elections. Trump said that Musk would be the head of a proposed department called the Department of Governmental Efficiency or D.O.G.E. for short, an acronym that bears resemblance to Dogecoin. A similarity analysts viewed sparked the price rally. pic.twitter.com/y0UCd5NvMj — Elon Musk (@elonmusk) October 28, 2024 The Tesla CEO has been making rounds in the country to endorse Trump in his pursuit of getting a second chance at the White House. In a Trump rally in New York City over the weekend, Musk emphasized the benefits of establishing D.O.G.E. He explained that it would generate huge savings for the US government, saying that the new department could trim the annual US budget by $2 trillion. At the @realDonaldTrump / @JDVance rally at Madison Square Garden! https://t.co/gEcj39mXIp — Elon Musk (@elonmusk) October 27, 2024 Dogecoin Price Rally Mentioning the planned D.O.G.E. in a Trump campaign sortie reignited the interest in the oldest meme asset. Charts showed that the price of Dogecoin increased by nearly 15% and traded at $0.157 as the crypto becomes the biggest gainer among the top 100 digital currencies by market cap. According to CoinGecko, Dogecoin has been experiencing a price rally hitting $0.16 on Monday, the highest it has ever been since June. The subtle increase in Dogecoin over the last few weeks coincides with Musk’s continuous involvement in Trump’s quest to get re-elected as US president. After the recent shooting incident against Trump, Dogecoin prices climbed up to a level which is even higher than what it is currently experiencing in relation to D.O.G.E. DOGE price up in the last 24 hours. Source: Coingecko A Portion Of The Coins Are In Top Wallets Analysts said that Dogecoin can provide higher liquidity and abundant centralized listings, saying that the latest breakout pushed the coin’s volume to $2.5 billion. They said that top wallets hold about 21% of all Dogecoin, which is owned by individuals looking for long-term profits. At the time of writing, DOGE was trading at $0.165, up 14% and 16.3% in the daily and weekly timeframes. Related Reading: Bitcoin Potential For Monetary Policy Sparks Growing Interest Among Central Banks Meanwhile, market observers noticed that the Dogecoin price uptick has no impact on “dog-themed tokens”. They also noted that several wallets with substantial Dogecoin are seen to be keen on disposing of their digital assets anytime. Featured image from CCN, chart from TradingView
Bitcoin broke past $71,000 Tuesday morning to lead other major altcoins into a bullish trend a week before the US elections. According to CoinGecko’s tracking, Bitcoin touched $71,075 after dipping last week due to rumors circulating over a possible investigation on Tether and the ongoing Middle Eastern conflict. Related Reading: Hong Kong Makes History With […]
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Donald Trump has officially revealed the date of launch for his World Liberty Financial cryptocurrency project—September 16, 2024. Related Reading: Bitcoin Mining Difficulty Surges: Miners Face Toughest Conditions Yet Made via a video on his X account, he asked fans to accompany him for a live event on Twitter Spaces that evening. Emphasizing a change […]
No matter who wins the US presidential contest this November, the trajectory of Bitcoin seems to be set to remain strong despite growing partisan fervor. Related Reading: AAVE Excites Investors With 20% Gain As Developments Roll Out Market observers and crypto enthusiasts mostly believe that the long-term future of Bitcoin is safe. Former President Donald Trump’s pro-crypto posture inspired recent hope that is starting to wane, although this has not affected the general state of the sector. US Election: Effect On Bitcoin’s Value Although some forecast instantaneous changes in price depending on election outcomes, the longer-term impact on Bitcoin could be negligible. Head of private clients at Swan Bitcoin Steven Lubka thinks, independent of any outcome, Bitcoin might hit six figures by 2025. James Davies of Crypto Valley Exchange also remarked, suggesting that fears about a future Kamala Harris presidency affecting Bitcoin’s price are overblown. He notes that while crypto businesses may struggle, the broader industry will keep growing. With Bitcoin’s growing institutionalization—especially with US Bitcoin ETFs recently added—it is clear that its fundamental ideas are good. Short-Term Variability And Market Vibe The election can cause some temporary fluctuation in the price of Bitcoin. While a Harris victory would trigger a brief downturn, analysts predict that if Trump wins there might be a big price increase. Tyrone Ross of 401 Financial, on the other hand, thinks that the outcome of the election will have only a negligible effect on the performance of Bitcoin within the next year or so. The macroeconomic considerations and present market trends are perhaps more important in determining the price swings of Bitcoin. Having peaked at $73,000 early in the year, Bitcoin has traded between $54,000 and $65,000 for most of 2024. Recent price fluctuations are attributed more to global economic conditions and interest rate changes rather than US election news. Related Reading: Analysts Predict XRP ‘Mega Pump’ And ‘Perpetual Cycle’ – Details Looking Beyond Political Uncertainty Despite all the political noise, bitcoin has proven incredibly resilient. Daniel Cawrey from Tonkeeper says the election has done a great deal to raise awareness for the bitcoin space in earnest. In contrast to the Biden administration, which has largely tried to sweep crypto under the rug, Kamala Harris has tended to interact with industry participants – albeit in a way that at least could bring more clarity to guidelines and regulations. As Cawrey notes, more regulatory clarity resulting from this higher engagement would help the sector. Lubka agrees; Bitcoin has flourished even in adverse surroundings. Despite political and legal obstacles, Bitcoin has shown resilience throughout its history surpassing numerous assets. In essence, Bitcoin’s long-term future is bright even if the US presidential election can cause some transient market reactions. The rising institutional acceptance of cryptocurrencies and more general economic considerations drive them forward and help them to be positioned for success independent of political drama. Featured image from Pexels, chart from TradingView
Crypto executives and industry advocates are planning a $100,000 fundraiser for US Vice President Kamala Harris, set to take place on September 13 in Washington, D.C. Related Reading: Bitcoin September Blues: Will The Top Crypto Defy Historical Downtrends? The move is eyed as part of a strategic attempt to encourage greater leniency in the crypto […]
For young people especially, crypto has grown to be a hot button topic in the 2024 US election. Frustrated with the conventional financial system and seeking candidates to push their interest in digital finance solutions and digital currencies, Gen Z and Millennials today account for 40% of the vote, according a recent Coinbase survey. Related […]
According to reports, the Trump Organization—the holding company of former US President Donald Trump’s business ventures—would be moving on to present a new cryptocurrency initiative. In an interview, Eric Trump, the son of the ex-president and executive vice president of the organization, revealed that the new venture would deal with “digital real estate” and one […]
One famous political figure, Vivek Ramaswamy, not so long ago shook the markets with his predictions regarding the position that Vice President Kamala Harris would take on cryptocurrencies. In a recent interview, he urged Harris to be clear about her stance on digital assets, insinuating that perhaps she is soon going to join the pro-crypto […]
Proponents of the “Crypto for Harris” may find the political terrain a rough patch to navigate as some sectors have labeled the US election campaign as a fraud. Related Reading: US Judge Orders FTX, Alameda To Pay A Staggering $12.7 Billion To Creditors – Details According to detractors of US Vice President Kamala Harris, the […]
Minnesota Governor Tim Walz will be running partner for Vice President Kamala Harris in the 2024 presidential contest. Unlike Harris’ coastal base, this choice seeks to boost support in important Midwestern battlefield states. Rural and moderate voters find Walz attractive, hence it might be quite important for the Democratic ticket. Related Reading: Recession Worries Spark […]
It comes as decentralized prediction platform Polymarket has gathered more than $500 million in bets on who will likely win the 2024 United States presidential election.
As Bitcoin carves out a position in the world’s financial landscape, recent events in the US have given it a bright future. At least, this is what an analyst at H.C. Wainwright & Co. sees. Mike Colonnesse offered a weekly study on July 30 outlining several positive elements driving the Bitcoin and BTC mining sector […]
A recent report by OpenSecrets.org revealed that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a staggering $102 million war chest to exert their influence on the upcoming 2024 US congressional elections. The data, compiled by Public Citizen, highlights the sector’s concerted efforts to sway elections in favor of pro-crypto candidates and impede regulatory […]
As the political temperature in the United States heats up ahead of upcoming elections, cryptocurrency is emerging as a significant topic among voters in key battleground states. An extensive online survey spearheaded by the Digital Currency Group (DCG) has highlighted the growing importance of digital currency policies in the electoral dialogue, particularly in states known […]