THE LATEST CRYPTO NEWS

Bitcoin (BTC) has achieved a historic milestone, reaching $94,000 for the first time, fueled by a significant uptrend since November 5, the day President-elect Donald Trump secured his re-election. Trump’s promise to bring regulatory clarity to digital assets has ignited a strong rally, with BTC recording a 40% increase in just two weeks. ‘Prepare For Possible Seven-Figure BTC Prices’ This surge reflects increased buying pressure and correlates with growing inflows into Bitcoin exchange-traded funds (ETFs). Yet, speculation surrounding a potential US Bitcoin strategic reserve has further bolstered investor confidence.  Related Reading: Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control? Blockstream CEO Adam Back, a long-time advocate for Bitcoin, has suggested that if the US were to establish a strategic Bitcoin reserve, investors should prepare for the possibility of seven-figure Bitcoin prices in this market cycle. Back stated: if the US Strategic Bitcoin Reserve happens prepare for 7 figure Bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in. Market expert Anthony Pompliano highlighted that discussions around this initiative are intensifying as pro-crypto Senator Cynthia Lummis has introduced legislation to put the reserve into action, while Trump has previously committed to utilizing the approximately 200,000 BTC already held by the US government.  Bitcoin To $150,000 In 2025? Despite these proposals, Pompliano argues that they do not go far enough. He advocates for a more aggressive approach, suggesting that the US should print $250 billion on the first day of Trump’s presidency and invest the entire amount into Bitcoin.  Pompliano outlines that the proposed $250 billion investment could purchase nearly 2.8 million BTC at the current price. However, recognizing that the US government’s purchases would likely influence market prices, he estimates the average purchase price could rise to $150,000 per coin, resulting in the acquisition of approximately 1.6 million BTC.  Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed Combined with the 200,000 Bitcoin already held, this would position the US as the largest holder of Bitcoin globally, with a total of 1.8 million BTC. Pompliano asserts that this strategy, while seemingly costly, would represent a prudent financial move with the potential for significant long-term benefits.  At the time of writing, BTC is trading at $93,770, up 5% on the weekly time frame.  Featured image from DALL-E, chart from TradingView.com 

Tom Lee, the head of research at independent financial analysis firm Fundstrat, has reiterated his optimistic outlook for the Bitcoin price, predicting that the cryptocurrency is on track to reach the $100,000 mark before the year concludes.  Optimistic Bitcoin Price Outlook In a recent appearance on CNBC’s Squawk Box, Lee discussed the implications of the political landscape following Donald Trump’s victory over Kamala Harris in the presidential election, suggesting that Bitcoin could play a pivotal role in the upcoming administration. Lee articulated that Bitcoin could serve as a solution to some of the United States’ fiscal challenges, particularly if it is designated as a national reserve asset—a promise made by Trump earlier this year at the National Bitcoin Conference in Nashville.  Related Reading: Trump Social Media Firm In Talks To Expand Into Crypto With Bakkt Acquisition The Fundstrat executive also highlighted Bitcoin’s robust security features and its underlying blockchain technology, arguing that these elements position it as a viable alternative to some existing financial structures.  Lee believes that Bitcoin’s attributes could address several issues inherent in the current economic framework, further boosting its appeal among investors. When discussing his price forecast, Lee expressed confidence, stating, “I think comfortably over $100,000 makes sense before the end of the year.”  Lee noted that the current Bitcoin price trajectory is consistent with historical patterns observed during previous Halving cycles, events that typically reduce the rate at which new BTC are created and ultimately have a positive impact on price action. Key Support Levels Identified Crypto analyst Ali Martinez also provided insights into the current Bitcoin price price dynamics, but drawing parallels with historical market behavior. He noted that during the 2017 bull market, Bitcoin surged by 156% beyond its previous all-time high before experiencing a significant correction of -39%.  Similarly, in 2020, Bitcoin rose 121% prior to a -32% pullback. Based on these patterns, Martinez suggests that Bitcoin could potentially reach at least $138,000 before facing its first major correction. Further analyzing past trends, Martinez pointed out that after Bitcoin broke its previous all-time high of $19,700 in 2020, it initially surged by 26%, consolidated for about a week, and then jumped to $40,000.  Currently, Bitcoin has increased by 28% after surpassing its previous all-time high and has been consolidating for the past six days, leading Martinez to speculate that history might be repeating itself. However, he also cautioned that Bitcoin could be on the verge of a steep correction. He highlighted a growing sense of greed among crypto enthusiasts as evidenced by a notable spike in Google search interest for Bitcoin, reflected in the profits realized by investors, who have collectively taken home over $5.42 billion. Related Reading: MicroStrategy Makes Record $4.6 Billion Bitcoin Purchase, Largest Yet From a technical analysis standpoint, Martinez flagged the TD Sequential indicator, which has presented a sell signal on Bitcoin’s daily chart. Additionally, the Relative Strength Index (RSI) suggests that Bitcoin is currently in overbought territory, signaling potential for a price pullback. In the event of a correction, Martinez identified key support levels to monitor, specifically between $85,800 and $83,250, as well as further down at $75,520 to $72,880.  The analyst emphasized that for a bullish outlook to remain intact, the Bitcoin price needs to maintain a sustained daily close above $91,900. Such a close could invalidate the bearish sentiment and potentially trigger a breakout toward a target of $100,680. As of this writing, the leading digital asset is trading at $90,970, up nearly 2% in the 24-hour time frame.  Featured image from DALL-E, chart from TradingView.com

Cathie Wood, CEO of asset manager and crypto ETF issuer ARK Invest, has long maintained her bullish outlook on Bitcoin, and her recent comments reinforce her optimistic projections for the largest cryptocurrency.  Following Donald Trump’s electoral victory over Vice President Kamala Harris last week and Bitcoin’s recent surge to an all-time high of $93,250, investor sentiment surrounding Bitcoin has notably improved. Anticipated Regulatory Relief In a recent interview on CNBC’s Squawk Box, Wood discussed her expectations for Bitcoin’s price trajectory. She stated that ARK Invest’s targets for 2030 range between $650,000 and, in a bullish scenario, between $1 million and $1.5 million.  Ark’s CEO attributed the current uptrend in Bitcoin’s value to several catalysts, particularly the anticipated regulatory relief that could come from Trump’s new administration. Related Reading: Major Hindrances To Dogecoin Price Hitting $1 According To This Crypto Analyst The now 47th President of the United States has vowed to make significant changes, particularly in the leadership of the US Securities and Exchange Commission (SEC), headed by Gary Gensler and characterized by lawsuits, Wells Notices and increased scrutiny of key industry players.  This has led to notable discontent over the past three years of his tenure at the regulatory agency, prompting executives and investors in the digital asset ecosystem to call for a change for a clearer regulatory framework that could invite further adoption and growth of the market.  However, Trump promised to fire Gary Gensler on the first day of his new administration, which is expected to begin on January 20. He also vowed to make America the “crypto capital of the world” with a new framework and support for digital assets, with Bitcoin at the center of his economic agenda.  This has resonated well with industry advocates, as evidenced by the broader market rally led by the market’s largest digital assets, which have risen nearly 25% since Trump’s election victory.  Bitcoin As A Unique Asset Class  During the interview, Wood also highlighted that ARK Invest was the first public asset manager to invest in Bitcoin when it was priced at just $250 in 2015. The asset manager believes that even at approximately $90,000, Bitcoin still has significant growth potential.  According to Wood, Trump’s victory is pivotal, as it signals a shift toward a more favorable regulatory environment for the cryptocurrency sector—an outcome she views as crucial for Bitcoin’s future. Related Reading: XRP Breaks Above Multi-Year Resistance – Top Analyst Shares Price Target Furthermore, Wood emphasized that Bitcoin has evolved into a distinct asset class, separate from traditional currencies. She believes that this shift indicates that institutional investors and asset allocators are increasingly looking to include Bitcoin in their portfolios, recognizing its potential as both a store of value and a hedge against inflation. At the time of writing, BTC is hovering around the $90,120 mark, still up 16% in the weekly time frame, despite the current retracement experienced over the past 48 hours. Featured image from DALL-E, chart from TradingView.com 

Bitcoin (BTC) has recently experienced a massive surge, rising over 39% since November 5th to reach a new record high of $93,250 on Wednesday. However, the largest cryptocurrency by market capitalization has since experienced a pullback and is currently trading around $88,800. Market analyst Quinten Francois has suggested that this retracement could extend further, potentially dropping below the $80,000 mark due to a significant CME gap located beneath this level.  12% Retracement Ahead?  CME gaps refer to price discrepancies on the Chicago Mercantile Exchange Bitcoin futures chart, where the closing price of one trading day differs from the opening price of the next. These gaps often arise following substantial price movements and are typically filled as the market stabilizes. Francois has identified a CME gap at the $78,000 level, which would represent a retracement of just over 12% from current prices if filled in the coming days. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor Such a correction could be healthy for BTC, as it often liquidates long positions, setting the stage for future upward movements. Historical patterns suggest that these pullbacks can provide the necessary liquidity for the cryptocurrency to advance further. However, if Bitcoin sees increased selling pressure at this level, additional support levels are identified at $72,000 and $69,000. The potential for a drop below these levels would take BTC back to the prices seen before Donald Trump’s election victory on November 5th, which many believe was a catalyst for the recent price spike.  Could Trump’s Bitcoin Strategy Influence Future Price Movements During his presidential campaign, Trump continuously expressed his intention to support the growth of digital assets, positioning Bitcoin as a central element of his next administration’s economic policy. One of Trump’s promises includes establishing Bitcoin as a strategic reserve asset for the United States.  Pro-crypto Senator Cynthia Lummis has taken this initiative to the Senate by introducing the Bitcoin Act, which aims to increase US Bitcoin reserves to 1 million coins, potentially reducing market supply and positively impacting the BTC price. Related Reading: Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout Francois has also forecasted a bear market for the broader cryptocurrency sector, predicting it could emerge between 2026 and 2027. This suggests that the next two years will likely witness an extended bull run for Bitcoin and the overall digital asset ecosystem.  However, the expert cautioned that if the $78,000 CME gap is not filled before a significant price rally, it may need to be addressed in the subsequent bear market phase, suggesting further price fluctuations ahead. Featured image from DALL-E, chart from TradingView.com 

The massive Bitcoin (BTC) rally following Donald Trump’s victory in the US presidential election is beginning to show signs of slowing down, particularly in the derivatives market, as evidenced by the leading digital asset’s retreat below the $90,000 mark on Thursday.  Bitcoin Experiences Significant Liquidation Activity According to Bloomberg data, the premium for CME-listed Bitcoin futures contracts—commonly used by institutional investors to speculate on price movements—has decreased, indicating a potential shift in market sentiment. K33 Research notes that the basis, or the difference between the futures price and the spot price, has dropped to around 10% after previously hovering between 13% and 16% since the election.  Related Reading: New Era For Crypto Regulation? SEC Chair Gensler Suggests He May Step Down Vetle Lunde, head of research at K33, remarked, “Markets seem to be cooling down… that might have been a subtle hint of moderating risk profiles.” This shift suggests that investors may be reassessing their strategies in light of the recent price volatility. Currently, Bitcoin is trading at $87,970, down from its all-time high of $93,462 reached just a day ago. Since Trump’s election victory, the cryptocurrency has seen an increase of over 30%.  However, this rally has been accompanied by significant liquidation of leveraged bullish positions. In the past 24 hours, liquidations of long positions—those betting on price increases—totaled $447 million, compared to $207 million for bearish bets.  Renewed Trader Interest Profit-taking is also contributing to the recent downturn, particularly as Bitcoin approached the $90,000 mark, which has historically been a significant level for open interest in call options.  James Davies, CEO of Crypto Valley Exchange, noted, “Crazy speculative days in the market, big profit taking in the last few hours… $90k is a massive level in the call options open interest.” The rally has primarily been fueled by fresh demand in the spot market, evidenced by substantial inflows into exchange-traded funds (ETFs) backed by Bitcoin and relatively moderate leverage among traders.  Interestingly, the funding rate for Bitcoin perpetual futures on offshore exchanges rose after falling earlier in the week, indicating renewed interest among traders after the so-called “Trump trade” catalyst. Related Reading: Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst Options traders are increasingly optimistic, with growing interest in calls with strike prices at $110,000 and $120,000, according to data from Deribit. As Davies commented, “It’s all pure speculative trading right now, expect lots of volatility and a lack of clear signals for a while whilst we wait for policy announcements in the U.S.” As the market approaches the expiry of November options, all eyes will be on whether the $90,000 price point will serve as a resistance level or if Bitcoin can surpass it once again. Featured image from DALL-E, chart from TradingView.com 

Bitcoin (BTC) has hit new highs in recent days, with many users of crypto betting site Kalshi predicting that the largest cryptocurrency on the market could hit the $100,000 milestone before the end of 2024.  According to recent data from the event contract market, 60% of users believe Bitcoin will hit this milestone before January, while 45% are betting it could achieve this level as early as November. Analyst Predicts Six-Figure Bitcoin Prices By Year-End Kalshi, which launched in 2021, allows users to bet on various outcomes, including economic data releases and election results.  The platform gained significant attention this year due to its legal battle with the Commodity Futures Trading Commission (CFTC), which ultimately led to US users being allowed to participate in betting markets for the presidential election.  Since the US presidential election on November 5, Bitcoin has surged more than 28%. The election outcome has been viewed as bullish for cryptocurrencies, especially with President-elect Donald Trump expressing his support for the industry and hinting at more favorable regulations.  Related Reading: Justin Drake Unveils ‘The Beam Chain’: A Vision For Ethereum Final Design Analyst Mike Colonnese from H.C. Wainwright commented on the current market conditions, stating: Strong positive sentiment is likely to persist through the balance of 2024, and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year. The analyst further noted that Bitcoin is now in a phase of “price discovery” after breaking through its all-time highs early last Wednesday morning, following the official announcement of Trump’s election victory. This combination of market enthusiasm and regulatory optimism, he suggests, could see BTC continue its upward trajectory, attracting new investors and cementing its place in the financial landscape by the end of 2024.  UBS Warns Of Historical Volatility Although betting markets and investors have set their sights on BTC  hitting $100,000, Wall Street analysts are warning about the “speculative” nature of cryptocurrencies.  Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, emphasized this point in a note to clients on Tuesday.  “We continue to view crypto assets as a speculative trade rather than a strategic investment in portfolios,” she stated. Marcelli expressed skepticism regarding the potential for digital assets to make significant inroads into disruptive real-world applications, noting their propensity to increase portfolio volatility. UBS highlighted that since 2014, Bitcoin has experienced three major drawdowns exceeding 70%, with an average recovery period of three years. Related Reading: Analyst Warns Of 10% Bitcoin Price Drop Ahead Of CPI Data On a more positive note, other cryptocurrencies saw gains on Wednesday. Ethereum (ETH), Solana (SOL), and even Dogecoin (DOGE) experienced upward movement.  Dogecoin surged notably after Trump announced that Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy would head a newly formed “Department of Government Efficiency,” cleverly abbreviated to DOGE. However, crypto-related equities did not follow the bullish trend of Bitcoin. Stocks like Coinbase (COIN) and Robinhood (HOOD) took a breather after recent rallies, with Coinbase shares down about 2% on Wednesday, while Robinhood remained relatively unchanged.  After hitting a new all-time high of $93,000 on Wednesday, BTC has come back down to the $90,350 level, yet, still up 20% on the week.  Featured image from DALL-E, chart from TradingView.com 

The leading cryptocurrency on the market, Bitcoin (BTC), hit a new all-time high of $84,000 on Monday amid increased inflows into the digital asset market and expectations for further gains in the final months of the year.  This surge comes in the wake of Donald Trump’s recent victory over Democrat candidate Kamala Harris in the US presidential election, with Bitcoin experiencing a 23% increase over the past week and a 5.5% rise in the last 24 hours.  Optimism Grows For $100,000 Bitcoin Bloomberg reports that as Bitcoin hits a new record high, options traders are now targeting the $100,000 mark, speculating that it could be reached before the end of the year. Traders on options exchange Deribit are particularly active, with large bets being placed on Bitcoin reaching this milestone. A notable $100,000 call option set to expire on December 27 has garnered significant attention, with reports indicating that it has already increased in value by 30%.  Related Reading: Bitcoin Soars Past $82,500 As MicroStrategy Makes Major 27,200 BTC Purchase Nick Forster, founder of Derive, a decentralized finance protocol for options trading, commented, “We’re witnessing some significant movements in the wake of the US election.” As of Monday morning in London, there was approximately 9,635 Bitcoin—valued at around $780 million—in open interest tied to bets on Bitcoin hitting $100,000 by the December expiration.  According to Bloomberg, this represents the highest amount of capital riding on any single trade for that expiry date, with Deribit estimating an 18.6% probability of this trade paying off. Uptrend Linked To Anticipated Regulatory Changes Under Trump Le Shi, managing director at market-making firm Auros in Hong Kong, noted that the current uptrend in the broader market is due to a number of promises made by Trump during the election campaign.  These include making Bitcoin a strategic reserve asset for the US, firing the chairman of the US Securities and Exchange Commission (SEC) on his first day in office and introducing a clearer regulatory framework to support the market’s growth.  Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Shi believes that the combination of favorable market conditions, growing institutional interest, and a supportive regulatory environment under Trump’s administration could create a conducive backdrop for further price appreciation. At the time of writing, BTC is trading at $84,122.  Featured image from DALL-E, chart from TradingView.com 

On Monday, business intelligence firm Microstrategy announced the purchase of additional Bitcoin (BTC) as the largest cryptocurrency on the market hit a new all-time high of $82,500, with increased inflows into various sectors of the ecosystem over the past week.  MicroStrategy Now Holds Nearly $23 Billion In Bitcoin In a social media post by Bitcoin bull Michael Saylor, the company announced that it had acquired approximately 27,200 BTC for approximately $2.03 billion. This transaction is one of the largest BTC purchases to date by a corporate entity but in line with the company’s strategy to integrate crypto into its financial framework.  According to a statement released Monday, these acquisitions took place between October 31 and November 10, using proceeds from recent stock sales.  With this latest purchase, MicroStrategy now holds nearly $23 billion in Bitcoin, totaling approximately 279,420 BTC with an average purchase price of about $42,692 per Bitcoin. Related Reading: PEPE Upsurge Stalls At Key Resistance, Eyeing Support At $0.00001152 Michael Saylor also revealed that the company’s MSTR treasury operations since the beginning of November have resulted in a BTC yield of 7.3%, representing a net benefit to shareholders of nearly 18,410 Bitcoin.  However, this strategy has also had a notable impact on Microstrategy’s stock MSTR, which jumped 11% on Monday as the announcement was made and is currently trading at approximately $299 per share, up from $270 the previous week. Post-Election Bull Run The current uptrend in Bitcoin’s price also coincides with a notable shift in investor sentiment following Donald Trump’s victory in the recent US presidential election against Vice President Kamala Harris.  According to CoinShares, digital asset investment products experienced inflows of $1.98 billion following the election, marking the fifth consecutive week of positive inflows and bringing the year-to-date total to a record $31.3 billion.  Along with the largest cryptocurrency on the market, the overall global assets under management (AuM) in cryptocurrencies have reached an all-time high of $116 billion. The inflows were predominantly driven by US investors, who contributed $1.95 billion, while European markets also saw smaller inflows, particularly in Switzerland and Germany. Bitcoin alone attracted $1.8 billion of these inflows, reflecting a broader trend that has emerged since the US Federal Reserve (Fed) cut interest rates in September. Related Reading: Dogecoin (DOGE) Soars 50% In a Flash: Is More Upside Ahead? Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted that the bullish momentum in the crypto market is fueled by a sense of “euphoria” following Trump’s election.  Streeter commented that his pledge to ‘go all in on crypto’ has sent BTC to “new, heady heights,” and ultimately believes that Trump’s shift towards supporting the cryptocurrency industry has created a more favorable regulatory environment, boosting investor confidence. In further support of this sentiment, Citi strategists highlighted that cryptocurrencies remain one of the few Trump-related trades that have not retraced. They noted that his administration’s expected crypto-friendly policies could lead to greater regulatory clarity in the US, further encouraging investment. Overall, as Bitcoin continues its uptrend, some predict that BTC could reach the $100,000 milestone by the end of the year, driven by a combination of favorable market conditions and growing institutional adoption. At the time of writing, the market’s leading crypto is trading at $82,479, up 20% in the past week alone.  Featured image from DALL-E, chart from TradingView.com

The recent presidential election has sent ripples through the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory over Kamala Harris.  As Trump prepares to take office for a second term, his ongoing commitment to making the United States the “crypto capital of the world” has ignited bullish sentiment among investors, positioning Bitcoin at the center of his economic proposals. ‘$13 Million Bitcoin Price Target Is Bearish’ Dennis Porter, CEO and co-founder of the Satoshi Action Fund has been vocal about the implications of Trump’s win for Bitcoin and the broader cryptocurrency landscape.  In a series of posts on social media platform X (formerly Twitter), Porter highlighted the potential for Bitcoin to experience significant price discoveries in the coming years. He emphasized that the election outcome signals a substantial shift in the political landscape regarding cryptocurrency. Porter stated that after the 2024 presidential election, it is “abundantly clear” that Bitcoin is a “winning issue,” claiming that opposing Bitcoin support is “political suicide,” with a forecast that the United States will lead on BTC. The Satoshi Act Fund CEO believes that as the global community comes to terms with this reality, a “dramatic” acceleration in Bitcoin adoption will follow. Related Reading: CNBC Projects Bitcoin Could Hit $100,000 Before Presidential Inauguration – Details In addition to Trump’s victory, the Republican Party has secured a majority in Congress, further enhancing the prospects for cryptocurrency legislation. Porter noted that over 250 members of Congress are now pro-Bitcoin, which could facilitate a more favorable regulatory environment for the crypto market to thrive. This newfound political support could lead to legislation clarifying regulations and encouraging innovation and investment in the digital asset sector. It could also pave the way for the approval and introduction of one of Trump’s key promises: to make BTC a strategic reserve asset for the country.  One of Porter’s most striking comments came just 24 hours after the election when he suggested a forecast of $13 million per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of even higher valuations for Bitcoin shortly. Extended Bull Run For BTC? In an update on social media, market expert Rekt Capital provided insights into BTC’s short-term price action. He highlighted the importance of a weekly candle close above $71,500, which could signal the start of a breakout from the current re-accumulation range. Rekt Capital notes that Bitcoin has been in a prolonged re-accumulation phase for over 200 days since the last Halving event, which occurred earlier this year in April.  The expert points out that the historical trend suggests bullish sentiment, as Bitcoin’s cycle has dramatically reduced from an average of 260 days to just 13 days in the current post-Halving context. This reduction in cycle duration indicates that Bitcoin is in a slightly accelerated phase compared to previous cycles. However, the current rate of acceleration is not as steep as earlier in the year, particularly in March 2024, suggesting a stabilizing trend. Due to this extended consolidation period, Bitcoin has almost completely realigned with historical Halving cycles. Rekt believes this resynchronization could lead to a longer, more robust bull run than anticipated.  Related Reading: Ethereum Price Rallies 10%: Will Bulls Push It Higher? In a related analysis, crypto analyst Ali Martinez speculates on the potential timing of the next market peak for Bitcoin. He highlights a historical pattern wherein Bitcoin typically reaches market tops 8 to 12 months after achieving a monthly close above its previous all-time high.  Ali Martinez predicts that the next significant market top for the leading crypto could occur between July and November 2025 if this pattern holds. At the time of writing, BTC was trading at $75,100.  Featured image from DALL-E, chart from TradingView.com

Bitcoin (BTC), the leading cryptocurrency by market capitalization, surged to a new all-time high of $76,800 buoyed by the recent US presidential election which saw Donald Trump secure another term in the White House and a more favorable monetary policy from the US Federal Reserve (Fed).  Fed’s Second Consecutive Rate Cut On Thursday, the Federal Reserve announced its decision to cut its benchmark overnight lending rate by 25 basis points to a target range of 4.50%-4.75%, adding to the bullish sentiment surrounding crypto prices.  This marks the second consecutive rate cut, following a half-percentage point reduction in September. The unanimous vote at this meeting, which included participation from Governor Michelle Bowman, reflects a shift in the Fed’s approach to balancing inflation control with labor market support. Related Reading: CNBC Projects Bitcoin Could Hit $100,000 Before Presidential Inauguration – Details In its post-meeting statement, the Federal Open Market Committee (FOMC) noted a revised assessment of economic risks, indicating that the outlook for achieving employment and inflation goals is now seen as balanced, a departure from the previous month’s more optimistic stance. Crypto analyst Doctor Profit commented on the recent surge in both stock and crypto markets, suggesting that the price increases were in anticipation of the Fed’s rate cut. He predicts that continued rate cuts in the coming quarters could further drive up prices for both stocks and cryptocurrencies. Positive Trends For Bitcoin And Ethereum Post-Election In an exclusive interview with NewsBTC, Nansen’s Principal Research Analyst, Aurelie Barthere, highlighted that Bitcoin rise above its previous all-time high, coupled with high trading volumes, signals a strong positive momentum in the market.  The analyst noted a period of “de-risking” in the run-up to the election, likely influenced by unfavorable polls for Trump, but observed a subsequent rush to “re-risk” as confidence returned following the election result, further evidenced by the rise in prices. Related Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target Barthere also pointed out that the Republican victory in the House of Representatives could further amplify this rally. However, she cautioned that profit-taking may occur in the coming weeks as new policies are tested, particularly regarding the potential political pressure on the US SEC chair to step down. The analyst pointed out that Ethereum is also gaining traction as expectations rise for a resurgence in decentralized finance (DeFi).   Barthere noted an interesting uptick in the ETH/BTC price ratio, accompanied by significant net inflows into Ethereum exchange-traded funds (ETFs), totaling $52 million on the day of the election results.  The analyst suggests that these continued inflows into the recently approved ETF market are seen as indicative of broader retail interest in the second largest cryptocurrency, which she ultimately believes has yet to see significant adoption. At the time of writing, Bitcoin was trading at $76,629, up nearly 10% in the seven-day time frame. Similarly, ETH has also seen significant gains, rising 14% in the same period to reach a current price of $2,885. Featured image from DALL-E, chart from TradingView.com

Following Donald Trump’s victory in the US presidential election against Vice President Kamala Harris, optimism is surging in the cryptocurrency market. Analysts are now projecting that Bitcoin could reach new heights of $100,000 before the presidential inauguration, which is just over two months away. Trump’s Election Signals Shift Toward Pro-Crypto Policies With Trump’s administration firmly established, CNBC reports that Bitcoin has already reached an all-time high of $75,500, signaling a potential shift towards a more crypto-friendly regulatory environment starting in 2025.  The combination of Republican control of both the Senate and the White House is expected to bolster support for Trump’s pro-crypto initiatives, leading to further price discovery for the market’s biggest digital asset. Related Reading: Uniswap Surges Toward $8.74 – Can UNI Push Through To New Heights? Trump has made several key promises that could significantly impact the cryptocurrency landscape. One of the most notable is the establishment of a national Bitcoin stockpile, positioning the US as the “crypto capital of the world.” He has also committed to ensuring that all future Bitcoin mined in the country contributes to this national reserve. Moreover, Trump has vowed to fire Gary Gensler, the current chair of the US Securities and Exchange Commission (SEC), who has faced criticism for his aggressive regulatory approach under the Biden administration.  Gensler’s tenure has seen numerous lawsuits targeting major players in the crypto space, including Binance, Coinbase, and Ripple Labs, resulting in nearly half a billion dollars in legal fees for those companies. Trump’s proposed crypto policy is designed to stimulate growth and adoption within the United States, with Bitcoin positioned as a central element in his strategy to tackle the national debt, which currently stands at $36 trillion.  His administration’s plans have been echoed by pro-crypto Senator Cynthia Lummis, who introduced legislation to designate Bitcoin as a national reserve asset. This initiative was discussed during her remarks at the 2024 National Bitcoin Conference in Nashville, where Trump also made a notable appearance, further solidifying his commitment to the sector. Bitcoin On Track For $100,000  Given these developments, CNBC notes that “multiple analysts” are forecasting Bitcoin could reach the $100,000 mark before Trump’s inauguration, especially if he follows through with his promise to create a national Bitcoin stockpile.  The US government already possesses over $15 billion in Bitcoin from asset seizures over the years, providing a solid foundation for this initiative. In addition to Bitcoin’s rally, stocks of US-based firms such as Coinbase and Robinhood have seen significant gains in recent days. Coinbase (COIN) shares surged by 25.73%, while Robinhood (HOOD) jumped nearly 18%, reflecting the industry’s renewed confidence in a more favorable regulatory environment under Trump. Related Reading: Dogecoin (DOGE) Jumps 10%+: Is More Upside Ahead? Research from Cooper Research aligns with these optimistic projections, particularly regarding the Bitcoin exchange-traded fund (ETF) market. The firm previously estimated that ETFs could manage nearly 1 million Bitcoins by the time of the election, and currently hold approximately 986,000 BTC.  Their analysis suggests that if trends continue, Bitcoin could indeed reach $100,000 by January 20, when Trump is set to be inaugurated, especially if ETFs increase their holdings to around 1.1 million BTC. At the time of writing, BTC is trading at $74,750, having retreated from its current record high of $75,500 set during Wednesday’s trading session.  Featured image from DALL-E, chart from TradingView.com 

The futures market is signaling that the current Bitcoin rally, spurred by Donald Trump’s recent election victory on Tuesday, might be starting. According to Vetle Lunde, head of research at K33 Research, the election’s immediate aftermath has seen a “risk-on rotation” across derivatives, indicating a surge in investor confidence. Bitcoin Options Market Targets $80,000 By Late November On the Chicago Mercantile Exchange (CME), the basis—the difference between the spot market price and futures contract prices—has risen sharply from 7% to over 15% in a single day, reflecting heightened interest from institutional investors. Additionally, perpetual futures contracts, favored by offshore investors, are now trading at their largest premiums to the spot market since March, further underscoring rising demand for leverage. Related Reading: Ethereum Volatility Soon? Derivatives Exchanges Receive 82,000 ETH In Deposits Bitcoin recently surpassed $75,000 for the first time, buoyed by expectations that a second Trump presidency will usher in more favorable policies and regulations for the cryptocurrency sector, as he has vowed to support the growth of the market, with BTC at the heart of what could be a new economic policy for the nation.  Before the election, NewsBTC reported that the Bitcoin options market had already set its sights on an ambitious target of $80,000 for expiries slated for late November, showcasing the optimism surrounding the asset’s potential. Analysts Predict Strong ETF Inflows Post-Election Michael Safai, founding partner at quantitative trading firm Dexterity Capital, told Bloomberg that Trump’s administration promises decreased regulatory intervention in the US, a development many crypto investors have advocated during previous years of heightened scrutiny. While exchange-traded funds (ETFs) backed by Bitcoin experienced one of the largest outflows on Monday, Safai suggests that traders remain optimistic about a potential reversal.  Lunde also indicated that the European trading session had been relatively quiet. Still, Bitcoin appears to be finding support at its former all-time highs, a positive sign for continued upward momentum. Anticipating strong ETF inflows during US trading hours on Wednesday, the analyst expects the combination of rising CME premiums and post-election clarity to bolster Bitcoin’s performance. “The backdrop of burgeoning CME premiums presents carry opportunities that should support strong performance,” Lunde explained. However, amidst the positive outlook, some traders advise caution regarding potential price corrections. Related Reading: Uniswap Surges Toward $8.74 – Can UNI Push Through To New Heights? Previous bullish runs, such as the one witnessed in March following the introduction of Bitcoin exchange-traded funds, led to significant liquidations across both directions of the market, with the cryptocurrency recording drops of over 20% following the record peak.  Nathanaël Cohen, co-founder at INDIGO Fund, cautioned that profit-taking could trigger corrections at current levels. However, he remains optimistic about the overall trend moving higher in the coming months. At the time of writing, BTC was trading at $74,430, up 6.2% on a 24-hour basis and nearly 4% every week. Featured image from DALL-E, chart from TradingView.com 

In the wake of the US presidential election, Bitcoin (BTC) is experiencing the expected volatility that often accompanies major political events. Tuesday’s trading saw the largest cryptocurrency fluctuating between $68,000 and $70,000, with the latter level acting as resistance since Saturday. Market analysis firm Crypto Birb has released insights into the potential impacts of the election on Bitcoin’s price trajectory, suggesting that, based on current indicators, Bitcoin could reach new record highs above $73,700 in the days following the election.  Bitcoin Price Could Soar To Over $263,000 In a recent social media update, Crypto Birb highlighted several key figures for traders and investors, including the upward trends in the 200-week and 50-week simple moving averages (SMAs), currently at $59,200 and $40,700, respectively, which point to a bullish long-term outlook for the Bitcoin price. The firm notes the presence of over $470 billion in volume from exchange-traded funds (ETFs) investing in BTC, further contributing to market liquidity, which is critical for Bitcoin’s price movements to the upside.  Related Reading: Dogecoin Price Rally Gains Momentum, Will DOGE Smash Through $0.18? However, a market bloat of 51%, measured by the Net Unrealized Profit/Loss (NUPL), indicates that a significant portion of Bitcoin holders are in profit, potentially leading to increased selling pressure if prices rise too quickly.  The Market Value to Realized Value (MVRV-Z Ratio), currently at 1.86, projects a potential price target of over $263,000, suggesting substantial room for growth.  Notably, Bitcoin’s low correlation of 0.16 with the S&P 500 indicates that its price movements are largely independent of traditional equity markets, which could attract investors seeking diversification. Historical Trends Suggest Strong November Ahead Despite the bullish long-term outlook, the firm suggests that traders should be cautious of short-term volatility. Crypto Birb noted that the market is experiencing a spike in “price randomness,” common occurrence during election cycles.  Key resistance levels are identified at $70,700 and $72,000, which could prove critical in determining Bitcoin’s immediate path. The daily trend shows that $70,000 is a pivotal breakout point, and the firm suggests that a successful move above this threshold could trigger further upward momentum to retest all-time high records. The firm also highlights the current sentiment in the crypto market, which is currently characterized by a “Fear and Greed” index reading of 70, indicating a state of greed among investors.  Crypto Birb contends that this sentiment often leads to heightened buying activity but can also signal a potential pullback if prices rise too quickly. Additionally, mining costs are estimated at around $80,700, suggesting miners are operating at a loss if Bitcoin remains below this threshold.  Related Reading: XRP Price Gears Up: Is a Major Move on the Horizon? Further strengthening the case for Bitcoin, historical data shows that November has been a strong month for BTC, with an average gain of 14.96% over the past nine years. This means that if the cryptocurrency follows past movements, it could reach $79,000 by the end of the month.  In addition, the fourth quarter of the past few years has shown an average gain of 50.86%, with the maximum quarterly gain recorded at 470.44%, suggesting that BTC could be poised for a significant rally in the coming weeks, regardless of the US election results between Donald Trump and Kamala Harris. When writing, the largest cryptocurrency on the market was trading at $69,830, up 3% in the 24-hour time frame.  Featured image from DALL-E, chart from TradingView.com

As the US presidential election approaches, former President Donald Trump’s odds on crypto betting platforms like Polymarket have surged, with analysts predicting significant implications for Bitcoin prices if he secures a second term in the Oval Office.  However, market expert Patrick H. warns that the current favorable conditions supporting Bitcoin’s rally toward a new record high may shift dramatically under Trump’s proposed fiscal policies for the coming year. ‘No Money Printing, No Gains’ In a recent analysis shared on X (formerly Twitter), Patrick H. posited that if Trump is re-elected and appoints Elon Musk as the head of the newly proposed Department of Government Efficiency (DOGE), the era of aggressive money printing could come to an end.  During a Trump rally at Madison Square Garden on Sunday, the Tesla CEO revealed plans for the DOGE initiative, suggesting it could reduce federal spending by at least $2 trillion.  Related Reading: Ethereum Holds Key Support To Set A $6,000 Target – Analyst Patrick H. argues that without continued money printing, there may be limited upward movement in Bitcoin prices. “No money printing, no price going up,” he stated.  The expert believes that the market may not be fully accounting for the ramifications of a Trump victory on both the cryptocurrency and stock market outlook for 2025. Additionally, Patrick raised alarms about the Bank of Japan’s concerns regarding the US stock market if Trump implements these proposed policies. He warned that such changes could lead to an “economic shock” in 2025, further complicating the landscape for crypto prices. The Bitcoin Rally And The Potential Impact For Altcoins Delving into the current price dynamics, market analyst Miles Deutscher recently said that despite Bitcoin trading just below its all-time highs, the market feels “unusually quiet,” attributing the silence to a lack of retail investor participation, which he argues is crucial for driving momentum in the cryptocurrency market. Deutscher pointed out that from October 2023 to March 2024, altcoins experienced significant rallies, with many rising four to five times from their lows. Coins in trending sectors, particularly those related to artificial intelligence and meme coins, even saw increases of 10 to 15 times during this period.  However, the analyst highlights that it wasn’t until February that retail interest re-emerged, as evidenced by metrics like Google Trends, app store rankings, and YouTube views. Deutscher believes that this delay in retail engagement raises an important point: substantial price movements in cryptocurrencies often occur without immediate retail participation.  According to the analyst, the Pareto Principle applies here—80% of gains typically occur during the final 20% of a price movement. This means that retail investors tend to wait until significant upward momentum is already established before entering the market, suggesting further price gains in the months ahead. Related Reading: XRP Price Explosion Above $3 Is A Matter Of When, Not If: Analyst Reveals Timeline In the current context, the recent altcoin rally has only lasted four weeks following a six-month downtrend. Deutscher recalls that in the previous cycle, it took five months for retail investors to notice the market’s recovery.  The analyst predicts a similar pattern may unfold again, although he asserts that the trust built during the March rally could shorten the time frame for renewed retail interest. Still, Deutscher emphasizes that Bitcoin breaking through its all-time highs would serve as powerful marketing for the entire cryptocurrency space.  Ultimately, the analysts explains that the resulting “wealth effect” from the current Bitcoin rally is likely to catalyze further increases in altcoin prices, creating a positive ripple effect throughout the market. At the time of writing, the largest cryptocurrency on the market has managed to regain the $72,000 level after a brief correction to $71,400 in the past 24 hours. Featured image from DALL-E, chart from TradingView.com

As Bitcoin (BTC), the largest cryptocurrency by market capitalization, inches closer to its all-time high of $73,700 reached in March, the US spot Bitcoin ETF market has re-emerged as a key driver of the cryptocurrency’s recent price surge. On Tuesday, total trading volume for spot Bitcoin ETFs surpassed $3 billion, coinciding with Bitcoin’s price briefly above the pivotal $73,000 mark for the first time in over 7 months.  Bitcoin ETF Market Set To Surpass 1 Million BTC Holdings Soon Notably, crypto investor BigRig observed a remarkable uptick in Bitcoin ETF purchases over the past two weeks, reporting $2.673 billion in inflows since October 16.  This accounts for a substantial 11.8% of total ETF inflows during this period, suggesting a robust interest from institutional and retail investors. BigRig also pointed out that, prior to Tuesday’s trading volume, this period represented the best day for ETF inflows. Related Reading: Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next? Bloomberg ETF analyst Eric Balchunas added to the optimistic narrative by stating that US spot ETFs are on track to hold 1 million Bitcoin by next Wednesday, surpassing the holdings of Satoshi Nakamoto, the enigmatic creator of Bitcoin, by mid-December with an average addition of about 17,000 BTC per week. However, Balchunas also cautioned that market volatility could impact these projections. “Anything can happen,” he noted, referencing the possibility of a sudden selloff that could delay the timeline.  Conversely, if prices continue to rise and political factors, such as a potential Trump victory in the upcoming election, contribute to increased market enthusiasm, the expert believes that this influx of new investors could accelerate the pace of Bitcoin’s ascent to new highs. Whale Accumulation Spurs Optimism Despite heightened activity in the Bitcoin ETF market, the price of the largest cryptocurrency recently fell short of its all-time high, retracing to approximately $72,250 at the time of writing.  However, there are positive indicators for Bitcoin bulls. The cryptocurrency has been consolidating above key support levels, with strong backing around the $66,000 mark.  This support has effectively prevented any significant decline over the past week and has contributed to the ongoing rally. However, what would be a notable bullish indicator would be a sustained consolidation above the $70,000 level for the bulls, which could further demonstrate the strength of the current move. Related Reading: Analyst Says XRP Price Is Ready For A Breakout As Metrics Turn Bullish, What To Expect Market expert Miles Deutscher has been vocal about his bullish outlook for Bitcoin, particularly in the latter months of the year. He recently pointed out a significant trend: whales—large holders of Bitcoin—are accumulating the cryptocurrency at an “unprecedented pace.”  This observation suggests that institutional demand for Bitcoin is currently outpacing retail interest, a shift that could have implications for massive price movements to the upside in the near future. Deutscher further highlighted that Bitcoin exchange reserves have reached all-time lows. This means that the amount of Bitcoin available on exchanges for trading has dwindled, signaling a supply squeeze. Featured image from DALL-E, chart from TradingView.com 

As Bitcoin rebounds from its brief correction and approaches the $70,000 mark, Matthew Sigel, head of digital asset research at asset manager and crypto ETF issuer VanEck, shared his insights on the cryptocurrency’s potential trajectory in light of the upcoming US presidential election and broader economic factors in a recent CNBC interview. Bitcoin Recovery Tied To M2 Growth And Seller Exhaustion Sigel noted the correlation between former President Donald Trump’s lead in betting polls against Vice President Kamala Harris and Bitcoin’s rise. He characterized Trump as the most pro-crypto candidate, suggesting that his policies may favor the cryptocurrency market.  Conversely, Sigel expressed skepticism about Harris’s understanding of Bitcoin, indicating that her administration may not prioritize cryptocurrency issues. Related Reading: If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst Delving deeper into Bitcoin’s price dynamics, Sigel highlighted several critical correlations. He pointed out a negative correlation with the US dollar and a positive correlation with the global money supply growth, known as M2, leading to the current uptrend.  Sigel also attributed the recent price recovery to the Federal Reserve’s pivot towards reacceleration of M2 growth, alongside what he described as a current “seller exhaustion” in the BTC market.   Additionally, Sigel identified a promising bullish setup for Bitcoin as the election approaches, particularly its rising correlation with the Nasdaq, reaching a two-year high of 1.5.  Sigel recalled a similar pattern from the 2020 elections, where Bitcoin exhibited low volatility until the election outcome was announced, leading to a substantial rally as new buyers flooded the market. “New buyers are born every day,” he emphasized, indicating a steady influx of interest in Bitcoin. When discussing Bitcoin’s relationship with gold and M2, Sigel described Bitcoin as a “chameleon,” highlighting its dynamic correlations that can shift over time. This variability makes it challenging to accurately predict Bitcoin’s short- and long-term behaviors. $180,000 Post-Election, $3 Million By 2050 In addition to US political dynamics, Sigel pointed to recent activities within the BRICS intergovernmental organization, particularly the involvement of new members Argentina, the UAE, and Ethiopia in Bitcoin mining.  The researcher noted that these countries are leveraging government resources to mine Bitcoin to counter what he termed the “irresponsible” fiscal policies of the US.  Sigel also mentioned Russia’s plans for its sovereign wealth fund to invest in Bitcoin mining through BRICS, proposing settling global trade in Bitcoin. Related Reading: GOAT Outpaces PEPE Growing To $900M Market Cap In 2 Weeks – Details When asked about potential future price points for BTC, Sigel explained that historical rallies have seen increases of around 2,000%. If Bitcoin were to achieve half of that rise post-election, it could reach approximately $180,000.  Looking further ahead, Sigel referenced a model from VanEck’s digital asset research team, predicting that by 2050, Bitcoin could serve as a reserve asset for global trade, held by central banks at a rate of 2%. This model suggests a staggering $3 million per Bitcoin price by that year. At the time of writing, BTC is trading at $68,900, up 1.7% over the past 24 hours.  Featured image from DALL-E, chart from TradingView.com 

As the US presidential election draws near, Bitcoin has briefly surged to the $70,000 mark for the first time in over five months. This milestone coincides with former President Donald Trump leading in polls against Vice President Kamala Harris, setting the stage for potential shifts in the cryptocurrency landscape depending on the election outcome. $70,000 As Key Level For Bitcoin To Surpass March Record The recent uptick in Bitcoin’s price has been bolstered by a rally in the stock market, with analysts noting that investors are increasingly pricing in a potential Trump victory.  Tony Sycamore, a market analyst at IG Australia Pty, indicated that Bitcoin needs to maintain a solid break past $70,000 to build confidence in surpassing its previous record of $73,798 set in March. Trump has positioned himself as a pro-crypto candidate, pledging to make the US the cryptocurrency capital of the world. In contrast, Harris has taken a more cautious stance, advocating for a regulatory framework for the industry.  Amidst the political backdrop, options traders have ramped up their bets, with many speculating that Bitcoin could reach $80,000 by the end of November, irrespective of who wins the election.  Related Reading: Are ‘ETF Paper Bitcoins’ Suppressing BTC Prices? Analyst Provides Answers Implied volatility around Election Day on November 5 has also risen, reflecting the uncertainty in the market. Notably, spot Bitcoin ETFs in the US have seen approximately $3.1 billion in net inflows this month, further contributing to the positive sentiment surrounding cryptocurrencies. Regulatory Concerns Surround Harris’s Stance On Crypto Crypto analyst VirtualBacon recently highlighted the significance of the upcoming election for the cryptocurrency market, dubbing it the “Crypto Election.”  Prediction markets currently favor Trump at 60%, although these figures may be skewed due to the crypto community’s historical support for him. National polls indicate a tighter race, with Harris holding a slight lead of just over 1%.  The crypto industry has contributed approximately $119 million to campaigns this election year, representing nearly half of all corporate donations.  However, major players like Coinbase and Ripple are strategically donating across party lines to promote supportive legislation rather than backing a single candidate. While both Trump and Harris have publicly expressed favorable views on cryptocurrency, their commitments to concrete legislative action remain uncertain.  Harris’s regulatory approach raises concerns, as her campaign has emphasized protecting minority investors in digital assets without providing specifics.  Moreover, her tenure as Vice President coincided with the appointments of prominent crypto critics such as the US Securities and Exchange Commission (SEC) chair Gary Gensler, and US Treasury Secretary Janet Yellen. On the other hand, Trump’s evolving views towards cryptocurrency, including the launch of a successful NFT project and a DeFi platform, suggest a warming to the industry.  As the election approaches, VirtualBacon suggests that it’s crucial to consider that economic data released post-election will significantly influence market sentiment.  The upcoming Federal Open Market Committee (FOMC) meeting in November could provide critical insights into inflation and liquidity, impacting both the broader market and the trajectory of cryptocurrencies. BTC’s Path To $100,000 Despite the speculation surrounding the impact of the presidential election, which is just 7 days away, another analyst, Ali Martinez, noted that over the past eleven years, seven of them have seen massive gains for the market’s leading crypto. As can be seen in the chart provided by Martinez, the average November gain for BTC is a massive 46%, which if the market follows these late patterns, could see a November price of just over $100,000 per coin. Related Reading: Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent However, for BTC to confirm a breakout to retest its all-time high, it will be key for it to consolidate above the $70,000 mark in the coming days ahead of the election, positioning it well for a dramatic breakout to even higher prices.  Featured image from DALL-E, chart from TradingView.com

As the US presidential election approaches, the crypto community is buzzing with speculation regarding how the outcome will affect the Bitcoin price.  With just 15 days until the election between former President Donald Trump and Vice President Kamala Harris, options traders are increasingly optimistic about a new all-time high for Bitcoin, regardless of who wins the presidency. Traders Favor Call Options Ahead Of US Election According to a recent report from Bloomberg, options traders are placing significant bets that Bitcoin will reach a record high of $80,000 by the end of November.  Notably, implied volatility for Bitcoin options, particularly those expiring around the election day, remains elevated. More traders are favoring call options, which give the buyer the right to buy BTC at new highs. Related Reading: Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target David Lawant, head of research at crypto prime broker FalconX, commented, “I believe the market consensus is that Bitcoin is likely to perform well regardless of the election outcome.” His analysis indicates that options activity surrounding the upcoming elections shows a distinct bias toward upside potential. The political landscape features contrasting views regarding the nascent cryptocurrency landscape. Trump, who has been a  vocal advocate for digital assets over the past months, is viewed by many as a pro-crypto candidate, leading to the characterization of Bitcoin as a “Trump trade.”  On the other hand, Harris has pledged to support a regulatory framework for cryptocurrencies, a shift from the more stringent oversight seen during the Biden administration, characterized by continuous enforcement actions and lawsuits against key players of the sector. Per the report, in addition to political factors, traders are also considering non-political influences such as potential rate cuts by the Federal Reserve (Fed) and ongoing inflation concerns, which contribute to a generally optimistic sentiment.  Data Reveals Strong Demand For $80,000 Bitcoin Calls  Data from Deribit, a crypto options exchange, reveals a declining put-to-call ratio, indicating that more traders are buying call options than puts as the year draws to a close. Yev Feldman, co-founder of SwapGlobal, elaborated on the current trading patterns seen among investors, stating: “We are seeing traders buying calls near $68,000 and puts near $66,000, suggesting that many are positioning for a breakout in either direction.”  Feldman further added that there’s limited reason to expect a downward collapse post-election, making upward movement seem more plausible for the leading crypto of the market. Related Reading: Solana Eyes New All-Time High Of $370 After Cup And Handle Breakout Open interest data also shows that call contracts set to expire on November 29 are heavily concentrated around the $80,000 mark, with the second most popular strike price at $70,000.  For contracts expiring on December 27, interest is clustered around $100,000 and $80,000, while the most sought-after strike price for calls expiring on November 8 is $75,000. Interestingly, call options are commanding higher premiums than their put counterparts, according to the skew term structure, which reflects pricing dynamics between these options.  “This indicates that investors are leveraging the options market more as a tool for capturing potential upside rather than as a hedge against downside risks,” Lawant explained.  The researcher also pointed out that opinions on non-Bitcoin cryptocurrencies remain divided, with less consensus on how these assets might perform under varying electoral scenarios. At the time of writing, BTC was trading at $67,370.  Featured image from DALL-E, chart from TradingView.com 

In a development that could offer relief for Bitcoin (BTC) and the broader crypto ecosystem, Mt. Gox, the defunct cryptocurrency exchange that was hacked in 2014, has announced a significant delay in its repayment plan for affected creditors. Originally set for October 31, 2024, the new deadline for repayments has been pushed to October 31, 2025. Mt. Gox Trustee Announces New Repayment Timeline This delay is particularly notable given that the repayment of approximately 200,000 BTC to creditors could have exerted downward pressure on Bitcoin’s price. Had the repayments proceeded as scheduled, there was concern that many affected investors might liquidate their holdings en masse, potentially exacerbating Bitcoin’s existing downtrend and leading to a sharp price decline. Related Reading: SEC Strikes Again: Cumberland DRW Charged For ‘Unregistered Crypto Operations’ In a statement released on Thursday, the Rehabilitation Trustee outlined the current status of the repayment efforts. It noted that while significant progress has been made in processing repayments, many creditors have yet to receive their funds due to incomplete procedures or issues encountered during the repayment process. The Trustee stated: With the exception of certain types of repayments, the Rehabilitation Trustee has largely completed the Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment for rehabilitation creditors who have completed the necessary procedures. However, the statement highlighted that a considerable number of rehabilitation creditors still await their repayments. In light of these challenges, and with permission from the court, the Trustee determined it was in the best interest of all parties to extend the deadline for repayments. Key Levels To Watch For Bitcoin Amid Ongoing Fluctuations Despite recent optimism surrounding the Bitcoin market, the cryptocurrency has once again fallen below the critical $60,000 mark. This decline follows a brief uptrend triggered by the US Federal Reserve’s (Fed) decision to cut interest rates on September 18, which initially boosted confidence among crypto investors. Bitcoin had rallied to approximately $66,500 on September 27, marking its best September performance in over a decade. However, the cryptocurrency has since faced a sell-off, resulting in losses exceeding 2% in the last 24 hours and nearly 9% over the past two weeks. Related Reading: XRP Could Surge To $60 Overnight Using SWIFT Model, Expert Says Crypto analyst Rekt Capital has pointed out that Bitcoin is currently down around 6% for October. Historically, the cryptocurrency has experienced downturns in October only twice: in 2014, when it fell by 12.95%, and in 2018, with a decline of 3.83%.  Both years were characterized by bear market conditions. With the current year being a Halving year—an event that historically has led to price increases—there is a prevailing sentiment that Bitcoin may avoid a negative monthly close this October, according to Rekt’s analysis. Rekt Capital also noted that Bitcoin is currently testing the Weekly Re-Accumulation Range Low, which is around $60,600. This level serves as crucial support, and maintaining a weekly close above it could set the stage for a potential upward movement. Conversely, if Bitcoin fails to hold this support, the analyst warns that it could lead to further declines, potentially pushing the price below $55,000. At the time of writing, BTC trades at $59,650, as seen in the daily BTC/USDT chart below.  Featured image from DALL-E, chart from TradingView.com

After days of anticipation, HBO is set to release its highly awaited documentary exploring the true identity of Satoshi Nakamoto, the enigmatic creator of Bitcoin (BTC).  While many are eager to uncover the individual behind this pseudonym, one expert warns that the documentary could lead to significant price manipulation in the Bitcoin market before its release. In a recent post on X (formerly Twitter), market analyst OxNobler cautioned that while the focus may be on Nakamoto’s identity, the real issue lies in the potential “market manipulation” allegedly orchestrated by HBO’s parent company, Warner Bros. HBO Prepares To Unveil Satoshi Nakamoto’s Identity The identity of Satoshi Nakamoto has long puzzled the cryptocurrency community, with various theories emerging over the past decade.  Related Reading: Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4 As recently reported by Bitcoinist, one prominent candidate is Len Sassaman, a developer known for his work on remailer technology, a precursor to Bitcoin.  Proponents of this theory point to several key facts, such as technical contributions, collaboration with Hal Finney, the first recipient of a BTC transaction, and a memorial to Sassaman encoded in the blockchain.  While many previously believed that Hal Finney was the man behind the Nakamoto pseudonym, new evidence has surfaced, prompting an ongoing re-examination of the mystery. However, OxNobler warns that the current media push to reveal Nakamoto’s identity may have another purpose. Bitcoin Manipulation Linked To HBO’s Documentary? The expert highlights the documentary’s release date, which coincides with key financial events, including the US Federal Reserve’s recent interest rate cut on September 18, the upcoming US elections and the confirmed $16 billion payout by FTX to creditors affected by its collapse in 2022.  These factors, combined with potential changes to China’s cryptocurrency regulations, suggest that the revelation of Nakamoto’s identity could have far-reaching implications beyond mere price fluctuations, according to OxNobler. The expert emphasizes the involvement of large institutional investors such as asset managers BlackRock, Vanguard and Fidelity, major players in the Bitcoin exchange-traded fund (ETF) space and Warner Bros.  According to OxNobler’s analysis, these entities significantly impact the market, often initiating bull runs or selling off at the peak of excitement, with the upcoming documentary event perhaps having the same results for the Bitcoin price. Related Reading: Dogecoin Could Be Preparing For Next Big Rally, Analyst Explains Ultimately, OxNobler speculates that HBO may adopt one of two bullish approaches in the documentary. In a “moderate scenario,” the film could present several candidates as possible identities for Satoshi Nakamoto without definitively naming one.  Alternatively, in an “all-in scenario,” the expert suggests that the HBO documentary might explicitly name the individual behind the Nakamoto alias and reveal that they passed away long ago. The expert believes this revelation would mean that no one would have access to Nakamoto’s substantial holdings, potentially removing over 5% of the total Bitcoin supply from circulation and having a bullish effect on prices. At the time of writing, BTC has managed to consolidate at $62,350 after the volatility at the end of last week saw the largest cryptocurrency on the market retreat to $59,500. Featured image from DALL-E, chart from TradingView.com

Last week, Bitcoin (BTC) experienced considerable volatility, climbing to a two-month high of $66,500 before falling back to a low of $59,500 at the end of the week. However, the leading cryptocurrency has resumed its upward trajectory, hitting $64,500 on Monday.  Higher Highs And Bullish Trends Crypto analyst Doctor Profit recently released a report commenting on the recent price movements, noting that Bitcoin has successfully printed a new higher high for the first time since reaching its all-time high (ATH).  According to the analyst, this development challenges the bearish narrative that had suggested Bitcoin would continue to decline, based on a theory of higher highs and lower lows. “Their own theory has given them a slap right in the face,” he remarked, suggesting that the recent price action should serve as a wake-up call for some skeptics. Related Reading: FET Gears Up for Gains: Bullish Momentum Eyes $1.8 Breakout Doctor Profit also noted that the higher high/lower low pattern tends to break down during strong sideways movement, particularly when key moving averages are involved.  The analyst highlighted Bitcoin’s recent retest of the 50-day moving average (MA50), placed at the $60,000 level met with strong bullish momentum, reinforcing his view that Bitcoin remains bullish. Doctor Profit plans to establish new long positions around the $60,400 level, should the market revisit that area.  In terms of short-term targets, Doctor Profit sees $66,000 as a clear objective, expressing confidence in the potential for Bitcoin to reach this level soon. He also noted the significance of upcoming economic data, with crucial Producer Price Index (PPI) and Consumer Price Index (CPI) inflation reports scheduled for release this Thursday and Friday. Bitcoin Consolidation Phase Nearing End? Adding to the optimistic outlook for the BTC market, another analyst, TedPillows, recently indicated that Bitcoin’s current consolidation phase may be nearing its end after nearly six months of trading below the $70,000 level.  He compared previous market cycles and noted that BTC consolidated for 161 days after the 2016 halving and 175 days after the 2020 halving.  Related Reading: Solana-Based MYRO Next In Line For $1 Billion? Why A 200% Surge To $0.2 Is Possible With the current consolidation phase ongoing for 168 days, Pillows suggests that Bitcoin is either on the verge of exiting this phase or is already at its conclusion. This analysis hints at the possibility of Bitcoin achieving a new all-time high above the previous record of $73,700 reached in March of this year. When writing, the largest cryptocurrency on the market is trading at $63,835, up 2% in the last 24 hours and maintaining its 17% gain for the month.  Featured image from DALL-E, chart from TradingView.com

For the past five days, the Bitcoin price has remained locked in a narrow range between $62,000 and $64,000, following a surge of bullish sentiment triggered by the US Federal Reserve’s (Fed) decision to cut interest rates on September 18.  This pivotal move by the Fed has sparked optimism among investors. Yet, Bitcoin has struggled to consolidate above the critical $64,000 level, which, if surpassed, could pave the way for a retest of previously lost resistance levels, potentially targeting $70,000 in the near term. Bitcoin Price Set To Reach New All-Time Highs? Despite this short-term stagnation, several analysts maintain an optimistic outlook for the Bitcoin price as the market approaches the fourth quarter (Q4) of the year. Market expert Lark Davis, for example, recently highlighted the historical trends that suggest the average return for Bitcoin during Q4 is a notable 88%.  Davis suggested that if the Bitcoin price were to replicate this performance, it could soar to nearly $120,000. Even a more conservative estimate of a 55% gain – similar to last year’s performance – would take the price to $100,000. Related Reading: Dogecoin Parabolic Rally To Trigger 5,500% Surge To $6, Here’s When In addition, the expert points out that this year offers unique catalysts that could drive significant price movements, including the launch of the Bitcoin exchange-traded fund (ETF) market, the upcoming US elections, and the expected $16 billion in cash repayments from the collapsed FTX exchange.  However, when analyzing the current state of the Bitcoin market, there are signs that current price movements are being “artificially constrained.” Analysts Warns Of Final Dip Before Further Price Gains Analyst InspoCrypto has noted that the price action has been persistently hovering around $63,000, with breakout attempts being blocked. A significant institutional options trader has reportedly executed a block trade that appears designed to keep Bitcoin’s price stable until October 4.  InspoCrypto further explains that the Spot Cumulative Volume Delta (CVD) indicates a pattern of distribution even as prices rise, while the Futures CVD shows a divergence, suggesting that recent price increases have been primarily driven by futures trading.  The Whales vs. Retail Ratio analysis from Hyblock supports this view, revealing that while whales are accumulating short positions, retail investors are predominantly betting on long positions—creating a potentially unfavorable scenario for the latter group. Yet, InspoCrypto believes that the market will see one final dip before reaching new all-time highs (ATHs) of $80,000 or even $85,000 for the largest cryptocurrency on the market. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Adding to the technical analysis, analyst Ali Martinez points out that Bitcoin is currently testing its 200-day Simple Moving Average (SMA) at the $64,000 mark, which is acting as a short-term resistance level. A breakout above this key level could signal a significant bullish trend, according to Martinez. Looking further ahead, if the Bitcoin Long-Term Power Law holds true, Martinez believes the next market top could reach around $400,000, with predictions for this peak to occur by October of next year. Overall, while Bitcoin faces short-term challenges, the consensus among analysts is that the cryptocurrency is poised for new all-time highs in Q4 and into 2025, despite the current state of the market and BTC’s inability to overcome short-term hurdles.  At the time of writing, BTC is trading at $63,160, little changed from Monday’s price, and up 0.7% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com

As the broader cryptocurrency market experiences notable gains following the Federal Reserve’s rate cuts, Bitcoin (BTC) has reached a price of $63,670 on Thursday, marking substantial bullish momentum since late August. This surge has sparked increased interest from both retail traders and institutional players, leading to diverse positioning within the market. Divergence In Trader Strategies According to a recent post on social media site X (formerly Twitter) by technical analyst InspoCrypto, the recent price action on the Binance BTC/USDT perpetual futures chart highlights a strong upward trend, with Bitcoin breaking key resistance levels around $60,000.  Related Reading: Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past ATH – Price Targets Revealed The volume accompanying this price rise remains robust, according to the analyst, indicating solid support for the ongoing bullish movement. InspoCrypto suggests that while the market is currently in a bullish phase with no immediate signs of reversal, potential resistance is anticipated around $64,000 to $65,000. Insights from Hyblock Capital’s heatmap, reveal significant differences in positioning between large traders (whales) and retail investors. The heatmaps show an increase in long positions among retail traders, particularly in the $62,500 to $63,500 range.  In contrast, whales have been accumulating short positions below $60,000, suggesting a cautious sentiment among institutional players despite the short-term optimism among retail investors toward the largest cryptocurrency on the market. Bitcoin Faces Key Liquidation Levels At $60,000 And $64,000 InspoCrypto further highlights that open interest in the futures market has also been rising along with the Bitcoin price, especially in the $62,000 to $63,500 range, indicating growing confidence in the bullish trend.  In addition, the current funding rate is positive, suggesting that long positions are prevalent and traders are willing to pay a premium to maintain those positions. However, the analyst cautions that a sustained high funding rate could lead to market corrections as traders rebalance their positions. Related Reading: Is This The End For Ethereum Or A Generational Opportunity? Volume remains a critical indicator of market strength, supporting the bullish rally as it surpasses the $63,000 mark. Notably, the volume delta is positive, indicating more buying pressure than selling. However, there are significant liquidation levels at $60,000 and $64,000, which could trigger volatility if the market tests these price points. Overall, InspoCrypto contends that sentiment in the market is moderately bullish, rated at 7 out of 10. While retail traders appear confident and are predominantly taking long positions, the accumulation of shorts by whales signals a potential cautionary stance.  At the time of writing, the industry’s largest digital asset is trading at $63,300 for the first time since late August. This represents a 5% increase over the past 24 hours, coupled with gains of 8% and 12% over the past seven and fourteen days, respectively. Featured image from DALL-E, chart from TradingView.com

According to the Financial Times, the Swiss stock exchange SIX, the third largest in Europe, is exploring the possibility of launching a new Bitcoin and crypto exchange in the country, aiming to position itself to compete with exchanges like Binance, OKX and Coinbase.  SIX Group Plans New Bitcoin Trading Venue Bjørn Sibbern, Global Head of Exchanges at SIX Group, highlighted the potential for creating a platform to facilitate trading in spot cryptocurrencies and derivatives, noting that crypto has become a globally recognized asset class. According to the report, the exchange aims to leverage its reputation and Switzerland’s progressive regulatory framework for digital assets to attract large institutional investors.  Related Reading: Fantom To $2: Here’s What’s Driving The FTM Price Recovery Despite the growing interest, traditional financial firms have hesitated to establish crypto trading platforms due to concerns about regulatory clarity and reputational risks. While some major firms, including Deutsche Boerse, Nomura, and Standard Chartered, have launched their crypto exchanges, others remain cautious.  For example, CBOE Global Markets recently closed its spot crypto venue, citing insufficient regulatory guidance. Similarly, CME Group had considered entering the Bitcoin trading space earlier this year but has since indicated that it has no immediate plans. Switzerland’s Crypto-Friendly Environment According to Sibbern, the recent approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission has sparked renewed interest from retail and institutional investors.  Although the Bitcoin price has seen considerable volatility over the past two months – from a high of around $72,000 earlier this year to a current trading price of $59,800 – it is still up 40% year-to-date, underscoring the asset’s appeal to investors and confidence in its continued appreciation despite medium-term challenges. The report further notes that Switzerland has emerged as one of Europe’s most “crypto-friendly jurisdictions,” thanks to its comprehensive laws governing the trading and custody of digital assets.  Related Reading: CME Traders Bet Big Against Bitcoin As US Fed Rate Cut Looms Sibbern noted that SIX is actively exploring ways to expand its offerings in Europe, with cryptocurrency trading being a significant consideration. However, he emphasized that any new trading venue would cater exclusively to institutional investors, such as asset managers, rather than retail traders. Sibbern further told the news outlet: We are looking at other ways for us to expand in Europe and as a part of that, we are also looking at [whether] crypto should be a part of it. We see the trend that more and more global banks and institutions are looking at crypto SIX also operates a crypto derivatives platform named AsiaNext in a joint venture with Japan’s SBI Group. Sibbern remarked that they are evaluating whether to replicate this model in Europe.  The Swiss exchange, owned by 120 banks, already runs a digital exchange that has listed several digital bonds since 2018, indicating its commitment to integrating digital assets into its operations. Featured image from DALL-E, chart from TradingView.com 

As Bitcoin (BTC) grapples with a challenging market environment, it has struggled to regain momentum, hovering around the $53,000 and $60,000 levels for six consecutive weeks.  After losing the crucial $70,000 threshold on August 1, the largest cryptocurrency remains at risk of further declines, particularly with the upcoming Federal Reserve (Fed) meeting on September 18, where a 0.50% rate cut could significantly impact its price. BTC’s Future Hangs In Balance Recent insights from crypto analyst Doctor Profit suggest that the market is closely divided, with equal chances—50%—of a 0.25% or 0.50% rate cut. However, Doctor Profit is confident that the Fed will opt for the larger cut, citing a need for decisive action in the current economic climate. He notes, “A 0.25% cut is simply too little for where we are now.”  Related Reading: Dogecoin (DOGE) Trims Gains, Can This Key Support Hold Losses? The analyst argues that failing to implement a 0.50% cut could lead to market turmoil reminiscent of the “Blood Monday” experienced on August 5, which saw Bitcoin plummet to lows of $48,900, resulting in a nearly 25% price drop. According to Doctor Profit, this could include acknowledging the Fed’s past strategies and an optimistic outlook for the economy, potentially paving the way for future rate cuts. Given these potential scenarios, the analyst warns of the potential for market manipulation and “scam wicks” that could mislead investors on both sides of the trade. In addition, geopolitical tensions, particularly regarding the Israel-Lebanon situation, add another layer of complexity and may exacerbate market fears and volatility. Despite the short-term risks, Doctor Profit remains bullish on Bitcoin’s long-term prospects, particularly through the end of Q3 2025. The analyst believes that any short-term panic will ultimately be countered by a return to expansive monetary policy, as seen in the recent influx of USDT and other cash injections into the market. He highlights that once the rate cuts are implemented, the Fed’s money printing will likely resume, providing a foundation for recovery. Bitcoin Price Analysis Looking deeper into the current price action, analyst Ali Martinez recently noted that Bitcoin trades within a parallel channel on the hourly chart.  Martinez contends that Bitcoin could bounce back to the middle or upper levels if the lower border holds, targeting $60,200 or $62,000. However, Martinez warns that a break below the support level of $58,100 could lead to a drop towards $55,000. Related Reading: Solana Losses Ground, Drops Below $137 As Bearish Momentum Builds Zooming out to a broader perspective, Martinez also highlights concerning trends in Bitcoin’s Market Value to Realized Value (MVRV) Momentum. Since breaking below the $66,750 mark in June, Bitcoin has been in a downtrend, and this negative trend has yet to show signs of reversal.  To invalidate this indicator, BTC needs to break above this level and reclaim it as support, which could signal the continuation of an expected rally towards the all-time high of $73,700 reached in March this year. When writing, the largest cryptocurrency on the market is trading at $58,440, recording losses of over 3% in the 24-hour.  Featured image from DALL-E, chart from TradingView.com

Amid ongoing volatility for the Bitcoin price, which has struggled to reclaim its all-time high of $73,700, bullish predictions continue to emerge for the leading cryptocurrency. The latest forecast comes from VanEck, asset manager and Bitcoin ETF issuer with over $100 billion in assets under management. Bitcoin Price Projection In a recent update, VanEck projected that by 2050, the Bitcoin price could solidify its position as a key international medium of exchange, potentially becoming one of the world’s reserve currencies. This assertion is rooted in the anticipated decline in trust in current reserve assets, prompting a shift toward more stable alternatives like Bitcoin. One of the primary barriers to Bitcoin’s widespread adoption has been its scalability issues. However, VanEck anticipates that these challenges will be addressed through the development of Layer-2 (L2) solutions, which enhance Bitcoin’s functionality and efficiency.  By combining Bitcoin’s immutable property rights with the advanced features of L2 solutions, VanEck envisions a global financial system better equipped to meet the needs of the developing world. Related Reading: Bitcoin Ends August Down 8%: What To Expect From Historically Bearish September With this in mind, the firm believes that by 2050, Bitcoin could be used to settle 10% of international trade and 5% of domestic transactions, leading to central banks potentially holding 2.5% of their assets in BTC.  Based on projections of global economic growth, BTC demand and turnover, VanEck estimates a potential price of $2.9 million per Bitcoin, which translates to a total market capitalization of approximately $61 trillion. This forecast incorporates assumptions about the global trade landscape, with trade growth expected to lag behind overall Gross Domestic Product (GDP) growth—projected at 2% versus 3%.  Moreover, VanEck anticipates a market share decline for traditional currencies, such as the US dollar and the Euro, due to deteriorating economic fundamentals, which would allow Bitcoin and other emerging currencies to gain traction. Store Of Value Potential From a medium-of-exchange perspective, VanEck suggests that Bitcoin could capture 10% of cross-border payments and 5% of domestic trade. The firm also highlights that as Bitcoin becomes increasingly recognized as a store of value, approximately 85% of the circulating supply may be effectively removed from the market, further driving its value. The analysis reflects a broader trend of the Bitcoin price correlation with traditional risk assets, suggesting that its movements will remain closely linked to macroeconomic conditions.  Related Reading: SUI Crashes 23% As September Unleashes Market Panic—Is A Comeback Possible? As the global economy evolves, VanEck predicts that Bitcoin will become an essential component of the International Monetary System, gaining market share from existing reserve currencies. At the time of writing, the Bitcoin price stands at $59,140, up 3% in the last few hours after rebounding from a drop towards $57,000 on Monday.  Featured image from DALL-E, chart from TradingView.com

After enduring a substantial drop to a seven-month low earlier this week, Bitcoin (BTC) showed resilience by reclaiming ground above the $57,000 threshold on Tuesday, sparking optimism among bullish investors who hoped that the worst of the downturn was behind them.  However, the leading cryptocurrency has quickly retraced over 3% in the past few hours, slipping back towards the $54,900 level, suggesting a possible continuation of the prevailing downtrend. BTC’s CME Gap & Bearish Indicators Crypto analyst Rekt Capital weighed in on the situation, noting Bitcoin’s repeated retracements following unsuccessful attempts to stabilize at higher levels. Rekt Capital pointed out that Bitcoin stands on the verge of filling the CME Gap positioned between $53,700 and $54,600.  While acknowledging the proximity of the current price at $54,900 to this gap, there’s uncertainty surrounding the necessity of filling it, especially considering its relatively minor size.  Related Reading: BREAKING: XRP Price Rallies 27% As Ripple Secures Major Win In SEC Lawsuit The analyst mused on the possibility that this downward movement could merely signify a volatile daily retest around the $55,800 support level, which aligns with the lows seen in early July.  However, if the CME Gap does require filling, doing so sooner rather than later, while the price remains in close proximity, could be a strategic move, according to Rekt’s analysis. Adding to the bearish indicators, Julio Moreno, Head of Research at data analytics firm CryptoQuant, highlighted a significant observation regarding the Bull-Bear Market Cycle Indicator.  Moreno flagged a bear phase for the first time since January 2023. Previous instances of the indicator signaling bear phases coincided with major market events like the COVID-induced sell-off in March 2020 and the Chinese mining ban in May 2021, accurately predicting the onset of bearish trends in November 2021. $50,000 Bitcoin Support At Risk?  Crypto firm Material Indicators has also shared bearish predictions in the near term for the Bitcoin price, raising red flags concerning Bitcoin’s bullish momentum. Observing a scenario where Bitcoin bulls are seemingly under siege, the firm notes a stabilization in BTC bids around the $50,000 mark.  However, the cautionary tone emerges as they brace for a potential dip towards a crucial support level at $45,000 if the $50,000 mark fails to hold firm. Related Reading: Bitcoin Funding Rates Turn Negative: Shorts’ Turn To Get Squeezed? Adding to the market sentiments, market expert Jesse Olson has detected a pending sell signal on Bitcoin’s weekly Heikin Ashi chart. This signal, if confirmed, would mark only the fifth such occurrence since 2021, indicating a significant shift in market dynamics.  Ultimately, it becomes increasingly apparent that Bitcoin must exhibit robust bullish momentum in the days ahead to counteract the intensification of the current downtrend.  Revisiting its all-time high levels of $73,700, achieved in March, now appears contingent upon sustained upward movements to offset the prevailing market pressures. Featured image from DALL-E, chart from TradingView.com 

In a bold display of faith in the future of the largest cryptocurrency on the market, Bitcoin (BTC), MicroStrategy co-founder and executive chairman Michael Saylor has disclosed that he owns around $1 billion. Saylor’s Bitcoin Vision Unshaken In a recent interview with Bloomberg Television, Saylor disclosed that he has been steadily accumulating Bitcoin over the past several years and has no plans to sell any of his holdings soon. “I continue to acquire more,” Saylor stated. “I think it’s a great capital investment asset for an individual, family, institutional corporation or country. I can’t see a better place to put my money.” Related Reading: Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again? Saylor’s personal BTC stash is in addition to the over 226,000 BTC held by MicroStrategy, the enterprise software firm he co-founded and led as CEO until recently transitioning to the executive chairman role. MicroStrategy began amassing Bitcoin in 2020 to hedge against inflation and has since emerged as the largest publicly traded corporate holder of the cryptocurrency. The company’s Bitcoin holdings are currently valued at around $13 billion. Despite the recent volatility and price declines in the cryptocurrency market, Saylor remains unwavering in his conviction about Bitcoin’s long-term potential. He views it as a superior store of value and investment asset compared to traditional options like cash, bonds, or even gold. ‘Death Cross’ Analysis & Short-Term Sell Signals Amid Monday’s broader market crash, market expert Timothy Peterson noted in a social media post that Bitcoin had formed a “death cross,” where the 50-day average exceeds the 200-day average. Interestingly, Peterson notes that this rare event has only taken place eight times since 2015. Historical data analyzed by Peterson revealed that Bitcoin experienced a positive outcome approximately 62% of the time following previous’ death cross’ instances. Notably, downturns were observed during bear market years such as 2014, 2019, and 2022.  Nevertheless, Peterson expressed skepticism about a repeat of such downturns, suggesting that Bitcoin plummeting below $40,000 by year-end seems improbable. Instead, he projected a potential surge to over $90,000 by the year’s close, drawing parallels to past bullish trends following similar patterns. Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA? Despite these optimistic projections, the short-term outlook for Bitcoin faced a dose of caution from crypto analyst Ali Martinez. On Tuesday, Martinez raised concerns as the TD Sequential indicator signaled a sell order on Bitcoin’s 4-hour chart.  This indicator, which assesses potential trend exhaustion points, hinted at an impending correction as Bitcoin’s price surged above $57,000 on Tuesday. The analyst’s warning proved prescient as Bitcoin underwent a retracement of nearly 3% within the last 24 hours, hitting a daily low of $54,700. Featured image from DALL-E, chart from TradingView.com

In the wake of the highly anticipated address by Federal Reserve Chair Jerome Powell, Bitcoin (BTC) maintained a steady course on Wednesday as the Fed opted to keep interest rates unchanged at 5.25%-5.50%.  Crypto Market Awaits Fed’s Next Move Powell, speaking at a press conference in Washington DC, hinted at the possibility of rate reductions in September, contingent upon the economic performance in the weeks leading up to that month. “We’ve made no decisions about future meetings and that includes the September meeting,” Powell stated. “We’re getting closer to the point at which we’ll reduce our policy rate, but we’re not quite at that point yet.” Related Reading: This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002 In response to the Fed’s stance, crypto analysts weighed in on the implications for the digital currency space, with Michael van de Poppe, founder of MN Capital, expressing optimism over Powell’s “dovish outlook,” suggesting that a September rate cut remains a strong possibility.  In his social media post, Van de Poppe expressed confidence that this development bodes well for both Bitcoin and altcoins, with an eye on the upcoming decision expected in September.  Similarly, another analyst, Daan Crypto Trades, underscored Powell’s indication of a potential rate cut in September, projecting a high likelihood of its realization unless significant deviations occur following Consumer Price Index (CPI) readings.  With 48 days remaining until the September meeting, Daan Crypto Trades proposed that market dynamics may revolve around this impending decision, potentially giving rise to short-term fluctuations after the initial rate adjustment in September. Bitcoin To Hit $1 Million In 2028? In a recent social media post, Timothy Peterson, a Bitcoin writer and researcher, unveiled a significant prediction for the largest cryptocurrency on the market that, if it holds true in time, could result in BTC’s price reaching unprecedented highs.  According to Peterson, the Bitcoin price is directly and exponentially proportional to the square root of the number of Halvings that the network has undergone. In other words, the amount of new BTC introduced into circulation is cut in half approximately every four years, a process known as a Halving. “A combination of adoption curve math and Metcalfe’s Law puts Bitcoin’s price well over $500,000 by the next halving in 2028,” Peterson asserted. “This implies an annualized rate of return of about 70%.” Related Reading: XRP Analyst Thinks The Coin Is Ready To Skyrocket By 21,000% To Over $150 Peterson’s prediction is particularly noteworthy given Bitcoin’s current price of around $65,700, as if his prediction proves accurate, it would represent a massive increase of over 670% from current levels. Furthermore, the researcher suggests that Bitcoin should be “sustainably above $1 million” about 450 days after the next halving event in 2028, aligning with the observed pattern of previous Halving cycles, where Bitcoin has tended to experience a significant price surge in the years following each reduction in new supply. Featured image from DALL-E, chart from TradingView.com 

Following the highly anticipated 2024 Bitcoin Conference in Nashville, Tennessee, over the weekend, a notable spike in positive market sentiment drove the Bitcoin price to a one-month high of $70,000 on Monday.  Analysts are now eyeing the potential for an extended super-cycle, with market expert Doctor Profit suggesting that the recent rally could begin a significant uptrend with plenty of room to run. Bitcoin Price Projections According to a recent report by Doctor Profit, the current price action is the first phase of this potential super cycle, noting that during the 2021 bull run, he had accurately predicted Bitcoin’s crash to around $18,000, followed by the capitulation event triggered by the FTX collapse, where it hit $15,400. “At this point, I posted that I am going all in with the 2021 bull market gains back into the market at prices between $16,000 and $18,000,” Doctor Profit stated. “This bottom price is historically significant and unlikely to be revisited.” Related Reading: Dogecoin Price (DOGE) Eyes Impressive Gains: Will It Break Through? The analyst further explained the various phases of the current market cycle, highlighting the “pre-bull” phase characterized by resistance at $38,500, which needed to be breached to enter the second pre-bull phase.  Doctor Profit believes that this phase was driven by significant buying activity from Binance, Changpeng Zhao (CZ), Justin Sun, and Bitfinex whales, as well as the filing of the Bitcoin exchange-traded fund (ETF) by BlackRock in June 2023. The “Golden Bull” phase, as seen in the chart above, followed the approval of the BlackRock Bitcoin ETF and saw the entry of traditional financial players into the crypto market, leaving the $48,000 to $74,000 range as one of the most crucial support levels that will be defended during the upcoming bull market, according to the analyst. “This region of golden bull will mark, or be very close to the Bitcoin bottom for the incoming bear market,” Doctor Profit explained. “Again, this region is BlackRock investors’ entry, and at all cost they will defend it during this bull market.” Considering these levels that could support BTC’s price in the coming months, Doctor Profit’s technical analysis points out that the initial target for this super cycle is set at the $86,000 threshold, with projections ranging between $110,000 and $120,000 in a conservative scenario.  However, Doctor Profit noted that in the most optimistic scenario, the Bitcoin price could soar between $180,000 and $220,000 if the price surges above $70,000 and consolidates above this milestone.  Investor Confidence Peaks Adding to the bullish sentiment, a recent report by CoinShares showed that Bitcoin has seen healthy inflows of $519 million in the past week, bringing its month-to-date inflows to $3.6 billion and year-to-date inflows to a record $19 billion.  The firm noted that this surge in inflows and investor confidence could be attributed to the potential use of BTC by the US government as a strategic reserve asset following Donald Trump’s speech on Saturday, as well as the increased likelihood of a Federal Reserve rate cut in September 2024. Related Reading: XRP Price Hints at Breakout: Can It Achieve New Heights? As reported by our sister site Bitcoinist, former US President Donald Trump reiterated his plans to create a national Bitcoin stash and turn the cryptocurrency into a strategic reserve asset for the US dollar.  Trump also promised that the US government would retain ownership of all BTC in custody rather than participate in a market sell-off that could ultimately affect price action and potential upward movement. At the time of writing, the largest cryptocurrency on the market is trading at $68,800, registering price gains of 1.3% and 2.3% in the 24-hour and 7-day time frames, respectively.  Featured image from DALL-E, chart from TradingView.com