Bitcoin price is up today as a recovery in the US job market, strong spot Bitcoin ETF inflows and impressive tech sector earnings data emerge.
Despite this week’s Bitcoin price drop, whales continued to add to their balance and the current v-shaped BTC recovery could be a sign that new highs are coming.
Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level. He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel. Bitcoin Price Retesting $65,000 And What Could Come Next MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major daily support, and market participants can expect a valid retest of the channel breakout. The analyst claimed that if the Bitcoin price holds this support, investors can expect a “heavy pump”, which could lead to a new all-time high (ATH). Related Reading: Analyst Says Dogecoin Price Looks ‘Ready’, Predicts 5,202% Surge However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, a breakdown means that the flagship crypto could range for a while before it makes another attempt to break its ATH at $73,000. Analyst Justin Bennett also recently highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup. The Bitcoin price has so far held well above $65,000 since it again reclaimed $67,000 after the price crash two days ago. However, Bennett indicated that BTC isn’t yet in the clear despite the bounce on October 23. He claimed there is no confirmed bottom as long as the flagship crypto is below $68,200. BTC Needs A Weekly Close Above This Level In an X post, crypto analyst Rekt Capital mentioned that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it. Related Reading: Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level. Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to “bait in some final longs” before it suffers a “rug pull” to the $60,000 support level. The analyst is one of those who believe that it is still too soon to call for a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range. At the time of writing, the Bitcoin price is trading at around $67,000, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin mining difficulty has surged by 378% over three years, signaling the potential for institutional-driven BTC stability by 2030.
As the 2024 BRICS Summit commences in Kazan, Russia, discussions surrounding cryptocurrency have taken center stage. Lawmakers from Brazil, Russia, India, China, and South Africa are exploring the potential for Russian miners to leverage Bitcoin in international trade, aiming to circumvent the stringent sanctions imposed by the United States. Lawmakers Propose Bitcoin Sales By Russian […]
Bitcoin has been on an impressive surge since early September, rising by 31% from local lows around $53,000. However, after testing the $69,500 supply level, the cryptocurrency faces selling pressure. Despite this, Bitcoin remains strong, holding above the previous high of around $66,000, a crucial level determining its next move. Related Reading: Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target Key data from CryptoQuant reveals that, despite recent bearish attempts, bears are losing control in the futures market. A key indicator has flipped bullish for the first time since July, suggesting that the current selling pressure may not be enough to push Bitcoin lower. With Bitcoin in a critical phase, holding above the $66,000 level would signal continued strength and maintain the uptrend for the coming weeks. Investors are watching closely, as Bitcoin’s ability to stay above this support could pave the way for new highs and further momentum in the bullish cycle. Bitcoin Taker Buyers Starting To Breathe Crypto analyst Maartunn shared recent data from CryptoQuant, revealing that Bitcoin taker buyers in the futures market have struggled to gain an advantage over taker sellers throughout the past year. Maartunn highlighted a chart showing that the BTC net taker volume has turned positive for the first time since July, signaling a potential shift in momentum. The present trend change suggests that bears are beginning to lose control over Bitcoin’s price action, with buyers starting to gain strength. This data points to an accumulation phase, where Bitcoin’s price has been suppressed by large investors, keeping it from making significant gains or marking new monthly lows. The fact that BTC hasn’t posted new lows despite previous bearish pressure reinforces the view that an accumulation period may end, and a new bullish phase could be on the horizon. Related Reading: Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target The coming weeks are critical for Bitcoin, particularly with the approaching U.S. presidential election on November 5. Historically, elections introduce volatility and uncertainty into financial markets; this year is no exception. Broader market trends likely influence Bitcoin’s price action, and traders are watching closely to see how BTC responds to these developments. If Bitcoin maintains its upward momentum, a rally to new highs could follow in the weeks after the election. BTC Testing Crucial Support Bitcoin is currently trading at $66,400 after a healthy retrace from its recent high of $69,500. The price now finds support at $66,000, which acted as a key resistance in late September and has since flipped into a crucial demand zone for BTC. This support is essential for the bulls to maintain control, as holding above $66,000 signals strength and keeps the momentum alive for another attempt at breaking the $70,000 mark. If Bitcoin can hold steady above this support level, the next logical target would be to challenge the $70,000 resistance, which has proven difficult to breach. A successful push past this level would likely trigger further upside, potentially driving BTC into new price discovery. Related Reading: Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch Up? However, if the price exceeds $66,000, a retrace to lower demand levels could occur. In this case, the daily 200 moving average at $63,300 is the next key area where Bitcoin could find support before resuming its upward trend. The coming days will be crucial in determining whether BTC can maintain its bullish trajectory or if a deeper pullback is on the horizon. Featured image from Dall-E, chart from TradingView
Dogecoin is down today after entering overbought territory, with a looming golden cross and macroeconomic factors adding to the bearish pressure for DOGE price.
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
The hedge fund veteran also suggests holding gold, commodities, and technology stocks.
Sina—a professor, consultant, and co-founder & COO of 21stCapital.com—is projecting that the Bitcoin price could rise as high as $285,000 by the end of 2025 in a new analysis shared on X. Utilizing a quantile regression model, Sina identifies distinct phases in Bitcoin’s market cycle. Can Bitcoin Price Skyrocket Above $200,000? The model identifies the Cold Zone (66%), ranges from $136,000 to $285,000. This zone is characterized by heightened volatility and significant price swings as mass adoption peaks and leveraged positions become prevalent. While there is substantial room for upside, the risk of reversals escalates rapidly. Sina advises investors to either hold and enjoy potential gains or consider gradually exiting positions based on risk assessments, particularly since historical tops occur in the 90th to 99th quantile range. Notably, the 90th quantile starts at $211,000. What astonishes Sina is how these 33% quantile ranges align seamlessly with Bitcoin’s historical phase transitions. He notes that Bitcoin tends to spend exactly one-third of its time in each zone before transitioning to the next, almost like clockwork. This pattern means that most of the bear market occurs below the 33% quantile, while bull market euphoria begins above the 66% quantile. Renowned crypto analyst PlanC (@TheRealPlanC) acknowledged Sina’s model, commenting that it is a “perfect explanation—super clear.” Sina, in turn, credited PlanC for the foundational work that influenced his own model. Related Reading: 7 Reasons To Be Bullish On Bitcoin This Week PlanC has also recently updated his “Power Law Probability Model,” which forecasts Bitcoin prices ranging from $189,733 to $245,264 for the 97% to 99.9% quantile and $145,182 to $189,733 for the 90% to 97% quantile. He emphasizes that despite appearances, the underlying data follows a power-law relationship, independent of how it’s plotted—be it linear, log-linear, or log-log scales. “The data follows a log-log relationship with quantile regressions, whereas the rainbow chart uses logarithmic regression with a log-linear relationship. […] I am not ‘drawing’ these lines. These are quantile regressions of the log of price vs. time, based on all the data we have to date,” he explains. To contextualize the model’s predictive capabilities, PlanC elaborates on the significance of various quantiles. The 99.9% quantile means the price has been above this line only 0.1% of the time, equating to just one day out of every 1,000 days—a very rare event. The 99% quantile indicates the price has exceeded this line 1% of the time, or one day out of every 100 days, also considered rare. Conversely, the 0.1% quantile reflects that the price has fallen below this line only 0.1% of the time. At press time, BTC traded at $67,121. Featured image created with DALL.E, chart from TradingView.com
“It’s like your dial-up internet became broadband because the Bitcoin price went up,” according to the CEO of Amboss Technologies.
Alan Santana, a crypto analyst on TradingView, has predicted that the Bitcoin price could potentially experience a drastic decline to new lows around $35,720, driven by muted buying volume. The analyst has declared that the current state of the market is bearish, highlighting potential manipulation from whale investors. Bitcoin Price Could Crash To $35,720 According to Santana, Bitcoin has witnessed 75 days of bullish activity but has not reached projected new price peaks, currently trading within a lower high below $70,000. While the cryptocurrency did hit an All-Time High (ATH) in March, surging past $73,000, Santana has concluded that the general market has become relatively bearish. Related Reading: Dogecoin Flashes Sell Signal After 30% Rally – Time To Sell? He disclosed that most of the Bitcoin price action between August 5 and to present day is forming part of an inverted correction, which suggests that prices have been rising but without reaching new peaks. Santana also declared that the current Bitcoin price action confirms that there is no bullish momentum. He attributed this lack of momentum to muted whale activities, highlighting that there are currently no buyers or buying volume at the current market level. Due to these bearish conditions, Santana has predicted that Bitcoin could end up crashing to $35,720, representing a massive 46.68% decrease to new lows. This also means that Bitcoin’s price will drop by almost half, triggering panic and fear amongst retail and whale investors. Contrary to Santana’s bearish analysis, the price of Bitcoin is up by 5.56% and trading at $68,203, according to CoinMarketCap. The cryptocurrency is gradually increasing to reach the $70,000 mark, driven by positive changes in market sentiment and the historically bullish Q4. Although Santana has stayed firm in his bearish predictions of Bitcoin due to limited buying power, the analyst has also received severe backlash from various crypto community members. One member criticized Santana’s bearish Bitcoin prediction, suggesting that there were flaws in his analysis. Others accused the analyst of attempting to manipulate investors by using a Bitcoin chart from a Blofin exchange, which typically has lower transaction activity. Bitcoin Market Manipulation And Bears Despite the heat from crypto members, Santana believes that market manipulation has led to the current bearish price action in Bitcoin. The analyst highlights that Bitcoin’s price can be artificially manipulated by large holders or so-called Whales. Related Reading: FLOKI Breaks Out Of Downtrend: Analyst Predicts 200% Rally To New All-Time High He stated that these whales can push the price of Bitcoin up hoping that retail investors will dive into the market and buy, ultimately triggering a bullish wave. According to Santana, if there are no genuine Bitcoin buyers, the alleged manipulation could backfire, possibly leading to losses for said market manipulators. Santana has revealed that retail investors are no longer easily fooled into buying Bitcoin at the top, showing more caution due to previous cycles of manipulation and hype. He also disclosed that buyers are not swayed by exaggerated predictions of substantial future gains by analysts, claiming that Bitcoin could reach $3,000,000. Featured image created with Dall.E, chart from Tradingview.com
Despite the record European inflows, Bitcoin price has been unable to recover above the $70,000 psychological level since July.
In a stark critique of the European Central Bank’s latest research, prominent analyst Tuur Demeester has labeled the ECB’s new publication as a “true declaration of war” against Bitcoin. The ECB’s paper, titled “The Distributional Consequences of Bitcoin,” authored by Ulrich Bindseil and Jürgen Schaaf, has ignited a fervent response from the BTC community. The […]
Founders and entrepreneurs need to stick to their guns if they want to make a difference in the industry.
Following the approval of options trading on BlackRock’s Bitcoin ETF (exchange-traded fund) on Nasdaq, it was only a matter of time until the United States Securities and Exchange Commission (SEC) authorized ETF options trading on other exchanges. On Friday, October 18, the commission permitted the New York Stock Exchange (NYSE) and Chicago Board Options Exchange […]
The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 level. Despite the quiet performance in the past day, the premier cryptocurrency has managed to hold its own above $68,000. However, a prominent crypto pundit on social media platform X has said that the price of BTC might not be able to hang on to this level for too long. This has left several investors wondering if this potential correction is only a hiccup or a complete turnaround in the latest bull run resurgence. Analyst Says Bitcoin Price To Face Brief Correction — What Next? In a recent post on the X platform, crypto analyst Ali Martinez put forward an interesting prognosis for the price of Bitcoin, saying that the premier cryptocurrency might be set for a brief correction in the short term. According to the pundit, the “Tom Demark” (TD) Sequential has flashed a sell signal for the BTC price on the daily chart. Related Reading: Dogecoin Breaks Away With 9% Surge: Why This Could Trouble Bitcoin The TD Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. This technical analysis tool comprises two major phases; namely the TD Setup phase and the TD Countdown phase. Specifically, the Setup phase is made up of nine candles of the same polarity (bearish and bullish). In a bullish Setup phase, the starting number “1” is plotted on a candle that closes higher than the close of the candle four periods ago. Meanwhile, a bearish “Setup” is characterized by the starting number “1” on a candle that closes lower than the close of the candle four periods ago. A potential point of reversal can be identified when the TD Sequential plots figure on the top or bottom of a candle in a bullish or bearish trend. As shown in the chart above, the number “9” has only just been printed on top of a candlestick on the Bitcoin daily chart, signaling the completion of the Setup phase. Considering that the Bitcoin price was originally in a bullish trend, it appears that the flagship cryptocurrency is set for a brief correction for a few days. In recent days, there have been heavy discussions around the price of BTC revisiting and perhaps surpassing its current all-time high. Nevertheless, Martinez advised investors to anticipate the Bitcoin price experiencing a brief pullback “before higher highs.” Bitcoin Price At A Glance As of this writing, the price of Bitcoin stands at around $68,272, reflecting a mere 0.5% dip in the past day. According to CoinGecko data, the premier cryptocurrency is up by nearly 9% in the last seven days. Related Reading: Ethereum Bullish Pattern Signals Upcoming Rally – Analyst Sets $2,870 Target Featured image from iStock, chart from TradingView
Bitcoin nearly reached $69,000 yesterday, setting a new local high and further solidifying the ongoing uptrend that began in September. This price action has fueled optimism among analysts and investors, who now anticipate significant gains in the coming weeks. Investors believe Bitcoin is ready for a strong rally after seven months of sideways accumulation. Critical data from Santiment reveals that the number of Bitcoin whales—large holders of BTC—grew substantially just as the price bottomed out around $59,000 on October 10th. Related Reading: Solana Targets $160 Resistance As TVL Hits New Yearly Highs This increase in whale activity is often seen as a sign of “smart money” positioning for a major move. Large investors accumulating BTC during a low suggests that they are preparing for something big in the coming weeks. As excitement builds, market participants watch closely for further signals that Bitcoin could be headed for new all-time highs. With momentum on its side, Bitcoin appears ready to lead the market into the next phase of this cycle. Bitcoin Whale Activity Supports Bullish Outlook Bitcoin is trading near the historically reactive price level of $70,000. A critical zone that has consistently acted as resistance, pushing the price down five times over the past seven months. Each time Bitcoin approached this level, it triggered sell-offs or corrections, leading to caution among traders and investors. However, recent data from Santiment reveals that this resistance may be weakening due to increasing whale activity. Between October 10th and 13th, a net rise of +268 wallets holding between 100 to 1,000 BTC, signaling that large players are accumulating Bitcoin as the price rallies. Analysts often see an increase in whale wallets as a strong bullish indicator, suggesting that influential investors are positioning themselves for potential upside in the coming months. The timing of this accumulation is crucial, as it coincides with Bitcoin’s upward momentum, signaling that these big players expect further gains. As more large holders continue to enter the market, the window to buy Bitcoin at a favorable price narrows. Related Reading: Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54? This accumulation suggests that whales are betting on a sustained bull run, potentially weakening the $70,000 resistance level and allowing Bitcoin to push higher. With Bitcoin trading near this critical price zone, the next few weeks could be decisive, either breaking through $70,000 or facing another correction. BTC Testing Supply Levels Bitcoin is trading at $68,383 after several days of consistent highs, steadily pushing toward new supply levels. The price recently halted at $68,998 and now appears primed for a challenge to new all-time highs. This surge has created a wave of optimism, but analysts caution that a healthy retrace may be on the horizon. The 200-day moving average (MA), currently sitting at $63,322, is a key level to watch. If Bitcoin retraces to this support zone, it could signal strength for a renewed push higher, as this level has historically acted as a strong support during uptrends. Holding above the 200-day MA is crucial for maintaining bullish momentum. Related Reading: Strong Buy Signal For DogWifHat (WIF) – Key Indicator Hints At Rally To $4 If Bitcoin fails to break above the $70,000 resistance in the coming week, a retrace to lower demand is expected. This pullback would allow the market to regain liquidity and reset for a potential new rally. Investors are closely watching as the price action in the next few days will determine Bitcoin’s long-term outlook. Featured image from Dall-E, chart from TradingView
Crypto analyst Ash Crypto has alerted the crypto community that $33.14 billion is at risk if the Bitcoin price reaches $72,462. This relates to the short positions that could be liquidated if the flagship crypto hits that price target, a development that will be bullish for BTC. Almost $33.14 Billion Will Be Wiped Out If Bitcoin Price Hits $72,462 Ash Crypto mentioned the liquidation alert in an X post, revealing that $33.14 billion worth of shorts will be liquidated if the Bitcoin price hits $72,462. These BTC bears are already in danger of getting liquidated, considering that the flagship crypto is fast approaching the $70,000 price level. This could pave the way for an extended rally to this liquidation price and even beyond. Related Reading: XRP Price Prediction: Analysts Turn Bullish As ‘Something Big Is Coming’, Here’s What The liquidations of these Bitcoin shorts could be bullish for the flagship crypto, leading to an extended rally to new highs, especially with the current ATH of $73,00 being in sight once the price hits $72,462. However, there is also a scenario where the Bitcoin price could correct to flush out overleveraged longs before it continues with its move to the upside. For now, the Bitcoin price undoubtedly boasts a bullish outlook, considering how the flagship crypto has rallied since the start of this week. BTC briefly touched $69,000 on October 18, further providing optimism that the crypto could reach a new ATH soon enough. Standard Chartered recently predicted that it will likely happen before the November 5 US elections. Although that remains to be seen, it is worth mentioning that Bitcoin’s demand is again on the rise, which could fuel this rally to a new ATH. Specifically, the Spot Bitcoin ETFs, which fueled the run to a new ATH earlier in the year, are again actively accumulating. SpotOnChain data shows that these Bitcoin ETFs witnessed a net inflow of $2.13 billion this week. BlackRock, in particular, added $1.14 billion worth of BTC to its holdings. Bear Analyst Warns Crypto Traders Analyst Justin Bennett, known for bearish analysis, has warned traders to be cautious about trading amid this recent Bitcoin price rally. He stated that things do not add up and that staying cautious during periods like this is the best way to survive. He added that he won’t be making any bold predictions at the moment because the data is conflicting. Related Reading: Expert Calls On Ripple Community To Collectively Send XRP Price On 1,800x Rally To $1,000 However, he suggested that market participants shouldn’t be excited about Bitcoin’s breakout from the seven-month range. This followed his statement that the rally was primarily perp-driven and that open interest is back at its late July peak. Crypto analyst CrediBULL Crypto, who has been a Bitcoin bear lately, also warned that the Bitcoin price rally is being driven by the perpetuals market. In a recent X post, he noted that open interest has officially surpassed the level it was at before the last BTC drop from $70,000 to $49,000. Featured image created with Dall.E, chart from Tradingview.com
To confirm a potential breakout from its current crab walk, Bitcoin needs to close the week above $68,700, according to market analysts.
The Bitcoin price and the bull run appear to be back on the right track after recording its best weekly performance in the past month. Despite starting the week quietly and hovering around the $63,000 level, the premier cryptocurrency received fresh bullish momentum mid-week, pushing its value to almost $69,000 on Friday. The latest on-chain observation has revealed that the activity level of the Bitcoin network has been on the rise over the past few weeks. While this development might have contributed to the recent price surge, the question is — how far can it push the value of the flagship cryptocurrency? Golden Cross Could Push Bitcoin Price Past $73,737 In a recent Quicktake post on the CrypoQuant platform, an analyst with the pseudonym Yonsei_dent revealed that Bitcoin price might be forming an upward structure. This bullish prognosis is based on the growth rate of active addresses, which represents the number of unique addresses showing significant activity on the Bitcoin network. Related Reading: Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon? An increase in the number of these active addresses offers insight into the network activity, investor behavior or sentiment, and general market trends. Hence, observing the growth momentum of these unique addresses using moving averages (MAs) of various timelines can be quite useful in assessing current price trends. In their latest analysis, the CryptoQuant analyst utilized a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to capture the growth momentum of the Bitcoin active addresses. As shown in the chart below, the 30-day moving average has witnessed a sharp spike over the past month and appears to be approaching the 365DMA. According to Yonsei_dent, the Bitcoin price could experience a positive shift in bullish momentum if the 30DMA eventually reaches the 365DMA and crosses it to the upside (making a golden cross.) In crypto terms, a golden cross refers to a bullish chart that is characterized by a relatively short-term moving average crossing above a long-term moving average. Typically, a golden cross indicates the potential of a long-term bull market starting or resuming. Ultimately, this indicates that the price of Bitcoin could be readying for a charge towards its all-time high of $73,737. ‘Bitcoin Is Establishing An Upward Structure’ — Here’s How As of this writing, the Bitcoin price is about 7% adrift of its record-high level. According to data from CoinGecko, the premier cryptocurrency is valued at $68,540, reflecting an over 2% increase in the past day. According to Yonsei_dent, the price of Bitcoin has been forming progressively increasing highs and lows since July, suggesting an “upward market structure.” Related Reading: BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here’s What It Means For Bitcoin Price However, It is worth noting that these highs and lows appear to be printing a “rising wedge” pattern, which could be bearish for the Bitcoin price. Featured image created by Dall.E, chart from TradingView
Bitcoin is at a pivotal moment after surging past the $68,000 mark and setting a new local high, confirming its bullish uptrend. Analysts and investors closely monitor the next steps, searching for signs of a continued rally or a potential retrace from higher supply levels. While the excitement is palpable, there is caution as traders prepare for possible resistance. Related Reading: Strong Buy Signal For DogWifHat (WIF) – Key Indicator Hints At Rally To $4 Top analyst Daan shared a technical analysis highlighting that Bitcoin has broken out of an accumulation channel, suppressing the price. According to Daan, this breakout above the $68,000 resistance level signals a potential for further upside as Bitcoin moves into uncharted territory. The next few days will determine whether BTC can maintain its momentum or will face a healthy pullback from these higher levels. With euphoria clashing with fear of a correction, investors are keen to see whether Bitcoin can continue its upward trajectory or if the market will see a pause in the rally. Bitcoin Break Out: New ATH Next? The crypto market is optimistic, as Bitcoin and most altcoins have surged from yearly lows to yearly highs in just a few weeks. Analysts are now speculating that this could be the start of something big—a rally that could propel prices to new highs and deliver massive gains to investors. Despite the excitement, there is also a lingering fear of an impending correction. Historically, Bitcoin has struggled to maintain momentum above supply near $70,000, often facing strong rejections that lead to sharp declines. However, top crypto analyst and investor Daan recently shared a technical analysis on X, explaining why this recent breakout might differ. According to Daan, Bitcoin has finally broken out of a 7-month accumulation pattern that had kept prices down, signaling a significant shift in market dynamics. Furthermore, BTC has managed to break well above the Daily 200 moving average (MA) and exponential moving average (EMA), key technical indicators that had previously caused resistance since the summer. Related Reading: Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54? With the short-to-mid timeframe trend firmly up, Daan believes this bullish outlook may suggest that Bitcoin could avoid another rejection near $70,000. Instead, BTC might be gearing up for a powerful surge, with investors eyeing new all-time highs in the coming weeks. BTC Technical Analysis Since Monday, Bitcoin has tested a crucial supply zone following a strong 9% surge. The price is trading well above the Daily 200 moving average (MA) and exponential moving average (EMA), signaling strength and maintaining bullish momentum with no immediate signs of a retrace. This indicates buyers remain in control for now, with a potential push to break above the psychological $70,000 level. However, there’s still a risk that Bitcoin could fail to break and hold the $70,000 mark, which is critical for bulls to maintain upward momentum. A rejection at this level could signal a shift in market sentiment, potentially leading to profit-taking and consolidation. Historically, such moments of euphoria in the market often end with a discouraging move that cools down excitement, and a healthy retrace is possible. Related Reading: Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon? Should BTC experience a pullback, it’s likely to find strong support at the daily 200 MA around $63,304. This level has acted as a key indicator of support in previous uptrends. It could provide a solid foundation for the next leg up if the price corrects before resuming its bullish trajectory. Featured image from Dall-E, chart from TradingView
The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.D needs to break below the lower boundary of a triangle first. Interesting Take On Bitcoin Price Outlook The analyst in question, known as TheSignalyst, takes an unconventional approach to analyzing Bitcoin’s price movement by relying on a lesser-known but intriguing metric. Related Reading: XRP Price Prediction: Analysts Turn Bullish As ‘Something Big Is Coming’, Here’s What According to TheSignalyst, the USDT.D chart, which tracks the dominance of the stablecoin Tether (USDT) in the cryptocurrency market, efficiently tracks the overall sentiment of the crypto market. Though not widely used by mainstream analysts, this metric has proven useful in predicting market tops, bottoms, and future price action. According to the USDT.D chart, the USDT dominance has been playing out a descending triangle pattern since the first days of August. Since this period, the USDT dominance has ranged between 6.5% and 5.34% of the total crypto market cap up until the time of writing. As the analyst noted, as long as USDT dominance remains within the descending triangle, Bitcoin’s price is likely to continue consolidating in a range. However, TheSignalyst adds that for Bitcoin to truly enter a bullish run, the USDT dominance needs to break downward. Specifically, it would have to fall below the lower boundary of the descending triangle and drop beneath 5.2% of the total crypto market cap. What Does This Mean For The BTC Price? As the largest stablecoin, the USDT dominance can reveal a lot about the prevailing sentiment among crypto traders. High periods of USDT dominance suggest investors are pulling out of riskier assets and parking their funds in stablecoins, while a decline in the USDT dominance suggests inflows into cryptocurrencies. Related Reading: BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here’s What It Means For Bitcoin Price In the case of TheSignalyst’s analysis, the USDT dominance breaking below 5.2% would signal reduced reliance on the stablecoin and a renewed appetite for riskier assets, paving the way for Bitcoin to embark on a more aggressive upward trajectory. According to the analyst, if this scenario unfolds, it could enable Bitcoin’s price to break past the $70,300 mark in the weekly timeframe. This level sits just above a descending trendline that has been stopping Bitcoin’s momentum since April, and a successful breakout could confirm the start of a much larger rally. In the case of such a breakout, the analyst suggests a strong surge towards the $100,000 price level. At the time of writing, Bitcoin is trading at $68,100 and is about 47% away from this six-figure target. Featured image created with Dall.E, chart from Tradingview.com
BitMEX co-founder Arthur Hayes predicts Bitcoin's price will rise alongside surging oil and energy prices if tensions between Iran and Israel boil over.
Crypto asset manager Grayscale is in the process of converting its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF), according to Bloomberg ETF expert Eric Balchunas. The strategic move aims to provide investors with a diversified portfolio that includes major digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and Avalanche (AVAX). Diversified Exposure To Bitcoin, Ethereum, And More The proposed ETF comes at a time when investor interest in regulated cryptocurrency products is on the rise. Grayscale’s Digital Large Cap Fund currently holds approximately $524 million in assets under management, with a significant focus on Bitcoin and Ethereum. Specifically, about 75% of the fund is allocated to Bitcoin, while Ethereum comprises roughly 19%, with the remaining investments distributed among Solana, XRP, and Avalanche. Related Reading: Dogecoin Sees Sharp Decline: Over 106,000 Wallets Abandon The Memecoin According to reports on the matter, this diversified approach is designed to offer a balanced entry point for investors seeking broader exposure to the cryptocurrency market. The New York Stock Exchange (NYSE) had previously filed a 19b-4 application on behalf of Grayscale, seeking the Securities and Exchange Commission’s (SEC) approval to amend its rulebook to permit the listing of this new ETF. This filing follows a pivotal year for the market, which recently saw the approval of spot ETFs for Bitcoin and Ethereum in January and July respectively, allowing these funds to hold actual tokens rather than relying on futures contracts. This shift comes after years of rejections of such index funds, spurred by a court ruling in favor of Grayscale that prompted the Securities and Exchange Commission led by Gary Gensler to reconsider its stance. Grayscale Aims For Fifth ETF Launch This Year The successful conversion of Grayscale’s Digital Large Cap Fund into an ETF would mark the fifth launch by the firm this year, highlighting its strategy to expand its product offerings in response to increasing demand for diverse digital asset exposure. Balchunas noted that the ETF’s holdings, predominantly consisting of Bitcoin and Ethereum, could provide enough flexibility to accommodate smaller, less liquid assets, potentially paving the way for approval. Over the course of the year, Grayscale’s Bitcoin and Ethereum funds have seen significant outflows, with around $20 billion and $3 billion withdrawn respectively. In response, the firm has introduced lower-fee versions of these funds, attracting over $700 million in inflows thus far. These approvals have contributed to a surge in Bitcoin and Ethereum prices, indicating a renewed investor confidence in the cryptocurrency market. Related Reading: Crypto Analyst Says Bitcoin Price Can Port To $86,600 If It Breaks This Level Other asset managers are also positioning themselves to launch ETFs that include smaller tokens such as Solana, XRP and Litecoin, with recent filings from Canary Capital and Bitwise Invest highlighting a broader trend to integrate a wider range of cryptocurrencies into regulated investment vehicles, despite increased scrutiny from regulators in the US. At the time of writing, the largest cryptocurrency on the market, BTC, is trading at $67,750, up a substantial 11% on a weekly basis. Featured image from DALL-E, chart from TradingView.com
Bitcoin price remains in a seven-month downtrend despite the record ETF net flows.
As the week progressed, the Bitcoin (BTC) price steadily climbed toward its all-time high of $73,700 in March of this year. This upward momentum is in line with the predictions of various market experts, expecting significant gains for the leading cryptocurrency by the end of the year. One such expert, crypto analyst Gert van Lagen, recently shared his insights on Bitcoin’s price trajectory via social media platform X (formerly Twitter). He analyzed BTC’s parabolic curve and identified a distinctive step-like formation pattern, which he believes signals a colossal wave 5 rally in the coming months. Potential ‘Shake-Out Of The Century’ In his analysis, van Lagen presented a Bitcoin chart demonstrating that the cryptocurrency has successfully navigated several hurdles since April 2023. He categorized the price movement into three distinct phases, marking the base of the uptrend pattern that has ignited the current bullish trend. Currently, van Lagen notes that Bitcoin’s price action is centered around base 4 of this pattern, indicating a consolidation phase between the $53,700 and $68,000 levels, with the former identified as bull market support for this cycle. Related Reading: Dogecoin Sees Sharp Decline: Over 106,000 Wallets Abandon The Memecoin Van Lagen asserts that the validation of Wave 4 is imminent as Bitcoin approaches its record peak. He predicts that once Bitcoin breaks through base 4 and achieves a new all-time high, it could trigger a substantial rally in wave 5, potentially targeting prices around $250,000. However, the analyst also warns of a significant downturn that may follow this surge. He suggests that once Bitcoin reaches the anticipated peak, a “recession” could ensue, with price targets plummeting to as low as $10,000, and in a more extreme scenario, down to $1,000. He describes this potential decline as the “shake-out of the century,” should these projections materialize. In the medium term, the increased volatility that has characterized Bitcoin’s price over the past month has prompted the analyst to explain that if Bitcoin fails to break through the $70,000 resistance level – a barrier it has struggled with in four previous attempts – then the $57,500 level will serve as a crucial support level for the cryptocurrency. Historical Patterns Suggest Bitcoin Price Increases Ahead In another sign of confidence in the biggest cryptocurrency’s prospects for further gains, Blockforce Capital’s Brett Munster noted that conditions are ripe for a “perfect storm” favoring Bitcoin and other cryptocurrencies after six months of price consolidation. Munster highlighted the role of global liquidity in this potential surge, pointing to increased capital injections from central banks worldwide. Notably, China has implemented stimulus measures to revitalize its economy. Related Reading: Ethereum Open Interest Sees Fastest Rise In 5 Months: Brace For More Volatility? Historical data suggests that when global liquidity surpasses its moving average, it often coincides with substantial price increases for Bitcoin. In addition, optimism in the crypto market is further bolstered by a commitment from US Vice President Kamala Harris to support a regulatory framework for cryptocurrencies in response to long-standing concerns from the crypto community regarding the regulatory environment. At the time of writing, BTC has been trading at $68,300, up 3.6% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com
Multiple onchain metrics showed a surge in activity as Bitcoin price rallied to $68,000, possibly signaling that the price momentum is sustainable.
The fund touts leveraged exposure to Bitcoin and gold as investors brace for inflation and geopolitical strife.
The Bitcoin price started this week on a high in what was an unprecedented move for many market participants. After spending the early days of October to disappoint investors, the Bitcoin price banged over $66,000 for the first time in many weeks. Interestingly, this price action has seen the Bitcoin price once again approaching a […]