In an interview with Mario Nawfal, Jan van Eck, CEO of $118 billion global asset manager VanEck, offered an analysis of Bitcoin’s potential trajectory, the US fiscal deficit, and the broader financial markets. Contrary to some hyper-bullish forecasts, van Eck provided a more conservative price target for Bitcoin for this bull run. Van Eck stated, “Our thesis is effectively that Bitcoin will keep to the halving cycle, so we’re looking at sort of $150,000 to $180,000 this cycle as a price target.” He dismissed the notion that Bitcoin could reach $400,000 in the current cycle, suggesting that such a milestone might be achieved in the next cycle. “In the next cycle, it reaches my target of half the value of gold, so $400,000 plus depending on the price of gold,” he added. Discussing the US fiscal deficit, van Eck identified it as “the elephant in the room” and a significant concern for the markets. “We are spending money that’s just completely unsustainable, and for any other country, they’d be headed towards bankruptcy,” he remarked. Related Reading: Will Bitcoin See Another ‘Thanksgiving Day Massacre’? Experts Weigh In He outlined two prevailing schools of thought in Washington regarding fiscal policy. The first is the lobbyist perspective, which asserts that it’s impossible to cut spending significantly, resulting in minimal slowing of growth in the budget deficit. The second is the “extreme disruptors” approach, advocating for a $500 billion cut in government spending. Van Eck credited this figure to Vivek Ramaswamy, co-head of the Department of Government Efficiency (DOGE), stating, “They can effectuate that because there are 1,200 programs that are no longer authorized but still spending money, which means that they can terminate them with an executive order.” He described this target as “healthy” and “realistic,” although acknowledging it would not close the entire deficit, which was $1.8 trillion last year. Addressing the market’s reaction to the election of President Trump, van Eck found it peculiar that despite a clear electoral outcome, there remains uncertainty about fiscal policy. “We had a sweep by one political party, yet we don’t really know what their fiscal policy is gonna be,” he observed. He noted that the initial market reaction was negative for gold because of the possibility of government restructuring. “The initial reaction was negative gold because the idea was, wow, maybe they will be able to restructure government. Never bet against Elon, right?” he said. Related Reading: Bitcoin Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy Van Eck also commented on geopolitical tensions, particularly the situation in Ukraine and the approval of long-range missiles striking deep into Russian territory. While acknowledging that such events can impact markets, he cautioned, “The problem is geopolitical stuff is completely uninvestable. We never know what next headline is coming, and we don’t know if it’s going to be bullish or bearish.” He advised that professional investors often choose to “do absolutely nothing” in response to geopolitical uncertainties. Catalysts For Bitcoin Price On the subject of institutional interest in Bitcoin and regulatory shifts, van Eck emphasized that the regulatory environment plays a crucial role. “It really depends on the regulatory environment,” he said. He pointed out that while regions like Asia have seen regulators giving the green light, the US has been relatively quiet. However, he noted a recent uptick in interest: “Now, with the new regime, suddenly the phone is ringing.” Van Eck revealed his personal investment stance, stating, “That’s why I have a huge personal investment in Bitcoin and gold.” He expressed optimism about Bitcoin’s maturation process, likening it to a child growing up: “I would say it’s sort of like a teenager, and what gets it to mature is new investor sets coming in.” He noted that while individual investors have embraced Bitcoin ETFs, the wealth management industry has yet to fully engage. Addressing the correlation between Bitcoin and traditional markets, particularly the NASDAQ, van Eck admitted concern: “The thing that worried me the most […] Bitcoin’s correlation to the NASDAQ was high.” He explained that this high correlation made Bitcoin less attractive to professional investors who were already overexposed to mega-cap tech stocks. However, he remains hopeful that Bitcoin’s correlation will diminish: “Rooting for and expecting that its correlation will go back to zero, which it has been for the long term.” At press time, BTC traded at $95,350. Featured image created with DALL.E, chart from TradingView.com
Bitcoin has experienced a significant rally in 2024, and its price has more than doubled since the beginning of the year to approach the psychological $100,000 mark. Interestingly, Tony “The Bull” Severino, a popular crypto analyst on the social media platform X, suggested when to expect the peak of the BTC price this bull run, […]
Crypto analyst Trader Tardigrade has drawn the community’s attention to the fact that the Bitcoin price is mirroring 2023 movements. The analyst further provided insights into what this means for the flagship crypto. Bitcoin Price Mirroring 2023 Movements In an X post, Trader Tardigrade said that the Bitcoin price stays on track with the 2023 moves. He further remarked that the flagship crypto has just completed the pullback. With the pullback complete, the crypto analyst asserted there will be a surge above 100,000, followed by a consolidation around that level. Interestingly, Trader Tardigrade also predicted that the Bitcoin price would reach $200,000 in early 2025. The analyst’s accompanying chart showed that this price rally to this target will happen by March 2025. This parabolic rally to $200,000 is expected to mirror a similar rally that BTC enjoyed from early December that year as it rose to the previous all-time high (ATH) of $73,000 in March earlier this year. Meanwhile, it is worth mentioning that Trader Tardigrade isn’t the only one who has predicted that the Bitcoin price can reach this level in this market cycle. Bernstein analysts also previously predicted that the BTC price would reach $200,000 by year-end 2025, although they claimed that was a ‘conservative’ target. Geoffrey Kendrick, Standard Chartered’s Head of Research, also predicted that Bitcoin could reach this price target and gave a similar timeline as Bernstein analysts. However, crypto analyst Tony Severino is skeptical that the Bitcoin price could reach $200,000 in this bull cycle. Instead, he has made a more conservative prediction, stating that the flagship crypto would likely peak somewhere in the $160,000 range. The analyst noted this was a more feasible target, considering that the golden ratio is in this range. BTC Is “Far Away” From A Market Top In an X post, crypto analyst Ali Martinez asserted that the BTC price is still “far away” from a market top. He made this statement while highlighting the market value to realized value (MVRV) indicator, which shows whether the asset is overvalued or undervalued. The chart showed that Bitcoin has yet to reach its true value. Related Reading: Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible The Bitcoin price is currently facing a significant price correction, having been pumping nonstop since Donald Trump’s victory. However, Martinez suggested this might be a great time to buy this dip. According to him, the TD Sequential presents a buy signal on the Bitcoin hourly chart, while a bullish divergence forms against the Relative Strength Index (RSI). He added that this could help Bitcoin rebound to between $95,000 and $96,000. At the time of writing, the Bitcoin price is trading at around $93,400, down in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Almost four years ago to the day, Bitcoin experienced a dramatic 17% plunge from $19,500 to $16,200 in 2020, an event that became infamously known as the “Thanksgiving Day Massacre.” As the holiday approaches once again, market participants are questioning whether history might repeat itself. On Monday and Tuesday, Bitcoin’s price underwent an 8% correction, dropping from $98,871 to a low of $90,791. This sudden downturn has sparked discussions among analysts if history could be repeating for the BTC price. Bitcoin ‘Thanksgiving Day Massacre’ 2024? Alex Thorn, Head of Research at Galaxy Digital, took to X to draw parallels between the current market and the events of 2020. “Who remembers the Thanksgiving dump of 2020? Bitcoin dumped 17% between Wednesday, Nov 25, and Friday, Nov 27, 2020. BTCUSD later went on to more than 3x over the next 5 months. Does history rhyme?” A potential catalyst for the crash could be the global M2 money supply. Currently, a chart illustrating the correlation between Bitcoin and global M2 is circulating on X. Joe Consorti, an analyst at Theya, observed that since September 2023, “Bitcoin has closely tracked global M2 with a ~70-day lag.” Over the past two months, global M2 has declined from $108.3 trillion to $104.7 trillion, driven by factors such as a strengthening US dollar—devaluing foreign currency-denominated M2 when converted into dollars—and economic slowdowns dampening lending and deposit creation. Related Reading: Pantera’s Vision: Bitcoin Fund Forecasts $740,000 Price Tag By April 2028 Consorti cautions, “If it continues to follow the current contraction in M2, a 20-25% correction could materialize, potentially pulling bitcoin down to roughly $73,000—not a price prediction, but a stark reminder of Bitcoin’s tether to the global money supply.” However, he also acknowledged that Bitcoin might defy this trend, as it has in the past, particularly “from 2022-2023 due to the FTX collapse and interest in the space evaporating as a result.” He suggests that structural ETF inflows and corporate buying pressure could help Bitcoin resist the current M2 deflation. Consorti concludes, “Either way, a correction at this point seems about right. As mentioned before, these rapid run-ups in Bitcoin’s price always have pitstops along the way, […] it’s vital to understand the asset you hold, the macro environment it exists in, and the forces driving it higher long-term. If you truly understand bitcoin, you don’t panic sell.” Related Reading: Institutions Just ‘Waiting To Buy Up’ Bitcoin, Says MARA CEO Despite the cautious outlook, some analysts believe the dip may be short-lived. Jamie Coutts, Chief Crypto Analyst at Real Vision, points out via X that “a Bitcoin bid has overshadowed tightening liquidity over the past month.” While acknowledging that Bitcoin appears “overstretched vs. global M2” and that his liquidity model suggested caution, especially with leverage, Coutts highlights potential policy shifts that could favor risk assets. He references insights from economist Andreas Steno, indicating that the Federal Reserve is “in effect, discussing a put for USD liquidity—changes to support liquidity developments as early as December.” Coutts concludes: “DXY could have topped here. The lag effect that Fintwit is focused on atm is still real, but ultimately, the Fed is waving the bull flag for risk assets again. Bullish 2025. Bullish BTC.” At press time, BTC traded at $93,250. Featured image created with DALL.E, chart from TradingView.com
In an interview with CNBC on Monday, Fred Thiel, CEO of Marathon Digital Holdings (NASDAQ: MARA), shared his bullish outlook on Bitcoin. He emphasized the growing institutional interest and a favorable regulatory environment that could propel the BTC price to new highs. Thiel dismissed the impact of the recent Bitcoin halving, stating, “I think the halving had zero effect.” Instead, he attributed the Bitcoin price surge to the introduction of spot exchange-traded funds (ETFs) earlier this year. “In January, you had the ETFs that launched that drove all of a sudden the beginnings of some institutional interest,” he noted. Institutions Just ‘Waiting To Buy Up’ Bitcoin While the initial investments in these ETFs were predominantly retail, Thiel observed a shift as institutional players began entering the market. “Then you started seeing some pension funds starting to buy into ETFs and into Bitcoin-related equities like our stock or MicroStrategy‘s,” he added. The CEO highlighted the potential impact of political developments on the BTC market. “With the election, you know, Donald Trump ran on a platform that is very pro-Bitcoin—Bitcoin strategic reserve, mining in the US, etc.,” Thiel said. He suggested that such a stance could lead to a more supportive regulatory environment in the United States. Related Reading: Bitcoin Rally Pauses Before $100K—Here’s What Could Happen Next “What that’s ended up driving is a huge belief that all of a sudden the regulatory environment for Bitcoin and crypto will get much better, that the US will double down and really invest in Bitcoin potentially,” he explained. This anticipated shift could pressure other nations to adopt similar policies, fostering global adoption. Thiel also pointed out the robust market dynamics absorbing selling pressure from long-term holders. “Every single Bitcoin that had been purchased was in profit, and you started long-term holders who had held Bitcoin for years beginning to liquidate a little bit to take some profits,” he said. Despite this, he emphasized the market’s resilience: “There is so much demand in the market that it just keeps soaking it up.” Addressing concerns about Bitcoin’s notorious volatility, Thiel asserted that significant drawdowns might be a thing of the past, at least in the near term. “The volatility of past years, where you would hit a peak and then see a 20% or 30% drawdown, I think are gone, at least for the near-term future,” he stated. He believes that institutional investors are poised to enter the market aggressively. “I think what we’re going to see is essentially institutions just waiting to buy up Bitcoin,” Thiel predicted. Related Reading: Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained He cited recent actions by major corporations to support his outlook. “You look at MicroStrategy—they’re [issuing a] $3 billion bond; they’re out there buying Bitcoin very aggressively,” he said. “We raised a $1 billion bond at 0% coupon the same week as Michael Saylor did, and we went out and acquired hundreds of millions of dollars of Bitcoin.” Thiel emphasized that this trend is gaining momentum: “Lots of people are starting to do this now.” Concluding his insights, Thiel expressed confidence in Bitcoin’s upward trajectory. “Anybody who’s selling is selling into a market where there’s ample demand, and I think that for the foreseeable future we’ll continue to see Bitcoin price move up—you know, up and down, up and down—but generally the trend will be upwards,” he said. Notably, Cantor Fitzgerald recently adjusted its price target for MARA from $33 to $42. The revision follows Mara Holdings’ completion of a substantial $1 billion convertible note offering last week. From the $980 million raised, Mara used $199 million to buy back $222 million in principal of its 2026 convertible notes. With $781 million in proceeds remaining, the company plans to purchase additional Bitcoin, leveraging a strategy similar to MicroStrategy (MSTR). However, unlike MicroStrategy, which focuses purely on capital market maneuvers to accumulate Bitcoin, Mara also operates the largest publicly-traded Bitcoin mining operation by hash rate. Analysts at Cantor highlight this as a key differentiator with bullish potential. At press time, BTC traded at $92,531. Featured image from YouTube, chart from TradingView.com
The Bitcoin price recently closed above the median in a bull channel, providing a bullish outlook for the flagship crypto. In line with this, crypto analyst Tony Severino provided insights into what could come next for Bitcoin. What Next For Price After Close Above Bull Channel In an X post, Tony Severino mentioned that the Bitcoin price is now retesting the median in the bull channel, with an evening star pattern forming on the chart, which hints at a potential reversal. He noted that Bitcoin is fighting to stay above the $96,000 range, which could invalidate this sell signal. Related Reading: Over $500 Million Wiped Out From The Market As Bitcoin Price Fluctuates Heavily However, if Bitcoin closes below this median range, Tony Severino warns that the price could record a significant downtrend to the $90,000 range. If this median range holds, the crypto analyst expects Bitcoin to break into the upper channel above the $100,000 level. Tony Severino revealed that the target for this uptrend channel is $267,000. However, he doesn’t think the Bitcoin price will reach that level in this bull run. Instead, the crypto analyst predicts that Bitcoin could peak between $160,000 and $190,000, although Severino is more confident about the former being the market top. The crypto analyst added that the golden ratio is in the $160,000 range, which makes this target more feasible. He also raised the possibility of the Bitcoin price eventually rallying to $169,000 as it peaks in this range. Amid this analysis, it is worth mentioning that Bitcoin is currently at risk of dropping to this $90,000, having failed to hold the median at the $96,000 range. The $94,000 Range Is Another Level To Watch Crypto analyst CrediBULL Crypto recently suggested that the $94,000 range is another level to watch for the Bitcoin price. According to him, this is the key level that matters. He claimed that BTC is bullish on all timeframes as long as the flagship crypto stays above this level. However, if Bitcoin loses this level, it could lead to a significant downtrend. Related Reading: Long-Term Bitcoin Holders Remain Greedy Amid Price Break Toward $100,000, Why This Is Good CrediBULL Crypto stated that a break below $94,000 will indicate a momentum shift and a potential larger correction that could cause Bitcoin price to drop to the low $80,000 range. The positive is that investors still look heavily bullish on Bitcoin’s trajectory despite a potential price correction on the horizon. In an X post, crypto analyst Ali Martinez mentioned that investors are buying the dip. This came as he revealed that the percentage of all traders with long Bitcoin positions has increased from 45.36% to 55.93%. At the time of writing, the Bitcoin price is trading at around $94,800, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The crypto market faced a significant setback today as the Bitcoin price dropped below the $93,000 threshold. After reaching an all-time high of $99,588 on Binance last Friday, the leading cryptocurrency has fallen over 6%, hitting a low of $92,326. In the past 24 hours alone, the Bitcoin price has decreased by 3.6%. Analysts attribute […]
The Bitcoin price could crash if it fails to hold key resistance levels. A crypto analyst has revealed that a decline to $89,000 was well within possibility, as sell-offs below the $100,000 mark have continued to hinder Bitcoin’s price upward momentum. Bitcoin Price Correction To $89,000 Possible On November 26, TradingView crypto analyst Pejman Zwin shared a detailed chart representing a technical analysis of Bitcoin‘s price movements in a 1-hour time frame. The Bitcoin price chart highlighted vital resistance lines, support zones, and technical indicators suggesting an impending crash. Related Reading: Dogecoin Extends Rally – Can This Lead To A Breakout Above $0.82? At the top of the price chart is a yellow zone identified as the Potential Reversal Zone (PRZ), where Bitcoin is expected to face significant resistance as it aims for the $100,000 milestone. The chart also highlights a horizontal resistance line of around $95,904, which Bitcoin previously struggled to break. At current resistance levels between $97,000 and $98,000, Zwin has indicated that if Bitcoin can successfully push above these thresholds, its price could rise significantly towards $100,000. On the other hand, Bitcoin could experience a massive price decline if it fails to reach the resistance levels mentioned above. The analyst’s price chart showcases green zones representing critical support cones where Bitcoin could bounce back if its price corrects. If Bitcoin drops below support levels between $95,600 and $92,000 and breaks the lower line of the ascending channel on its chart, Zwin has forecasted that its price could crash as low as $89,000 this bull cycle. The analyst describes this crash point as the “cumulative long liquidation leverage, where Bitcoin could see its price correcting between $91,000 and $89,000, representing an 8% to 10% crash for the pioneer cryptocurrency. Key Factors Pushing The BTC Price Upwards On the flip side, Zwin disclosed in his Bitcoin analysis report that the cryptocurrency is pumping again, driven by a wave of positive market sentiment sparked by recent developments in the crypto space that have been headlines. The analyst revealed that the news of the Chinese Court affirming the legality of Bitcoin and crypto ownership has been a key catalyst behind the sharp rise in the price of BTC. Related Reading: ETH/BTC’s 8-Year Cycle Chart Shows How High Ethereum Price Can Go This Cycle Additionally, Donald Trump‘s plans to appoint a White House crypto advisor have provided a significant boost to the BTC price, propelling it to current levels and enabling it to break through important resistance lines. Based on the above chart, Zwin reveals that Bitcoin has entered five new impulsive waves from the Elliott wave theory. This bullish development occurred after the cryptocurrency broke past key resistance lines. Moreover, Zwin’s Bitcoin price chart showcases a “Bump and Run Top Pattern,” with the cryptocurrency already completing the “Bump phase” and entering a “Run phase.” Taking this into consideration, the analyst has predicted that if Bitcoin can surge above $98,700, investors and market watchers should expect it to skyrocket to $100,000. Featured image created with Dall.E, chart from Tradingview.com
Long-term Bitcoin holders are showing signs of growing greed as the price of BTC steadily approaches the $100,000 mark. A crypto analyst has underscored the significance of this market trend, highlighting that a possible Bitcoin market top could be incoming in the next few months. Long-Term Holders Stay Greedy On-chain data from Glassnode reveal that long-term Bitcoin holders are showing a significant level of greed, which continues to intensify as the price of BTC maintains its bullish trajectory. While the flagship cryptocurrency inches closer to the anticipated $100,000 milestone, these long-term holders, or HODLers, stay relentless, showing no signs of selling their holdings despite rising prices and increasing profits. Related Reading: Dogecoin ATH Incoming? Analyst Issues 2-Day Price Forecast Data from the market intelligence platform IntoTheBlock indicates that 98% of Bitcoin holders are making profits at the current market price. This underscores Bitcoin’s remarkable performance this month, as most long-term holders acquired their holdings at prices lower than BTC’s current market valuation. Popular crypto analyst Ali Martinez noted in an X (formerly Twitter) post that historically, a growing increase in Bitcoin long-term holders’ greed suggests the potential for an imminent price leap to new highs. He revealed that when holders’ greed showed elevated levels in previous bull cycles, it took 8-11 months for Bitcoin to reach a new market top. The analyst has predicted that if this trend holds true, the market should expect Bitcoin to hit a potential price peak between June and September 2025. Based on his price chart, Bitcoin long-term holders showed extreme levels of greed during the previous bull markets that followed the cyclic halving events. The steady increase in long-term holders’ greed can be taken as a good sign, as this suggests that fewer coins are in circulation or available for trading, ultimately creating scarcity. With demand for Bitcoin rising amidst bullish market trends, the cryptocurrency price could eventually hit the coveted $100,000 price mark. While the broader market and numerous crypto analysts anticipate a breakthrough to $100,000, many Bitcoin holders are demonstrating firm resolve by holding onto their assets. This unwavering courage in Bitcoin’s potential discourages panic selling during the current bull market, as the market remains optimistic about further price surges in the cryptocurrency. Related Reading: Dogecoin Extends Rally – Can This Lead To A Breakout Above $0.82? Bitcoin Price Could Hit $100,000 Today In a more recent X post, Martinez revealed that today could be the day Bitcoin finally reaches its $100,000 all-time high. The analyst revealed that the SuperTrend indicator on the Bitcoin hourly chart has flipped bullish, indicating that prices have broken through a resistance trend line and the Relative Strength Index (RSI). The price of Bitcoin is currently trading at $98,288, reflecting a 7.16% increase over the past week. To reach the $100,000 milestone, the cryptocurrency needs to rise by $1,712, requiring only a 1.74% increase from its current price. Featured image created with Dall.E, chart from Tradingview.com
Traders have had a torrid start to the week, as over $500 million has been liquidated from the crypto market in the last 24 hours. This has been due to the Bitcoin price, which has continued to fluctuate heavily in recent times. $500 Million Liquidated As Bitcoin Price Fluctuates Coinglass data shows that over $500 million was liquidated from the crypto market in the last 24 hours as the Bitcoin price fluctuates. Long traders suffered the most loss, with over $366 million in long positions liquidated. Meanwhile, over $129 million in short positions were liquidated in the last 24 hours. Related Reading: Dogecoin Extends Rally – Can This Lead To A Breakout Above $0.82? This came as the Bitcoin price dropped significantly from around $98,000 to as low as $95,500 on Sunday. Bitcoin has since recovered and is back again over $98,000. This heavy BTC price fluctuation has been the case since the flagship crypto came close to hitting the $100,000 milestone on November 23. The Bitcoin price has since witnessed major pullbacks followed by a sharp rebound, leading to mass liquidations as traders struggle to determine the future trajectory of the flagship crypto. These pullbacks have come as investors look to secure profits, seeing as the flagship crypto is approaching this psychological $100,000 price level. However, some whales remain undeterred as they recently bought $3.96 billion BTC in 96 hours. Notably, Bitcoin miner Marathon Digital bought 5,771 BTC ($572 million) at an average price of 95,554 per BTC. Although this Bitcoin price range might be the local top, the flagship crypto is still expected to go higher, which explains why these whales are still actively accumulating more BTC. Asset manager VanEck recently stated that $100,000 is only the beginning and predicted that Bitcoin could still reach as high as $180,000. Today Could Be The Day Crypto analyst Ali Martinez recently predicted that today could be the day the Bitcoin price finally reaches the much-anticipated $100,000 milestone. This came as he revealed that the SuperTrend indicator had flipped bullish on the Bitcoin hourly chart as prices broke through the resistance trendline and the Relative Strength Index (RSI). Related Reading: XRP Price Reaches 3-Year High At $1.6 – 2 Ways It Can Go From Here In another X post, Martinez suggested that $100,000 won’t be the cycle top for the Bitcoin price in this bull run. He stated that long-term Bitcoin holders are showing signs of growing greed. The analyst claimed that historically, this suggests that it could take 8-11 months for Bitcoin to hit a market top. If this historic trend continues, the Bitcoin price could peak between June and September 2025. Crypto analysts like Rekt Capital have also predicted that this period could mark the peak for Bitcoin in this bull run. At the time of writing, the Bitcoin price is trading at around $98,300, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin price rally towards the $100,000 mark is the talk of the crypto industry. Notably, the Bitcoin price has reached new all-time highs for four consecutive days on the path to this $100,000 price level, with the latest being an intraday high of $99,645 in the past 24 hours. Interestingly, the ongoing bullish sentiment […]
A crypto analyst who accurately forecasted the Bitcoin price increase to the $99,000 All-Time High (ATH) has just released a more detailed analysis of his prediction. The analyst shared a chart highlighting crucial technical indicators and price movements that suggest the cryptocurrency could be gearing up for an even higher ATH. Analyst Projects $105,000 As The Next Price Target Weslad, a TradingView analyst, has raised his Bitcoin price forecast, predicting the next upside target at $105,764 as the crypto market bull run gains momentum. The analyst reported that BTC has officially entered the bull market phase, characterized by explosive price increases and positive market sentiment. Related Reading: Bitcoin Price ATH Set To Cross $139,000 According To Previous Election Cycles His recent bullish prediction of the Bitcoin price is grounded on a key technical pattern known as the “Ascending Channel,” which indicates a bullish trend continuation. This chart pattern consists of two upward-sloping trend lines drawn parallel to each other, representing the resistance and support price levels, respectively. Despite his optimistic outlook for the BTC price, Weslad has revealed that investors should anticipate a corrective move toward the immediate buy-back zone, which would provide an optimal entry point for opportunistic buyers. The analyst has also shared a detailed price chart that highlights the bullish ascending channel and key price levels that Bitcoin could reach in the short-term and long-term. Overview Of The Analyst’s Bitcoin Price Chart Analysis In his 4-hour Bitcoin chart, Weslad visualizes the cryptocurrency’s price action within an ascending channel, highlighting that the BTC is moving upwards within two trendlines. The analyst has provided a detailed roadmap for his $105,764 bullish target for the Bitcoin price. Weslad highlighted the price range between $91,000 and $92,000 as an “important demand zone,” which acts as strong support where buyers are likely to step in if BTC slips any further. He also revealed that the price level at $94,327.99 has been identified as an ”immediate buy-back zone,” which also serves as an optimal entry point if BTC experiences any corrective pullback in its price. Related Reading: Crypto Analyst Predicts 37% Upshoot For Dogecoin Price, Points Out Support Levels The analyst has also highlighted $97,537 as the “immediate profit target,” suggesting that traders may consider locking in profits at this critical short-term price level. He has also pinpointed the “mid-term target” for the Bitcoin price, highlighting that the $100,334 mid-term level is important for investors holding longer positions. Lastly, Weslad has highlighted $105,764 as the “projected final target” for Bitcoin, indicating that this may be the ultimate target for the present market cycle. For BTC to reach this bullish price target, it would require only a modest 6.83% increase from its current value. As of writing, the price of Bitcoin is trading at $99,072, marking a 12.73% increase over the past seven days, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Allianz SE, Europe’s second-largest insurance company and Germany’s largest, has acquired nearly 25% of MicroStrategy’s recent convertible note offering. The investment marks a substantial endorsement of Bitcoin by a major financial institution. Allianz Wants Bitcoin Exposure Allianz purchased 24.75% of MicroStrategy‘s $2.6 billion note sale intended for institutional investors, which closed on November 21. The […]
The Bitcoin price is well on its way to reaching the $100,000 price mark, with multiple projections saying it could do so by this weekend. Notably, the Bitcoin price reached an intraday high of $99,486 in the past 24 hours, putting it by about only 0.5% from reaching $100,000. As the entire industry continues to await the Bitcoin price break above $100,000, crypto analyst Tony “The Bull” Severino has highlighted an interesting outlook for what to expect from here. Bitcoin Price Mirrors 2017 Pattern Crypto analyst Tony Severino drew parallels of Bitcoin’s recent price movements to its 2017 surge. The Bitcoin price first broke before the round figure mark of $10,000 in the last week of November 2017. Now seven years later, it is exhibiting similar price movements as it looks to break above the next round figure mark of $100,000. Related Reading: Crypto Analyst Predicts 37% Upshoot For Dogecoin Price, Points Out Support Levels Bitcoin’s break above the $10,000 level was a pivotal moment in its price history, as it marked a break above a key psychological threshold. Severino pointed out that after reaching this psychological milestone, the Bitcoin price nearly doubled in value within two weeks. Severino used the outcome of this move to draw parallels with the current performance of the Bitcoin price. This time, however, the stakes are higher, with Bitcoin now about to break above the $100,000 mark. Particularly, this is a figure that carries even greater psychological significance in the outlook of the Bitcoin price than the $10,000 mark. Could Breaching $100,000 Cause Another Excitement? Severino’s analysis centers around the idea that breaking $100,000 could cause another sharp Bitcoin price increase, much like what happened after it crossed $10,000 in 2017. He noted that the Bitcoin price could see gains of up to 100% from its current price, but the pace of the rally may happen extremely fast. Related Reading: Analyst Reveals When The Ethereum Price Will Reach A New ATH, It’s Closer Than You Think This rapid ascent could mark the final leg of this bull run that will create a peak followed by a significant correction, much like how the 2017 bull cycle played out. “The top is near,” Severino cautioned. However, he doesn’t believe Bitcoin’s peak is just two weeks away; he suggested it could be as close to around two months. It is important to note that the Bitcoin ecosystem has changed massively since it first broke above $10,000 in 2017. At that time, the rally was driven largely by retail investors and Bitcoin whales who got in relatively early. The current landscape includes a growing institutional interest in Bitcoin, especially through Spot Bitcoin ETFs. This institutional interest has been key to the steady growth of the Bitcoin price throughout this year, and current market dynamics point to such continued growth. At the time of writing, Bitcoin is trading at $99,032, up by 2% in the past 24 hours. Featured image created with Dall.E, chart from Tradingview.com
President-elect Donald Trump’s transition team is reportedly set to implement the establishment of a national Strategic Bitcoin Reserve (SBR). At the center of this development is the formation of a crypto advisory council to revise US policy on digital assets, as Reuters reports. Major crypto companies are vying for seats on the council, including Ripple, […]
Crypto analyst TechDev has predicted that the Bitcoin price could rally to as high as $139,000 in this market cycle. The analyst made this prediction based on previous election cycles, which were also bullish for the flagship crypto. Bitcoin Price To Reach $139,000 Based On Previous Election Cycles In an X post, TechDev predicted that the Bitcoin price could reach $139,000 in this bull run based on previous election cycles. In 2012, the Bitcoin price was $10 on election day, and a year later, BTC witnessed a 22.7x increase as it rallied to $245. In 2016, Bitcoin was $710 on election day and then recorded a 10.12x increase as it rallied to $7,200. Related Reading: $4,000 Solana Price Possible As SOL Breaks Out Of Massive Cup And Handle Pattern Meanwhile, in 2020, the Bitcoin price was at $13,588 on election day. Then, it witnessed a 4.51x increase and rallied to $61,300 a year later. The analyst highlighted a pattern whereby Bitcoin’s price replicates its increase from the previous cycle plus an additional 44.5% surge, which led to Bitcoin’s price a year after the US elections. Based on this, TechDev noted that the BTC price could reach $139,000 if it replicates its 4.51x increase from the previous cycle plus an additional 44.5% surge. Bitcoin was trading at $69,400 on the day of the US presidential elections earlier this month. The US presidential elections have historically been bullish for the BTC price as the flagship crypto always hits new highs after every election cycle. It is also worth mentioning that Bitcoin never dropped below its price on election day. Moreover, this election cycle looks more bullish than others, considering the US now has its first-ever pro-crypto president. The Bitcoin price has reacted positively to Donald Trump’s victory, continuing to pump since Trump defeated Kamala Harris. The flagship crypto is now eyeing the $100,000 milestone, having surged over 37% since the start of this month. What Happens Next When BTC Hits The $100,000 Milestone Crypto analyst Ali Martinez has provided insights into what could happen next after the BTC price hits the $100,000 milestone. In an X post, the analyst said that Bitcoin’s price action looks like it did in December 2020. He added that the Relative Strength Index is also nearly identical to the one in December 2020. Related Reading: Analyst Confirms Dogecoin Price Test Of 0.786 Fibonacci Level, What Happens Next? If Bitcoin is to replicate the price action from that period, Martinez predicts that the Bitcoin price will rally to $108,000 after it hits $100,000 and then drop to $99,000 before it continues its uptrend and further rally to $135,000. Coincidentally, this comes close to TechDev’s target of $139,000 for Bitcoin. At the time of writing, the Bitcoin price is trading at around $97,000, up over 5% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin has reached a new all-time high, surging to $97,852 on Binance. The cryptocurrency is up 5% in the last 24 hours and has gained an impressive 43% over the past 16 days since November 5. The momentum shows no signs of slowing as BTC price continues its steady ascent. Several key factors are driving this remarkable rally: #1 US Strategic Bitcoin Reserve Trade Following Donald Trump’s victory in the US presidential election, market sentiment has shifted significantly. The initial “Trump trade” has evolved into the “US Bitcoin Reserve Trade,” fueled by speculation that President-elect Trump may establish a Strategic Bitcoin Reserve (SBR). This follows his pledge at the Bitcoin 2024 conference in Nashville. Industry insiders like David Bailey, CEO of BTC Inc and a Trump campaign advisor, and Dennis Porter, CEO of Satoshi Act Fund, have hinted at the possibility of the SBR becoming a reality. Both have urged that the SBR be established within the first 100 days of Trump’s presidency through an executive order. They warn of the United States potentially falling behind in the global race to accumulate BTC. Related Reading: Countries Are Already Buying Bitcoin ‘In Huge Volumes’, Says Novogratz Bailey revealed on November 9, “There is at least one nation-state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully, we hear from them soon.” He emphasized his certainty with a meme, indicating his information is based on knowledge rather than speculation. Mike Novogratz, CEO of Galaxy Digital, confirmed in a recent interview with Bloomberg TV that “countries are already buying BTC in huge volumes.” The “US Bitcoin Reserve Trade” is expected to continue until Trump’s inauguration on January 20. It remains to be seen whether Trump will follow through on his promises, potentially moving over 208,000 BTC confiscated by law enforcement into the reserve or even adopting Senator Cynthia Lummis’ Bitcoin Act proposal to purchase 1 million BTC over five years. #2 Potential Appointment Of A ‘Crypto Czar’ A leak on Wednesday suggests that President-elect Trump’s team is in discussions about creating a new White House position dedicated solely to Bitcoin and crypto policy. Sources familiar with the transition efforts indicate that candidates are being vetted for this role. If established, it would be the first-ever Bitcoin and crypto-specific White House position, underscoring the influence the nascent industry stands to wield in the incoming administration. It is unclear whether the role will be a senior White House staff position or a “crypto czar” overseeing policy and regulation across the federal government. Crypto industry advocates are pushing for the role to have a direct line to Trump – a massive news for the entire industry. #3 Launch Of Bitcoin ETF Options The introduction of Bitcoin ETF options has had a significant impact on the market. BlackRock’s iShares BTC Trust (IBIT) ETF options, launched on November 19, 2024, saw an unprecedented $1.9 billion in notional exposure on their first day of trading. Bloomberg ETF expert James Seyffart stated, “Final tally of IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. These options were almost certainly part of the move to the new Bitcoin all-time highs today.” Related Reading: US Bitcoin Reserve Will Push Price Above $1 Million, Expert Predicts Jeff Park, Head of Alpha Strategies at Bitwise Invest, recently highlighted the game-changing nature of Bitcoin ETF options: With the approval by the SEC to list and trade Bitcoin ETF options, we are on the verge of witnessing the most extraordinary upside ‘vol’ of ‘vol’ in financial history. For the first time, Bitcoin’s notional value will be ‘fractionally banked’ with ETF options. This marks the most monumental advancement possible for the crypto market. Park explained that Bitcoin ETF options provide a regulated market where the Options Clearing Corporation (OCC) protects clearing members from counterparty risks, allowing Bitcoin’s synthetic notional exposure to grow exponentially. He emphasized that this could lead to an explosive recursive effect on Bitcoin’s price due to unique volatility characteristics and the “volatility smile.” If there were one thing to read today re the game-changing nature of Bitcoin ETF options, read (and bookmark) this one for 2025 – it’s going to be wild. pic.twitter.com/On2DmUsbHX — Jeff Park (@dgt10011) September 20, 2024 #4 Surge In Spot Market And Bitcoin ETFs The latest rally has also been driven by significant activity in the spot market. Heavy spot bids have propelled the price higher, with yesterday’s BTC ETF inflows being a crucial factor. Inflows amounted to $773.4 million, with BlackRock contributing $626.5 million, Fidelity $133.9 million, Bitwise $9.2 million, and ARK Invest $3.8 million. Over the past three days, US spot Bitcoin ETFs have purchased a staggering $1.856 billion worth of Bitcoin. Good morning, Yesterday’s Bitcoin ETF flows were positive for $773.4 million. Blackrock did $626.5 million, Fidelity $133.9 million. (BTC the mini-ETF is still missing data) Price slowly climbing higher from $92K up to $97k now. Shitcoins are getting slaughtered. source:… pic.twitter.com/WMYIj7WiYj — WhalePanda (@WhalePanda) November 21, 2024 The total net asset value of US Bitcoin spot ETFs has exceeded $100 billion. Twelve Bitcoin ETFs, including those from BlackRock and Fidelity, were issued in January and have reached this milestone in just ten months. At press time, BTC traded at $96,920. Featured image created with DALL.E, chart from TradingView.com
Mike Novogratz, the founder and CEO of Galaxy Digital Holdings—a leading crypto investment firm listed on the Toronto Stock Exchange—has signaled a significant shift in the global adoption of Bitcoin. In a post on Tuesday via X, Novogratz declared that countries are already purchasing Bitcoin. Nation-State Bitcoin FOMO Is Real “Countries are already buying BTC in huge volumes—these are massive pools of capital entering the market. We’re witnessing global adoption at scale and the next rally could be massive. Buckle up. Caught up last week with Bloomberg TV, he stated via X. In the Bloomberg interview, Novogratz elaborated on the unprecedented interest from sovereign entities. He mentioned a close associate—the person who introduced him to BTC in 2013—who is currently in the Middle East. “He’s never seen anything like it,” Novogratz said. “He’s convincing more people to buy Bitcoin in the three days he’s been there than any time in his whole career, and they’re huge pools of capital. And so we’re seeing something globally.” Related Reading: US Bitcoin Reserve Will Push Price Above $1 Million, Expert Predicts Novogratz noted that when former President Donald Trump advocated in Nashville that he intended to be a “crypto president” and a “Bitcoin president,” it caught the attention of international leaders. “Other leaders heard that,” he remarked, suggesting that geopolitical factors could contribute to an “amazing rally” in the Bitcoin market. When questioned about the likelihood of the United States establishing a Strategic BTC Reserve under a Trump presidency, Novogratz remained cautious. “I still think it’s a low probability,” he stated. He cited the complexities of US legislative processes, emphasizing that while the executive branch or the House might show enthusiasm, the Senate often urges restraint. “That’s the role of the Senate,” he said, pointing out that Republicans do not hold a 60-seat majority necessary to push through such initiatives unilaterally. Nonetheless, Novogratz acknowledged the potential benefits of the US embracing Bitcoin at a strategic level. “It would be very smart for the United States to take the Bitcoin they have and maybe add some to it,” he suggested, adding that it would signal a commitment to being a “technology-first country, a crypto and digital asset-first country.” While he doesn’t believe the US dollar requires backing by Bitcoin, he admitted that if a Strategic Bitcoin Reserve were established, “Bitcoin heads to $500,000.” Related Reading: BitMEX Founder Predicts How Bitcoin Goes To $1 Million Under Trump He added: “If it happens in the short term without a Strategic Bitcoin Reserve, it’s going to mean six, seven, eight years,” Novogratz cautioned. “Then it’s just a scramble to get the hot commodity.” He expressed concerns that such a scenario could be indicative of hyperinflation, which historically leads to societal instability. “In every country that experiences hyperinflation, the results are really crappy,” he noted. Discussing Bitcoin’s potential to rival gold as a store of value, Novogratz highlighted a generational shift in investment preferences. “The total market cap of gold is like $16 trillion,” he explained, which translates to approximately $800,000 per BTC if it were to reach parity. “When does Bitcoin become gold?” he asked rhetorically. Novogratz, who is turning 60 next week, admitted he still owns gold, calling himself “an old guy.” However, he pointed out that younger generations are less inclined to invest in gold. “Forty-year-olds own no gold. Thirty-year-olds own none,” he observed. “As we see this generational shift, Bitcoin should match gold within five or ten years, and that gets you to $800,000.” At press time, BTC traded at $93,000. Featured image from YouTube, chart from TradingView.com
BlackRock’s Bitcoin ETF options made a historic debut, recording nearly $1.9 billion in notional value traded on the first day. Jeff Park, Head of Alpha Strategies at Bitwise Invest, shared his detailed observations on X , highlighting key takeaways from the inaugural trading day. “Today marks the historic Day 1 of BTC ETF options launch. […]
MicroStrategy Executive Chairman Michael Saylor will present a Bitcoin treasury strategy to the Microsoft Board of Directors before December 10. The revelation came during an X Space organized by investment management firm VanEck, featuring Saylor, Matthew Sigel (Head of Digital Assets Research at VanEck), Jan van Eck (CEO of VanEck), and US Senator Cynthia Lummis. […]
Crypto analyst Ali Martinez has provided insights into what the Bitcoin price trajectory could look like in the coming weeks. Interestingly, the analyst predicted that Bitcoin could rally to $138,000 and then experience a 30% price crash. Why Bitcoin Could Rise To $138,000 And Crash After In an X post, Martinez alluded to historical trends to explain why the Bitcoin price could rally first to $138,000 and then crash by 30% after. He stated that during the 2017 bull market, Bitcoin surged 156% past its previous all-time high (ATH) before the first major correction of 39%. Similarly, BTC rallied 124% in the 2020 bull run before it witnessed a 32% correction. Related Reading: Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent If history were to repeat itself, Martinez predicts that the Bitcoin price could rally to at least $138,000 before experiencing its first major pullback. Bitcoin has cooled off in the last few days following its parabolic rally after Donald Trump won the US presidential elections. However, the analyst recently mentioned what needed to happen for the flagship crypto to break above $100,000 and possibly reach this $138,000 target. He stated that the BTC price needs to achieve a sustained daily close above $91,900 to invalidate its bearish outlook at the moment and rally to $100,680. This came as he explained why Bitcoin could witness a price correction soon enough. Martinez noted that the greed index was currently at its peak, which is usually bearish for the Bitcoin price since investors could be overleveraging their positions, leading to a massive flush. Meanwhile, in his most recent X post, Ali Martinez indicated that this Bitcoin price rally above $100,000 would happen before the significant price correction. This time, he upped his target to $150,000, stating that the breakout could happen the next day or two before the 30% price correction. Price Could Double From Previous ATH In Next Three Weeks Crypto analyst Kevin Capital predicted that the Bitcoin price could double in the next three weeks. He noted that in every Bitcoin cycle after BTC broke its previous ATH, the crypto went into price discovery and doubled its price in four to six weeks. According to Kevin, BTC is 45% to 50% away from doubling its price from the previous ATH of $73,000 and is on week three of price discovery. Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow? The analyst stated that if the BTC price doesn’t record this 45% to 50% rally in the next three weeks, it is technically underperforming previous bull markets. However, it is worth mentioning that this cycle is the only one in which the Bitcoin price has reached a new ATH before the halving event, which took place earlier this year. At the time of writing, the Bitcoin price is trading at around $91,900, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin price movements have recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes significant upward momentum. This pattern formation has come amidst a back and forth between $93,477 and $85,970 after the Bitcoin price reached an all-time high of $93,477 on November 14. The observation of this bullish symmetrical triangle was highlighted on the social media platform X by the crypto analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator. Symmetrical Triangle Points To A Bitcoin Price Breakout A symmetrical triangle is formed when a descending resistance line and an ascending support line converge, indicating a period of consolidation. As the price approaches the apex of this formation, it typically breaks out in the direction of the prevailing trend. Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow? In the case of Bitcoin, the Bitcoin price action on the daily candlestick timeframe has been one of a series of lower highs and higher lows for about the past week. This formation has led to the Bitcoin price trading in an increasingly tightening range, which is ultimately going to breakout in either direction. For Bitcoin, the existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, which is just below $91,000. To confirm such a breakout, analysts look for a spike in trading volume and at least two consecutive closes beyond the trendline. Commenting on this setup, the Stockmoney Lizards stated, “The current setup suggests a potential breakout to the next level. All eyes are on 100k. This is when retail investors will crush the candy store and the real fun will start.” Such a breakout, if confirmed, could lead Bitcoin to establish new highs above the six-digit threshold of $100,000, which in turn would trigger a wave of inflows into other cryptocurrencies. Next Bitcoin Price Target: $100,000 The psychological milestone of $100,000 has been a focal point for Bitcoin enthusiasts and analysts since the beginning of this bull cycle. Notably, the calls for a $100,000 price target have been even more pronounced since the Bitcoin price broke above its March high of $73,737 earlier this month. Related Reading: Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours. This means it has effectively broken out of the symmetrical triangle since Stockmoney Lizards’ technical analysis. Interestingly, the analyst highlighted this breakout in an update to his analysis. Now that the breakout of the symmertical triangle has been effectively confirmed, it remains to be seen whether the Bitcoin price can reach the coveted $100,000 price mark before the end of November. All indicators point to go, with the demand for Bitcoin currently far outpacing the supply. Featured image created with Dall.E, chart from Tradingview.com
In a series of exchanges on X, Adam Back, CEO of blockchain technology firm Blockstream, projected that Bitcoin could surge beyond $1 million if the United States were to establish a Strategic Bitcoin Reserve (SBR) under President-elect Donald Trump. “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,” 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. — Adam Back (@adam3us) November 18, 2024 The bold prediction sparked discussions among industry experts and enthusiasts. James Van Straten, a noted crypto analyst, responded, “7 figures? I don’t think I’m mentally prepared for 6.” Acknowledging the market’s doubt, Back replied, “That’s a fairly big ‘if’ though. At least if we infer from market price, the market thinks a US Strategic Bitcoin Reserve is unlikely. If that becomes real, I’d expect a rapid repricing.” Can Bitcoin Rise To $1 Million Per Coin? The conversation highlights the market’s skepticism regarding the feasibility of the US government accumulating such a significant Bitcoin reserve. Van Straten, like other experts, suggested that a nation might consider “front-running” this potential scenario, to which Back noted, “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.” Related Reading: Is $135,000 Bitcoin’s Current Ceiling? This Model Says So Portal, a custodyless interoperability protocol for Bitcoin, weighed in on the discussion via X: “If the US starts one, surely the rest of the world will start to follow suit as well.” This sentiment underscores the potential global ripple effect of a US-initiated SBR on Bitcoin adoption and valuation. Skepticism was also voiced by X user AndyLiteMan (@LiteAndy), who critiqued Back’s astronomical prediction: “As much as that would be exciting, it’s not going to happen. We hear this every cycle.” Back maintained his position, emphasizing the conditional nature of his prediction: “I said ‘if,’ and that market doesn’t believe it so far.” Adding another layer to the unfolding narrative, Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—claimed on November 18 that Donald Trump’s team is considering an executive order to establish a national SBR, as Bitcoinist reported. “I’ve heard that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first,” Porter disclosed via X. “I can confirm that US Senate offices are backing this plan up. Game on President Trump. The race is on.” Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why Porter, deeply involved in legislative efforts surrounding Bitcoin adoption, noted that his information stems from “private conversations with people familiar” with the matter and his direct involvement in promoting SBR language across the United States and internationally. Notably, it is crucial to distinguish between the proposals being discussed. Porter’s reference to Trump’s consideration pertains to an executive order that would establish a national SBR. This contrasts with Trump’s previous suggestion at the Bitcoin 2024 conference to create a strategic Bitcoin reserve by retaining all “seized coins” obtained through law enforcement actions. Furthermore, Republican Senator Cynthia Lummis has introduced the Bitcoin Act, which proposes the US government purchase 1 million BTC over five years, allocating 200,000 BTC per year. Addressing this legislative initiative, Back commented on a Polymarket prediction market screenshot showing a 36% chance for “Will Trump create a national Bitcoin reserve?” He clarified, “Optimistic IMO and depends on what they mean. ‘Not selling seized coins’ is very different from Senator Lummis’ SBR bill to buy 1 million BTC.” The latter could send the Bitcoin price skyrocketing. Back highlighted the logistical challenges of such a substantial acquisition: “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.” At press time, BTC traded at $92,329. Featured image created with DALL.E, chart from TradingView.com
Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—has claimed that former President Donald Trump’s team is considering an executive order to establish a national Strategic Bitcoin Reserve (SBR). This move aims to position the federal government ahead of individual states that are considering similar legislation. Trump Considers […]
Over the last few days, the newly elected US President Donald Trump has filled a number of positions in his new cabinet, although the most important position for the Bitcoin community—the Secretary of the Treasury—remains open. The role of Secretary of the Treasury could be decisive for the establishment of a national strategic Bitcoin reserve, […]
Sławomir Mentzen, chairman of the Polish “New Hope” party and a contender in the upcoming presidential election, announced his plans for establishing a strategic Bitcoin reserve in Poland during a discourse on X. The initiative underscores Mentzen’s vested interest in Bitcoin, evidenced by his personal investment of 33.7 BTC, valued at over $3 million. Will […]
Crypto analyst CryptoCon recently alluded to a Bitcoin ‘Golden Multiplier Ratio,’ which he suggested paints a very bullish picture of the Bitcoin price. Based on this, the analyst remarked that the party was just getting started, indicating that the flagship crypto is likely going much higher. Bitcoin Golden Ratio Multiplier Indicates Price Is Going Higher In an X post, CryptoCon highlighted how the Bitcoin Golden Multiplier Ratio indicates that the price is going much higher. He cited level 5 of the Golden Ration Multiplier, which he claimed is dual-purpose for the mid-top and cycle top. The analyst mentioned that Bitcoin formed the mid-top at level 5 in March earlier this year when it reached its previous all-time high (ATH) of $73,000. Related Reading: Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market CryptoCon further mentioned that it seems likely that Bitcoin will hit this level again before this market cycle is over. The analyst added that the level 5 band has increased to $122,000, and it is still climbing. In line with this, he remarked that the party is just getting started, indicating that the Bitcoin rally could still rally way higher and even reach this $122,000 target. In an earlier X post, CryptoCon also used the Magic Bands indicator to provide insights into Bitcoin’s price action and how high it could reach in this bull run. He said Bitcoin is racing to meet level 3 of the Magic Bands at $98,720. He added that the bands are set to rapidly expand to the upside as they adjust for the volume beyond the ATHs. Based on this, the analyst said that the cycle top target is now $134,000 and that the Bitcoin price could gain $1,000 weekly. CryptoCon remarked that he anticipates the cycle top sometime in late 2025. That means there is a lot of time for the bands to expand to higher prices, indicating that the Bitcoin price could rise higher. BTC Primed To Reclaim Local Highs Crypto analyst CrediBULL Crypto stated that the Bitcoin price looks primed to move to the local highs as long as the $87,700 level isn’t breached. The analyst also mentioned that a clear and impulsive move above the local highs at $93,800 would send Bitcoin above $100,000, making the possibility of dropping to $72,000 unlikely until the next bear market. Related Reading: Major Hindrances To Dogecoin Price Hitting $1 According To This Crypto Analyst However, if that clear and impulsive move doesn’t happen, CrediBull Crypto stated that it would imply that the move is corrective and makes the odds of retesting the range between $70,000 and $72,000 exponentially higher. He suggested that BTC could even drop below $70,000. At the time of writing, the Bitcoin price is trading at around $91,200, up almost 4% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Solidion Technology, Inc. (NASDAQ: STI), a leading provider of advanced battery materials, has announced a significant strategic allocation of Bitcoin within its corporate treasury. This move positions Solidion alongside other prominent US companies such as MicroStrategy, Tesla, Block (formerly Square), Semler Scientific, Coinbase, Riot Platforms, and Marathon Digital Holdings, all of which have integrated BTC […]
Crypto analyst Ash Crypto has revealed that Bitcoin has entered the ‘thrill’ phase. The analyst further explained what to expect from the flagship crypto moving forward, having entered this phase of the bull run. What To Expect From Bitcoin In ‘Thrill’ Phase In an X post, Ash Crypto revealed that Bitcoin is entering the thrill phase. Based on this, he told market participants to expect high volatility and more liquidation. Overall, the analyst remarked that the Bitcoin price trend will be to the upside as it continues to hit new all-time highs (ATHs). He predicts that BTC will rally to as high as $150,000. Related Reading: Crypto Analyst Predicts Major Price Crash For Shiba Inu, But It’s Not All Bad News His accompanying chart showed that the thrill phase of the market cycle is when investors and traders may get overexcited about the bull rally and decide to go all in with leverage. However, as Ash Crypto indicated, this could go wrong since there will be a lot of liquidations during this period. Despite this being a bull market, the Bitcoin price has, at different times, corrected after reaching new highs and flushing out over-leveraged longs in the process. Alex Thorn, Head of Research at Galaxy Research, also explained earlier in the year that bull markets aren’t straight lines up and that significant price corrections are expected. However, in the long run, the bears get the short end of the stick in a bull run as prices trend upwards. Crypto analyst Ali Martinez recently revealed that over $800 million will be liquidated if Bitcoin rebounds towards $93,000. This is a price level that BTC just reached two days ago as it rallied to a new ATH of $93,400. The Bitcoin price has since corrected and dropped below $90,000. This was partly due to the US PPI inflation data, which was higher than forecasted. That development has cast some doubts about whether the Fed will be willing to further cut interest rates in December. More Price Correction In The Short Term? Ali Martinez suggested that the Bitcoin price could experience further declines in the short term. In an X post, the crypto analyst said that the daily Relative Strength Index (RSI) shows that Bitcoin is in overbought territory, which typically signals a potential price correction ahead. Related Reading: Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market This price correction could also happen as Bitcoin investors look to secure profits. Martinez revealed that $5.2 billion in BTC profits have been realized and that the sell-side risk ratio has surged to 0.524%. He warned market participants to stay alert and proceed with caution. Bhutan Government falls among whales that are already securing profits as they recently sold $33 million worth of BTC, just weeks after selling $66 million BTC. At the time of writing, the Bitcoin price is trading at around $87,780, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
At the Bitcoin 2024 conference in Nashville, Donald Trump unveiled his proposal to establish a Strategic Bitcoin Reserve (SBR) for the United States upon his return to office. The plan has swiftly captured widespread attention, particularly in the wake of Trump’s US electoral victories securing majorities in both the House of Representatives and the Senate. […]