The Bitcoin volume has experienced a severe crash amidst its initial price momentum, falling by approximately 27% and triggering a subsequent decline in the value of the pioneer cryptocurrency. This significant drop in volume has caught the attention of market participants, as a crypto analyst is discussing the mechanics and significance of a decline in Bitcoin and whether it indicates a Distribution or Accumulation phase. Bitcoin Price Falls As Volume Plummets 27% Data from CoinMarketCap has revealed that the daily trading volume of Bitcoin has crashed 26.46%, pushing the value to $85.89 billion. This significant decline in the Bitcoin volume coincides with a broader correction in the cryptocurrency’s price. Related Reading: Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market In the last 24 hours, BTC has experienced a price pullback to $87,848, as of writing. The cryptocurrency was previously trading above $90,000, but has recently declined by 2.87%. This plummeting volume often indicates a reduced market interest or lack of enthusiasm. However, this may not be the case for Bitcoin, as the cryptocurrency has been experiencing high market activity due to the just-concluded US Presidential elections that resulted in a Donald Trump win. The more likely reason for the decreased volume could be a market consolidation, where the price of Bitcoin could stabilize before a potential breakout. Supporting this, a crypto analyst, ‘Personal Trader,’ stated that the market has entered a phase of decline, where Bitcoin could enter its last correction period before moving toward the $100,000 milestone. BTC Price Decline May Indicate A Distribution Or Accumulation Phase Given the recent decline in Bitcoin price and volume, a crypto analyst identified as ‘IonicXBT’ has taken to X to identify and discuss the significance of this decline using two main trends exhibited in a Bitcoin market cycle: the Accumulation and Distribution phases. Related Reading: Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout The Accumulation phase is when smart money, including investors or institutions, starts to buy Bitcoin. During this phase, prices tend to be low or have stabilized after a decline. Additionally, Bitcoin’s trading volume increases in the same period as buyers step in to push prices higher. Moreover, every upward price movement tends to showcase a strong volume, indicating increased buying pressure. In contrast, the Distribution phase is when smart money are selling or distributing their Bitcoin. During this phase, prices may have peaked or are being seen as overvalued. The volume of BTC rises while its price falls, signaling intense selling pressure. Moreover, price spikes accompanied by low trading volume suggest a weak buying interest, a red flag that indicates that smart money are exiting the market. Based on these Bitcoin phases, IonicXBT has revealed that he will call the Bitcoin market top and bottom soon. The analyst has shown that Bitcoin is currently not in its distribution phase, which means it is still a “buyer’s market,” suggesting the potential for future price increases. Featured image created with Dall.E, chart from Tradingview.com
In a recent interview on CNBC’s “Squawk Box,” Matthew Sigel, Head of Digital Assets Research at VanEck, predicted that Bitcoin’s current rally is “just getting started” and is expected to continue for at least two more quarters. The BTC price briefly surpassed $93,000 on Wednesday before experiencing a slight pullback, marking an impressive gain of […]
The Bitcoin price has soared to a new all-time high, driven by the bullish sentiment generated by the Donald Trump effect following the just-concluded US Presidential elections. The last time Trump won the US election in 2016, Bitcoin experienced a similar bullish reaction, surging to new ATHs around that time. The Trump Effect On The […]
Veteran trader Peter Brandt has brought fresh attention to DOGE by identifying striking similarities between the current Dogecoin price action and the Bitcoin price movements from 2015-2016. Brandt highlighted these patterns in a recent post on social media platform X, suggesting that Dogecoin could be following in Bitcoin’s early footsteps. Peter Brandt’s Observations On Dogecoin […]
The Bitcoin price soared to a new all-time high of $89,940 on Binance on Tuesday, fueled by market excitement over Donald Trump’s victory in the US presidential election. The surge comes as Trump has promised to establish a national Bitcoin reserve and has even considered using Bitcoin to pay down the US national debt. Bitcoin […]
In his latest essay titled “Black or White?”Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, lays out an analysis predicting that Bitcoin could soar to $1 million. Hayes argues that forthcoming US economic policies under the second term of Donald Trump could set the stage for unprecedented Bitcoin growth. Hayes draws parallels between the economic strategies of the United States and China, coining the term “American Capitalism with Chinese Characteristics.” He suggests that, similar to China’s approach under Deng Xiaoping and continued by Xi Jinping, the US is moving toward a system where the government’s primary goal is to retain power, regardless of whether policies are capitalist, socialist, or fascist. Why The Fiat System Is Broken “Similar to Deng, the elite that rule Pax Americana care not whether the economic system is Capitalist, Socialist, or Fascist, but whether implemented policies help them retain their power,” Hayes writes. He emphasizes that America ceased being purely capitalist in the early 20th century, noting, “Capitalism means that the rich lose money when they make bad decisions. That was outlawed as early as 1913 when the US Federal Reserve was created.” Hayes critiques the historical shift from “trickle-down economics” to direct stimulus measures, particularly those implemented during the COVID-19 pandemic. He distinguishes between “QE for the rich” and “QE for the poor,” highlighting how direct stimulus to the general population spurred economic growth, whereas quantitative easing primarily benefited wealthy asset holders. Related Reading: Bitcoin Price Blasts Through $82,000: These Are The Key Reasons “From 2Q2020 until 1Q2023, Presidents Trump and Biden bucked the trend. Their Treasury departments issued debt that the Fed purchased using printed dollars (QE), but instead of handing it out to rich [individuals], the Treasury mailed checks out to everyone,” he explains. This led to a decrease in the US debt-to-nominal GDP ratio, as the increased spending power of the average citizen stimulated real economic activity. Looking ahead, Hayes anticipates that Trump’s return to power will usher in policies focused on re-shoring critical industries to the US, financed by expansive government spending and bank credit growth. He references Scott Bassett, whom he believes will be Trump’s pick for Treasury Secretary, noting that Bassett’s speeches outline plans to “run nominal GDP hot by providing government tax credits and subsidies to re-shore critical industries.” “The plan is to run nominal GDP hot by providing government tax credits and subsidies to re-shore critical industries (shipbuilding, semiconductor fabs, auto manufacturing, etc.). Companies that qualify will then receive cheap bank financing,” Hayes states. He warns that such policies would lead to significant inflation and currency debasement, adversely affecting holders of long-term bonds or savings deposits. To hedge against this, Hayes advocates for investing in assets like Bitcoin and gold. “Instead of saving in fiat bonds or bank deposits, purchase gold (the boomer financial repression hedge) or Bitcoin (the millennial financial repression hedge),” he advises. Related Reading: Bitcoin Could Be Ready For ‘Phase 2’ Of This Historical Bull Pattern Hayes supports his argument by analyzing the mechanics of monetary policy and bank credit creation. He illustrates how “QE for the poor” can stimulate economic growth through increased consumer spending, as opposed to “QE for the rich,” which inflates asset prices without contributing to real economic activity. “QE for poor people stimulates economic growth. The Treasury handing out stimmies encouraged the plebes to buy trucks. Due to the demand for goods, Ford was able to pay its employees and apply for a loan to increase production,” he elaborates. Furthermore, Hayes discusses potential regulatory changes, such as exempting banks from the Supplemental Leverage Ratio (SLR), which would enable them to purchase an unlimited amount of government debt without additional capital requirements. He argues that this would pave the way for “infinite QE” directed at productive sectors of the economy. “If Treasuries, central bank reserves, and/or approved corporate debt securities were exempted from the SLR, a bank could purchase an infinite amount of debt without having to encumber themselves with any expensive equity,” he explains. “The Fed has the power to grant an exemption. They did just that from April 2020 to March 2021.” How Bitcoin Could Reach $1 Million Hayes believes that the combination of aggressive fiscal policies and regulatory changes will result in an explosion of bank credit, leading to higher inflation and a weakening US dollar: The combination of legislated industrial policy and the SLR exemption will result in a gusher of bank credit. I have already shown how the monetary velocity of such policies is much higher than that of traditional QE for rich people overseen by the Fed. Therefore, we can expect that Bitcoin and crypto will perform as well, if not better, than they did from March 2020 until November 2021. In such an environment, he asserts that Bitcoin stands to benefit the most due to its scarcity and decentralized nature. “This is how Bitcoin goes to $1 million, because prices are set on the margin. As the freely traded supply of Bitcoin dwindles, the most fiat money in history will be chasing a safe haven,” he predicts. Hayes backs this claim by referencing his custom index that tracks US bank credit supply, demonstrating that Bitcoin has outperformed other assets when adjusted for bank credit growth. “What is [..] important is how an asset performs when deflated by the supply of bank credit. Bitcoin (white), the S&P 500 Index (gold), and gold (green) have all been divided by my bank credit index. The values are indexed to 100, and as you can see, Bitcoin is the standout performer, rising over 400% since 2020. If you can only do one thing to counter the fiat debasement, it is Bitcoin. You can’t argue with the math,” he asserts. In concluding his essay, Hayes urges investors to position themselves accordingly in anticipation of these macroeconomic shifts. “Get long, and stay long. If you doubt my analysis of the impact of QE for poor people, just read up on the Chinese economic history of the past thirty years, and you will understand why I call the new economic system of Pax Americana, “American Capitalism with Chinese Characteristics,” he advises. At press time, BTC traded at $87,660. Featured image from YouTube, chart from TradingView.com
The Bitcoin price has finally broken out of resistance and is on a journey to the $320,000 threshold, according to a crypto analyst. Notably, the Bitcoin price has now returned into a full bullish sentiment, with the crypto fear and greed index now pointing to extreme greed. In a recent technical analysis, crypto analyst Gert van Lagen identified a bullish pattern in Bitcoin’s price chart, specifically pointing to a confirmed breakout of the classic ‘cup-and-handle’ pattern formation that has essentially kicked off a bullish Wave 5 run. Bitcoin Price Sets Sights On $320,000 As Wave 5 Begins Bitcoin’s price action has been nothing short of impressive in the past few days. Notably, the Bitcoin price has created multiple all-time highs in quick succession, as many investors start to pour in. This sustained demand has created successive bullish candles on both the daily and weekly charts, illustrating a continued strong upward momentum. Related Reading: Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows What’s Coming Next Interestingly, these bullish candle formations have validated what crypto analyst Gert van Lagen called the start of a sub-wave 5 formation. This wave, which is known to be bullish, is expected to be the final sub-wave formation in a larger Elliot wave uptrend that has been in play since January 2023. Supporting the possibility of the wave 5 formation, technical analysis of the Bitcoin price formation shows that the recent price rally has seen Bitcoin breaking out of a cup-and-handle formation. This pattern, which is known to be bullish, has been in formation since 2022. The ‘cup’ portion of this pattern began forming in early 2022 and eventually ended with Bitcoin’s peak above $73,700 in March 2024. The subsequent consolidation phase, which lasted until October, represents the ‘handle’ segment of the pattern. In addition to this, Bitcoin has managed to break free from what van Lagen described as a ‘base 4 step-wise formation,’ effectively shaking off a bear trap. With this breakout now confirmed, van Lagen’s analysis points to a projected target range between $220,000 and $320,000. This range marks what he considers a ‘major sell line,’ which is a zone where profit-taking might intensify as Bitcoin reaches these upper limits. Related Reading: This Crypto Trader Correctly Called Dogecoin Price Break Above $0.3 Back In October, The True Target Will Shock You Current State Of BTC At the time of writing, Bitcoin is trading at $89,500 with a market cap of $1.77 trillion and an all-time high of $89,864, having increased by about 10.5% in the past 24 hours. However, given this trend, this all-time high might not last long. The bullish sentiment and inflow surrounding Bitcoin has been so massive that investors don’t know when to take profit at the moment. The RSI is above 70 on every single timeframe from the daily to the yearly. This shows how strong the buying momentum is at the moment. Nevertheless, the momentum is expected to continue, with the next target at $90,000 and another at $100,000. A move to Gert van Lagen’s target of $220,000 to $320,000 will represent a 145% and 255% increase, respectively, from the current price. Featured image created with Dall.E, chart from Tradingview.com
United States Senator Cynthia Lummis of Wyoming is optimistic that a strategic Bitcoin reserve could be realized quite fast under the incoming Trump administration. Following former President Donald Trump’s proposal to create a US strategic BTC reserve, Lummis introduced the Bitcoin Act at the end of July, outlining a comprehensive plan to integrate BTC into […]
The Bitcoin price trajectory has been nothing short of impressive since the beginning of November. Notably, Bitcoin has been up by about 20.8% from its November low of $67,690, which has allowed it to break into new all-time highs successively. Interestingly, technical analysis of the Bitcoin price suggests this uptrend isn’t stopping soon, and Bitcoin holders can continue to expect gains as the year draws to a close. According to crypto analyst Tony “The Bull” Severino, CMT, the SuperTrend indicator is now pointing to a bullish continuation for the Bitcoin price. What’s more intriguing is the fact that this marks the first time the indicator is rising after 34 weeks of sideways movement. SuperTrend Indicator Points To Bullish Continuation Crypto analyst Tony “The Bull” Severino has added further weight to this positive outlook surrounding the Bitcoin price. According to his analysis, the recent bullish price action has seen the SuperTrend indicator, an indicator often used to gauge market direction, trending upwards for Bitcoin on the weekly timeframe. Interestingly, technical analysis of the Bitcoin price chart on the weekly candlestick timeframe shows that the SuperTrend indicator had been moving horizontally since March 2024 up until recently. Throughout this period, the indicator held steady despite volatility, even during Bitcoin’s downward spike in August, when Bitcoin dipped to $49,600. Even then, Bitcoin managed to recover, finding support on the weekly SuperTrend line. Next Target For The Bitcoin Price Recent market dynamics have seen the Bitcoin price reeling in bullish sentiment. To put this in context, the Bitcoin price has been trading within a range of $78,649 to $81,800 in the past 24 hours, with a trading volume of $83.7 billion, according to CoinGecko. As such, Bitcoin now has an all-time high of $81,800 at the time of writing, although it has corrected a bit and is currently trading at $80,965. Now, with the SuperTrend indicator turning upward, there is a renewed sense of optimism for Bitcoin’s price trajectory. As noted by Tony Severino in another post on social media platform X, the recent uptrend has seen Bitcoin kicking off a new upside move within an uptrend channel that has been in formation since October 2023. Interestingly, the first guaranteed target in light of this upside move is in the middle of the uptrend channel, which Severino highlighted to be $100,000. With Bitcoin currently trading at around $81,000, this target represents a further increase of about 23.5%. However, if the Bitcoin were to reach the upper trendline of this uptrend channel, it would see it reaching the $170,000 price threshold, which would represent a 110% increase from the current price. Featured image created with Dall.E, chart from Tradingview.com
Following the election of Donald Trump as the 47th President of the United States, the establishment of a “Strategic Bitcoin Reserve” has emerged as a pivotal topic. The proposal, prominently advocated during Trump’s campaign, aims to position the United States at the forefront of global BTC adoption and financial innovation. During the Bitcoin 2024 conference […]
Analyst Tony Severino has revealed that the Bitcoin price currently has a ceiling of $137,000. This has raised questions about whether this is the highest point that the flagship crypto can reach in this market cycle, and the analyst also provided some answers. Bitcoin Price Ceiling Is At $137,000 Tony Severino mentioned in an X post that the current ceiling for the Bitcoin price is $137,000, while its floor is around $39,000. He noted that investors could double their investments from Bitcoin’s current price if the crypto reached this target. Meanwhile, a decline to the current floor represents a 50% drop. Related Reading: Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here Again? When asked if the $137,000 was the target for the bull top, the analyst responded that his target was between $160,000 and $180,000. He remarked that $137,000 is just the ceiling as of this month and rises as time goes by. As such, his $180,000 market top target could become more feasible in the next few months. While it remains to be seen whether the Bitcoin price could reach this $137,000 ceiling or even the $180,000 bull top target, it is almost certain that the flagship crypto might never drop to the $39,000 floor again. This is based on historical trends that show that Bitcoin never falls below its pre-election level after the US presidential elections have concluded. Therefore, the next leg of the bull run has likely begun, and the flagship crypto will likely continue to hit new highs in the coming months. In an X post, crypto analyst Jelle revealed that the Bitcoin price has resumed its uptrend after seven months of sideways action. He added that it shouldn’t be long before the falling wedge pattern on Bitcoin’s chart plays with a rise to $100,000, the potential target. The Most Bullish Background For Bitcoin At The Moment Crypto analyst CrediBULL, who had before now been bearish, said that this could arguably be the most bullish background for Bitcoin, with the elections over and Donald Trump’s victory. He added that if these are the fundamentals driving the market, then the Bitcoin price is unlikely to drop to $68,000 again. Related Reading: Shiba Inu Burn Rate Ignites 3,674% On Election Day, Will SHIB Move With Dogecoin Price To New ATH? He also suggested that this might be the perfect time to become bullish on the Bitcoin price as the run to $100,000 might have begun. However, he warned that any violations of the $68,700 level would “drastically” weaken the bullish argument and strengthen the bear case further. Analyst Justin Bennett also commented on the potential Bitcoin price rally to $100,000. He said that if risk assets can survive the Fed’s FOMC meeting today, this could be the move to $100,000 everyone has waited for. At the time of writing, the Bitcoin price is trading at around $74,800, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Billionaire hedge fund manager Scott Bessent is reportedly positioning himself as the leading candidate for Treasury Secretary under a Donald Trump administration. Matthew Pines, Director at SentinelOne and National Security Fellow at the Bitcoin Policy Institute, shared an article from the Financial Times on X, highlighting Bessent’s ambitions. Trump’s Treasury Secretary Could Be Pro-Bitcoin The […]
The crypto industry has been riddled with intense activity in the past few weeks, coinciding with a run before and after the US elections. Much of the activity has been centered on the Bitcoin price, although spilling over into other cryptocurrencies. The Bitcoin price first broke above $70,000 in late October just as the US […]
The Bitcoin price has now returned into a full bullish sentiment now that the crypto fear and greed index has flipped into greed. This shift reflects growing confidence among investors as optimism takes hold in the cryptocurrency market. For many investors, this renewed positive outlook serves as a strong foundation for more gains in the Bitcoin price. According to a crypto analyst, Bitcoin is ripe for a final ascent to the $300,000 price level. Interestingly, this outlook is not just based on the current bullish sentiment, but the analyst is going off of technical analysis of the current Bitcoin price action. Final Ascent For Bitcoin Price Crypto analyst Gert van Lagen took to social media platform X to share an intriguing outlook concerning Bitcoin and its price action this year in light of the recent US presidential elections and its effect of its price. Speaking of an intriguing outlook for the Bitcoin price, analyst van Lagen highlighted that Bitcoin is still on track to reach $250,000 this year. Related Reading: Shiba Inu Burn Rate Ignites 3,674% On Election Day, Will SHIB Move With Dogecoin Price To New ATH? His outlook came through a funny poem and a play of words on the Bitcoin price action from August, which he titled “#Bitcoin – The Final Ascent.” The analyst also shared a BTC price chart with technical analysis. Central to van Lagen’s analysis is a detailed look at the cup and handle pattern that has been developing in Bitcoin’s price chart since the 2022 bear market. According to his analysis, the ‘cup’ portion of this pattern began forming in early 2022 and eventually concluded with Bitcoin’s surge past its previous 2021 all-time high in March 2024. The subsequent consolidation phase, which lasted until October, represents the ‘handle’ segment of the pattern. With recent inflows driving Bitcoin to fresh all-time highs, the price has now broken out from the neck of long-standing cup and handle formation, marking the beginning of what van Lagen dubs ‘the final ascent.’ What’s Next For Bitcoin? The cup and handle pattern is often seen as a bullish continuation signal. Breakouts from this pattern often indicate that the asset is about to experience a massive upward movement. Related Reading: Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here Again? In the case of the Bitcoin price and its breakout from the cup and handle pattern, Gert van Lagen highlighted a surge to the $300,000 price level. Notably, this outlook is also based on the prediction of a recession in the next six months. “A warning sign we can’t abide. For history shows in months but six, Recession strikes—the clock now ticks,” he said. In terms of a projected timeline, van Lagen expects the Bitcoin price to reach $250,000 and subsequently $300,000 latest by February 25. At the time of writing, Bitcoin is trading at $74,845. A surge towards $250,000 and $300,000 will represent 235% and 300% increase, respectively, from the current price level. Featured image created with Dall.E, chart from Tradingview.com
The United States could establish a strategic Bitcoin reserve within the first 100 days of President-elect Donald Trump’s administration, according to a key insider. David Bailey, CEO of BTC Inc. and instrumental in shifting Trump’s stance on Bitcoin, emphasized the urgency of this initiative amid concerns that other nations might outpace the US in BTC […]
The US presidential elections have come and gone, and the only thing left is the results. Interestingly, a snapshot of the Bitcoin price during the elections showed Bitcoin trading just above $70,000. This is a notable price to follow, as history shows this might be the price support for Bitcoin in the foreseeable future. Interestingly, […]
The Bitcoin price has hit a new All-Time High (ATH), marking a historical milestone in the crypto market. With a remarkable rally surpassing $75,000, Bitcoin is experiencing considerable momentum, driven primarily by market sentiment surrounding the US elections. A crypto analyst who had accurately predicted Bitcoin’s rise to $75,000 has now set a new price target for the pioneer cryptocurrency, anticipating further bullish movement. Analyst Set $170,000 Price ATH For The Bitcoin Price TradingShot, a crypto analyst on TradingView, has released a brief Bitcoin analysis report, referencing historical trends to predict a new all-time high of $170,000 for Bitcoin. Sharing a price chart depicting Bitcoin’s price movements from 2022 to the present, the analyst disclosed that on August 5, Bitcoin was testing the 1-week Moving Average (MA50), a level that has never been reached since March 12, 2003. Related Reading: Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here Again? In previous market cycles, this crucial level was the absolute supporting trendline that signaled a potential bull market. TradingShot revealed that after almost 20 years, the Bitcoin price was finally able to hold this key trendline not once but twice, leading to its last-week rally that saw its price testing the $73,800 mark. The analyst also highlighted that this price surge was an incredibly bullish move, indicating a strong market for Bitcoin. Moreover, the $73,800 Bitcoin price increase occurred just two days before the US Presidential elections, a period historically known to trigger explosive rallies for Bitcoin. Market expert Crypto Rover on X (formerly Twitter) notes that Bitcoin has experienced a total average price pump of 1,563% following the previous US elections. In 2016, Bitcoin rallied 2,714%, exceeding $15,000 after the US Presidential elections. Similarly, in 2020, the cryptocurrency soared over 400%, surpassing $40,000 after the elections. Now, Bitcoin is clearly on a significant uptrend after the just-concluded US presidential elections on November 4. Given the timing of these rallies, TradingShot has suggested that a similar pattern may be repeating, implying that Bitcoin could be entering a period of explosive growth. Based on chart analysis and Fibonacci levels, the analyst has projected a new target of $170,000 for Bitcoin, representing approximately 1.618 Fibonacci extensions from its current ATH. With the Bitcoin price currently trading at $73,715, having given up some gains, a surge to $170,000 would represent a 130,55% increase. BTC Finally Hits Anticipated Price Discovery With Bitcoin finally reaching a new ATH after months of speculation and anticipation, crypto analyst Ali Martinez has disclosed that this surge signals the cryptocurrency’s entry into its price discovery. Related Reading: Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought A Bitcoin price discovery refers to how the market determines the current value or price based on supply and demand dynamics. Despite the new achievement, Martinez has revealed that investors are attempting to short Bitcoin by liquidating their holdings and cashing out profits. As a result, the analyst predicts that if Bitcoin goes back to the $75,550 price high, $210 million could be liquidated from the market. Featured image created with Dall.E, chart from Tradingview.com
The 2024 US presidential election is decided. Donald Trump will get a second term, defeating Kamala Harris. In the midst of election night, the Bitcoin price rose to a new all-time high of $75,407 on Binance. The euphoria is driven by Trump’s big election promises. He wants to establish Bitcoin as a national strategic stockpile, fire Securities and Exchange Commission (SEC) Chairman Gary Gensler and generally enforce a crypto-friendly policy. While a Harris victory would have meant a short-term setback for Bitcoin according to most experts, the predictions by the majority of experts are extremely bullish thanks to the Trump victory. However, renowned economist Henrik Zeberg offers a cautionary perspective. Zeberg warns that Trump’s proposed economic policies could precipitate a US recession, leading to a “blow-off top” scenario for Bitcoin and the broader crypto market. Central to his argument is Trump’s plan to replace certain taxes with tariffs to stimulate domestic economic growth. Is A Bitcoin Blow-Off Top Scenario Looming? Drawing parallels with historical events, Zeberg suggests that Trump’s tariff strategy could echo the economic missteps of the 1920s and 1930s. In a post on X, he shared a link to the Wikipedia page for the Smoot-Hawley Tariff Act of 1930. He stated: “Now everything is lined up for history to repeat itself. US Tariffs implemented into a Recession—reinforcing the downturn and popping the Greatest Bubble ever.” Related Reading: Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000 The Smoot-Hawley Tariff Act is widely regarded as a catalyst that deepened the Great Depression. By substantially increasing US tariffs on imported goods, the act prompted retaliatory tariffs from other nations, leading to a severe contraction in international trade. This protectionist spiral exacerbated global economic decline, resulting in heightened unemployment and prolonged hardship worldwide. Amid these economic concerns, Zeberg has projected a significant, yet potentially short-lived, surge in Bitcoin’s price. “Making it Simple! BTC target 115-123K,” he asserted via X a few days ago. His analysis is grounded in Fibonacci extension levels—a technical analysis tool used to predict future price movements based on historical price patterns. Related Reading: Institutional Traders Bet On Bitcoin Exceeding $79,300 By End Of November According to Zeberg’s analysis, the critical level to monitor is the 1.618 Fibonacci extension, calculated at $114,916.16. He suggests that this level is “very likely the top,” indicating that Bitcoin could reach this price point before experiencing a significant reversal. The analysis also notes other key Fibonacci levels that may serve as resistance points during Bitcoin’s ascent. The 0.382 level at $77,437.88 marks a significant initial resistance following the breakout from the previous all-time high. The 0.618 level at $85,205.47 could act as minor resistance as the price climbs. Additionally, the 1.0 level at $107,435.71 represents a crucial psychological and technical threshold, while the 1.27 level at $123,148.19 indicates a possible overshoot beyond the primary target zone. An annotation on Zeberg’s chart poses the question, “58% in less than 3 months into the top?” This suggests he anticipates a rapid price increase within a relatively short time frame, consistent with historical patterns. At press time, BTC traded at $73,742. Featured image created with DALL.E, chart from TradingView.com
The Bitcoin price hit a new all-time high (ATH) as it surged past $73,700 and rose to as high as $75,000 on November 6. Following this development, crypto analyst Tony Severino has revealed what to expect next from the flagship crypto. Bitcoin Price Ready For “Fireworks” After New ATH In an X post, Tony Severino indicated that the Bitcoin price is ready to experience a parabolic rally, as he told market participants to expect fireworks above $75,000. The crypto analyst also revealed that Bitcoin was approaching the 2-week upper Bollinger Band while the bands are the tightest in history according to the BBWidth. Related Reading: Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here Again? The accompanying chart, which the crypto analyst shared, showed that the Bitcoin price could rise to as high as $140,000, with the flagship crypto reaching a potential market top in 2025. Tony Severino had previously mentioned that Bitcoin was approaching the strongest part of the bull run and explained how, based on historical trends, BTC could rise to as high as $133,000. Indeed, the Bitcoin price looks to be entering the strongest part of the bull run following its rise to a new all-time high. This recent price rally to a new ATH is thanks to Donald Trump, who has been elected to become the next US president. This provides a bullish outlook for Bitcoin and the broader crypto market since the US president-elect has publicly declared his support for Bitcoin and other cryptocurrencies. Besides Trump coasting to victory, it is worth mentioning that the Bitcoin price has historically never been below the levels it was at on US presidential election days. Therefore, this is likely the lowest range the flagship crypto might trade at before it records the next parabolic leg of this bull run. A Fed Rate Cut Is Also On The Way In addition to Donald Trump’s victory, some other catalysts are lined up to spark the next leg of the Bitcoin bull run. One is a possible Fed rate cut that is expected to come on November 7, which is bullish for the Bitcoin price. The US Federal Reserve begins its FOMC meeting today and will decide on a rate cut by tomorrow. Related Reading: Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought CME Fedwatch data shows a 97.6% chance the Fed will cut interest rates by 25 basis points (bps). This provides a bullish outlook for the Bitcoin price as more capital is set to flow into its ecosystem. Institutional investors are also on the sidelines as they will likely invest more money in the Spot Bitcoin ETFs after the US elections and a Fed rate cut. At the time of writing, the Bitcoin price is trading at around $74,500, up over 9% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Recent action has seen Bitcoin price retest the $67,000 price level. Particularly, the Bitcoin price declined by about 8.9% in seven days from $73,464 on October 29 to $66,895 on November 4, as many short-term traders exited their positions. At the same time, a few long-term holders also offloaded their Bitcoins, likely to lock in gains. According to technical analysis, the ongoing correction is absolutely normal and fine for Bitcoin. Particularly, technical analysis shows that the $100,000 price target for Bitcoin is well in play. Interestingly, this outlook is based on drawing parallels with the price history of gold. Analyst Reveals What The Gold Chart Says About The Bitcoin Price Bitcoin has long been referred to as the digital gold in terms of its use as a hedge against inflation. However, their respective price actions over the years point to more similarities than many investors realize. Related Reading: Shiba Inu’s Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB’s Price Toward $0.00008? Crypto analyst Tony ‘The Bull’ Severino took to the social media platform X to share an intriguing trend he observed on the Bitcoin price chart to relay an optimistic perspective on the cryptocurrency’s long-term trajectory. Severino pointed out that Bitcoin’s price movements appear to be following a similar path to historical patterns seen in gold, which went through comparable price tops, price bottoms, breakouts, and retests. According to the price charts shared by Tony Severino, he highlighted notable similarities between Bitcoin’s price action on the 2-week candlestick timeframe with Gold on the 2-month candlestick timeframe. Particularly, Bitcoin’s price action has mirrored that of Gold in multiple instances. Therefore, the analyst compared to the current price breakout/retest in the Bitcoin price to that of a similar breakout/retest in Gold in 2023. Back in March 2023, gold went through a breakout and retest pattern, which set the stage for a prolonged rally over several months up until the time of writing. Severino believes Bitcoin could follow a similar trajectory for a multi-month rally. What’s Next For The BTC Price? According to Tony Severino’s analysis, the Bitcoin price correction is ending very soon and is set to go on a notable surge for the rest of the year. In terms of a timeline, he noted the creation of a new all-time high by the end of 2024 and a $100,000 price for Bitcoin in the first quarter of 2025. Related Reading: Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought Although the analyst’s projection is based off of Bitcoin’s correlation with Gold, the price target resonates with similar price predictions with other technical analyses. For instance, a CryptoQuant analyst known as CoinLupin highlighted a similar price timeline based on the Bitcoin MVRV (Market Value to Realized Value) ratio. Using this ratio, he predicted a price target range of $95,000 to $120,000. At the time of writing, Bitcoin is trading at $68,714 and is down by 3% in the past 24 hours. Featured image created with Dall.E, chart from Tradingview.com
After skyrocketing above $72,000 earlier last week, the Bitcoin price has experienced an unexpected crash below the $70,000 mark ahead of the US Presidential elections. Reports have cited the influence of whales and the upcoming results of the US Presidential elections as catalysts to this price decline. Bitcoin Price Crashes As Market Braces For US Election Results The Bitcoin price seems to have experienced a pre-election crash. It is now trading below the $70,000 mark after declining by over 3.64% in just a few days. Many are labeling this sharp decline to the $68,000 level as the “biggest Bitcoin crash,” signaling that the most significant downturn in Bitcoin’s history has just started. Related Reading: Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought Market intelligence platform Santiment has noted the recent Bitcoin crash, highlighting the decreasing number of non-empty wallets by investors. According to the analytical platform, there have been 211,540 fewer addresses than three weeks ago. This massive reduction is seen as a sign of intense Fear, Uncertainty, and Doubt (FUD) typically associated with future bullish performance and a strained market. Currently, the crypto market is in suspense mode as investors, both retail and institutional, await the results of the US Presidential elections. Even large-scale Bitcoin investors, often called ”Whales,” have been relatively mute, adopting a “Wait-And-See” attitude as they closely watch how the results of the US election impact the dynamics of the market. Santiment also notes that Bitcoin whales have been reducing their transaction activity, signaling a change in market sentiment. The market intelligence stated that “Bitcoin whales are patiently awaiting the US Presidential election results as their activity settles from last week’s spike near crypto’s top. The outcome of the US elections are expected to start pouring in today, and many crypto traders and investors are already preparing for major market volatility and unpredictability. On X (formerly Twitter), there has also been a spike in mentions related to Presidential candidate Donald Trump, who has gained significant support from various crypto community members. How The US Presidential Elections Could Impact The BTC Price Many crypto analysts hold varying opinions and predictions regarding the future of the crypto market after the US presidential elections. With major candidates, Kamala Harris or Trump vying for Presidency, investors and crypto experts are closely watching the market for changes. Related Reading: Shiba Inu’s Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB’s Price Toward $0.00008? According to crypto analyst Crypto Rover, the last time former President Trump won the US election, Bitcoin pumped 2,714%. The analyst has suggested that if history repeats itself, that is, if Trump wins the current Presidential elections and Bitcoin price experiences a similar surge, then the pioneer cryptocurrency could be worth $2 million by 2025. Moreover, Santiment has revealed that in the previous election in November 2016, Bitcoin crashed by 5.5% after Trump was announced as President. In contrast, in November 2020, the Bitcoin price surged by 22.6% after Joe Biden was announced as President. Based on social sentiment on X, it appears many members of the crypto community are supporting Trump as the next US President. However, Adam Khoo, a crypto analyst, has noted that over 50 million US citizens have already voted in the US elections, with exit polls showing a significant landslide victory for Harris. Featured image created with Dall.E, chart from Tradingview.com
Deutsche Telekom, Europe’s largest telecommunications provider, has announced a pioneering pilot project to operate Bitcoin mining infrastructure using surplus renewable energy. The initiative is a collaboration between Deutsche Telekom subsidiary MMS and Bankhaus Metzler, aiming to utilize excess electricity that would otherwise remain unused due to grid limitations or lack of storage solutions. Deutsche Telekom […]
Speculations about the Bitcoin bull market being over have been rife in the crypto market, particularly as the price has failed to reach its March all-time high of above $73,000. Providing a more compelling case to this narrative, a crypto analyst has released a Bitcoin bear case scenario that could see the pioneer cryptocurrency decline to $28,000. Bitcoin Bear Case Unveiled In an X (formerly Twitter) post, crypto analyst and Position trader Bob Loukas revealed a “Bitcoin bear case,” unveiling a more unorthodox and bearish scenario for Bitcoin than most analysts have suggested. Basing his bearish scenarios on the cycle theory, Loukas proposes that Bitcoin might be part of the broader 16-year cycle, with the current market marking the final four-year phase of this cycle. Related Reading: Shiba Inu Burn Rate Surge 24,271% While Shibarium Transactions Spike, Catalyst For Rally To $0.00008? The analyst suggested that this four-year phase could end in two ways — a distribution phase, where prices peak and then decline, or an upward phase, where Bitcoin experiences one last upsurge before a downturn begins. Loukas has revealed that while cycle trends can help predict or provide insights into a cryptocurrency’s future price movements, he emphasizes that “no power law” guarantees that an asset’s price will continually go up. The analyst aims to desensitize investors into believing Bitcoin will forever be bullish with no downturns. He asserts that a bear cycle is inevitable at some point, though the timing remains uncertain. Loukas pinpointed specific price movements in his Bitcoin chart that could serve as a bearish signal, suggesting a potential downturn. The analyst predicts that Bitcoin could drop to new lows around $28,500 by 2026. He also forecasted that after a period of volatility consisting of price declines and surges, the cryptocurrency could rise again to $59,500 by 2027. For more clarity, Loukas has proposed a narrative, suggesting that if Bitcoin were to close below the 10-month Moving Average (MA) during a “bull market,” it would be a cause for concern. Similarly, a monthly close below the $58,800 mark could indicate the start of a potential downward spiral. The crypto analyst has estimated a 10% to 15% chance of this bearish scenario occurring, emphasizing that it was a possibility and not a certainty. He clarified that while he believes the current market cycle leans towards a more bullish scenario based on historical evidence, he always considers alternative scenarios. This approach is likely due to the crypto market’s inherent unpredictability and notorious volatility. Related Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means Analyst Sees Retail Activity Fueling A BTC Downtrend While unveiling his Bitcoin bear case scenario, Loukas disclosed that broader interest in cryptocurrencies outside of Bitcoin has faded significantly. He revealed that there is a lack of new retail investors, and this weakening enthusiasm could pose a serious challenge for Bitcoin to generate new capital for growth. According to Loukas, retail investors’ disinterest may stem from a shift in sentiment. Embracing cryptocurrencies has dwindled to mere speculation, and fewer people believe in their transformative potential. Featured image created with Dall.E, chart from Tradingview.com
David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin Conference, has projected that nation-state adoption of BTC is imminent, with investments potentially reaching billions of dollars in the near future. Bailey, a prominent figure in the BTC community, shared his insights on X, highlighting an “undercurrent of Bitcoin nation state adoption” occurring behind […]
The Central Bank of Argentina (BCRA) has unveiled a unique art exhibition at its Héctor Carlos Janson Historical and Numismatic Museum with Bitcoin in the spotlight. The exhibition, titled “Art, Artificial Intelligence and the Future of the Economy,” marks the first instance globally where actual destroyed currency from various nations is showcased alongside operational Bitcoin […]
As the United States approaches its presidential election on Tuesday, November 5, 2024, the Bitcoin market is bracing for significant volatility. In the lead-up to the election, Bitcoin surged to a high of $73,620 on Tuesday, likely reflecting investor optimism over a potential victory for former President Donald Trump. However, by Friday, the BTC price experienced a correction, dipping to $68,830 amid a more cautious, risk-off sentiment as the election looms. How To Trade Bitcoin During US Election Alex Krüger, an Argentine economist and renowned crypto analyst, shared his strategic framework on how to trade Bitcoin during the US election period via his X account. Krüger outlined scenarios based on possible election outcomes, highlighting that a Trump victory could propel Bitcoin to $90,000 by year-end with a 55% probability, while a win for Vice President Kamala Harris might see Bitcoin settle around $65,000 with a 45% probability. He emphasized that timing will matter: “Expect the move to be fast if Trump wins. Markets rarely waits for laggards on binary events not largely front-run.” Krüger also noted that the current Bitcoin price, which he anticipated to be in the $65k-68k range leading up to election night, had “overshot” in alignment with the probabilities favoring a Trump victory. He pointed out the uncertainty surrounding the election results, primarily hinging on the Pennsylvania vote count, which could delay the announcement of a clear winner. Related Reading: Bitcoin Set To Gain If Trump Wins, JPMorgan Cites ‘Debasement Trade’ As Key Factor “It largely depends on the Pennsylvania count, if it is lopsided or not. It could be as early as Tuesday evening EST, or days later if the count is very tight. The sooner we get clarity, the easier it gets,” Krüger stated. Regarding market sentiment, Krüger expressed a bullish outlook on equities regardless of the election outcome, unless there is an unexpected “Blue sweep” where Democrats secure both the presidency and congressional majorities. He explained that “equities drag Bitcoin around.” In his personal investment strategy, Krüger revealed that he is positioned with long spots in Bitcoin and Nvidia, and plans to go long on Solana (SOL) if Trump wins. With this, Krüger is likely betting on a spot Solana Exchange Traded Fund (ETF) approval in the United States. Krüger’s analysis suggests that the market has partially priced in a Trump victory, anticipating that a Trump administration could bolster the Bitcoin price. “Markets have partially priced a Trump victory in. We (the market, in aggregate) expect Trump to drive crypto prices higher due to increased regulatory clarity and implementation of pro-crypto policies,” the analyst wrote. Related Reading: Can Bitcoin Hit $200,000 Only If The Dollar Falls? Bitwise CIO Answers Additionally, he expects that Trump’s focus on increased government spending would stimulate short-term economic growth, positively impacting equities—a sector closely linked to Bitcoin’s performance. Conversely, a Harris victory would likely represent a continuation of existing policies, barring a significant Democratic sweep. Krüger concluded: “Based on betting markets and various election forecasting models, Trump’s probabilities are in the 50% to 63% range. Ergo, it’s “safe” to assume a GOP victory is far from being fully priced in. Such a contested setup is common going into elections. That is why I do not expect ‘sell the news’.” At press time, BTC traded at $70,402. Featured image created with DALL.E, chart from TradingView.com
The Bitcoin (BTC) price has experienced a significant downturn over the past 24 hours, falling below the critical $70,000 threshold. After reaching a peak of $73,620 on Tuesday, the cryptocurrency has declined by approximately 5.7%, hitting a low of $68,830 on Friday. Analysts point to several key factors behind this decline: #1 Risk-Off Sentiment Ahead of US Election The timing of Bitcoin’s price drop coincides with a narrowing lead for former President Donald Trump over Democratic candidate Vice President Kamala Harris in prediction markets such as Polymarket and Kalshi, where users bet on election outcomes. Bitcoin has been considered a “Trump hedge” due to the former president’s strong advocacy for the cryptocurrency sector. Donald Trump has proposed establishing a “strategic Bitcoin reserve” in the United States if re-elected. Speaking at the Bitcoin 2024 Conference, he outlined plans to retain all Bitcoin currently held or acquired by the US government as part of this reserve. This initiative is a core element of his campaign to strengthen the US as a leader, aiming to make the country the “crypto capital of the planet.” Related Reading: Can Bitcoin Hit $200,000 Only If The Dollar Falls? Bitwise CIO Answers Earlier in the week, when Trump’s lead over Harris was more substantial, Bitcoin neared its all-time high of $73,777. The shrinking of Trump’s lead appears to have prompted investors to adopt a risk-off stance, contributing to the price decline. Crypto analyst HornHairs noted that derisking before elections has precedent. “Derisking into the election 5-6 days before it takes place happened in both 2020 and 2016. Price then went on to never retest the lows set the week before the election ever again. Be careful what you sell here,” he remarked via X. #2 S&P 500 Loses 3-Month Trendline The correlation between Bitcoin and traditional financial markets may have also influenced BTC’s price movement. The S&P 500 has fallen to its lowest level since October 9, potentially affecting investor sentiment in the crypto space. Analysts from The Kobeissi Letter observed that despite major tech companies like Apple reporting strong earnings, their stock prices have declined. “Yet another tech giant to beat earnings but trade lower,” they noted, adding that technology stocks faced widespread selling even as Meta, Amazon, and Apple exceeded earnings expectations. They added, It appears that markets are de-risking ahead of the election next week. Brace for volatility.” Related Reading: BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows Crypto trader Marco Johanning highlighted concerns about the S&P 500 losing its three-month trendline. “Given that the S&P 500 lost the 3-months trendline yesterday, it looks more like a potential selloff before the US election on Tuesday and lower prices in the short term. The perfect bounce level is the 7-month trendline (blue). I don’t want to see prices below the POC/key level around 63k (red),” he wrote via X. #3 Leverage Flush Out A significant unwinding of leveraged positions in the markets has also contributed to Bitcoin’s price decline. The market correction appears to be a healthy response to an overextension driven by leverage. Renowned crypto analyst Miles Deutscher noted: “This pullback is normal (and expected). Market was looking overextended the last few days, and largely driven by leverage. Still not buying heavy as it isn’t a full cascade yet—will wait for one of those days around the election. Not a bad DCA day for certain coins tho.” Austin Reid, Global Head of Revenue & Business at crypto prime brokerage firm FalconX, pointed out that the crypto derivatives market was “on fire” ahead of the election, with futures open interest for BTC, ETH, and SOL crossing the $50 billion mark for the first time. On-chain analyst Axel Adler Jr reported that open interest was reduced by $2.1 billion, implying a significant leverage flush out. According to data from Coinglass, over the past 24 hours, 93,864 traders were liquidated, with total liquidations amounting to $286.73 million. The largest single liquidation order occurred on Binance’s BTCUSDT pair, valued at $11.26 million. For Bitcoin alone, $81.38 million in long positions were liquidated—the largest amount since October 1. At press time, BTC traded at $69,446. Featured image created with DALL.E, chart from TradingView.com
Crypto analyst Ali Martinez has revealed what needs to happen next for the Bitcoin price to surpass its current all-time high (ATH) of $73,700. The analyst had rightly predicted the recent price rally to $72,000 but warned back then that the flagship crypto won’t hit its ATH instantly. How The Bitcoin Price Can Reach New ATH Martinez mentioned in an X post that the Bitcoin price needs to hold above the $69,000 support level to reach a new ATH. He claimed that a successful hold above that support level could lead to a price rally to $78,000. This came as he noted that the Bitcoin price movement was going according to plan. Related Reading: Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don’t Aim Lower Than $4,900 ATH Before now, Martinez had predicted that the Bitcoin price would rise to $72,000 if it held above $65,000, which eventually happened. Back then, he added that BTC would likely experience a pullback to $69,000 after this price, which has also now happened, with the flagship crypto closing in October below $70,000. This price correction is believed to be healthy, considering the pump that BTC enjoyed earlier in the week, coming close to its current ATH. This pump was followed by a wave of profit-taking, with whales, including Bhutan, selling their BTC holdings to secure some profits. Ali Martinez indicated that the flagship crypto is still in bullish territory, as he alluded to BTC’s historical performance in November, a month in which it has recorded more positive returns than negative ones. In another X post, he suggested that the Bitcoin price could go parabolic after the US elections. He shared a chart of BTC’s movement after the last three US presidential elections and remarked that he doesn’t expect this time to be different. Bitcoin hit a new ATH after those elections, which could happen again. How It Could Play Out After The US Election Economist Alex Krüger has provided insights into how the Bitcoin price could move after the US elections. In an X post, he claimed there is a 55% probability that BTC will reach $90,000 by year-end if Donald Trump wins. This is based on the fact that the former US president has declared his support for cryptocurrencies. Related Reading: Crypto Analyst Puts Dogecoin Price As High As $2.4, What Does Elon Musk Have To Do With It? Meanwhile, if Kamala Harris wins, Krüger mentioned that there is a 45% probability that the Bitcoin price will be trading at $65,000 by year-end. The economist put the weighted average for BTC’s price at $79,000. He also told market participants to expect a swift Bitcoin price rally if Trump wins. At the same time, he said he expects BTC to range between $65,000 and $68,000 going into the election night. At the time of writing, the Bitcoin price is trading at around $69,400, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
A press conference held today, October 31, at London’s Frontline Club purported to unveil the true identity of Satoshi Nakamoto, the creator of Bitcoin. Stephen Mollah, a British businessman currently embroiled in a legal dispute over the same claim, stepped forward as the man behind the pseudonym. Is Stephen Mollah The Bitcoin Inventor? On October […]
Institutional traders are betting that Bitcoin will surge to $79,300 by the end of November. This bullish sentiment is evident in recent trading activities on the Chicago Mercantile Exchange (CME), where Bitcoin options have experienced some of their highest trading volumes ahead of the US presidential election. Bitcoin To Rise Above $79,300? Joshua Lim, co-founder of Arbelos Markets—a trading firm providing liquidity across cryptocurrency derivatives markets—shared insights on X about these notable trades. “CME Bitcoin options just experienced some of its largest volume days ever, ahead of the US election,” Lim stated. He highlighted two substantial transactions that occurred in the past week. On Friday the 25th, traders purchased 1,875 Bitcoin units of the 29-November $70,000 strike calls. In options trading, a call option gives the buyer the right, but not the obligation, to purchase an asset at a specified strike price before the option expires. In this case, the strike price is $70,000, meaning the buyers are betting that Bitcoin will exceed this price by the end of November. Lim detailed that at the time of the trade, “$8.3 million of premium was paid, $147,000 of vega, $65 million of delta.” Related Reading: Can Bitcoin Hit $200,000 Only If The Dollar Falls? Bitwise CIO Answers Then, on Tuesday the 29th, another significant trade occurred with the purchase of 3,050 Bitcoin units of the 29-November $85,000 strike calls, where the strike price is $85,000. Lim noted that “$4.6 million of premium was paid, $173,000 of vega, $42 million of delta” at the time of the trade. The amounts of $8.3 million and $4.6 million indicate substantial investment, reflecting strong confidence in Bitcoin’s potential rise. The high vega suggests that the traders expect significant volatility, which could be massive around the US election. Delta represents how much the option’s price is expected to change with a $1 change in the price of the underlying asset. High delta values of $65 million and $42 million imply substantial exposure to Bitcoin’s price movements. The total notional value of these positions—the total value of the underlying assets represented by the options—is approximately $350 million. Lim pointed out that this is “large even in the context of Deribit,” referring to the world’s largest crypto options exchange. Related Reading: Bitcoin Volatility To Peak By November 8 As ‘Trump Trade’ Intensifies – Report The breakeven point for these positions is just below $79,300. This means that for the traders to start making a profit, Bitcoin’s price needs to exceed this level by the option’s expiry date. This price represents about a 16% increase from Bitcoin’s price when these trades were executed. “Very bullish positioning into the election, and great to see institutions sizing up like this on CME,” Lim commented. He added, “Perhaps a good sign that there is and will be growing liquidity in the crypto derivatives markets as the asset class matures.” The timing of these trades is particularly noteworthy. With the US presidential election imminent, market volatility is expected to increase, potentially impacting the entire Bitcoin and crypto market. Overall, the majority of experts believe that a Trump victory is bullish for the BTC price. At press time, BTC traded at $72,382. Featured image created with DALL.E, chart from TradingView.com