A popular crypto analyst on the X platform has sounded the buy alarm for Bitcoin after the premier cryptocurrency fell to the $60,000 level this weekend. Can Bitcoin Price Make A Return To $67,000? In a recent post on X, popular crypto pundit Ali Martinez shared an exciting analysis of the price of BTC over the coming days. According to the crypto analyst, the latest price action shows that the flagship cryptocurrency could be gearing for a rebound to its former highs. Related Reading: Could Bitcoin Outshine Gold? Trading Guru Weighs In On The Historic Financial Duel The reasoning behind this bullish projection is the formation of multiple buy signals by the TD (Tom Demark) Sequential on the Bitcoin four-hour chart. The TD Sequential is a technical analysis indicator used to identify possible points of trend exhaustion and price reversal. The TD Sequential consists of two phases; namely setup and countdown. For the setup, nine candlesticks of the same polarity (bullish or bearish) are counted, upon which a reversal is expected to occur. Typically, the direction of the reversal will depend on the candles involved in the setup I.e., nine bearish candles would represent a buy signal and vice versa. Upon the completion of the setup, the countdown phase commences, which involves 13 candles — rather than nine — of the same polarity. A completion of the second phase implies that there is likely another reversal point. According to Martinez, the TD Sequential has pinpointed a potential reversal for the Bitcoin price. On the four-hour chart, the indicator presents an aggressive 13, a sequential 13, and a red 9 candlestick. The aggressive 13, sequential 13, and red 9 all suggest that the current downward trend might be losing momentum, thereby hinting at a possible trend reversal in the short term. Ultimately, these signals are indicating a strong buy opportunity for premier cryptocurrency, having shed some of its value in recent days. However, if the prediction of a price rebound fails to hold and the $60,000 support crumbles, investors could see the price of Bitcoin fall as low as $57,000. BTC Price At A Glance As of this writing, the price of Bitcoin continues to hover around $61,000, recording barely any movement in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency has declined in value by more than 10% in the past week. Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says Featured image from iStock, chart from TradingView
Bitcoin offers a modest BTC price comeback after hurtling toward $60,000 in step with stocks worldwide.
Bitcoin offers a modest BTC price comeback after hurtling toward $60,000 in step with stocks worldwide.
The last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in 2015.
Bitcoin traders anticipate a potential price drop below $60,000. Will dip buyers show up?
The real identity of Satoshi Nakamoto, the creator of Bitcoin, has remained a mystery despite Bitcoin being a decade and a half old. It has become the best kept secret in crypto, leading to various theories of who the creator might be. Many theories have pointed to prominent figures, with software developer Craig Wright claiming he’s the creator. However, Fox Television’s Tucker Carlson has gone down a different route, fingering a United States intelligence agency as the creator. Did The CIA Create Bitcoin? The US Central Intelligence Agency (CIA) is known to have far reach worldwide, leading to a lot of notable events being attributed to them. This time around, they are being pointed to once again as the Bitcoin creator by Tucker Carlson at the Bitcoin 2024 Conference in Nashville. Related Reading: Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here’s Why Speaking at a private event at the conference, Carlson shared his beliefs on who Satoshi Nakamoto really is. The Fox presenter believes that the CIA is the creator of Bitcoin. Carlson called out crypto supporters for being able to answer all crypto-related questions except the creator of Bitcoin. According to him, it is quite obvious who the Bitcoin creator is and it is the Central Intelligence Agency. Carlson also draws on a previous experience, noting that the National Security Agency (CIA) had spied on him through the Signal app. Why this accusation is serious is that Signal has become known worldwide as a completely private message app. However, Carlson believes that the NSA was still able to spy on him using this app. Comparing the two scenarios of Bitcoin and the messaging app, Carlson says, “It’s like Signal, they got there first.” Who Is Satoshi Nakamoto? The real identify of Satoshi Nakamoto has managed to remain secret despite different theories and speculations on who it might be. There are some who believe it is billionaire Elon Musk or NSA whistleblower Edward Snowden, others like Tucker Carlson, believes it’s the work of US intelligence agencies to spy on people’s transactions. However, only one person has claimed that he is the creator of Bitcoin and that is Craig Wright. Related Reading: XRP Price Breaks Out Of 6-Year Triangle, But Is A Rally To $1 Possible? For years, the computer scientist has maintained that he created Bitcoin, eventually going to court in a bid to prove he is Satoshi Nakamoto. However, the High Court of England and Wales found Wright to be an impersonator, forcing him to admit that he is not Satoshi Nakamoto. This comes as the court said that Wright’s evidence were full of lies in a bid to make people believe he created Bitcoin, going as far as forging documents to do so. The court found Wright’s actions to be “a most serious abuse,” and has put measures in place to forbid Wright from entering any more legal proceedings in his claim to be the Bitcoin creator. Featured image created with Dall.E, chart from Tradingview.com
MicroStrategy (Nasdaq: MSTR) announced it is preparing to significantly increase its Bitcoin holdings by raising $2 billion through a new at-the-market equity offering. The announcement came after the market closed on Thursday, following a report of robust Q2 2024 earnings, which showed a substantial increase in the company’s assets. Currently, MicroStrategy holds 226,500 BTC, which […]
Defunct Japanese-based Bitcoin exchange, Mt. Gox, has executed another massive BTC transfer, moving over $2 billion worth of BTC to crypto wallet addresses. The exchange’s repayment plan is nearing its end, experiencing a significant reduction in its previously substantial distribution funds. Mt. Gox Moves Over 33,000 BTC In a recent X (formerly Twitter) post, AI-powered blockchain analytics […]
Regulated spot Bitcoin ETFs (exchange-traded funds) in the United States have seen a resurgence in inflows following significant selling pressure over the past two months that sent the largest cryptocurrency on the market to a 6-month low of $53,500 on July 5. Bitcoin ETFs And Institutions Now Control 9% Of Total Supply Data from analytics providers SoSo Value and Ecoinmetrics show that Bitcoin ETFs have been consistently accumulating BTC in their holdings, despite a brief dip in inflows at the start of June. However, since July 1st, inflows have resumed at an accelerated pace, surpassing the averages recorded over the previous two months. Specifically, on July 31st, the Bitcoin spot ETF saw a net inflow of $298 million, while the Grayscale mini ETF BTC had a net inflow of $17.99 million. Additionally, the BlackRock ETF IBIT recorded an inflow of $20.99 million. Related Reading: Hoskinson Claims Cardano Will Flip Bitcoin As Leading Crypto According to data from data analytics firm Ecoinmetrics, Bitcoin ETFs have added nearly 300,000 BTC to their holdings since their approval by the US Securities and Exchange Commission (SEC) January 2023. While the pace of accumulation has slowed from earlier this year, the consistent inflows, even during periods of price stagnation, are a testament to the persistent institutional demand for the leading cryptocurrency, according to the firm. In total, institutions now control nearly 9% of the entire Bitcoin supply, with ETFs and ETF-like products accounting for approximately 5.2% of the total. Public companies hold another 1.6%, while private companies account for at least 2% of the BTC supply. Sentiment Soars To Highest Level Since May Despite Bitcoin’s inability to surpass the $69,000 resistance level in its latest uptrend and a recent retrace of over 5% in the past 24 hours, the overall sentiment toward the leading cryptocurrency appears to be turning increasingly bullish. According to market intelligence platform Santiment, the level of bullish commentary on Bitcoin this week has reached its highest point since the week of May 15. This suggests that many in the crypto crowd believe that the Bitcoin price is poised to reach the $70,000 milestone soon. Corroborating this sentiment, crypto analyst Ali Martinez has noted that top traders on the Binance exchange are currently buying the Bitcoin dip, with nearly 70% of them going long on BTC, according to on-chain data. Related Reading: Chainlink At Risk: Key Indicators Signal Further Losses To $12 However, the cryptocurrency’s short-term price action remains a cause for concern as if Bitcoin fails to close the day above the $64,200 mark, which corresponds to its 200-day exponential moving average (EMA), it could spell trouble for the asset’s near term price action. As can be seen on the daily BTC/USDT chart below, marked by the thick yellow line, the 200-day EMA has historically acted as a strong support level for Bitcoin, but whenever the price has traded below this indicator, it has also acted as a notable resistance wall. At the time of writing, BTC was trading at $62,830, erasing most of its gains from last month, as the cryptocurrency is up just 1.6% in the 30-day timeframe. Featured image from DALL-E, chart from TradingView.com
A crypto analyst has unveiled a new price target for Shiba Inu (SHIB) price, the second-largest meme coin by market cap. While highlighting Shiba Inu’s immense growth potential, the analyst placed a significant condition on his ambitious price forecast, stating that if Bitcoin reaches $3 million per coin, SHIB could rise to a multi-trillion dollar […]
On-chain data shows a particular Bitcoin whale who accumulated almost $400 million between July 30 and 31. This whale is believed to have purchased the flagship crypto, having seen an opportunity to profit massively thanks to Bitcoin’s recent price action. Bitcoin Whale Purchases Almost $400 Million Worth Of BTC On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance in the past two days. This purchase suggests the whale anticipates higher prices from the flagship crypto soon enough and is looking to profit from such a price rally when the time comes. Interestingly, this purchase comes amid a decline in Bitcoin’s price, meaning that the whale sees this as a ‘buy the dip’ opportunity. Bitcoin dropped to as low as $63,500 on July 31, having rebounded to almost $70,000 days ago. This price drop can be attributed to several factors, including concerns over reports that Iran had ordered a retaliatory attack against Israel for killing Hamas leader Ismail Haniyeh in Tehran. The Federal Open Market Committee (FOMC) meeting was held on July 31, and the Federal Reserve left interest rates unchanged. Fed Chair Jerome Powell also said little to suggest that an interest rate cut could come in September, another factor contributing to Bitcoin’s recent decline. Despite its recent decline, Bitcoin is expected to enjoy another rebound soon enough and possibly break above the $70,000 range on its next leg up and rise to an all-time high (ATH). Crypto analyst Michael van de Poppe recently mentioned that Bitcoin looks good to continue toward a new ATH next month as long as the flagship crypto stays above $60,000 to $62,000. Whales Heavily Accumulated BTC In July Data from the market intelligence platform IntoTheBlock shows that Bitcoin whales, holding at least 0.1% of BTC’s circulating supply, bought over 84,000 BTC in July. This represents these whales’ largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the price dips that Bitcoin suffered in July. Bitcoin’s price crashes in June extended into the beginning of July, as the flagship crypto dropped to as low as $55,000. However, this BTC accumulation from these whales paid off, as the crypto token enjoyed a massive rebound in the latter parts of July and a monthly close in the green. These whales will still hope Bitcoin can record more impressive gains in August. Data from Cryptorank shows that Bitcoin has historically not enjoyed the best price action in August, ending the month in the red on eight occasions since 2011. At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
BTC price weakness fails to resolve the day after FOMC with Bitcoin liquidity grabs still the main talking point for traders.
With a speech at a private event at the Bitcoin 2024 conference on Friday, former Fox News host Tucker Carlson ignited a firestorm within the Bitcoin community by alleging that cryptocurrency was in fact developed by the Central Intelligence Agency (CIA). While championing Bitcoin’s transformative potential for financial sovereignty, Carlson suggested its origins might be […]
In the wake of the highly anticipated address by Federal Reserve Chair Jerome Powell, Bitcoin (BTC) maintained a steady course on Wednesday as the Fed opted to keep interest rates unchanged at 5.25%-5.50%. Crypto Market Awaits Fed’s Next Move Powell, speaking at a press conference in Washington DC, hinted at the possibility of rate reductions in September, contingent upon the economic performance in the weeks leading up to that month. “We’ve made no decisions about future meetings and that includes the September meeting,” Powell stated. “We’re getting closer to the point at which we’ll reduce our policy rate, but we’re not quite at that point yet.” Related Reading: This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002 In response to the Fed’s stance, crypto analysts weighed in on the implications for the digital currency space, with Michael van de Poppe, founder of MN Capital, expressing optimism over Powell’s “dovish outlook,” suggesting that a September rate cut remains a strong possibility. In his social media post, Van de Poppe expressed confidence that this development bodes well for both Bitcoin and altcoins, with an eye on the upcoming decision expected in September. Similarly, another analyst, Daan Crypto Trades, underscored Powell’s indication of a potential rate cut in September, projecting a high likelihood of its realization unless significant deviations occur following Consumer Price Index (CPI) readings. With 48 days remaining until the September meeting, Daan Crypto Trades proposed that market dynamics may revolve around this impending decision, potentially giving rise to short-term fluctuations after the initial rate adjustment in September. Bitcoin To Hit $1 Million In 2028? In a recent social media post, Timothy Peterson, a Bitcoin writer and researcher, unveiled a significant prediction for the largest cryptocurrency on the market that, if it holds true in time, could result in BTC’s price reaching unprecedented highs. According to Peterson, the Bitcoin price is directly and exponentially proportional to the square root of the number of Halvings that the network has undergone. In other words, the amount of new BTC introduced into circulation is cut in half approximately every four years, a process known as a Halving. “A combination of adoption curve math and Metcalfe’s Law puts Bitcoin’s price well over $500,000 by the next halving in 2028,” Peterson asserted. “This implies an annualized rate of return of about 70%.” Related Reading: XRP Analyst Thinks The Coin Is Ready To Skyrocket By 21,000% To Over $150 Peterson’s prediction is particularly noteworthy given Bitcoin’s current price of around $65,700, as if his prediction proves accurate, it would represent a massive increase of over 670% from current levels. Furthermore, the researcher suggests that Bitcoin should be “sustainably above $1 million” about 450 days after the next halving event in 2028, aligning with the observed pattern of previous Halving cycles, where Bitcoin has tended to experience a significant price surge in the years following each reduction in new supply. Featured image from DALL-E, chart from TradingView.com
Hedge fund manager James Lavish has predicted that Bitcoin could rise to $428,000 at some point. He also mentioned what needs to happen for the flagship crypto to reach such an ambitious price target. How Bitcoin Could Rise To $428,000 Lavish mentioned in an X (formerly Twitter) post that Bitcoin would rise to $428,000 when it becomes 1% of the $900 trillion investment assets worldwide. The hedge fund manager made this prediction while revealing that Bitcoin, at its current price, only accounts for 0.15% of the capital in these investment assets. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash The idea is that BTC will become widely adopted to the extent that it sees most of the global liquidity flow into its ecosystem. Such an inflow of new money would undoubtedly spark a massive rally for the flagship crypto, seeing how much valuable assets like gold are currently worth, thanks to their liquidity. Interestingly, crypto pundit and Bitcoin maximalist Mark Harvey had previously shared a similar view to Lavish’s. Harvey predicted that Bitcoin could rise to $415,000 if it captured 1% of the global assets. Meanwhile, he made an ultra-bullish case for Bitcoin, predicting that it could rise to $17 trillion if it managed to capture most of the monetary premium of asset classes. The asset classes in question include gold, silver, equities, real estate, fiat money, and bonds. Harvey claimed that Bitcoin could steal a massive chunk of the global investment from these other assets as the flagship crypto becomes the most preferred option for people to preserve their money. The crypto pundit also described Bitcoin as a “superior form of property” to the rest. Indeed, a case can be made for BTC being superior to all other assets, considering how it has outperformed the traditional market over the last 14 years. NewsBTC recently reported that digital assets led by BTC have been the best-performing assets in 11 of the last 14 years. Bitcoin is again outperforming these traditional assets with a year-to-date (YTD) gain of over 50%. BTC Could Well Be On Its Way To Achieving The ‘1%’ Status Bitcoin is undoubtedly enjoying a broader adoption in this market cycle, especially thanks to the launch of the Spot Bitcoin ETFs, which are available not only in the United States but also in other countries like Hong Kong and Australia. Thanks to these investment funds, Bitcoin now has the attention of more institutional investors, who are becoming more inclined to the flagship crypto. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge Bitcoin will continue to enjoy an impressive liquidity flow into its ecosystem as more institutional investors become bullish. Moreover, Bitcoin’s being touted as a ‘digital gold’ has made it more attractive to investors since this narrative places it as a better option to gold. This has led to projections that Bitcoin could surpass gold’s market cap of $16 trillion. Meanwhile, it is worth mentioning that governments worldwide could also play a huge role in Bitcoin’s meteoric rise as they begin to adopt the flagship crypto as a reserve asset. A country like El Salvador is well on this path, while the United States could join soon enough, with Donald Trump promising to create a strategic national Bitcoin reserve if elected. Featured image created with Dall.E, chart from Tradingview.com
The Elliot Wave theory has become very popular among Bitcoin analysts, given its effectiveness in helping to estimate where the cryptocurrency’s price is headed next. Using this same theory, pseudonymous crypto analyst XForceGlobal has estimated what could happen next for the Bitcoin price. Elliot Wave Theory Points To A Recovery In the analysis posted on TradingView, XForceGlobal used the 5-wave Elliot Wave theory to predict further upside for the Bitcoin price. The chart maps out the waves and subwaves, all of which carry various implications for the Bitcoin price. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge The crypto analyst points out that the subwaves are currently in play, ranging from 1-5. So far, subwaves 1 and 2 have finished their run, and with subwave 3, the analyst expects the price to continue to rise as this wave forms. The Bitcoin price being caught in Wave 3 is actually good for the price from here, given that the third wave is known to be bullish. It is also a long wave, meaning that its effects will last longer than that of bearish wave 2, although shorter than Wave 1. However, instead of just being a straight shot for the Bitcoin price, the crypto analyst warns that it could end up being an ABC wave, which is inherently bearish for price. In this case, the Bitcoin price would rise and then decline. Bitcoin Targets Going Forward As mentioned above, the Bitcoin price being caught in the subwave 3 is bullish, meaning the price could surge further from here. According to the crypto analyst’s chart, a 100% move from here is possible, putting the BTC price as high as $126,000. However, the next wave, Subwave 4, is very bearish and the analyst predicts a major crash. They put the target as low as $39,728, which is an over 60% decline from the $126,976 price target from subwave 3, which would mark the most notable drawdown in the Bitcoin price since 2022. Related Reading: Brace For Impact: Ethereum Whales Send Over $205 Million To Coinbase The next wave, Subwave 5, is then expected to continue the bullish narrative, triggering an over 200% rise from the lows from subwave 4. It is expected to peak at around $153,000, marking the completion of the five subwaves. Despite the bullish scenarios mapped out, the crypto analyst warns that “while the evidence strongly suggests that Bitcoin will reach higher levels before any significant correction, it is crucial to remain adaptable as market conditions evolve.” They further added: “No theory can predict market movements with absolute certainty. By staying informed and considering multiple scenarios, investors can better navigate the complexities of the cryptocurrency market.” Featured image created with Dall.E, chart from Tradingview.com
Bitcoin continues to print lower highs on the daily chart since the BTC price all-time highs in March.
For the crypto and broader financial market, FOMC day is upon us once again today. And analysts agree that today’s meeting will be one of the most important in recent years. Kurt S. Altrichter, a financial advisor and founder of Ivory Hill, even describes today’s FOMC meeting as the “most important of your life.” In a new post on X, Altrichter explains why. FOMC Preview Central to today’s FOMC meeting is the Federal Reserve’s potential indication of a September rate cut. According to Altrichter, the financial markets are almost unanimously anticipating this move, with Fed fund futures indicating a near-certain likelihood of such an outcome. “Market expectation is a strong signal for a September rate cut,” Altrichter points out, marking today’s update as a pivotal moment for financial markets. The key question for today is: “How strongly does the Fed signal a September rate cut?” the expert explains. Investors are directed to pay close attention to the FOMC’s statement at 2:00 pm ET, especially the third paragraph, which could subtly signal the Fed’s confidence in reaching its inflation targets. Related Reading: XRP Price Poised For ‘Ultimate Breakout’ With $18 Price Target: Crypto Analyst Altrichter advises, “Look at the 3rd paragraph for this key sentence: The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.” Any modification in this wording would be a clear signal that the Fed is nearing its inflation control goals, potentially paving the way for rate adjustments. Altrichter outlines several potential outcomes from the meeting, each associated with specific market reactions. In a dovish scenario, the Fed signals a rate cut for September. Then, Altrichter expects a broad market rally, especially in sectors less sensitive to interest rates. “Yields and the dollar should fall modestly with a modest rally in commodities,” Altrichter predicts, suggesting significant movements in standard and sector-specific indexes. In a hawkish scenario, there will be no change in the forward guidance by the US central bank. If the Fed maintains its current stance without hinting at future cuts, the markets might experience a downturn. “Look out below and expect a sharp decline. SPX should fall by 1-2%,” he warns, noting that tech and growth sectors might relatively outperform due to their appeal during higher yield periods. How Will Bitcoin And Crypto React? The potential adjustments in US monetary policy bear direct consequences for the Bitcoin and crypto markets. Crypto, often viewed as alternative investments, reacts sensitively to shifts in monetary policy, particularly regarding interest rates. Related Reading: Bitcoin Bull Cycle Likely To Go On Till Mid-2025: CryptoQuant CEO If the dovish scenario materializes, this could make Bitcoin and cryptocurrencies more appealing. A signal of lower future rates could drive increased investment into the crypto market, potentially leading to price increases as investors seek higher returns in alternative assets. Conversely, should the Fed signal reluctance to cut rates, indicating a stronger economic outlook or concerns about inflation, this could strengthen the US dollar and increase yields on traditional financial instruments. Such an environment might lead to a pullback in the crypto markets, as the comparative advantage of Bitcoin and cryptocurrencies diminishes against strengthening traditional yields. Max Schwartzman, CEO of Because Bitcoin Inc, commented via X: “FOMC is [today] & its incredibly important as we get into the end of this fed cycle… Here is how the last 11 meetings have gone for Bitcoin…” Thus, today’s FOMC meeting is a watershed moment for financial markets globally, with significant implications for both traditional and crypto markets. As Altrichter succinctly puts it, “A Sept Fed rate cut has driven the 2024 bull market. Tomorrow’s meeting will either reinforce that tailwind or refute it. If the Fed signals a cut, the rally continues. No signal: markets could get ugly.” At press time, BTC traded at $66,462. Featured image from Shutterstock, chart from TradingView.com
The Bitcoin price has been expected to hit the 6-figure mark for a couple of years now, but this target continues to be elusive for the cryptocurrency. However, with a crypto bull run predicted by experts to be around the corner, the expectations for a 6-figure Bitcoin price have emerged once again. One crypto analyst […]
Bitcoin leveraged positions increased over the past week, and a portion of these late longs have been wiped out as BTC price dropped closer to $65,000.
In an analysis released on Monday, ASXN, an emerging crypto research firm, outlines the dynamics of global Bitcoin adoption through the lens of game theory. The report titled “The Game Theory of Bitcoin Adoption Among Nations” provides an examination of how nations can leverage mathematical game theory to strategically adopt Bitcoin. The report follows on the heels of Donald Trump’s announcement at the Bitcoin 2024 conference that he’ll convert all BTC’s owned by the US government through enforcement actions into a “strategic Bitcoin stockpile”. Bitcoin Game Theory Explained The report begins by framing BTC adoption within the broader context of game theory, a discipline that evaluates the strategic decisions made by individuals or entities under conditions of uncertainty and competing interests. According to ASXN, “Game theory provides a structured framework to predict the outcomes of nation-level strategies in adopting digital currencies, taking into account not only the economic benefits and technological advancements but also the potential geopolitical shifts.” Related Reading: Minimal Bitcoin On-Chain Resistance Ahead: Price Set For New ATH? According to the concept of ‘First Mover Advantage’, early adoption of BTC can position nations advantageously on several fronts. The report states, “Nations acting as first movers in the Bitcoin arena may set precedents in legal and regulatory frameworks, attract global crypto enterprises, and secure a significant share of the blockchain innovation landscape.” However, it contrasts these advantages with the pitfalls of premature regulatory frameworks and the volatility of Bitcoin’s market value, which could pose substantial risks to national economies. The report adds, “Once a few influential nations adopt Bitcoin, others will follow suit to avoid being left behind – creating a bandwagon effect. This effect is driven by both the returns to adoption as well as the risks of non adoption. This is when the Bitcoin adoption cycle enters the steepest part of the s-curve.” The ‘Payoff Matrix’—a fundamental tool in game theory—is applied by ASXN to dissect the decision-making process of countries considering Bitcoin adoption for nations. ASXN elaborates on how this matrix helps countries assess the potential returns and risks associated with various strategic choices. “Each nation faces a unique matrix based on its economic structure, political climate, and market dynamics. The optimal strategy, while generally skewing towards adoption due to the projected global ascendancy of cryptocurrencies, must still be tailored to individual national circumstances,” the report elaborates. Furthermore, the report also introduces the concept of the ‘Best Reaction Function’ in the context of Bitcoin adoption, explaining how nations develop strategies by anticipating the decisions of others. “A nation’s strategy is influenced not only by its direct gains from adopting Bitcoin but also by the expected actions of other nations, which might alter the global economic and technological landscape,” the report states. Related Reading: Bitcoin Bull Cycle Likely To Go On Till Mid-2025: CryptoQuant CEO The researchers add how the bandwagon effect could play out; “The logic plays out something like – Nation 1 assesses the cost benefit trade off and decides on adoption. Nation 1 realizes that all other nations are also going to choose adoption, Nation 1 concluded that, given that all nations will choose adoption, they should increase adoption speed so as not to lose competitive edge. Slowly, then all at once.” ASXN uses several real-world applications to illustrate the theoretical concepts discussed. The case of El Salvador is examined in depth, showcasing how its early adoption has influenced other nations’ perceptions and strategies towards Bitcoin. The analysis extends to how Wisconsin’s pension fund investment in Bitcoin ETFs reflects a broader trend of sub-national entities assessing cryptocurrency as a viable component of their financial strategies, and the substantial commitment by MicroStrategy is highlighted as a corporate parallel to national strategies. Looking forward, the report discusses the potential future trajectories of Bitcoin adoption, influenced by both technological advancements and evolving geopolitical dynamics. It specifically addresses Robert Kennedy Jr.’s proposal at Bitcoin Nashville 2024 to acquire 550 BTC daily until the US amasses 4 million BTC, which represents 19% of the total available BTC supply. This approach aims to reflect the proportion of global gold reserves that the US currently maintains in comparison to other countries. And the Bitcoin game theory is already playing out. “Whilst the ideas Trump presented at Bitcoin Nashville may or may not happen, the simple fact he publicly acknowledged Bitcoin & it’s properties is a win & we are already seeing early signs of the effects of this,” the researchers conclude. They refer to Johnny Ng, a member of Hong Kong’s Legislative Council, who has been advocating for the incorporation of Bitcoin into the city’s financial reserves following Trump’s announcement. At press time, BTC traded at $66,660. Featured image created with DALL·E, chart from TradingView.com
In a potentially highly politically charged move, the US. Democratic government orchestrated the transfer of 29,800 Bitcoin, valued at approximately $2 billion, to a newly created address on Monday. This development, first identified by the crypto intelligence platform Arkham, not only stunned the market but also sparked significant speculation and debate among the industry. Arkham’s […]
Following the highly anticipated 2024 Bitcoin Conference in Nashville, Tennessee, over the weekend, a notable spike in positive market sentiment drove the Bitcoin price to a one-month high of $70,000 on Monday. Analysts are now eyeing the potential for an extended super-cycle, with market expert Doctor Profit suggesting that the recent rally could begin a significant uptrend with plenty of room to run. Bitcoin Price Projections According to a recent report by Doctor Profit, the current price action is the first phase of this potential super cycle, noting that during the 2021 bull run, he had accurately predicted Bitcoin’s crash to around $18,000, followed by the capitulation event triggered by the FTX collapse, where it hit $15,400. “At this point, I posted that I am going all in with the 2021 bull market gains back into the market at prices between $16,000 and $18,000,” Doctor Profit stated. “This bottom price is historically significant and unlikely to be revisited.” Related Reading: Dogecoin Price (DOGE) Eyes Impressive Gains: Will It Break Through? The analyst further explained the various phases of the current market cycle, highlighting the “pre-bull” phase characterized by resistance at $38,500, which needed to be breached to enter the second pre-bull phase. Doctor Profit believes that this phase was driven by significant buying activity from Binance, Changpeng Zhao (CZ), Justin Sun, and Bitfinex whales, as well as the filing of the Bitcoin exchange-traded fund (ETF) by BlackRock in June 2023. The “Golden Bull” phase, as seen in the chart above, followed the approval of the BlackRock Bitcoin ETF and saw the entry of traditional financial players into the crypto market, leaving the $48,000 to $74,000 range as one of the most crucial support levels that will be defended during the upcoming bull market, according to the analyst. “This region of golden bull will mark, or be very close to the Bitcoin bottom for the incoming bear market,” Doctor Profit explained. “Again, this region is BlackRock investors’ entry, and at all cost they will defend it during this bull market.” Considering these levels that could support BTC’s price in the coming months, Doctor Profit’s technical analysis points out that the initial target for this super cycle is set at the $86,000 threshold, with projections ranging between $110,000 and $120,000 in a conservative scenario. However, Doctor Profit noted that in the most optimistic scenario, the Bitcoin price could soar between $180,000 and $220,000 if the price surges above $70,000 and consolidates above this milestone. Investor Confidence Peaks Adding to the bullish sentiment, a recent report by CoinShares showed that Bitcoin has seen healthy inflows of $519 million in the past week, bringing its month-to-date inflows to $3.6 billion and year-to-date inflows to a record $19 billion. The firm noted that this surge in inflows and investor confidence could be attributed to the potential use of BTC by the US government as a strategic reserve asset following Donald Trump’s speech on Saturday, as well as the increased likelihood of a Federal Reserve rate cut in September 2024. Related Reading: XRP Price Hints at Breakout: Can It Achieve New Heights? As reported by our sister site Bitcoinist, former US President Donald Trump reiterated his plans to create a national Bitcoin stash and turn the cryptocurrency into a strategic reserve asset for the US dollar. Trump also promised that the US government would retain ownership of all BTC in custody rather than participate in a market sell-off that could ultimately affect price action and potential upward movement. At the time of writing, the largest cryptocurrency on the market is trading at $68,800, registering price gains of 1.3% and 2.3% in the 24-hour and 7-day time frames, respectively. Featured image from DALL-E, chart from TradingView.com
Bitcoin bulls demand a rematch with final resistance below all-time highs to start the week as BTC price upside puts $70,000 back in play.
A Bitcoin analyst predicts the cryptocurrency's price could soar above $800,000 following Trump's promise to integrate it into the US's strategic reserves.
BTC price gains fail to materialize as Donald Trump and others promise to build a giant Bitcoin strategic reserve if elected.
During the 2024 Bitcoin Conference in Nashville, Tennessee, Jan van Eck, CEO of global asset manager and Bitcoin exchange-traded fund (ETF) issuer VanEck, made headlines with his revealing comments about his personal Bitcoin holdings. Van Eck Reveals Personal BTC Holdings During his appearance at the conference, Van Eck began by sharing his perspective on Bitcoin’s growth and evolution over time, likening it to a “teenager” that is not yet fully formed, as many investor classes have not yet joined the market. Related Reading: Wall Street Expert Sees 20x Potential In Ripple Via XRP And IPO Addressing his investment approach, Van Eck revealed that in his conversations with other attendees at Bitcoin conferences, he has found that they tend to hold significantly more Bitcoin in their portfolios. He further stated: Everyone I meet at Bitcoin conferences owns way more in their own portfolio, and I always say, wait a minute, I always want to tell people what I’m doing personally because they should know. Interestingly, when asked about his portfolio, Jan Van Eck replied that he owns “well over 30%” in Bitcoin without disclosing the amount in BTC or USD. This disclosure comes as VanEck recently published a report outlining a significant bullish long-term price projection for BTC, suggesting that the Bitcoin price could reach a value of $2.9 million per coin by 2050. $2.9M Bitcoin Forecast By 2050 Per the report, Bitcoin’s scalability issues, which have historically hindered widespread adoption, will be resolved through the emergence of advanced Layer-2 (L2) solutions. By combining Bitcoin’s “immutable property rights and sound money principles” with the increased functionality of Layer 2 technology, the asset manager envisions creating a new, globally accessible financial system. Under this optimistic scenario, the VanEck team believes that by 2050, Bitcoin could be used to settle 10% of the globe’s international trade and 5% of the world’s domestic trade. According to the report, this level of adoption could lead to central banks holding 2.5% of their assets in Bitcoin, driving the price of the largest cryptocurrency on the market to a substantial $2.9 million per coin by the year 2050. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? In addition, the report estimates that Bitcoin L2 solutions could be worth a total of $7.6 trillion, or approximately 12% of Bitcoin’s total projected value. The asset manager further noted: Though it has established itself as an important store of value assets, our projection of its price more than 25 years into the future is predicated on the assumption that increasing numbers of people around the globe use Bitcoin as a medium of exchange. At the time of writing, BTC was trading at $67,600, up over 4% in the last 24 hours, after hitting a weekly low of $63,500 on Thursday. Featured image from DALL-E, chart from TradingView.com
Many Mt. Gox creditors have finally been repaid their Bitcoin (BTC) after a decade of waiting. News reports have shown many creditors have been repaid through the US-based crypto exchange Kraken. As expected, the news of more BTC potentially flooding the market has led to concerns about its effects on the price of Bitcoin. Analysts […]
American investment management firm VanEck has set an astonishing price target for Bitcoin (BTC), the world’s largest cryptocurrency. This forecast, which seems almost inconceivably high compared to most market predictions, has garnered significant attention. Despite the ambitious forecast, VanEck’s research team has presented a comprehensive rationale explaining why they believe such a substantial price increase is attainable. VanEck Predicts Bitcoin Valuation For 2050 On July 24, VanEck published a report, outlining the teams’ assumptions for a bull scenario in which BTC could potentially rise to $52.38 million by 2050. Notably, the research team predicted Bitcoin’s future price based on three scenarios during a Base, Bear and Bull market. Related Reading: Ethereum Whales Rapidly Accumulate ETH Amid Price Decline For the base scenario, VanEck’s team believes that Bitcoin could potentially surge as high as $2.9 million by 2050. The analysts have rooted their predictions on the possibility that Bitcoin could be utilized to settle 10% of the globe’s international trade and 5% of the world’s domestic trade. Under this scenario, central banks may hold about 2.5% of their assets in Bitcoin, further increasing its adoption and exposure. VanEck’s team has also attributed their projected surge in BTC’s value to assumptions of anticipated global growth, rising investor demand and Bitcoin’s substantial transaction volume. The research team estimated Bitcoin’s value for 2050 using a simple velocity of money equation that includes three key factors – GDP of trade settled in Bitcoin, supply of circulating Bitcoin and Velocity of Bitcoin in the market. While predicting a bull surge to $52.38 million, VanEck’s analysts assumed that by 2050, Bitcoin will play a crucial role in the international monetary system, capturing significant market share from major currencies. Additionally, they expect Bitcoin to become widely adopted for international trade, transforming into a major medium of exchange and a key store of value. Moreover, VanEck believes that BTC could act as a reserve currency for different countries. The team has noted that Bitcoin was designed to replace fiat money and could become a reliable and efficient alternative to current monetary systems, which feature “corruptible human authorities with immutable logic.” VanEck’s Bearish Scenario For BTC While the VanEck team estimated an exceptionally ambitious price target for Bitcoin in 2050, they also presented a more bearish scenario for the pioneer cryptocurrency. Under less favourable conditions, analysts suggest that Bitcoin could hit a price level of $130,314 by 2050. Related Reading: Cardano In The Spotlight: Why The $0.6 Level Is Important To ADA A target of $130,314 over the next 25 years, could be the most bearish scenario for Bitcoin’s value. This contrasts sharply with predictions from analysts at financial firms like Standard Chartered and Bernstein, who forecast that Bitcoin could surge as high as $150,000 by the end of 2024 and $200,000 by 2025, respectively. Despite VanEck’s pessimistic assumption, at press time, Bitcoin’s price is trading at $67,101, reflecting a 4.24% increase in the last 24 hours and another 4.78% spike over the past week, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst has predicted that Bitcoin (BTC), the world’s largest cryptocurrency, is on track to reach an unprecedented $263,000. However, he also emphasized that this bullish surge to new all-time highs is contingent on Bitcoin meeting specific market conditions. Bitcoin Set For Massive Rally To $263,000 In an X (formerly Twitter) post on July 23, a crypto analyst identified as ‘Trader Tardigrade’ revealed that Bitcoin’s current price chart was forming a key technical pattern known as the “Cup with Handle chart pattern.” Notably, the Cup with Handle pattern is a unique technical indicator where the price movement of a cryptocurrency typically resembles a cup, followed by a downward price trend which emulates a handle. This handle often signifies a buying opportunity to go long on the asset. Related Reading: Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down? Sharing a price chart illustrating Bitcoin’s Cup with Handle pattern, Trader Tardigrade noted that Bitcoin could witness a substantial rally to a measured target of $263,000 before the end of 2024. The analyst disclosed that for this bullish surge to happen, Bitcoin’s price will have to break above the $68,000 level, which represents the handle part of the Cup with Handle chart pattern. In a more recent X post, the crypto analyst revealed that Bitcoin’s price has reached the upper resistance of the descending channel pattern. This pattern signifies when the price of a cryptocurrency is moving within two parallel trend lines and sloping downwards. Typically, the upper trend line in this pattern acts like a resistance and the lower line acts as a support. The analyst further noted that Bitcoin’s price has successfully reached the upper resistance of the descending channel. However, he disclosed that the resistance was weaker than the lower support, making it easier for the cryptocurrency to potentially breakthrough. Trader Tardigrade also predicts that Bitcoin could undergo a brief period of consolidation before witnessing its next breakout move. The analyst declared that the market was currently in the middle of a bull run, with Bitcoin set to surge even higher until late 2025. Key Support Level Identified For Bitcoin’s Next ATH Bitcoin’s price is currently trading at $64,239, marking a slight decrease of 3.11% in the last 24 hours, according to CoinMarketCap. Despite the cryptocurrency’s struggles to reach new highs, Ali Martinez, a prominent crypto analyst, remains bullish on its future outlook. Related Reading: Machine Learning Algorithm Predicts Shiba Inu Price Will Rise 119% In 5 Days Sharing a price chart depicting Bitcoin’s UTXO realized price distribution (URPD), Martinez predicted that BTC is poised to surge to new all time highs soon. The analyst also disclosed that the $66,000 price mark was a crucial support level for Bitcoin. He added that if Bitcoin succeeds in holding a price level at $66,000, it would set a strong foundation for a potential rally to new levels. Featured image created with Dall.E, chart from Tradingview.com