In a groundbreaking move for the Australian pension industry, AMP Ltd., a prominent pension and wealth management firm, has allocated approximately A$27 million (around $17.2 million) to Bitcoin (BTC) futures. This investment marks AMP as one of the first major retirement managers in Australia to embrace cryptocurrency products, reflecting a shift in attitudes toward digital assets within a traditionally conservative sector. AMP’s Bitcoin Futures Investment AMP’s Senior Portfolio Manager, Steve Flegg, announced the decision on LinkedIn, noting that the firm “took the plunge and made a modest allocation to Bitcoin” earlier this year. A corporate representative told Bloomberg that the investment was primarily in Bitcoin futures and that there are currently no intentions to raise this commitment. Related Reading: Shiba Inu Surges 14% In A Day: Is An additional 180% Rally Within Reach? The move comes after BTC recently reached the $100,000 barrier for the first time, rising by more than 40% since Donald Trump’s victory in the US presidential election in November. Trump, known for his pro-crypto position, has vowed to create a more favorable regulatory environment for digital-asset enterprises, hence increasing interest in cryptocurrencies, and has proposed the establishment of a national Bitcoin stockpile. Despite AMP’s pioneering steps, the broader Australian pension sector, valued at A$4.1 trillion, has shown limited enthusiasm for cryptocurrency investments. Reserve Bank of Australia Governor Michele Bullock has stated that Bitcoin does not play a significant role in the Australian economy. Furthermore, regulators have cautioned that robust risk management practices must be employed when engaging with digital assets. The Australian pension industry has faced scrutiny over various issues, including valuation concerns in unlisted markets, customer service, and investment fees. Recently, many pension products offered by AMP failed an annual performance test designed to identify underperforming retirement products, with several failing for a second consecutive year. Crypto ETFs Fuel AMP’s Investment Strategy The decision to invest in Bitcoin futures is indicative of the “structural changes” occurring within the digital-assets landscape, according to AMP’s Chief Investment Officer, Anna Shelley. She pointed to the recent launch of exchange-traded funds (ETFs) in the US that invest directly in Bitcoin and Ethereum (ETH) by leading investment managers as a significant development. “Following testing and careful consideration by our investment team and committee, we included a small and risk-controlled position in digital assets through our Dynamic Asset Allocation program in May,” Shelley explained. Related Reading: Solana To New ATH Before Christmas – Analyst Expects $300 Soon The exposure to BTC futures constitutes about 0.05% of AMP’s total pension assets, illustrating a cautious yet progressive approach to digital asset investment by the Australian asset manager. While AMP acknowledges the potential benefits of exposure to cryptocurrencies, the firm remains acutely aware of the associated risks and volatility. Shelley noted that although their superannuation members have gained from this exposure, the investment is part of a highly diversified asset mix and will be managed with careful oversight. At the time of writing, the market’s leading crypto is trading at $99,800, recording a slight 1.1% decrease in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
On Thursday, the Texas House of Representatives took a significant step toward integrating cryptocurrency into state financial strategy by introducing a bill aimed at establishing a strategic Bitcoin reserve. Sponsored by Republican state Representative Giovanni Capriglione, the proposed legislation seeks to allow the state to accept taxes, fees, and donations in Bitcoin, with the intention […]
Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $101,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $97,500 support zone. Bitcoin Price Dips Again Bitcoin price formed a base and started a fresh increase above the $98,800 zone. There was a move above the $99,200 and $99,500 levels. The price even cleared the $100,000 level, but the bears were active near the $102,000 zone. A high was formed at $102,500 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent wave from the $94,315 swing low to the $102,500 high. There was a break below a connecting bullish trend line with support at $101,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $100,500 level. The first key resistance is near the $101,500 level. A clear move above the $101,500 resistance might send the price higher. The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,000 resistance level. Any more gains might send the price toward the $105,000 level. More Losses In BTC? If Bitcoin fails to rise above the $102,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $98,400 level or the 50% Fib retracement level of the recent wave from the $94,315 swing low to the $102,500 high. The first major support is near the $97,500 level. The next support is now near the $96,250 zone. Any more losses might send the price toward the $95,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $98,400, followed by $97,500. Major Resistance Levels – $102,000, and $104,000.
Bitcoin’s price prospects look promising after its recent notable upside momentum above the $100,000 pivotal milestone. This prompts a broader bullish outlook for the cryptocurrency asset to surge significantly in the upcoming weeks to unprecedented levels as the market gradually regains its uptrend. Next Big Move For Bitcoin In The Works Given Bitcoin’s renewed strength, […]
The Bitcoin (BTC) market has undergone a remarkable recovery this year, largely due to the increased popularity of Bitcoin ETFs. BTC reached an all-time high of $73,000 in the first quarter of the year, sparking a bullish trend that continues today, with a recent high of $104,000. The presidential election of Donald Trump has had a huge impact on this rise especially over the past month, as he has positioned himself as the first pro-crypto President, picturing America as the “crypto capital of the world.” Trump’s favorable position toward digital assets has infused increased optimism among investors, resulting in increased buying pressure from Bitcoin ETF providers such as BlackRock and Fidelity. Notably, the top 12 Bitcoin ETFs have emerged as the biggest BTC holders, with a combined asset value of over $100 billion. This figure represents one of the most successful ETF launches in financial history, with the 12 spot Bitcoin ETFs now collectively owning approximately 1.1 million BTC—equivalent to about 5% of all Bitcoin in circulation. Bitcoin ETFs Expected To Surpass 2024 Inflows In a recent report, crypto asset manager Bitwise outlined three key factors that suggest Bitcoin ETFs will continue to see explosive growth in 2025. Initially, it’s important to note that the first year of ETF operations is typically the slowest. Related Reading: Bitwise Forecast: Bitcoin, Ethereum, And Solana Poised For Record Highs In 2025 Historical comparisons with gold ETFs launched in 2004 show a significant increase in inflows over subsequent years. For instance, gold ETFs began with $2.6 billion in their first year, followed by $5.5 billion in the second year, and progressively higher amounts in the following years. The firm suggests that if the 12 spot Bitcoin ETFs in the United States follow a similar trajectory, 2025 could see inflows that far exceed those of 2024. Another factor contributing to potential growth is the anticipated participation of major financial wirehouses. Firms such as Morgan Stanley, Merrill Lynch, Bank of America, and Wells Fargo have yet to fully deploy their wealth management teams to promote Bitcoin ETFs. As regulatory environments become more favorable under Trump, these institutions are expected to unlock access to Bitcoin ETFs for their clients, potentially directing trillions of dollars into the crypto market. Investors ‘Laddering Up’ Finally, Bitwise has identified a clear trend among investors known as “laddering up.” This pattern indicates that initial small contributions to Bitcoin frequently lead to increasing investments over time. The asset manager believes that many investors who entered the Bitcoin ETF market in 2024 will double down on their investments in 2025. Related Reading: XRP Price Prediction: Last Phase Of ABC Wave Points To A Bounce To New ATH At $5.85 The firm’s assertion that “3% is the new 1%” indicates increasing acceptance of Bitcoin as a genuine asset class, which they believe will lead investors to dedicate a larger amount of their portfolios to cryptocurrencies. At the time of writing, BTC had consolidated above $100,900 following a 7% dip to $91,000 at the start of the month. Over the previous 24 hours, the market’s biggest cryptocurrency has seen an almost 4% price increase. Featured image from DALL-E, chart from TradingView.com
Bitcoin (BTC) recaptured the vital $100,000 threshold on Wednesday, following weeks of consolidation below it. This rebound has been attributed to rising confidence in the digital currency sector’s future regulatory environment under President-elect Donald Trump. Bitcoin Price Nears Record Peaks The regulatory landscape is poised for significant changes, particularly with Brian Quintenz emerging as a strong candidate to lead the Commodity Futures Trading Commission (CFTC). Quintenz, currently the head of policy at a16z Crypto—Andreessen Horowitz’s digital asset division—and a former Republican CFTC commissioner, is seen as a favorable choice for the crypto community. Related Reading: XRP Price Defies Bearish Crypto Trend, Rallies 6%: Key Drivers Revealed This follows the recent selection of pro-crypto Paul Atkins to lead the US Securities and Exchange Commission (SEC), giving him the ability to turn the regulatory agency 180 degrees after years of leading a regulation-by-enforcement crusade led by its retiring chair Gary Gensler. Trump’s recent efforts to reverse a Biden administration crackdown on crypto have contributed to Bitcoin’s recovery, which reached an all-time high of $104,00 on December 5. Since then, Bitcoin has fluctuated around the six-figure mark, indicating sustained interest from investors. Alongside regulatory optimism, expectations for a potential reduction in interest rates by the US Federal Reserve (Fed) have also bolstered investor sentiment. Bullish Sentiment Grows Following reports that US consumer-price inflation met forecasts, speculators have increased their bets on a new interest rate cut. This shift in monetary policy expectations has had a positive impact on markets, propelling the tech-heavy Nasdaq 100 stock index to a record high. Henry Elder, a principal at UTXO Management, noted, “The market likes seeing inflation come in within expectations,” adding that traders are currently assessing whether $100,000 will act as a ceiling or a floor for BTC prices. Trump has not only indicated a willingness to foster a more favorable regulatory environment but has also supported the concept of a strategic national Bitcoin stockpile. While the feasibility of this idea remains debated, Eric Trump recently expressed on Bloomberg Television that his father would be “an unbelievable ally to the industry.” Related Reading: Solana Price At $4,000? Cup And Handle Pattern Shows Why This Is Possible Since Trump’s election victory on November 5, Bitcoin has surged nearly 50%, buoyed by approximately $11 billion in net inflows into US spot Bitcoin exchange-traded funds (ETFs). Technical expert Ali Martinez has added to the positive view for the flagship cryptocurrency by stating that whales are aggressively buying dips. Notably, 342 wallets with more than 100 BTC were created when prices dropped from $104,000 to $90,000. This accumulation by major holders fuels the positive mentality, with Martinez projecting the Bitcoin price will hit $275,000 based on a cup-and-handle formation on its one-week chart. Featured image from DALL-E, chart from TradingView.com
Bitcoin price remained supported above the $95,500 zone. BTC is up over 5% and is now trading above the $100,00 resistance zone. Bitcoin started a fresh increase above the $97,500 zone. The price is trading above $98,800 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $97,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct some gains before it attempts to surpass the $102,000 resistance zone. Bitcoin Price Regains Strength Bitcoin price formed a base and started a fresh increase above the $98,000 zone. There was a move above the $98,800 and $99,200 levels. During the increase, there was a break above a key bearish trend line with resistance at $97,500 on the hourly chart of the BTC/USD pair. The pair even cleared the $100,000 level. A high was formed at $101,900 and the price is now consolidating gains. It is slowly moving lower toward the 23.6% Fib retracement level of the recent wave from the $94,314 swing low to the $101,900 high. Bitcoin price is now trading above $100,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $101,400 level. The first key resistance is near the $102,000 level. A clear move above the $102,000 resistance might send the price higher. The next key resistance could be $104,000. A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $108,000 level. Another Decline In BTC? If Bitcoin fails to rise above the $102,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $100,000 level. The first major support is near the $98,200 level or the 50% Fib retracement level of the recent wave from the $94,314 swing low to the $101,900 high. The next support is now near the $97,250 zone. Any more losses might send the price toward the $95,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $100,200, followed by $98,200. Major Resistance Levels – $102,000, and $104,000.
The son of US President-elect Donald Trump said that Bitcoin will continue to soar and made an audacious prediction that it will reach $1 million per coin. Related Reading: Tether’s USDT Hits New High—330 Million Wallets And Counting Trump Organization Vice President Eric Trump vowed that his father and their family will not cease their support of the firstborn cryptocurrency. Cornerstone Of A Financial Revolution Eric believes that Bitcoin being traded at $1 million per coin may happen soon, describing the crypto as the “cornerstone of a financial revolution.” COMMENT: Eric Trump is confident that Bitcoin will hit $1M. https://t.co/iFb5cmzpFz — BSCN (@BSCNews) December 10, 2024 Trump’s son made the fearless forecast as he talked to the attendees of the Bitcoin MENA 2024 conference in Abu Dhabi on December 9, delivering his prediction to the audience without any taint of doubt on the capability of Bitcoin to hit that milestone. “I can tell you a hell of a lot more eyes are going to be opened when Bitcoin hits $1 million. And I’m confident it’s going to hit $1 million. I think we’re all confident in this room that it’s going to hit a million,” Eric stated. According to Eric, he sees Bitcoin as a “global asset”, pointing out the global significance of the crypto in a time wherein the threat of inflation, political instability, and natural disasters is rampant. For the Trump Organization’s vice president, the future of finance is Bitcoin, arguing that the crypto is a powerful hedge against the traditional financial system’s inefficiencies because of its decentralized quality and fixed supply of 21 million coins. “Bitcoin eliminates the need for tens of thousands of bankers pushing paperwork for exorbitant fees,” he added. More Accessible Financial Tool Eric noted that what makes Bitcoin successful as a global asset is its accessibility, adding that crypto does not need intermediaries such as banks or brokers in its transactions. Trump’s son stressed the global appeal of cryptocurrency and how user-friendly is the digital asset as compared to traditional real estate investments. “Unlike real estate, Bitcoin is not tied to geography. It’s global, instantly liquid. You can buy or sell it while having dinner with your spouse,” Eric explained. Moreover, Eric emphasized that Bitcoin could empower people in developing nations. “Bitcoin gives everybody the opportunity around the world to participate in ways they never otherwise would have thought, no matter their wealth, no matter their location,” he remarked. Related Reading: HBAR To Hit $100? Analyst Points To Utility And Market Cap Potential Trump Family To Support Bitcoin Eric vowed that his father and their entire family would continue to advocate cryptocurrency, pledging they would keep on playing an essential role in the global financial landscape. He remarked that his father, Donald Trump, helped fuel the recent surge in the alpha cryptocurrency, adding that he will lead the United States into the “digital revolution.” Eric Trump said that the people, governments, and institutions who embraced Bitcoin will become the biggest winners in the digital revolution. Featured image from DALL-E, chart from TradingView
A remarkable shift in sentiment and activity has been spotted among Bitcoin’s large investors also known as whales, especially wallet addresses holding more than 100 BTC in spite of recent price fluctuations, sparking discussions about the next trajectory of BTC’s price. A Sharp Uptick In 100+ Bitcoin Addresses Recent reports from advanced investment and on-chain […]
A crypto analyst has unveiled uncanny similarities between Bitcoin’s Chicago Mercantile Exchange (CME) chart from late Q4 2024 and 2023. According to the analyst’s report, the 2024 Bitcoin CME chart replicates the price action seen in 2023, experiencing similar technical patterns, wave structures, price movements, and specific key indicators. Bitcoin CME Chart Mirrors 2023 Price Action A comparative analysis of the Bitcoin CME charts from Nov/Dec 2023 and Nov/Dec 2024 reveals striking parallels. The charts, shared on X (formerly Twitter) by crypto analyst and market technician Tony Severino, feature a near-identical Elliott Wave count, showcasing five distinct waves that indicate classical bullish patterns. Related Reading: XRP Price: Analyst’s ABC Correction Forecast Plays Out Perfectly, Second Half Predicts Bullish Impulse To $2.8 The price action in both charts highlights a significant breakout from consolidation, with Bitcoin’s bullish momentum surging as November and December approach. Moreover, the Bollinger Bands for the Bitcoin CME charts are expanding similarly, indicating a potential for an upward trend continuation. Bollinger Bands are unique technical analysis tools for identifying sharp short-term price movements and potential entry and exit points. Looking at Severino’s Bitcoin CME chart for 2023 and 2024, the price is riding the upper Bollinger Band for both years, suggesting a strong bullish trend. Adding weight to the analysis of these parallel CME charts, the analyst has revealed that both charts showcase similar Fibonacci extensions. In 2023, the 4.416 and 6 Fibonacci extension levels served as crucial markers, with BTC rallying to reach their equivalent price levels at $39,265 and $45,250, respectively. These same Fib extension levels have also been highlighted on the 2024 Bitcoin CME chart, suggesting that Bitcoin could repeat history and hit new price targets of $105,465 and $124,125, respectively. Another key factor Severino identified on both Bitcoin CME charts is the presence of gaps. A CME futures gap refers to the differences between the closing and opening prices of BTC on the CME. In 2023, a CME gap was filled during Bitcoin’s price rally, with the 2024 chart also spotlighting a comparable gap near the $124,125 mark. $120,000 BTC Price Target In Sight While delving deep into the price action and key technical indicators of the Bitcoin CME charts of Nov/Dec 2023 and 2024, Severino predicted that Bitcoin could prepare for a bullish move above $120,000. The analyst has based this optimistic projection on the striking similarities between the Fibonacci extension levels of both Bitcoin CME charts. Related Reading: Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible Earlier last week, the price of BTC experienced a sharp surge above $104,000, marking a new all-time high. However, the cryptocurrency quickly corrected to $94,000, with many analysts describing this decline as a “Bitcoin flash crash.” Currently, Bitcoin is trading at $97,638, experiencing a steady price increase from previous lows. If the cryptocurrency can maintain a stable bullish position, it’s possible that Bitcoin could rise back towards its $100,000 ATH. Featured image created with Dall.E, chart from Tradingview.com
As the Bitcoin (BTC) price consolidates its position following a notable rally that began on November 5, speculation about its potential for further gains persists, even after the cryptocurrency briefly dipped below the $100,000 mark. Interestingly, Paul Manafort, former campaign chairman for President-elect Donald Trump, recently expressed optimism for BTC’s upward trajectory during the Bitcoin Mena conference in Abu Dhabi. A New Era For Crypto Awaits Manafort highlighted Trump’s role as a significant supporter of the cryptocurrency market, predicting that Bitcoin will strengthen even more once the President-elect takes office on January 20. He praised Trump’s intent to reform the US Securities and Exchange Commission (SEC) and establish a strategic Bitcoin reserve, which he believes will foster a more favorable environment for digital assets. “There are exciting times ahead for investors and participants in the cryptocurrency market,” Manafort stated, adding that those who celebrated Bitcoin’s recent milestone of $100,000 would soon be celebrating even higher prices. Related Reading: Five Weeks, Five Purchases: MicroStrategy Invests Another $2.1 Billion In Bitcoin Manafort’s optimism is rooted in Trump’s recent appointments aimed at creating a more crypto-friendly regulatory framework in the country. Trump has nominated Paul Atkins to lead the SEC, signaling a departure from the current chair, Gary Gensler, who is set to leave his position on January 20. Gensler has been marked, among other things, by regulatory actions that have impeded market acceptance and expansion in the last three years. His resignation could also bring more regulatory clarity to litigation disputes involving Ripple and Coinbase. Additionally, Trump has appointed David Sacks as the inaugural “White House AI & Crypto Czar.” Sacks will be responsible for developing government policies concerning artificial intelligence and cryptocurrency. “He will work on a legal framework so the crypto industry gets the clarity it has been asking for and can thrive in the US,” Trump noted regarding Sacks’ role. Since Trump’s election last month, the Bitcoin price has surged nearly 50%, also fueled by increased buying pressure from exchange-traded fund (ETF) issuers, whose total holdings in Bitcoin have now reached approximately $40 billion. Analyst Predicts Bitcoin Could Hit $275,000 Crypto analyst Ali Martinez has also weighed in on Bitcoin’s prospects on social media site X (formerly Twitter), suggesting that it could reach as high as $275,000 based on a bullish cup and handle pattern. Yet, the analyst also cautioned that it is crucial for Bitcoin to hold above $96,000; failure to do so could result in a drop to around $85,000, echoing patterns seen in previous market cycles. Related Reading: Bitcoin Bet For Amazon? 5% Stake Proposal Raises Eyebrows As of now, the market’s leading cryptocurrency has managed to maintain the support identified by the expert, trading only slightly above this level. The cryptocurrency must obtain additional catalysts that could prevent a return to much lower depths. Featured image from DALL-E, chart from TradingView.com
As President-elect Donald Trump approaches his inauguration on January 20, the cryptocurrency market has experienced a significant surge, with Bitcoin reaching an all-time high of $104,000 on December 5. This increase, nearly 50% since Trump’s election, has sparked expectations of a new era for crypto regulations in the United States. Sources close to Trump indicate […]
In a recent report, crypto exchange-traded fund (ETF) issuer and asset manager Bitwise unveiled bold predictions for Bitcoin and the broader cryptocurrency market by 2025, highlighting the significant performance of major cryptocurrencies throughout this year. A Stellar Year For Bitcoin And Major Cryptos Bitcoin reached an all-time high of $104,000 at the start of the month, marking a staggering increase of 141.72% year-to-date, driven largely by the historic launch of spot Bitcoin ETFs in the United States, which amassed $33.56 billion in assets. Other cryptocurrencies also demonstrated impressive gains: Solana (SOL) rose by 127.71%, XRP skyrocketed by 285.23%, and Ethereum (ETH) increased by 75.77%. Notably, crypto-related equities such as MicroStrategy and Coinbase also saw remarkable increases of 525.39% and 97.57%, respectively. Related Reading: Five Weeks, Five Purchases: MicroStrategy Invests Another $2.1 Billion In Bitcoin Beyond price hikes, Bitwise notes that the regulatory landscape for cryptocurrencies also improved significantly. In the 2024 US elections, crypto-friendly candidates triumphed, enhancing the industry’s prospects. President-elect Donald Trump, who embraced cryptocurrencies in his campaign, pledged to establish a strategic Bitcoin reserve and reform the US Securities and Exchange Commission (SEC), have further contributed to the current uptrend. Trump’s nomination of Scott Bessent as Treasury Secretary—who has previously described crypto as a vehicle for freedom—further signals a shift in the regulatory environment. Optimistic Predictions For 2025 As Bitwise’s team looks ahead, they express enthusiasm about entering what they term the “Golden Age of Crypto.” Their predictions are grounded in several key factors, including rising institutional adoption, advancements in blockchain technology, and anticipated global stimulus from major central banks. The report specifically projects that Bitcoin, Ethereum, and Solana—the “magnificent three”—will continue to outperform traditional asset classes. In 2024, these cryptocurrencies significantly outpaced the S&P 500, which returned 28.07%, gold at 27.65%, and bonds at a meager 3.40%. Bitwise expects this momentum to carry into 2025, with all three assets setting new all-time highs. The research notes the continuing demand for Bitcoin, which is being pushed by an injection of funds into Bitcoin ETFs, as well as the imminent supply reduction due to the April 2024 Halving. This Halving event is intended to reduce new Bitcoin issuance, hence increasing scarcity. If the US government follows through on its proposal to establish a strategic reserve of one million Bitcoins, Bitwise predicts that Bitcoin’s price will skyrocket to $200,000 or perhaps $500,000. Related Reading: XRP Price Eases Gains: Eyes on The Critical $2 Threshold Despite its strong performance in 2024, Ethereum has experienced hurdles as investors move their attention to Bitcoin and faster-growing blockchains. However, Bitwise predicts a narrative shift for Ethereum in 2025. They believe that activity on Layer 2 (L2) solutions such as Base and Starknet will expand dramatically, as will inflows into spot Ethereum ETFs. The rise of stablecoins and tokenized projects on Ethereum is also expected to pique investors’ interest. The firm predicts a significant increase to a new all-time high of $7,000 for the market’s leading altcoin. Solana, on the other hand, known for its quick rebound following the 2022 market meltdown, is also expected to perform well in 2025. The study attributed Solana’s 2024 spike to a memecoin frenzy, similar to the GameStop trading saga. Looking ahead, Bitwise anticipates that projects will continue to migrate to the Solana network, expanding its ecosystem beyond memecoins. Bitwise anticipates a significant increase, almost tripling the current price record to a new high of $750 per SOL. At the time of writing, Bitcoin is trading at $96,000, while Ethereum and Solana are consolidating around $3,662 and $218 respectively. Featured image from DALL-E, chart from TradingView.com
Bitcoin price remained supported above the $94,200 zone. BTC is forming a base and might start a fresh increase above the $98,000 resistance. Bitcoin started a fresh decline below the $98,000 support zone. The price is trading below $97,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could regain momentum if it closes above the $98,000 resistance zone. Bitcoin Price Stays Above Support Bitcoin price extended losses below the $98,000 support zone. There was a move below the $96,500 support. The price even spiked below $95,000. A low was formed at $94,314 and the price is now consolidating losses. There was a recovery wave above the $96,650 level. The price climbed above the 61.8% Fib retracement level of the downward wave from the $98,267 swing high to the $94,314 low. Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $97,500 level. It is close to the 76.4% Fib retracement level of the downward wave from the $98,267 swing high to the $94,314 low. The first key resistance is near the $98,000 level. There is also a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC/USD pair. A clear move above the $98,000 resistance might send the price higher. The next key resistance could be $98,800. A close above the $98,800 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level. Another Decline In BTC? If Bitcoin fails to rise above the $98,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $96,500 level. The first major support is near the $95,000 level. The next support is now near the $94,250 zone. Any more losses might send the price toward the $92,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $96,500, followed by $95,000. Major Resistance Levels – $98,000, and $98,800.
Following an earlier prediction of the Bitcoin flash crash to $94,000, a crypto analyst has set a new target for the pioneer cryptocurrency. The analyst anticipates another major decline in the Bitcoin price before it hits a new all-time high. $130,000 Target In Sight After Bitcoin Flash Crash The broader crypto market has undergone a significant correction sparked by the recent Bitcoin flash crash. In the past week, the price of Bitcoin lost $3,000 in less than 30 minutes, dropping from $97,000 to $94,000 before quickly rebounding back above $97,000. This unexpected flash crash triggered widespread liquidations, with more than $1.5 billion in long and short positions wiped out as traders scrambled to mitigate losses. Related Reading: Dogecoin Price Prediction: Here’s What The 91-Day Pattern Says Could Happen Next With Bitcoin currently showing signs of momentum, analysts have voiced expectations of a future price rally. Notably, a TradingView crypto analyst, identified as ‘Setupsfx,’ shared a detailed price chart predicting Bitcoin’s future movements and next target. The analyst accurately forecasted Bitcoin’s flash crash to $94,000 and has now expanded his predictions to include a potential recovery phase. According to his latest analysis, Bitcoin is expected to find strong support around the $96,000 level following a short-term price correction to this key zone. This new support level is seen as a healthy retracement to help build momentum for upward movement. The analyst’s chart depicts an accumulation phase on the left side, during which prices seem to be moving sideways, forming strong lows while filling Fair Value Gaps (FVG). Additionally, order blocks and Breaks of Structure (BOS) can be identified on the Bitcoin price chart. According to the chart, the Bitcoin price successfully broke out of the aforementioned accumulation zone and started a rally that led to its ATH above $100,000. This bullish momentum aligns with the hype from the US Presidential election, which fueled Bitcoin’s rise to a new all-time high. With this in mind, the analyst predicts that Bitcoin will experience another pullback, likely testing the $96,000 zone before a price reversal. This reversal is expected to ignite a fresh rally, potentially pushing Bitcoin toward a new target of $130,000. Update On BTC Price Action At the time of writing, the Bitcoin price is trading at $97,223 after dropping by more than 2% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been trading below the $100,000 level following a slight pullback after hitting an ATH above $104,000. Related Reading: PEPE Price Hits $0.000027 ATH, On-Chain Data Says These Are The People Driving It The broader market sentiment has also turned bullish despite the recent Bitcoin price decline. Notably, Bitcoin’s trading volume has risen by 99% in the last 24 hours, and its market cap is approaching the $2 trillion milestone. Commenting on Bitcoin’s price action, crypto analyst Jelle disclosed that Bitcoin’s current price action closely mirrors its bullish behavior during the 2020 ATH breakout. Based on these similar price movements, the analyst predicts that Bitcoin could see another breakout soon if it maintains this bullish momentum. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin‘s upside momentum is gradually losing steam following what appears to be a general crypto market pullback on Monday. Given the brief downswing across the market, there are speculations that an extended price correction for Bitcoin could be imminent, as observed in past cycles. A Multi-Week Downtrend Before The Next Rally? As Bitcoin’s price continues […]
President-elect Donald Trump’s proposal to establish a national Bitcoin reserve has ignited a wave of criticism from economic experts, including former Treasury Secretary Larry Summers. Summers, who managed the US national gold reserve during Bill Clinton’s administration, described the idea as “crazy” and lacking a clear purpose in a recent interview. Bitcoin Reserve Proposal As […]
Since Donald Trump became president-elect a little more than a month ago, roughly $10 billion has flooded into US spot Bitcoin ETFs, showing growing optimism that his administration will support the cryptocurrency industry. According to Bloomberg, a dozen funds from big issuers including BlackRock and Fidelity Investments have received around $9.9 billion in net inflows into their various Bitcoin ETFs since November 5, bringing their total assets to around $113 billion. Trump’s Appointments Signal Shift To Pro-Crypto Regulation Trump’s recent selections, such as a digital asset champion to lead the US Securities and Exchange Commission (SEC) and the creation of a White House czar for artificial intelligence and crypto, indicate a shift toward a more friendly regulatory climate. Notably, Trump has praised the concept of establishing a national Bitcoin reserve, which is gaining bipartisan support in Congress, with pro-crypto Senator Cynthia Lummis at the lead. Related Reading: XRP Skeptic Turned Believer? Critic Hails XRP As Crypto’s Chart King Bitcoin recently surpassed the $100,000 mark for the first time on December 5, trading at around $96,898 as of Monday. The cryptocurrency’s six-week winning streak is the longest since the market frenzy of 2021, but analysts remain concerned about volatility. David Lawant, head of research at crypto premier broker FalconX, noted that a sustained push above the $100,000 milestone will most likely necessitate other positive catalysts, as BTC has struggled to recapture this level while stabilizing after the advance over the last four days. Bitcoin Rally Boosts MicroStrategy And Peers Bloomberg also notes that the positive atmosphere surrounding cryptocurrencies has resulted in a substantial rebound among companies that have followed MicroStrategy’s strategy of selling convertible bonds to fund Bitcoin purchases. MicroStrategy alone sold $6.2 billion in convertibles this year and intends to raise an additional $21 billion through fixed-income offerings. Other companies, including MARA Holdings and Core Scientific, have successfully obtained significant funds to support their Bitcoin acquisitions. MicroStrategy’s stock, MSTR, has risen 73% since Donald Trump’s election, while MARA, Riot Platforms, and Core Scientific’s shares have increased by 63%, 33%, and 30%, respectively. This trend closely resembles Bitcoin’s nearly 40% growth within the same period. With a market capitalization approaching $2 trillion, Bitcoin’s recent ascent has dramatically increased MicroStrategy’s assets, which are now worth more than $41 billion. Related Reading: Dogecoin Price Prediction: Here’s What The 91-Day Pattern Says Could Happen Next The terms of recent crypto-related convertible deals stand out, particularly because many are structured with zero coupons, allowing investors to engage in convertible arbitrage. Despite the high demand for these instruments, there appears to be little anxiety about prospective Bitcoin price decreases. Raj Imteaz, head of convertible and equity derivatives advisory at ICR Capital LLC, noted that larger players in the market feel compelled to issue convertibles to remain competitive. “If your competitor has a large war chest funded at very low coupons and you haven’t tapped the market, you’re at a competitive disadvantage,” he said. “You almost have to issue converts to stay competitive within crypto.” Featured image from DALL-E, chart from TradingView.com
In a recent interview with CNBC, Eric Trump, executive vice president of the Trump Organization and son of president-elect Donald Trump, articulated a vision for the United States to become the leading global hub for crypto. Eric Trump emphasized that a set of “sensible” regulatory guidelines could pave the way for this transformation, particularly in […]
MicroStrategy, the business intelligence firm helmed by co-founder and Chairman Michael Saylor, has made headlines yet again with the announcement of a $2.1 billion Bitcoin (BTC) acquisition. Interestingly, this is the fifth consecutive Monday that the Tysons Corner, Virginia-based corporation has announced major acquisitions of the market’s leading crypto, demonstrating confidence in BTC’s prospects and price appreciation. Microstrategy’s Bitcoin Stash Surpasses Nvidia According to a filing with the US Securities and Exchange Commission (SEC), MicroStrategy purchased 21,550 Bitcoin tokens between December 2 and December 8 for an average price of $98,783 per token. Over the last four years, Saylor and his firm have amassed Bitcoin worth more than $41 billion, a move he undertook to shift the software company’s survival strategy. Saylor said in October that it would fund $42 billion over three years through a combination of at-the-market stock sales and convertible debt offers, bolstering the firm’s BTC acquisition strategy. The rate at which MicroStrategy is accumulating Bitcoin has accelerated substantially in the month since Donald Trump’s election on November 5; it took nearly a year to amass its first 100,000 coins, but just two weeks to grow its holdings from 300,000 to 400,000. This vast Bitcoin stash is now worth more than the cash reserves of computer behemoth Nvidia Corp., as well as nearly all non-financial corporations listed on the S&P 500 Index. Liquidity And Credit Concerns Despite BTC’s bullish outlook, researchers believe MicroStrategy’s method is not risk-free. In four of the last five weeks, the firm has purchased Bitcoin at an average price higher than the average market price, raising questions about the approach’s long-term viability. The company’s stock, MSTR, has increased by more than 500% this year, generating significant interest from investors, while hedge funds have begun to acquire its notes for market-neutral arbitrage methods, capitalizing on Bitcoin’s volatility. However, analysts warn that continued dependence on Bitcoin could be risky. Min Jung, a research analyst at Presto Research, pointed out that while BTC’s rising prices create a positive feedback loop—in which higher stock prices permit more fundraising for further Bitcoin purchases—this cycle is strongly dependent on the crypto’s rise. “If the market turns, the consequences could be severe,” Jung told Bloomberg. A significant drop in Bitcoin’s market value could imperil the company’s financial viability, raising liquidity and credit concerns. Outside of its major enterprise analytics software market, the company’s income creation opportunities would be restricted. Gracy Chen, CEO of cryptocurrency exchange Bitget, expressed these fears, noting that a drop in Bitcoin prices might jeopardize MicroStrategy’s ability to manage its rising debt levels. “The firm’s massive BTC holdings pose a market concentration risk,” Chen explained. “A large-scale sell-off could lead to significant price fluctuations, affecting not just Bitcoin but the wider cryptocurrency ecosystem.” At the time of writing, BTC is trading at $97,700, down 3% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com
Bitcoin price started another decline and traded below the $98,000 support. BTC dipped toward the $95,000 level and is currently correcting losses. Bitcoin started a fresh decline below the $98,000 support zone. The price is trading below $98,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could regain momentum if it closes above the $98,800 resistance zone. Bitcoin Price Takes Hit Bitcoin price failed to gain pace above the $100,000 level. BTC started another downside correction and traded below the $98,000 level. There was a move below the $96,500 support. The price even spiked below $95,000. A low was formed at $94,140 and the price started a recovery wave. There was a move above the $96,500 level. The price climbed above the 50% Fib retracement level of the downward wave from the $100,432 swing high to the $94,140 low. Bitcoin price is now trading below $100,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. It is close to the 61.8% Fib retracement level of the downward wave from the $100,432 swing high to the $94,140 low. The first key resistance is near the $98,800 level. There is also a connecting bearish trend line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair. A clear move above the $98,800 resistance might send the price higher. The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,200 resistance level. Any more gains might send the price toward the $108,000 level. Another Drop In BTC? If Bitcoin fails to rise above the $98,800 resistance zone, it could start another downside correction. Immediate support on the downside is near the $96,500 level. The first major support is near the $95,500 level. The next support is now near the $94,200 zone. Any more losses might send the price toward the $92,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $96,500, followed by $95,500. Major Resistance Levels – $98,000, and $98,800.
El Salvador is on the verge of reaching a big financial agreement with the International Monetary Fund (IMF), with plans to finish a $1.3 billion loan program within the next two to three weeks. The country will change its use of Bitcoin (BTC) as legal tender and take steps to lower its government deficit. According […]
Excitement and speculations about a notable price spike for Bitcoin, the largest digital asset following its recent ascent to the $100,000 level, are emerging rapidly within the crypto community, with crypto enthusiasts pointing to new all-time highs in the upcoming weeks. Next Leap For Bitcoin From The $100,000 Mark In light of renewed market upside momentum, […]
Crypto analyst Tony Severino has revealed that the Bitcoin price bull run could end as soon as January 2025. The analyst further projected that BTC will top below $150,000 as its bull run ends by next month. Bitcoin Price Could Top By January 2025 Below $150,000 In an X post, Tony Severino reaffirmed his theory that the Bitcoin price could top as soon as January 20, 2025. He shared an accompanying chart showing that BTC follows a textbook example of a “complete” market cycle. The chart showed that Bitcoin could top below $150,000 as it reaches the market top next month. Related Reading: Technical Analysis Puts XRP Price Above $5 In Next 3 Days, Whales Buy $288 Worth Of XRP The chart shows that the Bitcoin price is on the last leg of this market cycle’s motive wave. Once this motive wave is done, possibly as soon as January 2025, the corrective wave of this market cycle will begin. This wave, which ushers in the bear market, could last until mid-2027 and cause BTC to retrace to as low as $50,000. Donald Trump’s Pro-Crypto Moves May Already Be Priced In In a detailed blog post, Tony Severino provided more insights on why the Bitcoin price bull run could top this early. He noted that Donald Trump’s victory in the US presidential elections is the narrative that has caused a market-wide takeoff. Thanks to his pro-crypto stance, BTC broke out of a resistance level the night he was declared the winner and has since rallied to $100,000. Related Reading: Ethereum Price Breaks Above Massive Triangle – Next Target: $10,000 However, Severino remarked that Trump’s pro-crypto world is the new paradigm this time around. He acknowledged that market participants cannot envisage a world where the Bitcoin price doesn’t rise much higher, considering that the president-elect has promised to create a Strategic Bitcoin Reserve, which could create a lot of FOMO among other nation-states. However, the crypto analyst asked market participants to consider the fact that the Efficient Market Hypothesis says that the market is forward-looking and prices in all information the moment it is available. Severino believes that BTC could have already priced into Trump’s pro-crypto moves. If so, he predicts this “new paradigm” could create the perfect atmosphere of euphoria and a cyclical peak when Trump finally takes office. In other words, Donald Trump’s inauguration could mark the top for the Bitcoin price bull run, and the corrective wave could begin as soon as he takes office. The Last Two ‘New Paradigm’ Became Cycle Peaks Tony Severino alluded to what happened the last two times the term “new paradigm” was regularly used. According to him, those events became the cyclical peaks for the Bitcoin price. First, he noted that when CME Futures were about to launch, many expected that the fact that institutions could have exposure to BTC would bring a lot of capital. However, that wasn’t the case, as it kicked off a bear market instead. The same thing happened with Coinbase going public, sparking optimism that the Bitcoin price could easily cruise to $100,000. However, that wasn’t the case, as that event marked the cyclical peak for the Bitcoin price bull run. At the time of writing, the Bitcoin price is trading at around $99,200, down in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price recovered losses and climbed above $95,000. BTC is now consolidating and facing hurdles near the $101,250 resistance zone. Bitcoin started a fresh increase after it dropped toward the $90,000 zone. The price is trading below $100,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could regain momentum if it closes above the $101,250 resistance zone. Bitcoin Price Holds Key Support Bitcoin price started another increase above the $95,500 resistance zone. BTC was able to clear the $96,500 and $98,000 resistance levels. The bulls were able to push the price above the 61.8% Fib retracement level of the downward wave from the $104,015 swing high to the $91,800 low. However, the bears seem to be active above the $101,000 level. They protected a close above the $102,000 level. The price struggled to settle above the 76.4% Fib retracement level of the downward wave from the $104,015 swing high to the $91,800 low. Bitcoin price is now trading below $100,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $99,000 on the hourly chart of the BTC/USD pair. On the upside, the price could face resistance near the $100,000 level. The first key resistance is near the $101,250 level. A clear move above the $101,250 resistance might send the price higher. The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $104,200 resistance level. Any more gains might send the price toward the $108,000 level. Another Drop In BTC? If Bitcoin fails to rise above the $101,250 resistance zone, it could start another downside correction. Immediate support on the downside is near the $99,000 level and the trend line. The first major support is near the $97,800 level. The next support is now near the $96,000 zone. Any more losses might send the price toward the $95,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $99,000, followed by $97,800. Major Resistance Levels – $100,000, and $101,250.
The state pension fund in Florida made a bold move to align itself with the vision of US President-elect Donald Trump for a strategic Bitcoin reserve. Florida’s state officials announced that the pension fund will invest $1.85 billion worth of members’ contributions into Bitcoin to diversify its investment portfolio. Related Reading: US Council Sounds The […]
The price of Bitcoin (BTC) has dipped by 1.66% in the last day after failing to break past $102,000 on Friday. Currently, the crypto market leader seems to be in consolidation, with little indication of its next price movement. However, recent whale activity has pointed to a continuous bullish trajectory. Related Reading: Bitcoin ETFs Surpass […]
The recent Bitcoin price surge, which surpassed $100,000 for the first time, is creating ripples in the long-struggling crypto lending sector, particularly through decentralized finance (DeFi) applications. According to a Bloomberg report, the speculative excitement surrounding Bitcoin has not only invigorated its trading but is also spilling over into lending platforms, signaling a potential resurgence […]
The Bitcoin (BTC) price held just below $100,000 at the week’s end, falling 7% to roughly $91,000 on Thursday. This milestone has inspired speculation about Bitcoin’s short, medium, and long-term behavior in the face of increased market volatility. Expert Predicts Bitcoin Could Reach $200,000 According to market expert VirtualBacon, while the $100,000 level is noteworthy, it does not represent the pinnacle of Bitcoin’s potential. He refers to the current phase as the “thrill stage,” in which retail investors are motivated by fear of missing out (FOMO) and media hype. Although Bitcoin’s march to $100,000 may not indicate an early entry point, VirtualBacon predicts it will eventually hit $200,000, citing past price cycles. However, the expert cautions that investors should be prepared for 20% to 30% corrections, but he remains confident about Bitcoin’s long-term potential. Related Reading: XRP Price Marks $2.13 And $2.92 As Primary Fibonacci Levels, What Happens When Wave 2 Begins? Regarding the present bull run’s longevity, VirtualBacon alludes to previous cycles that show major price increases often last 6 to 10 months. He observes that previous bull runs often peaked 6 to 10 months after important milestones, such as Bitcoin’s halving events. VirtualBacon also drew comparisons between Bitcoin’s latest breakthrough of the $100,000 milestone and its initial breach of the $10,000 level in 2017, which resulted in a quick doubling of the price within 20 days. If history repeats itself, the analyst believes that the Bitcoin price might skyrocket to $200,000. However, if the price consolidates around $100,000, it could signal a sustained bull run, which would be beneficial to altcoins. Ethereum: A ‘No-Brainer Investment’ While the euphoria surrounding Bitcoin’s surge above $100,000 is apparent, VirtualBacon emphasizes that the real potential are in altcoins. He believes that when Bitcoin consolidates, altcoins will certainly take center stage. Ethereum (ETH), in particular, is outperforming Bitcoin, predicting an upcoming altcoin season. During past cycles, Ethereum outperformed Bitcoin by a factor of 2.5. If Bitcoin reaches $200,000, VirtualBacon predicts that Ethereum may grow to $15,000, indicating a fourfold increase. Related Reading: Analyst Confirms Ethereum Golden Cross As ETH Surges Past $4,000 – Is Altseason In Sight? Interestingly, VirtualBacon considers Ethereum a “no-brainer investment” at this time, citing its “significant undervaluation” and ability to generate at least a 3x return, with realistic price targets ranging from $10,000 to $12,000. Finally, VirtualBacon advised monitoring Bitcoin’s performance in relation to its 200-day exponential moving average. He expects the bull market to continue until late 2025, creating several possibilities for wise investments. At the time of writing, the largest cryptocurrency on the market, BTC, was trading at $99,670, up 3.2% on the week. Over longer time frames, Bitcoin still shows significant gains of over 31% and 129% on a monthly and year-to-date basis, respectively. Featured image from DALL-E, chart from TradingView.com
The Bitcoin price seems to be facing somewhat of a price failure since it crossed above the $100,000 price level. In the few hours after crossing above this psychological threshold, the Bitcoin price faced rejection and corrected until it reached $94,000. Related Reading: Market Expert: Not Long On XRP? You’re ‘Disrespecting’ Yourself However, this correction does not necessarily signal a bleak outlook for the world’s largest cryptocurrency, especially as investor sentiment continues to hover in the extreme greed zone. According to technical analysis, the Bitcoin price is still open to climbing well above $100,000 by the end of December 2024. Record Bitcoin Liquidations Shake The Market Bitcoin’s broader market dynamics and investor sentiment suggest that Bitcoin’s failure at $100,000 could be a temporary pause rather than a long-term reversal. Interestingly, a detailed analysis posted on the TradingView platform supports this outlook and offers a bold prediction for the year’s end. The analysis highlighted December 5, 2024, as a historic day for cryptocurrency liquidations. Total liquidations reached a staggering $1.1 billion, surpassing the previous record of $950 million set on August 5, 2024. The breakdown included $820 million in liquidated long positions and $280 million in liquidated short positions. Although price data from Coinmarketcap and CoinGecko shows a bottom around $93,600, the Bitcoin price dipped to $89,000–$90,000 depending on the exchange. According to the analysis, such a dramatic move is described as a “helicopter” on the BTCUSDT chart, and it reflects a cooling-off period due to overheating from all technical indicators. Despite the correction and crazy liquidations, the analyst maintained that Bitcoin’s uptrend remains intact. This is because the Fear and Greed Index, a popular sentiment indicator, remained in the “greed” zone at 71 despite Bitcoin’s sharp drop. At the time of writing, the Fear and Greed Index has increased to the “extreme greed” zone at 82, suggesting that market participants are still optimistic about Bitcoin’s future trajectory. Bold Year-End Price Prediction Interestingly, the altcoin market barely reacted to the Bitcoin price reaction, which also creates the possibility of another wave downwards before a broader market recovery. The analyst outlined a scenario for the Bitcoin price probably going on another decline and break below $90,000. The forecast suggests Bitcoin could drop further to the $84,000–$85,000 range before rallying to $110,000. Adding to the bullish narrative is the upcoming Federal Open Market Committee (FOMC) meeting, which is scheduled to take place on December 18. Market expectations point to a 0.25% rate cut by the Federal Reserve, a move that could inject further momentum into Bitcoin’s price recovery much like the September and November rate cuts. Related Reading: Dogecoin Days At The Top Numbered? Cardano Set To Take Over — Analyst At the time of writing, the Bitcoin price is trading at $99,450 and is about to break above $100,000 again. On-chain data shows that Bitcoin whales have taken advantage of the price decline to load up more BTC. Particularly, addresses holding between 100 and 1,000 BTC have increased their collective holdings by 20,000 BTC in the past 24 hours, valued at $2 billion. Featured image from Pixabay, chart from TradingView