As President-elect Donald Trump prepares to take office again in January, his proposal to create a national Bitcoin reserve is gaining momentum across the United States. Several states are now reportedly considering plans to establish their own cryptocurrency reserves, reflecting a broader movement to recognize Bitcoin as a legitimate store of value. Pennsylvania’s Bitcoin Strategic […]
Roger Ver, often hailed as “Bitcoin Jesus,” is currently at the center of a high-profile legal battle with US authorities. Ver is facing serious tax evasion charges, allegedly failing to pay more than $48 million in taxes after selling approximately $240 million in digital tokens. The Journey Of Roger Ver Ver was arrested in Barcelona […]
Michael Novogratz, the billionaire founder of crypto investment firm Galaxy Digital, expressed skepticism regarding the likelihood of the United States establishing a Bitcoin strategic reserve, a proposal put forth by President-elect Donald Trump. Novogratz Predicts $500,000 BTC Price Surge In an interview with Bloomberg Television, Novogratz stated, “I still think it’s a low probability,” highlighting […]
Crypto ETF issuer and asset manager BlackRock announced on Wednesday the expansion of its USD Institutional Digital Liquidity Fund (BUIDL) to include five new blockchain ecosystems: Aptos, Arbitrum, Avalanche, Optimism, and Polygon. Initially launched on the Ethereum network in March 2024, BUIDL rapidly gained traction among investors, becoming the largest tokenized fund globally regarding assets under management (AUM) within just 40 days. BNY Mellon To Custody BUIDL The expansion will allow BUIDL to interact with more blockchain-based financial products and infrastructures. BlackRock aims to enhance accessibility for investors, decentralized autonomous organizations (DAOs), and digital asset firms, enabling them to leverage BUIDL within the ecosystems of their choice. Related Reading: Bitcoin Consolidates After Recent Surge – Metrics Reveal Moderate Selling Pressure Carlos Domingo, CEO and co-founder of Securitize, the firm responsible for tokenizing BUIDL, emphasized the importance of this multi-chain approach in Wednesday’s press release by saying: Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do. With the addition of these blockchains, BlackRock aims to provide increased options and access for investors, allowing developers to build applications that integrate seamlessly with the BUIDL fund. BNY Mellon, which recently received a Bitcoin and crypto custody license for institutional services, will play a key role in this initiative as the fund administrator and custodian for BUIDL. BlackRock Bitcoin ETF Achieves Unprecedented Growth On the crypto ETF front, BlackRock’s Bitcoin ETF, IBIT, has reached a remarkable milestone, surpassing the $40 billion mark in assets under management (AUM) just two weeks after hitting $30 billion. This achievement comes in a record 211 days, shattering the previous record of 1,253 days held by the iShares Core MSCI Emerging Markets ETF (IEMG). IBIT is now positioned in the top 1% of all ETFs by assets and at just 10 months old, it has outperformed all 2,800 ETFs launched in the past decade, according to ETF expert Eric Balchunas. Balchunas further highlighted that Bitcoin ETFs collectively have crossed the $90 billion asset threshold, following a significant $6 billion surge in the past few days. This increase comprises $1 billion in new inflows and $5 billion in market appreciation. The growing popularity of Bitcoin ETFs indicates that they are now 72% of the way toward surpassing gold ETFs in total assets. Related Reading: Justin Drake Unveils ‘The Beam Chain’: A Vision For Ethereum Final Design The rise in Bitcoin ETF assets has coincided with a surge in investor confidence, particularly following Donald Trump’s recent victory over Kamala Harris in the presidential elections. This political shift has positively influenced market sentiment, contributing to a broader uptick in cryptocurrency prices. Bitcoin, in particular, has experienced a substantial rally, climbing over 24% to reach a record high of $93,000 in the past week alone. Featured image from DALL-E, chart from TradingView.com
Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might attempt another increase in the near term. Bitcoin extended its increase and traded above the $92,000 zone. The price is trading above $87,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $87,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it stays above the $85,400 zone. Bitcoin Price Sets Another ATH Bitcoin price started a fresh increase above the $88,000 level. BTC cleared the $90,000 resistance and traded to a new all-time high. It posted a high at $93,435 and is currently consolidating gains. There was a minor decline below the $91,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high. However, the bulls are active near the $88,500 support zone. Bitcoin price is now trading above $87,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $87,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high. On the upside, the price could face resistance near the $90,500 level. The first key resistance is near the $91,200 level. A clear move above the $91,200 resistance might send the price higher. The next key resistance could be $93,500. A close above the $93,500 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $100,000 resistance level. More Downsides In BTC? If Bitcoin fails to rise above the $90,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,400 level. The first major support is near the $87,200 level or the trend line. The next support is now near the $85,400 zone. Any more losses might send the price toward the $82,500 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 above the 80 level. Major Support Levels – $88,400, followed by $87,200. Major Resistance Levels – $90,500, and $91,200.
Bitcoin (BTC) has hit new highs in recent days, with many users of crypto betting site Kalshi predicting that the largest cryptocurrency on the market could hit the $100,000 milestone before the end of 2024. According to recent data from the event contract market, 60% of users believe Bitcoin will hit this milestone before January, while 45% are betting it could achieve this level as early as November. Analyst Predicts Six-Figure Bitcoin Prices By Year-End Kalshi, which launched in 2021, allows users to bet on various outcomes, including economic data releases and election results. The platform gained significant attention this year due to its legal battle with the Commodity Futures Trading Commission (CFTC), which ultimately led to US users being allowed to participate in betting markets for the presidential election. Since the US presidential election on November 5, Bitcoin has surged more than 28%. The election outcome has been viewed as bullish for cryptocurrencies, especially with President-elect Donald Trump expressing his support for the industry and hinting at more favorable regulations. Related Reading: Justin Drake Unveils ‘The Beam Chain’: A Vision For Ethereum Final Design Analyst Mike Colonnese from H.C. Wainwright commented on the current market conditions, stating: Strong positive sentiment is likely to persist through the balance of 2024, and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year. The analyst further noted that Bitcoin is now in a phase of “price discovery” after breaking through its all-time highs early last Wednesday morning, following the official announcement of Trump’s election victory. This combination of market enthusiasm and regulatory optimism, he suggests, could see BTC continue its upward trajectory, attracting new investors and cementing its place in the financial landscape by the end of 2024. UBS Warns Of Historical Volatility Although betting markets and investors have set their sights on BTC hitting $100,000, Wall Street analysts are warning about the “speculative” nature of cryptocurrencies. Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, emphasized this point in a note to clients on Tuesday. “We continue to view crypto assets as a speculative trade rather than a strategic investment in portfolios,” she stated. Marcelli expressed skepticism regarding the potential for digital assets to make significant inroads into disruptive real-world applications, noting their propensity to increase portfolio volatility. UBS highlighted that since 2014, Bitcoin has experienced three major drawdowns exceeding 70%, with an average recovery period of three years. Related Reading: Analyst Warns Of 10% Bitcoin Price Drop Ahead Of CPI Data On a more positive note, other cryptocurrencies saw gains on Wednesday. Ethereum (ETH), Solana (SOL), and even Dogecoin (DOGE) experienced upward movement. Dogecoin surged notably after Trump announced that Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy would head a newly formed “Department of Government Efficiency,” cleverly abbreviated to DOGE. However, crypto-related equities did not follow the bullish trend of Bitcoin. Stocks like Coinbase (COIN) and Robinhood (HOOD) took a breather after recent rallies, with Coinbase shares down about 2% on Wednesday, while Robinhood remained relatively unchanged. After hitting a new all-time high of $93,000 on Wednesday, BTC has come back down to the $90,350 level, yet, still up 20% on the week. Featured image from DALL-E, chart from TradingView.com
Veteran trader Peter Brandt has brought fresh attention to DOGE by identifying striking similarities between the current Dogecoin price action and the Bitcoin price movements from 2015-2016. Brandt highlighted these patterns in a recent post on social media platform X, suggesting that Dogecoin could be following in Bitcoin’s early footsteps. Peter Brandt’s Observations On Dogecoin […]
Recently, there have been significant fluctuations in the prices of Bitcoin; presently, they oscillate between $87,000-$87,500. This may not be eye candy to investors who are currently on the sidelines waiting for the coin to hit $90k, particularly the release of CPI data set today, November 13. This news is perceived by analysts to have a considerable influence on market sentiment and the expected direction of the alpha crypto asset. Related Reading: XRP Price Patterns And 2024 Election Spark Talk Of A New Rally The Barometer For Inflation Reflecting changes in the prices consumers pay for goods and services, the CPI report is a main indication of inflation. Expectations about the CPI can cause more volatility in the bitcoin markets as inflation rates affect the Federal Reserve’s choices on monetary policy. Recent trends imply that should inflation remain lowered, the Federal Reserve might cut interest rates—historically this has had a positive effect on Bitcoin prices. Reduced borrowing rates sometimes inspire investment in risky assets such as cryptocurrencies, hence increasing demand for Bitcoin. #Bitcoin is up to $90,000 and I think we’re about to get started with the markets. The sweet spot is having a 10% correction towards the CME gap before we continue. I’m slightly bearish going into CPI tomorrow. pic.twitter.com/dfpUc2df1k — Michaël van de Poppe (@CryptoMichNL) November 12, 2024 Growing Investor Trust Famous crypto expert Michaël van de Poppe, the founder of MNConsultancy, said that the current state of affairs in the crypto market corresponds well to the positive assessment of Bitcoin. In case CPI statistics would indicate more cases of inflation drops, he says that this would lead to growing investor trust and higher capital inflows into Bitcoin and other cryptocurrencies. Will Bitcoin Retrace? He also cautions, though, that unanticipated inflation rises could surprise markets and cause pricing adjustments all around. He anticipates a 10% Bitcoin retracement prior to the release of CPI data, targeting a range of $75,660 to $81,193. Market Reactions And Predictions As traders get ready for the CPI figures, the general market mood remains mixed. Some experts think that positive CPI numbers could lead to a rise in Bitcoin prices, but others say that people shouldn’t get too excited. Meanwhile, many investors are still optimistic about the long-run prospects of Bitcoin. The incoming administration of newly-elected US President Donald Trump adds another layer of complexity to market dynamics. Related Reading: Shiba Inu Strategic US Hub Plan Sends SHIB Price On A 23% Moonshot According to Van de Poppe, short-term regulatory actions will benefit Bitcoin, but their long-run consequences might be something more complex if control for inflation is not handled well. Meanwhile, as Bitcoin continues in its path for a major price discovery, the focus will be on the CPI data and the impact they have on digital assets. Such an unpredictable environment should be approached with caution by investors while they remain focused on economic events that could swing their investments. At the time of writing, Bitcoin was trading at $87,509, up 2.1% and 17.2% in the daily and weekly timeframes, data from Coingecko shows. Featured image from The VR Soldier, chart from TradingView
President-elect Donald Trump is poised to reshape the US government’s approach to crypto, actively seeking candidates with industry-friendly views for key regulatory positions. According to the Washington Post, as part of his strategy to establish the United States as the “crypto capital of the world,” Trump’s transition team is consulting with cryptocurrency executives to explore […]
Bitcoin price extended gains above $88,000. BTC is now consolidating gains near $90,000 and might see a minor decline in the near term. Bitcoin extended its increase and traded above the $88,000 zone. The price is trading above $86,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $85,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it stays above the $85,000 zone. Bitcoin Price Sets Another ATH Bitcoin price started a fresh increase above the $85,000 level. BTC cleared the $86,500 resistance and traded to a new all-time high. It posted a high at $89,852 and is currently consolidating gains. There was a minor decline below the $88,500 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $78,555 swing low to the $89,852 high. There is also a connecting bullish trend line forming with support at $85,200 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $88,500 level. The first key resistance is near the $89,200 level. A clear move above the $89,200 resistance might send the price higher. The next key resistance could be $90,000. A close above the $90,000 resistance might initiate more gains. In the stated case, the price could rise and test the $92,000 resistance level. Any more gains might send the price toward the $100,000 resistance level. Start of Downside Correction In BTC? If Bitcoin fails to rise above the $88,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,150 level. The first major support is near the $84,500 level or the trend line or the 50% Fib retracement level of the upward move from the $78,555 swing low to the $89,852 high. The next support is now near the $82,000 zone. Any more losses might send the price toward the $80,500 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 above the 80 level. Major Support Levels – $87,150, followed by $84,500. Major Resistance Levels – $88,500, and $90,000.
The Bitcoin price has finally broken out of resistance and is on a journey to the $320,000 threshold, according to a crypto analyst. Notably, the Bitcoin price has now returned into a full bullish sentiment, with the crypto fear and greed index now pointing to extreme greed. In a recent technical analysis, crypto analyst Gert van Lagen identified a bullish pattern in Bitcoin’s price chart, specifically pointing to a confirmed breakout of the classic ‘cup-and-handle’ pattern formation that has essentially kicked off a bullish Wave 5 run. Bitcoin Price Sets Sights On $320,000 As Wave 5 Begins Bitcoin’s price action has been nothing short of impressive in the past few days. Notably, the Bitcoin price has created multiple all-time highs in quick succession, as many investors start to pour in. This sustained demand has created successive bullish candles on both the daily and weekly charts, illustrating a continued strong upward momentum. Related Reading: Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows What’s Coming Next Interestingly, these bullish candle formations have validated what crypto analyst Gert van Lagen called the start of a sub-wave 5 formation. This wave, which is known to be bullish, is expected to be the final sub-wave formation in a larger Elliot wave uptrend that has been in play since January 2023. Supporting the possibility of the wave 5 formation, technical analysis of the Bitcoin price formation shows that the recent price rally has seen Bitcoin breaking out of a cup-and-handle formation. This pattern, which is known to be bullish, has been in formation since 2022. The ‘cup’ portion of this pattern began forming in early 2022 and eventually ended with Bitcoin’s peak above $73,700 in March 2024. The subsequent consolidation phase, which lasted until October, represents the ‘handle’ segment of the pattern. In addition to this, Bitcoin has managed to break free from what van Lagen described as a ‘base 4 step-wise formation,’ effectively shaking off a bear trap. With this breakout now confirmed, van Lagen’s analysis points to a projected target range between $220,000 and $320,000. This range marks what he considers a ‘major sell line,’ which is a zone where profit-taking might intensify as Bitcoin reaches these upper limits. Related Reading: This Crypto Trader Correctly Called Dogecoin Price Break Above $0.3 Back In October, The True Target Will Shock You Current State Of BTC At the time of writing, Bitcoin is trading at $89,500 with a market cap of $1.77 trillion and an all-time high of $89,864, having increased by about 10.5% in the past 24 hours. However, given this trend, this all-time high might not last long. The bullish sentiment and inflow surrounding Bitcoin has been so massive that investors don’t know when to take profit at the moment. The RSI is above 70 on every single timeframe from the daily to the yearly. This shows how strong the buying momentum is at the moment. Nevertheless, the momentum is expected to continue, with the next target at $90,000 and another at $100,000. A move to Gert van Lagen’s target of $220,000 to $320,000 will represent a 145% and 255% increase, respectively, from the current price. Featured image created with Dall.E, chart from Tradingview.com
Both retail and institutional adoption and interest in Bitcoin continue to see notable growth following the recent price upswing over the past week, which has led to a huge rise in BTC’s dominance over other cryptocurrency assets in the market. Bitcoin’s Market Dominance Almost Over With Bitcoin persistently witnessing a significant price rally, its dominance […]
As crypto prices begin to recover from a prolonged period of consolidation and retracement observed during the second and third quarters of the year, the market is entering a phase of renewed optimism. This shift has been notably influenced by Donald Trump’s recent victory over Democrat Kamala Harris, which has coincided with Bitcoin (BTC) recording […]
Bitcoin price is up over 10% and trading above $86,000. BTC is showing no signs of stopping and might aim for a move toward $100,000 in the near term. Bitcoin started a fresh surge above the $82,500 zone. The price is trading above $85,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $82,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise above the $88,500 resistance zone. Bitcoin Price Sets Another ATH Bitcoin price started a fresh increase above the $80,500 level. BTC cleared the $85,000 resistance and traded to a new all-time high. It posted a high at $89,600 and is currently consolidating gains. There was a minor decline below the $89,000 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. There is also a connecting bullish trend line forming with support at $82,500 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $86,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $88,800 level. The first key resistance is near the $89,500 level. A clear move above the $89,500 resistance might send the price higher. The next key resistance could be $92,500. A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $100,000 resistance level. Are Dips Limited In BTC? If Bitcoin fails to rise above the $88,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,000 level. The first major support is near the $84,000 level or the 50% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. The next support is now near the $82,500 zone and the trend line. Any more losses might send the price toward the $80,500 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 80 level. Major Support Levels – $88,000, followed by $84,000. Major Resistance Levels – $88,800, and $92,500.
The Bitcoin price trajectory has been nothing short of impressive since the beginning of November. Notably, Bitcoin has been up by about 20.8% from its November low of $67,690, which has allowed it to break into new all-time highs successively. Interestingly, technical analysis of the Bitcoin price suggests this uptrend isn’t stopping soon, and Bitcoin holders can continue to expect gains as the year draws to a close. According to crypto analyst Tony “The Bull” Severino, CMT, the SuperTrend indicator is now pointing to a bullish continuation for the Bitcoin price. What’s more intriguing is the fact that this marks the first time the indicator is rising after 34 weeks of sideways movement. SuperTrend Indicator Points To Bullish Continuation Crypto analyst Tony “The Bull” Severino has added further weight to this positive outlook surrounding the Bitcoin price. According to his analysis, the recent bullish price action has seen the SuperTrend indicator, an indicator often used to gauge market direction, trending upwards for Bitcoin on the weekly timeframe. Interestingly, technical analysis of the Bitcoin price chart on the weekly candlestick timeframe shows that the SuperTrend indicator had been moving horizontally since March 2024 up until recently. Throughout this period, the indicator held steady despite volatility, even during Bitcoin’s downward spike in August, when Bitcoin dipped to $49,600. Even then, Bitcoin managed to recover, finding support on the weekly SuperTrend line. Next Target For The Bitcoin Price Recent market dynamics have seen the Bitcoin price reeling in bullish sentiment. To put this in context, the Bitcoin price has been trading within a range of $78,649 to $81,800 in the past 24 hours, with a trading volume of $83.7 billion, according to CoinGecko. As such, Bitcoin now has an all-time high of $81,800 at the time of writing, although it has corrected a bit and is currently trading at $80,965. Now, with the SuperTrend indicator turning upward, there is a renewed sense of optimism for Bitcoin’s price trajectory. As noted by Tony Severino in another post on social media platform X, the recent uptrend has seen Bitcoin kicking off a new upside move within an uptrend channel that has been in formation since October 2023. Interestingly, the first guaranteed target in light of this upside move is in the middle of the uptrend channel, which Severino highlighted to be $100,000. With Bitcoin currently trading at around $81,000, this target represents a further increase of about 23.5%. However, if the Bitcoin were to reach the upper trendline of this uptrend channel, it would see it reaching the $170,000 price threshold, which would represent a 110% increase from the current price. Featured image created with Dall.E, chart from Tradingview.com
The leading cryptocurrency on the market, Bitcoin (BTC), hit a new all-time high of $84,000 on Monday amid increased inflows into the digital asset market and expectations for further gains in the final months of the year. This surge comes in the wake of Donald Trump’s recent victory over Democrat candidate Kamala Harris in the US presidential election, with Bitcoin experiencing a 23% increase over the past week and a 5.5% rise in the last 24 hours. Optimism Grows For $100,000 Bitcoin Bloomberg reports that as Bitcoin hits a new record high, options traders are now targeting the $100,000 mark, speculating that it could be reached before the end of the year. Traders on options exchange Deribit are particularly active, with large bets being placed on Bitcoin reaching this milestone. A notable $100,000 call option set to expire on December 27 has garnered significant attention, with reports indicating that it has already increased in value by 30%. Related Reading: Bitcoin Soars Past $82,500 As MicroStrategy Makes Major 27,200 BTC Purchase Nick Forster, founder of Derive, a decentralized finance protocol for options trading, commented, “We’re witnessing some significant movements in the wake of the US election.” As of Monday morning in London, there was approximately 9,635 Bitcoin—valued at around $780 million—in open interest tied to bets on Bitcoin hitting $100,000 by the December expiration. According to Bloomberg, this represents the highest amount of capital riding on any single trade for that expiry date, with Deribit estimating an 18.6% probability of this trade paying off. Uptrend Linked To Anticipated Regulatory Changes Under Trump Le Shi, managing director at market-making firm Auros in Hong Kong, noted that the current uptrend in the broader market is due to a number of promises made by Trump during the election campaign. These include making Bitcoin a strategic reserve asset for the US, firing the chairman of the US Securities and Exchange Commission (SEC) on his first day in office and introducing a clearer regulatory framework to support the market’s growth. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Shi believes that the combination of favorable market conditions, growing institutional interest, and a supportive regulatory environment under Trump’s administration could create a conducive backdrop for further price appreciation. At the time of writing, BTC is trading at $84,122. Featured image from DALL-E, chart from TradingView.com
On Monday, business intelligence firm Microstrategy announced the purchase of additional Bitcoin (BTC) as the largest cryptocurrency on the market hit a new all-time high of $82,500, with increased inflows into various sectors of the ecosystem over the past week. MicroStrategy Now Holds Nearly $23 Billion In Bitcoin In a social media post by Bitcoin bull Michael Saylor, the company announced that it had acquired approximately 27,200 BTC for approximately $2.03 billion. This transaction is one of the largest BTC purchases to date by a corporate entity but in line with the company’s strategy to integrate crypto into its financial framework. According to a statement released Monday, these acquisitions took place between October 31 and November 10, using proceeds from recent stock sales. With this latest purchase, MicroStrategy now holds nearly $23 billion in Bitcoin, totaling approximately 279,420 BTC with an average purchase price of about $42,692 per Bitcoin. Related Reading: PEPE Upsurge Stalls At Key Resistance, Eyeing Support At $0.00001152 Michael Saylor also revealed that the company’s MSTR treasury operations since the beginning of November have resulted in a BTC yield of 7.3%, representing a net benefit to shareholders of nearly 18,410 Bitcoin. However, this strategy has also had a notable impact on Microstrategy’s stock MSTR, which jumped 11% on Monday as the announcement was made and is currently trading at approximately $299 per share, up from $270 the previous week. Post-Election Bull Run The current uptrend in Bitcoin’s price also coincides with a notable shift in investor sentiment following Donald Trump’s victory in the recent US presidential election against Vice President Kamala Harris. According to CoinShares, digital asset investment products experienced inflows of $1.98 billion following the election, marking the fifth consecutive week of positive inflows and bringing the year-to-date total to a record $31.3 billion. Along with the largest cryptocurrency on the market, the overall global assets under management (AuM) in cryptocurrencies have reached an all-time high of $116 billion. The inflows were predominantly driven by US investors, who contributed $1.95 billion, while European markets also saw smaller inflows, particularly in Switzerland and Germany. Bitcoin alone attracted $1.8 billion of these inflows, reflecting a broader trend that has emerged since the US Federal Reserve (Fed) cut interest rates in September. Related Reading: Dogecoin (DOGE) Soars 50% In a Flash: Is More Upside Ahead? Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted that the bullish momentum in the crypto market is fueled by a sense of “euphoria” following Trump’s election. Streeter commented that his pledge to ‘go all in on crypto’ has sent BTC to “new, heady heights,” and ultimately believes that Trump’s shift towards supporting the cryptocurrency industry has created a more favorable regulatory environment, boosting investor confidence. In further support of this sentiment, Citi strategists highlighted that cryptocurrencies remain one of the few Trump-related trades that have not retraced. They noted that his administration’s expected crypto-friendly policies could lead to greater regulatory clarity in the US, further encouraging investment. Overall, as Bitcoin continues its uptrend, some predict that BTC could reach the $100,000 milestone by the end of the year, driven by a combination of favorable market conditions and growing institutional adoption. At the time of writing, the market’s leading crypto is trading at $82,479, up 20% in the past week alone. Featured image from DALL-E, chart from TradingView.com
The general cryptocurrency market has seen notable upward momentum in the past few weeks, with Bitcoin, the largest digital asset, leading the market once more toward what several seasoned crypto analysts believe to be one of the biggest bull runs ever. Bitcoin Heading Toward More Higher Levels In his latest report, Doctor Profit, a market […]
Bitcoin is proving its mettle, and showing no signs of stopping. The crypto skyrocketed to a fresh record high on Monday, as investors bet that Donald Trump’s return to the Oval Office will be good for the crypto industry. Related Reading: $1,400 On The Horizon? Solana Breach Of $200 Excites Analysts The world’s largest and most recognized cryptocurrency has now more than doubled from the year’s low of $38,4000 and was last at $81,405 having earlier touched a record high of $81,890, data from Coingecko shows. A day after the elections, Bitcoin hit $75k, topping its previous high of $74,797 last March. Bitcoin’s early November price surge isn’t surprising, knowing how Bitcoin and crypto have become a hot election topic. While Democrat Kamala Harris pitched her support for new technologies like AI, Trump was seen as more receptive and favorable to the Bitcoin and crypto community. Bitcoin’s latest surge pushed the asset’s market cap to over $2.7 trillion, data from CoinMarketCap show. Bitcoin Inks Another ATH, Boosts The Crypto Landscape Bitcoin’s bullish price action started last November 5th, when Trump’s numbers showed a convincing win. Earlier Wednesday, Bitcoin’s price hit $75k and soon surged to new highs until, Monday. Bitcoin’s surge also benefited the rest of the crypto industry. For example, with Bitcoin’s price ascent, MicroStrategy’s share price increased, which was confirmed with Coinbase Global. Traders’ optimism is high; even the Dow Jones Industrial Average and the S&P 500 ended the week in black. Trump’s Change In Bitcoin Policy Interestingly, incoming President Trump wasn’t initially keen on Bitcoin and cryptocurrencies. During his first presidency, Trump labeled these digital assets as scams. However, with his recent public appearances and pronouncements, Trump changed his tune and now shows massive support. In one of his campaign speeches, Trump promised to make the US the Bitcoin and crypto capital of the world. He also enjoys the support of many famous crypto personalities, including Elon Musk. Related Reading: SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top Spot—Report Crypto Project Aside from his public statements supporting Bitcoin, Trump has also explored a crypto project. Last September, Trump and his sons and other entrepreneurs launched World Liberty Financial, a digital currency platform. However, technical difficulties and other issues marred the project’s launch. Although Bitcoin and cryptocurrencies are known for their volatility, Trump has led the adoption of digital assets in recent months. Before the elections, he used BTC for retail purchases, the first US president to do so, making it a historic transaction. Featured image from DALL-E, chart from TradingView
Bitcoin price is up over 5% and trading above $80,000. BTC is rising and might aim for a move above the $82,000 resistance zone in the near term. Bitcoin started a fresh surge above the $78,500 zone. The price is trading above $80,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $80,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise above the $81,500 resistance zone. Bitcoin Price Sets Another ATH Bitcoin price started a fresh increase above the $76,500 level. BTC cleared the $78,000 resistance and traded to a new all-time high. It posted a high at $81,700 and is currently consolidating gains. There was a minor decline below the $81,500 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $75,785 swing low to the $81,700 high. There is also a connecting bullish trend line forming with support at $80,250 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $80,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $81,700 level. The first key resistance is near the $82,000 level. A clear move above the $82,000 resistance might send the price higher. The next key resistance could be $82,500. A close above the $82,500 resistance might initiate more gains. In the stated case, the price could rise and test the $83,800 resistance level. Any more gains might send the price toward the $85,000 resistance level. Are Dips Supported In BTC? If Bitcoin fails to rise above the $81,700 resistance zone, it could start a downside correction. Immediate support on the downside is near the $80,250 level and the trend line. The first major support is near the $78,750 level or the 50% Fib retracement level of the upward move from the $75,785 swing low to the $81,700 high. The next support is now near the $77,500 zone. Any more losses might send the price toward the $76,500 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 – $80,250, followed by $78,750. Major Resistance Levels – $81,700, and $82,500.
Bitcoin is currently rewriting its all-time high, thanks primarily to the results of the recently concluded US elections and increasing inflows into Bitcoin ETFs. Days before the election, Bitcoin struggled to hold the $70k level, briefly hitting $73k. Related Reading: Cardano Soars 32% Amid Buzz Around Hoskinson As Trump’s Crypto Advisor Immediately after the elections, […]
The price of Bitcoin showed a highly positive reaction to Donald Trump’s emergence as the next US President, gaining by 9.62% in the past week according to data from CoinMarketCap. Amidst this price rally, Bitcoin established a new all-time high at $77,252 on November 8 but has since retraced by over 0.5%. Commenting on the asset’s potential next movements, analyst Ali Martinez postulates BTC may be set for significant corrections which may present opportunities for reaccumulation. Related Reading: Bitcoin Stock To Flow Model Shows Price Is Ready For Next Phase Transition Above $100,000 Bitcoin Likely To Fall To $69,000 – Here’s How In an X post on November 9, Martinez predicted that Bitcoin may finally record some significant price pullback, after days of bullish uptrend triggered by US election results and the Federal Reserve’s latest decision to initiate a 25 bps rate cut. Following the premier cryptocurrency’s descent from above $77,000, Martinez explains the price movement indicates a fall from a rising wedge which is a chart pattern that signals a potential reversal in an uptrend due to converging highs and lows. If this signal holds, the popular crypto analyst predicts Bitcoin could fall to around $73,900. Albeit, intense selling pressure could cause a further decline to $71,500, with $69,000 emerging as a strong support level in a worst-case scenario. Interestingly, Ali Martinez shares he has set buy orders at all these support regions as any potential price recorrection by Bitcoin presents a good opportunity for massive purchases at lower prices. This trading strategy emerges from the general belief that the Bitcoin bull season is still in its early phase despite significant price rallies in the past few weeks. Analysts continue to postulate a six-figure price target by the end of 2024, indicating potential for magnanimous price gains in the upcoming year. Related Reading: Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000 BTC Leverage Ratio Hits 2-Year High In other news, data from analytics firm IntoTheBlock shows that the ratio of Bitcoin’s Open Interest to its market cap is 5.93%, which is the highest value of this metric since the FTX collapse in November 2022. This development indicates that traders are holding a high level of leveraged positions, which can result in drastic volatility levels upon any minute price changes, thus adding to the growing sentiment around an incoming price correction. At the time of writing, Bitcoin exchanges hands at $76,740 following a 0.70% decline in the past 24 hours. Meanwhile, the assets trading volume is down by 44.63% and valued at $31.87 billion. However, the maiden cryptocurrency continues to retain global headlines following its 27.76% price gain in the last month, resulting in a market cap value of $1.51 trillion. Featured image from Nairametrics, chart from Tradingview
According to data from CoinMarketCap, Bitcoin (BTC) has gained by 0.66% in the past 24 hours with its market price now hovering close to $77,000. This slight price increase compounds an impressive performance in the last month during which BTC’s value has risen by 27.82%. As the crypto bull season appears to be kicking off, the popular Bitcoin Stock-to-Flow model has revealed a lofty price target for the largest digital asset. Related Reading: Bitcoin Could Be Ready For ‘Phase 2’ Of This Historical Bull Pattern Why Bitcoin May Reach $500,000 In an X post on November 9, a pseudonymous analyst and developer of the Bitcoin Stock-to-Flow model shared a price prediction on the maiden cryptocurrency. For context, the Stock-to-Flow model is a popular market framework that forecasts BTC’s price based on projected scarcity. According to PlanB, data from this analysis model currently suggests that the crypto market leader will attain an average market price of $500,000 over the next four years with a projected price range of $250,000 – $1 million. The analyst explains that the Bitcoin bull season is still at an early stage as indicated by the red dots on the Stock-to-Flow model chart, despite the recent price rally induced by Donald Trump’s electoral victory and even the “fake-out” recorded in Q1 2024 following the Spot Bitcoin ETF launch. Aside from historical data, PlanB states multiple future events indicate BTC’s massive potential to attain the established price target. For example, the pseudonymous analyst references Trump’s intention to establish a National Bitcoin Reserve which may likely be enacted by Senator Cynthia Lummis’s proposed Bitcoin Act that will see the US purchase 200,000 BTC annually for the next five years. PlanB also highlighted Michael Saylor’s Microstrategy recently published objective to purchase $42 billion BTC by 2027. The market analyst explains that both massive acquisition programs would stimulate a high buying pressure on BTC which should translate to sharp price increases. In addition, PlanB states the Spot BTC ETFs have experienced enormous inflows, valued at $2.294 billion, since Trump’s election, which will only go higher in the coming months contributing to BTC’s demand. Importantly, the analyst kicks against doubting the Stock-to-Flow model despite Bitcoin attaining an average price of $34, 000 in the last cycle rather than the predicted $55,000 since the market model revealed a price target range of $25,000-$100,000. BTC Price Overview At the time of writing, BTC trades at 76, 745 reflecting a price gain of 11.85% in the past seven days. However, the asset’s trading volume has decreased by over 40% in the 24 hours reaching $28.33 billion. Related Reading: Rising Bitcoin Funding Rates Signal Market Optimism—But Is A Correction Looming? Featured image from Atlantic Council, chart from Tradingview
The Bitcoin price could see its second massive breakout in this current market cycle, as a crypto analyst has predicted a peak above $150,000 for the pioneer cryptocurrency. This bullish forecast comes on the heels of Bitcoin’s previous All-Time High (ATH) this month when it surpassed the $75,000 mark. Related Reading: SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top Spot—Report Bitcoin Price Peak Set Above $150k In just 2024, Bitcoin has reached three major all-time highs, making a historic move for the cryptocurrency. Earlier in March, the cryptocurrency crossed the $73,000 level, hitting a new ATH. A few days after the November United States (US) Presidential election, the cryptocurrency exceeded expectations with a massive rally to an ATH above $75,000. Today, Bitcoin just hit a fresh ATH, surpassing the $77,000 price level. Each of these ATHs were primarily spurred on by different market factors, with the March price high fueled by the launch and surging demand for Spot Bitcoin ETFs and the November ATHs triggered by the market sentiment following Donald Trump’s reelection as the 47th President of the United States. Considering these major market moves, a crypto analyst, identified as Titan of Crypto on X (formerly Twitter), has released Bitcoin’s second most critical breakout of this market cycle. Sharing a detailed chart of Bitcoin’s price movements from 2013 to the present, the analyst highlighted a projected path for BTC to reach a market peak above $160,000. The analyst predicted that the price of Bitcoin could surge between $160,000 and $230,000 by 2025. Titan of Crypto based this bullish prediction of Bitcoin’s market peak on the cryptocurrency’s historical price action. Based on the chart, the analyst showed that Bitcoin hit a “2nd breakout” between 2016 and 2018, leading to a price surge of $12,679. Similarly, in the following market cycle, Bitcoin hit another second breakout between 2019 and 2021, triggering a price increase to $50,509. With the same breakout pattern in this current market cycle, Titan of Crypto has set Bitcoin’s next bullish target and price peak above $160,000. This considerable surge represents a 109% increase from its current price of $76,559 and a 107% increase from its present ATH. Analyst Says Bitcoin Price To Hit $100k By December Crypto analyst Trader Tardigrade has also revealed a bullish forecast for the Bitcoin price on X. Presenting a chart comparing Bitcoin’s price action in 2023 and 2024; the analyst denoted that BTC is on track for a significant pump as it mirrors bullish moves seen in the previous year. Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11% Based on past trends, Trader Tardigrade has predicted that Bitcoin will reach $100,000 by early December 2024. In his price chart, the analyst has highlighted a potential price increase above $180,000 for Bitcoin by 2025. Featured image from Forbes, chart from TradingView
Bitcoin, the world’s largest digital asset, recorded significant market gains in the past week to resume an uptrend that began in early October. Data from CoinMarketCap shows that Bitcoin rose by 10.58% in the past week as pro-crypto candidate Donald Trump emerged as US President-elect on November 5, followed by a 25 bps rate cut by the US Federal Reserve. With the crypto market leader recording new all-time highs each day, analyst Ali Martinez has dropped a new price target that hinges on a certain condition. Related Reading: Bitcoin Sentiment Enters Danger Zone: Investors Now Extremely Greedy Bitcoin Must Stay Above $71,480 – Here’s Why Amidst the current Bitcoin price rally, Ali Martinez predicts the digital asset could reach a local price peak of $85,360. However, this price action can only occur if BTC’s value does not decline below $71,480 based on data from the MVRV Deviation Pricing Bands, a trading tool used to identify extreme bullish and bearish market conditions based on the Market Value to Realized Value (MVRV). Martinez’s latest insight on Bitcoin’s trajectory follows a previous prediction in which the analyst forecasted the premier cryptocurrency to retrace to around $71,500 after hitting the $78,000 price mark. With Bitcoin within range of this price target following its recent tourney across $77,000, it is imperative that the market bulls prevent any potential retracement below $71,480, which may result in a further decline to $66,000 at which lies its next major resistance. Alternatively, Bitcoin is also well poised to push beyond $78,000, reaching Martinez’s target of $85,360 without experiencing any projected price pullback as market sentiments remain highly bullish due to multiple factors. Aside from Donald Trump’s resounding electoral victory which signals an incoming crypto-friendly approach by the US Government, high inflows into the Bitcoin Spot ETFs over the past weeks have also boosted investors’ confidence in Bitcoin’s continuous profitability. Nevertheless, all investors are admonished to remain vigilant as the crypto market is subject to high levels of volatility and sudden price movements. Related Reading: $13 Million Bitcoin? Sounds ‘Bearish’: Expert Hints At Even Greater Heights Ahead BTC Social Narrative Backs Potential Retrace In other news, data from analytics firm Santiment shows that Bitcoin’s rise above $77,000 has induced a change in the social narrative as the general crypto community is anticipating a continuous rise to $80,000. According to Santiment, whenever crypto enthusiasts have been overly eager about $80,000 in the past month, Bitcoin has experienced a price retrace. Therefore, there is a need to reduce growing notions around FOMO in order to allow Bitcoin to maintain its current price rally. At the time of writing, Bitcoin trades at $76,395 reflecting a gain of 0.49% in the past 24 hours. Featured image from Forbes, chart from Tradingview
On Thursday, Detroit announced plans to become the largest city in the United States to accept Bitcoin and other cryptocurrencies for tax payments. According to local media reports, residents will be able to make payments through a platform managed by PayPal from mid-2025 as the city looks to modernize its payment systems. Detroit’s Cryptocurrency Move […]
Bitcoin’s recent significant upward move to a new all-time high has triggered massive gains in the market as investors, both retail and institutional are currently seeing notable profits from their investments, further solidifying BTC’s position as the leading digital asset in the entire crypto industry. Bullish Run Pushes Bitcoin Holders Into Profitable Territory Amidst rising […]
Bitcoin has achieved new highs, surpassing $76,000 for the first time in history. This spike follows Donald Trump’s victory in the US presidential election, which many investors believe will create a more favorable atmosphere for cryptocurrencies. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks Bitcoin’s price reached $76,152 on TradingView, translating to a 2% increase in the last 24 hours, and a 10% increase in the weekly timeframe. Election Euphoria Fuels Bitcoin’s Surge The cryptocurrency market is brimming with hope. Investors have long predicted that a Trump presidency would be good for digital assets. Trump’s past pessimism toward cryptocurrencies has altered considerably, and he now sees himself as a pro-crypto candidate. His campaign has even accepted cryptocurrency payments and suggested establishing America as the “crypto capital of the world.” What was the result? A rise in Bitcoin’s value has boosted shares of associated companies such as Coinbase and MicroStrategy. This rally goes beyond speculation. Bitcoin has grown due to institutional investment. More than $50 billion has gone into Bitcoin ETFs, indicating that traditional financial institutions are accepting cryptocurrencies. Analysts expect Bitcoin to hit $150,000 by 2025 if present trends continue. Record Open Interest Signals Confidence The Open Interest (OI) of Bitcoin, which is the aggregate number of outstanding futures and options contracts, has increased in tandem with its price. In the span of two days, OI experienced a significant increase of 13.29%, resulting in a remarkable $45.41 billion. The current surge suggests that traders are not merely passive observers; rather, they are actively taking measures to prepare for potential price increases. Although there are always hazards, the increase in OI is generally considered a sign of confidence in the market’s upward trend. Due to this, it is imperative to evaluate the market’s dynamics by taking into account a variety of factors. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? Market participants are increasingly optimistic about the future of Bitcoin, with many predicting that institutional interest will only rise as regulatory clarity improves under Trump’s administration. A potent combination of market forces and political circumstances has the potential to further elevate Bitcoin. What Are The Future Prospects For Bitcoin? Volatility in the crypto markets is expected to persist as the results of the US election unfold. Early signs show that Trump’s actions may result in increased acceptance and support for cryptocurrencies. As investors consider these developments, many are wondering how high Bitcoin may go. The present market attitude mirrors a bigger trend: Bitcoin has demonstrated resiliency in previous election cycles, frequently reaching new highs following the election. As institutional investors stay optimistic and retail interest soars, the question isn’t whether Bitcoin will rise—but how quickly it will grow in this new political scenario. Featured image from DALL-E, chart from TradingView
Crypto analysts said that Bitcoin remains on course for a massive price hike after Donald Trump reclaimed the US presidency through a historic win against US Vice President Kamala Harris. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? Bitcoin’s price trajectory has been the subject of many speculations in the last few weeks but with the election of a known pro-crypto candidate, it seems BTC is moving in the upward direction. At the time of writing, BItcoin was trading at $76,033, up 1.7% and 9.5% in the daily and weekly timeframes, data from Coingecko shows. The figure marks bitcoin new all-time high. Bitcoin: $85,000 Feasible? A prominent crypto analyst suggested that Bitcoin will soon reach $85,000, claiming that the price surge will be fueled by Trump’s return to the White House. In a post, Ali Martinez said that the firstborn cryptocurrency is “playing as predicted.” Martinez predicted that Bitcoin would hit $78,000 but would fall to $71,500 before soaring to an all-time high of $85,000. This is playing as predicted. I think #Bitcoin hits $78,000, retraces to $71,500 and then rebounds to $85,000! https://t.co/8xKUNGZYI8 — Ali (@ali_charts) November 6, 2024 Martinez assured that despite the coin experiencing brief pullbacks, BTC’s price trajectory remains on track, noting the coin’s price stabilized at $74,812 after reaching an all-time record of $76,493. In an earlier post, Martinez has already stated that Bitcoin is “going according to plan.” He said that BTC will increase to $72,000, and then go down to $69,000 before skyrocketing to $78,000. BTC’s Uptrend Another market observer predicted that there is a high likelihood that Bitcoin will increase by 30% to 40% but he does not see that the crypto will repeat the 368% hike which occurred in previous cycles. BTCUSD trading at $75,885 on the daily chart: TradingView.com Ki Young Ju of CryptoQuant made the prediction after BTC hit $75,000 which he believed was influenced greatly by the results of the US election. Ju explained that it triggered the price rally to reach that level, further positioning Bitcoin as one of the largest financial assets in terms of market capitalization. Ju urged investors for subtle profit-taking during the “max pain” phases which are essential to understand the market dynamics of BTC. He said that Bitcoin follows a cyclical nature, explaining that new traders usually endure losses when the market is bearish. After two years, investors see their digital assets change hands when the “max pain” phase dies down. According to him, BTC’s current market environment matched well with an easing period. Related Reading: Fueled By Election Buzz, Memecoins Soar 22% On Pure Speculation—Report Potential Cooling Off However, some analysts projected a possible cooling off for BTC coming after the recent price hike, saying that it has breached the upper Bollinger Band serving as a cue for overbought conditions. They suggested that there could be increasing pressure to sell and profit-taking because of the emergence of red candlestick formations. BTC used to be in the overbought zone or a score above 70 in the Relative Strength Index (RSI) chart but now, it has retreated to 67.34, indicating “a loss of bullish momentum” and a potential price correction. Featured image from StormGain, chart from TradingView
The recent presidential election has sent ripples through the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory over Kamala Harris. As Trump prepares to take office for a second term, his ongoing commitment to making the United States the “crypto capital of the world” has ignited bullish sentiment among investors, positioning Bitcoin at the center of his economic proposals. ‘$13 Million Bitcoin Price Target Is Bearish’ Dennis Porter, CEO and co-founder of the Satoshi Action Fund has been vocal about the implications of Trump’s win for Bitcoin and the broader cryptocurrency landscape. In a series of posts on social media platform X (formerly Twitter), Porter highlighted the potential for Bitcoin to experience significant price discoveries in the coming years. He emphasized that the election outcome signals a substantial shift in the political landscape regarding cryptocurrency. Porter stated that after the 2024 presidential election, it is “abundantly clear” that Bitcoin is a “winning issue,” claiming that opposing Bitcoin support is “political suicide,” with a forecast that the United States will lead on BTC. The Satoshi Act Fund CEO believes that as the global community comes to terms with this reality, a “dramatic” acceleration in Bitcoin adoption will follow. Related Reading: CNBC Projects Bitcoin Could Hit $100,000 Before Presidential Inauguration – Details In addition to Trump’s victory, the Republican Party has secured a majority in Congress, further enhancing the prospects for cryptocurrency legislation. Porter noted that over 250 members of Congress are now pro-Bitcoin, which could facilitate a more favorable regulatory environment for the crypto market to thrive. This newfound political support could lead to legislation clarifying regulations and encouraging innovation and investment in the digital asset sector. It could also pave the way for the approval and introduction of one of Trump’s key promises: to make BTC a strategic reserve asset for the country. One of Porter’s most striking comments came just 24 hours after the election when he suggested a forecast of $13 million per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of even higher valuations for Bitcoin shortly. Extended Bull Run For BTC? In an update on social media, market expert Rekt Capital provided insights into BTC’s short-term price action. He highlighted the importance of a weekly candle close above $71,500, which could signal the start of a breakout from the current re-accumulation range. Rekt Capital notes that Bitcoin has been in a prolonged re-accumulation phase for over 200 days since the last Halving event, which occurred earlier this year in April. The expert points out that the historical trend suggests bullish sentiment, as Bitcoin’s cycle has dramatically reduced from an average of 260 days to just 13 days in the current post-Halving context. This reduction in cycle duration indicates that Bitcoin is in a slightly accelerated phase compared to previous cycles. However, the current rate of acceleration is not as steep as earlier in the year, particularly in March 2024, suggesting a stabilizing trend. Due to this extended consolidation period, Bitcoin has almost completely realigned with historical Halving cycles. Rekt believes this resynchronization could lead to a longer, more robust bull run than anticipated. Related Reading: Ethereum Price Rallies 10%: Will Bulls Push It Higher? In a related analysis, crypto analyst Ali Martinez speculates on the potential timing of the next market peak for Bitcoin. He highlights a historical pattern wherein Bitcoin typically reaches market tops 8 to 12 months after achieving a monthly close above its previous all-time high. Ali Martinez predicts that the next significant market top for the leading crypto could occur between July and November 2025 if this pattern holds. At the time of writing, BTC was trading at $75,100. Featured image from DALL-E, chart from TradingView.com