Bitcoin (BTC) crashed below $69,000 on Sunday resulting in significant levels of market liquidations. Interestingly, analysts have also noted a correlation of this decline with a decrease in the winning odds of US Republican presidential candidate Donald Trump ahead of the general elections on November 5. Related Reading: Bitcoin At Risk Of Deeper Correction – […]
The Bitcoin price action was marked by ups and downs in the just concluded week, serving as a reminder of the volatile nature of the digital asset. According to price data, Bitcoin has just completed a retest of the downward sloping trendline that has limited its price rallies since March. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? As analyst EGRAG CRYPTO pointed out, the only thing left is for a complete body closure on the weekly timeframe. This closure will be pivotal in determining the next phase of Bitcoin’s price action, potentially setting the stage for a rally into new price territories. Bitcoin Completes Trendline Retest Technical analysis of the Bitcoin price indicates a breakout from a resistance trendline in the middle of October. Although this breakout saw the crypto breaking above $68,000 for the first time in three months, a consolidation shortly after suggested the work wasn’t done yet. However, Bitcoin started the just concluded week on a good form. Particularly, BTC rallied in the last three days of October from $66,900 on October 27 until it reached $73,540 on October 29. This represented an increase of about 10% in just two days. Interestingly, this was enough to complete a successful breakout of this resistance trendline. According to EGRAG CRYPTO, Bitcoin has successfully broken out and confirmed a retest phase. However, the breakout noted by the analyst is in a larger timeframe on the weekly candlestick chart. Looking at the Bitcoin price chart below, the initial breakout noted by EGRAG CRYPTO goes as far back as February 2024, when the top coin broke out above $47,000. What this means is that when looking at the weekly timeframe, Bitcoin’s journey to the peak/all-time high of $73,737 on March 14, the correction up until a low of $49,800 on August 5, and the recent return above $73,000 are all part of one large breakout and retest move that has played out for the last 38 weeks. What’s Next For Bitcoin? This sequence of price movements paints a picture of Bitcoin’s resilience and a prevalent bullish sentiment among traders. According to EGRAG, the pattern is super bullish and he expects the crypto to continue on this run. In terms of a price target, the analyst suggested a potential rise to the $90,000 to the $110,000 range by December 2024. This represents 32% and 62% returns, respectively, from the $68,000 breakout. Interestingly, EGRAG also noted that the only thing left to certify this run is for the price to close the week in a green zone. Related Reading: Will Bitcoin Hit $176K? Anthony Scaramucci Lays Out His High-Stakes Forecast At the time of writing, Bitcoin is trading at $68,500, down by about 1.9% in the past 24 hours. This minor pullback, however, does not seem to deter the overall bullish sentiment surrounding Bitcoin at the moment. Featured image from CNBC, chart from TradingView
The US election is fast approaching, with voters set to cast the final votes in the next 48 hours. This election season has seen a unique focus on the crypto industry, as the two major candidates, Kamala Harris and Donald Trump, have addressed the future of digital assets as a key campaign point. Related Reading: […]
The price of Bitcoin has experienced some instability in the last few hours declining by almost 3%. This negative price action drives more attention to the largest digital asset, especially with the US election fast approaching. While many analysts are now skeptical of Bitcoin’s immediate movements, pro-trader Justin Bennett already issued a cautionary insight into the asset’s future. Related Reading: How To Trade Bitcoin During The US Election, Expert Reveals Bitcoin Breaches Crucial $69,000 Support Zone In an X post on November 1, Bennet shared an analysis of the BTC market, proclaiming the dip below $70,000 as a concerning development. Notably, the premier cryptocurrency had risen by over 23% in the past three weeks to trade briefly above $73,000 before experiencing a pullback to around $69,000 on Friday. Interestingly, Bennet stated that $69,000 represented a critical support zone for Bitcoin. He emphasized the importance of the token’s value staying above this price level, describing it as the “last line of defense” for the market bulls. In the last few hours, Bitcoin has fallen below $69,000 reaching around $67,900. According to Bennet’s prediction, Bitcoin could now slump as low as $65,000 where its next major resistance lies. Importantly, such a decline will indicate the digital asset has yet to break out of a consolidation range stretching over the last eight months. In terms of future price gains, Bennet has stated his expectations of Bitcoin to eventually surpass its all-time high (ATH) at $73,750, albeit he remains uncertain of how low the asset will trade before achieving this feat. Since hitting its ATH in March, Bitcoin has only produced a range-bound price movement between $55,000-$72,000 even despite positive market indicators such as Fed rate cuts and significantly high inflows in the Spot Bitcoin ETF market. However, a traditionally bullish Q4, the potential of sustained heightened ETF inflows, and the upcoming US election signals an imminent possible price breakout for the crypto market leader. Related Reading: Bitcoin On-Chain Indicator Signals Panic Selling At Current Levels – Time To HODL? Bitcoin Sentiment Bullish As US Election Approaches Despite recent price loss, data from CoinMarketCap shows the general market sentiment on Bitcoin remains highly bullish ahead of the US general election. Historically, the maiden cryptocurrency has always experienced a decline in the days leading to the election with price drops of 10.2% in 2016, 6.1% in 2020, and most recently 6.3% in 2024. While there is still the possibility of further price losses before D-day on November 5, investors are likely to be unfazed as Bitcoin’s price has always gone parabolic after the elections. At the time of writing, the crypto market leader continues to trade around $68,175 following a 2.52% loss in the past day. However, the daily trading volume is down by 53.91% and is valued at $21.76 billion. Featured image from Shutterstock, chart from Tradingview
The Spot Bitcoin ETFs have become a major headliner recently due to heightened levels of market inflows. According to data from SoSoValue, these ETFs have attracted over $5 billion in investments over the past three weeks coinciding with an impressive Bitcoin price rally of over 23%. However, amidst this euphoria, macro investment researcher Jim Bianco says these Spot ETFs have contributed no significant growth to the Bitcoin market. Related Reading: BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows Spot Bitcoin ETFs Bring In No New Money, Only Recycled Investments In a series of X posts on November 2, Bianco claimed the Spot Bitcoin ETFs despite their impressive inflow record do not attract any new investments to the underlying asset. Firstly, The analyst applauds the performance of these institutional funds some of which rank as the best-performing ETFs of 2024 following their launch in January. However, Bianco highlights BTC has failed to surpass its all-time high value of 73,750 set eight months ago despite the Spot Bitcoin ETFs accruing over $12 billion in inflows since BTC within the same period. Rather than being less than 4% down from its ATH, the analyst explained that such high inflows should have since pushed premier cryptocurrency beyond the $100,000 mark especially considering other positive indicators such as Fed rate cuts, the halving, and public endorsement by Republican Presidential candidate Donald Trump. For context, Bianco references the Gold ETFs with a record of over $6 billion in inflows since March 13, resulting in a 25% increase in gold’s market price during that period. The market analyst postulates that this price growth can be attributed to the “new money” flowing into the Gold ETFs. However, recycled funds shifted from on-chain wallets or centralized exchanges account for the majority of the investments in Spot Bitcoin ETFs. Jim Bianco backs this theory with a report from Coinbase CFO Alesia Haas which highlighted a decline in the exchange’s bitcoin retail traders over the last few months. Furthermore, he also points to the average Spot BTC ETF trade of $16,000 compared to the average gold ETF trade of $72,000 which is consistent with investments from wealth managers and institutions. In conclusion, Jim Bianco states the Spot Bitcoin ETFs are not attracting any “new money” but merely circulating existing investments in Bitcoin, which he describes as a concerning trend that may grant traditional financial institutions (TradFi) more influence in the crypto market as against the ethos of decentralization. Related Reading: Dogecoin Price Could Climb To $0.209 — Here’s The Level To Watch Bloomberg Analyst Fires Back At BTC ETF Criticism Popular Bloomberg ETF analyst Eric Balchunas has issued a strong rebuttal to Bianco’s take on the Spot Bitcoin ETFs which he describes as merely “mental gymnastics”. Balchunas has lauded the performances of these ETFs which he believed have played a crucial role in driving Bitcoin’s price from $35,000 in January to the present market price of almost $70,000. The Bloomberg analyst describes the Spot Bitcoin ETFs as “powerful” due to their low cost, high liquidity, and association with an established brand name and advises against betting against them. At the time of writing, BTC. continues to trade at $68,100 reflecting a 2.55% decline in the past 24 hours. Featured image from Blockzeit, chart from Tradingview
A top executive of a New York-based global investment firm made an audacious claim that Bitcoin breaching the six-figure price will happen very soon. SkyBridge Capital founder Anthony Scaramucci said that in the next two years, BTC will be traded at $176,000, joining other crypto investors who believed that the oldest cryptocurrency is ripe for a six-figure price per coin. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? Bitcoin To Rally Threefold Scaramucci hailed the alpha crypto asset for sustaining a price surge in only a short period, adding that it sees the digital asset to further surge in the next two years. Scaramucci’s statement was timely as BTC today regained its momentum and once again hit the $70,000 level after the crypto scared many investors as the digital asset slid further down to $68,000 yesterday. According to Scaramucci, he has an ambitious prediction on Bitcoin, saying that by mid-2026, the cryptocurrency will be traded at $176,000. In the previous days, several notable crypto personalities shared the same vision with Scaramucci of the likelihood that BTC will hit the six-figure mark. One of which even predicted a price of $220,000. SkyBridge’s Scaramucci says US will solve debt crisis, bitcoin to triple by 2026 https://t.co/aKYDI6vW2N pic.twitter.com/1BQCdomKHy — Reuters (@Reuters) October 30, 2024 The SkyBridge founder explained that the cryptocurrency could experience a threefold rise in its price in 18 to 20 months, saying that the rally is highly plausible because there is a growing demand for the coin, but the supply is fixed which is the right ingredients for an exponential price uptick. A Kamala Harris Supporter Scaramucci is among the few known crypto investors who announced their support for the presidential candidacy of current US Vice President Kamala Harris. Scaramucci disclosed in previous interviews that Harris would be endorsing Bitcoin once she got elected to the White House. The SkyBridge managing partner has been working closely with the camp of the Vice President to craft policies that will allow cryptocurrency to thrive under her administration. He added that there had been development in Harris’ crypto agenda which he plans to reveal soon. Related Reading: Ethereum Claims Address Dominance With 43% Lead—Will It Keep Rising? BTC-Gold Connection In a separate interview, Scaramucci supported the relationship between gold and Bitcoin, saying that BTC is comparable to gold as an asset. The SkyBridge founder described the firstborn virtual coin as the digital gold of the cryptocurrency world. He noted that other leading financial experts, including BlackRock CEO Larry Fink, also believe in the Bitcoin-gold comparison, predicting that BTC would reach half of the gold’s market cap. He suggested that it would take Bitcoin about 10 years to attain such a milestone which would greatly benefit its investors since they would get a tenfold return on their BTC investments. At the time of writing, gold is being traded at $2,754 per ounce, a new all-time high, and boasts a market cap of $18.494 trillion. Featured image from DALL-E, chart from TradingView
Bitcoin‘s recent price action has sent ripples through the cryptocurrency market, raising concerns among investors as the leading digital asset undergoes a significant correction. After an impressive rally, the focus now shifts to whether Bitcoin can maintain its upward momentum or will face a critical test at the $65,000 support level. As market sentiment shifts, […]
The Bitcoin price enjoyed its second consecutive green candle in October after closing the month with a 10% price gain. Crypto analyst TradingShot revealed why this development was a positive going forward and is a good buy signal for those looking to invest in the flagship crypto. Related Reading: Ethereum Claims Address Dominance With 43% Lead—Will It Keep Rising? Bitcoin Triggers Buy Signal After Price Hit Second Green Month Candle TradingShot mentioned in a TradingView post that it is always a good signal to buy whenever the Bitcoin price closes two consecutive green monthly candles. He made this assertion based on the multi-year chart, which he also claimed shows that the market continues to rally whenever Bitcoin records these two straight green candles. The crypto analyst revealed that the Bitcoin price recorded three straight green candle occasions and a clear accumulation phase in the 2021 bull run. Meanwhile, in the 2017 bull run, the Bitcoin price recorded numerous straight green candle occasions. This market cycle looks to be replicating the 2021 bull run pattern, as BTC recorded three straight monthly green candles between January and March earlier this year before it recorded an accumulation phase. Therefore, as TradingShot explained, this is likely a good buying opportunity since the Bitcoin price could record a third straight monthly green candle in November. Another reason why Bitcoin would likely experience a monthly green candle in November is because the flagship crypto has enjoyed monthly positive returns most of the time it closed October in the green. The Bitcoin price outlook for November also looks bullish because of the upcoming US elections. The aftermath of the elections is expected to bring certainty to the market, which could cause Bitcoin to rally. Economist Alex Krüger predicted that the BTC could rally quickly to $90,000 if Donald Trump wins. Meanwhile, he mentioned that there is a chance that the flagship crypto could drop to as low as $65,000. Price Needs To Stay Above $69,000 In The Meantime In an X post, popular analyst Justin Bennett mentioned that the drop in Bitcoin’s price below $70,000 isn’t a good look, but the Bulls’ last line of defense is $69,000. He remarked that the $65,000 lows are next if that price level fails to hold on the high time frames. Justin Bennett added that he doubts that the equal highs from March and October near $73,700 will go unchallenged. However, before that happens, he suggested that the Bitcoin price could retest the lows at around $65,000. Crypto analyst Ali Martinez has also revealed that the Bitcoin price needs to hold above $69,000 to reach a new all-time high (ATH). He predicted that BTC could rally to $78,000 if the $69,000 level holds. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? At the time of writing, the BTC price is trading at around $69,700, up almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image from Forbes, chart from TradingView
November began with an unexpected downturn in the crypto market as Bitcoin, which had gone on a bull run in the last week of October, rapidly lost its momentum. The highly anticipated “Moonvember” kicked off with an unexpected crash, plummeting from $73,000 on October 31 to $69,000 on November 1 to essentially wipe out $296 million in liquidations, with the majority of them being long positions. Despite the bulls managing to steady a Bitcoin price support at $69,000, the rapid downturn stirred questions among many crypto traders. Related Reading: Ethereum Claims Address Dominance With 43% Lead—Will It Keep Rising? According to crypto expert Ash Crypto on social media platform X, this quick crash in the Bitcoin price can be attributed to four major factors. Key Reasons Behind Bitcoin’s Price Drop According to Ash Crypto, the recent Bitcoin price isn’t a straightforward result of crypto-specific events but rather a reflection of the broader economic landscape. As he noted, there are currently multiple reports suggesting that Iran may be planning a military action against Israel from Iraqi territory. The potential escalation of conflict in the region seemed to have created uncertainty among Bitcoin investors, and many might have opted to exit from the markets. “As we all know, war is bad for Bitcoin and crypto,” the analyst said. Aside from the brewing conflict, Ash Crypto also highlighted the recent earnings reports from tech giants as another factor in the Bitcoin price crash. Major tech companies like Microsoft and Meta recently posted earnings reports that, despite beating expectations, showed rising AI-related costs. This led to a downturn in many other tech stocks, which spilled over to other financial markets, including the crypto industry. Another factor Ash Crypto highlighted is the recent climb in US Treasury’s bond yields, specifically the 10-year note, which is now trading above 4.3%. Higher yields make government bonds a more attractive alternative, making investors less likely to invest in more volatile assets like cryptocurrencies. Lastly, the latest Core Personal Consumption Expenditures (PCE) reading increased slightly above 2.7%. Ash Crypto noted that this rise in core inflation could push the Federal Reserve toward a more hawkish stance. This could lead to the Fed adopting higher interest rates or delaying rate cuts. Both scenarios could dampen demand for Bitcoin, which thrives in low interest rates, as shown by the September 18 interest rate cut. Looking Ahead: What’s Next For Bitcoin? Like many other crypto analysts, Ash Crypto remains confident that Bitcoin’s latest dip is only temporary. He drew parallels to October’s initial market dip, while anticipating that November, or “Moonvember,” will follow a similar trajectory. Interestingly, the analyst believes Bitcoin still has the momentum and market interest needed to push past $80,000 before the end of November. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? At the time of writing, Bitcoin is trading at $69,678 and is up by 4% in the past 24 hours. Featured image from Pexels, chart from TradingView
The price of Bitcoin recorded significant leaps in the past month rising by 14.74% according to data from CoinMarketCap. During this price rally, the premier cryptocurrency came close to establishing a new market all-time high, reaching a local peak of $73,149 on October 29. Interestingly, CryptoQuant CEO Ki Young Ju has stated a certain condition needed to sustain this price gain. Related Reading: Tracking Bitcoin’s Profit Cycles: Could A New Market High Be Near? Low Stablecoin Exchange Reserve Provides Need For Bitcoin ETFs In a series of X posts on November 1, Ki Young Ju stated that stablecoins currently provide an insufficient amount of liquidity to sustain the present buying pressure on Bitcoin. This observation is particularly important as traders commonly rely on stablecoins to acquire volatile assets such as Bitcoin, due to their fixed dollar value. Therefore, a higher stablecoin exchange reserve translates into significant potential for an impending price gain via wide-scale purchase. However, According to Young Ju, crypto exchanges currently hold only 21% of the total stablecoin market i.e. $34 billion of $166 billion, as most of these tokens are currently being used for storage or remittances. This development represents a slow rise in the stablecoin exchange reserve of $30 billion recorded in September 2021 during the last bull run, despite a 33% growth in total stablecoin shares in the same period. Currently, the Bitcoin-to-stablecoin reserve ratio is 6.05, similar to the value seen at the last ATH. Therefore, in order to maintain BTC’s present upward trajectory, Ki Young Ju postulates that the Spot Bitcoin ETFs, alongside Coinbase USD reserves, have to provide much-needed market liquidity. Notably, the Spot Bitcoin ETFs can be said to be behind Bitcoin’s current rally considering their impressive inflows record of over $5 billion in the past three weeks. Of this figure, BlackRock’s IBIT has led the market recording investments of $4.44 billion in this timeframe. Ki Young Ju states that it is important the Bitcoin ETFs maintain this momentum as a breakdown in pace will reduce buying pressure, especially from brokerage firms such as Coinbase Prime, which may result in Bitcoin falling back into consolidation. Related Reading: Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming? Bitcoin Price Overview At the time of writing, Bitcoin was trading at $69,608 reflecting a 1.32% loss in the last 24 hours. However, the asset’s trading volume is up by 25.61% and is valued at $51.56 billion. For the premier cryptocurrency, a return to above $73,000 remains much on the card, especially with the potential of sustained ETF flows and the upcoming US elections. If pro-crypto Donald Trump secures a victory on the ballot, Bitcoin should definitely establish a new all-time high with expectations of reaching $90,000-$100,000 at the end of 2024. Featured image from Nairametrics, chart from Tradingview
On Friday, Strive Asset Management, a firm co-founded by investor and presidential advisor Vivek Ramaswamy, announced the launch of a new wealth management division. The initiative aims to provide “true financial freedom” for clients by integrating Bitcoin into investment portfolios as a hedge against long-term economic risks. Strive’s Focus On Crypto Investments The firm’s focus […]
Despite facing strong resistance at the $73,000 price level, leading to a notable price drop on Thursday after a remarkable week of upside movement, traders and investors are still betting on Bitcoin, demonstrating a persistent demand for the crypto asset. Bitcoin In Extreme Greed Territory Again After Fews Months Investors’ sentiment around Bitcoin has witnessed […]
For over 10 years, the mystery of Satoshi Nakamoto has captured the attention and fascination of crypto users and the general public around the world. Satoshi Nakamoto’s white paper on a peer-to-peer electronic cash system became the basis of Bitcoin and has spawned similar projects and developments. However, Nakamoto suddenly disappeared from the limelight in […]
Crypto analyst Ali Martinez has revealed what needs to happen next for the Bitcoin price to surpass its current all-time high (ATH) of $73,700. The analyst had rightly predicted the recent price rally to $72,000 but warned back then that the flagship crypto won’t hit its ATH instantly. How The Bitcoin Price Can Reach New ATH Martinez mentioned in an X post that the Bitcoin price needs to hold above the $69,000 support level to reach a new ATH. He claimed that a successful hold above that support level could lead to a price rally to $78,000. This came as he noted that the Bitcoin price movement was going according to plan. Related Reading: Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don’t Aim Lower Than $4,900 ATH Before now, Martinez had predicted that the Bitcoin price would rise to $72,000 if it held above $65,000, which eventually happened. Back then, he added that BTC would likely experience a pullback to $69,000 after this price, which has also now happened, with the flagship crypto closing in October below $70,000. This price correction is believed to be healthy, considering the pump that BTC enjoyed earlier in the week, coming close to its current ATH. This pump was followed by a wave of profit-taking, with whales, including Bhutan, selling their BTC holdings to secure some profits. Ali Martinez indicated that the flagship crypto is still in bullish territory, as he alluded to BTC’s historical performance in November, a month in which it has recorded more positive returns than negative ones. In another X post, he suggested that the Bitcoin price could go parabolic after the US elections. He shared a chart of BTC’s movement after the last three US presidential elections and remarked that he doesn’t expect this time to be different. Bitcoin hit a new ATH after those elections, which could happen again. How It Could Play Out After The US Election Economist Alex Krüger has provided insights into how the Bitcoin price could move after the US elections. In an X post, he claimed there is a 55% probability that BTC will reach $90,000 by year-end if Donald Trump wins. This is based on the fact that the former US president has declared his support for cryptocurrencies. Related Reading: Crypto Analyst Puts Dogecoin Price As High As $2.4, What Does Elon Musk Have To Do With It? Meanwhile, if Kamala Harris wins, Krüger mentioned that there is a 45% probability that the Bitcoin price will be trading at $65,000 by year-end. The economist put the weighted average for BTC’s price at $79,000. He also told market participants to expect a swift Bitcoin price rally if Trump wins. At the same time, he said he expects BTC to range between $65,000 and $68,000 going into the election night. At the time of writing, the Bitcoin price is trading at around $69,400, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
In a recent interview with CNBC, Florida’s Chief Financial Officer, Jimmy Patronis, outlined the state’s increasing commitment to crypto investments. This comes in light of his recent directive urging pension fund managers to explore Bitcoin as a potential strategic reserve asset. ‘Crypto Is Not Going Anywhere’ During the interview, Patronis expressed confidence in the enduring […]
On Wednesday, BlackRock, the world’s largest asset manager, achieved a significant milestone in the Bitcoin ETF market, recording the largest inflows since the inception of these investment funds in January. Bitcoin ETF Demand Soars Ahead Of US Presidential Election According to Bloomberg, approximately $872 million flowed into BlackRock’s iShares Bitcoin Trust on Wednesday, marking a daily record for the fund. This influx highlights the strong demand for Bitcoin ETFs, with subscriptions for this nine-month-old product ranking among the highest globally for ETFs in 2024. As a result of the inflows, BlackRock’s total holdings in Bitcoin now stand at 429,185 BTC, valued at approximately $31.04 billion. This accounts for about 2.04% of Bitcoin’s total supply, capped at 21 million coins. The recent inflows are being attributed to a phenomenon dubbed the “Trump trade,” as pro-crypto Republican nominee Donald Trump gains momentum in betting markets ahead of the upcoming election day on November 5. Related Reading: BNB Price Slips as Peers Climb: Can It Regain Ground? Bitcoin is on the verge of reaching new heights, fueled by a 13% rally in October. James Seyffart, an ETF analyst at Bloomberg Intelligence, noted on Bloomberg Television that the demand for these ETFs is palpable, suggesting that investors are responding not only to Bitcoin’s upward momentum but also to Trump’s favorable odds in the political arena. Trump has made headlines with his pledge to turn the US into the “crypto capital of the planet” and to create a strategic Bitcoin reserve for the country to halve the US’s $35 trillion national debt. In contrast, Democratic Vice President Kamala Harris, has pledged to support a regulatory framework for the cryptocurrency industry but has not provided further details on how her potential new administration will address the community’s calls for a change in leadership at the US Securities and Exchange Commission (SEC) and its approach to digital assets. Price Predictions Surge Amid bullish predictions for the leading crypto of the industry, market expert Ali Martinez has shared compelling insights regarding Bitcoin’s potential price trajectory for the months ahead. In a recent post on social media platform X (formerly Twitter), Martinez analyzed historical patterns, noting that Bitcoin has typically peaked between the 1.618 and 2.272 Fibonacci retracement levels during past bull cycles. If this trend continues, Martinez predicts that Bitcoin could reach a price range between $174,000 and $462,000 in the current cycle. Related Reading: Analyst Says It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests $2,700 In addition to these price predictions, Martinez pointed to another bullish indicator: a significant outflow of Bitcoin from cryptocurrency exchanges. Over the past 48 hours, approximately 8,000 BTC, valued at around $576 million, have been withdrawn from exchanges. This trend signifies a growing inclination among investors to hold onto their Bitcoin rather than sell it, which can create upward pressure on prices as BTC inches closer to its all-time high level of $73,700 reached in March. At the time of writing, BTC was trading at $71,640. This represents a retracement of 1.2% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com
Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $70,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is showing a few bearish signs and might test the $68,500 support zone. Bitcoin Price Trims Gains Bitcoin price failed to trade to a new all-time and started a downside correction from the $73,500 resistance zone. There was a move below the $72,500 and $72,000 support levels. The price dipped below the 50% Fib retracement level of the upward wave from the $65,531 swing low to the $73,575 high. Besides, there was a break below a key bullish trend line with support at $70,000 on the hourly chart of the BTC/USD pair. The price is down over 5% and there was a move below $70,000. Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average. It is now approaching the $68,500 support zone and the 61.8% Fib retracement level of the upward wave from the $65,531 swing low to the $73,575 high. On the upside, the price could face resistance near the $70,000 level. The first key resistance is near the $70,500 level. A clear move above the $70,500 resistance might send the price higher. The next key resistance could be $71,200. A close above the $71,200 resistance might initiate more gains. In the stated case, the price could rise and test the $72,500 resistance level. Any more gains might send the price toward the $73,200 resistance level. Any more gains might call for a test of $73,500. More Downsides In BTC? If Bitcoin fails to rise above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,800 level. The first major support is near the $68,500 level. The next support is now near the $67,400 zone. Any more losses might send the price toward the $66,500 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 – $68,500, followed by $67,400. Major Resistance Levels – $70,000, and $71,200.
As Bitcoin (BTC), the largest cryptocurrency by market capitalization, celebrates its 16th anniversary, former President Donald Trump, now a Republican candidate for the upcoming US presidential election, has issued a message to the cryptocurrency community. In a post shared on his social media platform Truth Social and on X (formerly Twitter), the Republican candidate emphasized […]
A crypto analyst has forecasted a 98% Bitcoin price crash following a substantial rally to $250,000. Interestingly, the analyst is confident that Bitcoin will eventually reach this ambitious quarter-million-dollar target. However, they caution that once profits are taken at this top, Bitcoin could decline significantly to new lows. Bitcoin Price Projected To Crash 98% On October 30, crypto analyst Gert van Lagen told his 106,700 followers on X (formerly Twitter) that the Bitcoin price could drop to the $24,000 range once it hits $250,000. Lagen revealed that many investors have felt overly confident that Bitcoin could never experience a 98% crash again, especially with the introduction of Spot Bitcoin Exchange Traded Funds (ETFs). Related Reading: XRP Price Explosion Above $3 Is A Matter Of When, Not If: Analyst Reveals Timeline Countering this overconfidence, the crypto analyst asserted that ETF assets tend to lose significant value during periods of economic recession. Consequently the analyst predicts that the Bitcoin price could first experience a “blowoff” of up to $250,000, marking a historical milestone. At this point, many investors would start taking profits, triggering massive selling pressure as they liquidate ahead of potential price declines. Following Lagen’s analysis, once the market sentiment for the Bitcoin price shifts, institutional investors, who may have been the prime drivers for the $250,000 rally, are likely to sell off their holdings. Lagen has described this massive sell-off as the “shake out of the century,” when the Bitcoin price could plummet dramatically to 98% of its high. This suggests that after hitting $250,000, the BTC price could crash to $2,000, trading below Ethereum’s current price, which is trading at $2,635, according to CoinMarketCap. Highlighting the reasoning behind this unexpected bearish price crash, Lagen revealed that by plotting the Bitcoin price on the “Syslog scale,” it clearly shows a High-Time Frame (HTF) rising wedge, which points at a price target between $1,000 and $10,000. He also disclosed in a much earlier post that if Bitcoin does experience his projected shakeout and price decline to $1,000, it will take four halving events before the cryptocurrency can return to its $200,000 price high. BTC To Break Above $73,000 And Rally Higher As of writing, the Bitcoin price is trading at $72,433 after experiencing more than a 7.8% increase this week. Lagen has stated that the Bitcoin price action points to a possible “triangle bearish continuation pattern,” which typically signals a potential downward trend in a cryptocurrency. Related Reading: End Of The Road For Solana? Analyst Predicts 77% Price Crash To $40 The crypto analyst has set a new target of $71,200 for Bitcoin, suggesting that if the cryptocurrency follows through with the triangle bearish continuation pattern, its price could decline significantly. On the flip side, Lagen has predicted that if Bitcoin can break the $73,000 threshold, it would invalidate the triangle bearish continuation pattern. This could indicate the end of the downtrend and potentially lead to a stronger upward momentum. Featured image created with Dall.E, chart from Tradingview.com
With just six days remaining until the US presidential election, former President Donald Trump has intensified his support for Bitcoin (BTC) and the broader crypto industry. In a recent statement aimed at taxpayers, Trump proposed significant changes that could reshape the landscape for digital asset transactions in the United States, especially following years of heightened […]
US Bitcoin ETFs recorded their highest daily inflow since inception, amassing $870 million on Tuesday. This surge in investment comes as the largest cryptocurrency inches closer to its all-time high of $73,700, originally reached in March. This comes as investor sentiment appears to be buoyed by speculation surrounding a potential victory for Republican candidate Donald Trump over VP Kamala Harris, which many believe could foster a more positive environment for the digital asset ecosystem, ultimately favoring crypto prices. Bitcoin ETFs Inflows And Price Rally According to Bloomberg data, Tuesday’s subscriptions pushed the year-to-date inflows for the group of 12 Bitcoin ETFs to over $23 billion. Analysts attribute the growing demand for Bitcoin exposure to Trump’s elevated odds in election betting markets. However, while Trump leads in prediction markets, polls show a tight race against Vice President Harris, who has pledged to support a regulatory framework for the cryptocurrency industry. Still, Trump’s approach seems to have resonated more with the community. Related Reading: Solana Memecoin Market Thrives: POPCAT Reaches New Record Price Of $1.75 Adding to the speculation, Bitcoin options markets reflect a one-third chance of a price swing exceeding 10% on election day, November 5, as indicated by Nick Forster, founder of the crypto trading platform Derive.xyz. This surge would take the Bitcoin price to a new all-time high of $72,900 in the potential scenario where BTC consolidates above $72,000 for the next few days ahead of the election. Forster believes such volatility often encourages traders to position themselves for potential market movements, increasing demand for Bitcoin ETFs and contributing to the current price rally since the beginning of the week. Expert Warns Of Potential Selloff ETF expert Eric Balchunas has also commented on the bullish sentiment surrounding Bitcoin ETFs. He noted that these funds are on track to reach 1 million BTC in holdings as early as today. In a recent social media post, Balchunas reported that US spot ETFs could surpass 1 million BTC by next Wednesday, potentially surpassing the holdings of Bitcoin’s mysterious creator, Satoshi Nakamoto, by mid-December, with the funds adding approximately 17,000 BTC each week. However, following Tuesday’s performance, Balchunas remarked, “We’re going to need to move up our predictions,” highlighting that Bitcoin ETFs had gobbled up over 12,000 coins in a single day, now holding 996,000 BTC. The expert expressed optimism about the likelihood of breaching the 1 million mark today, stating that the “extraordinary” trading volume from the previous day is likely to translate into significant inflows. Related Reading: Cardano (ADA) NVT Ratio Now Highest Since June: What Does It Mean? Balchunas also cautioned that market conditions can be unpredictable. “Anything can happen,” he warned, referencing the risk of a sudden selloff that could delay reaching the 1 million BTC milestone. Conversely, if Bitcoin prices continue to rise and a Trump victory boosts market enthusiasm, a fear of missing out (FOMO) could drive even more rapid accumulation, according to the expert’s analysis. When writing, the largest cryptocurrency on the market was trading at $72,360, up over 8% in the 7-day time frame. Featured image from DALL-E, chart from TradingView.com
Bitcoin price is consolidating above the $72,000 zone. BTC is showing positive signs and might soon aim for a new all-time high. Bitcoin started a fresh increase above the $71,000 zone. The price is trading above $71,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is consolidating gains and might rise above the $73,500 resistance zone. Bitcoin Price Eyes More Upsides Bitcoin price remained strong above the $70,500 zone. BTC formed a base and started a fresh increase above the $72,000 resistance. The bulls were able to pump the price above the $72,500 resistance. The price regained strength and cleared the $73,200 level. A high was formed at $73,574 and the price is now consolidating gains. There was a minor decline below the $73,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high. Bitcoin price is now trading above $71,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair. On the upside, the price could face resistance near the $73,000 level. The first key resistance is near the $73,500 level. A clear move above the $73,500 resistance might send the price higher. The next key resistance could be $74,200. A close above the $74,200 resistance might initiate more gains. In the stated case, the price could rise and test the $75,500 resistance level. Any more gains might send the price toward the $78,000 resistance level. Any more gains might call for a test of $80,000. Are Dips Supported In BTC? If Bitcoin fails to rise above the $73,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $71,650 level. The first major support is near the $69,500 level, the trend line, and the 50% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high. The next support is now near the $68,600 zone. Any more losses might send the price toward the $67,500 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 50 level. Major Support Levels – $71,650, followed by $69,500. Major Resistance Levels – $73,000, and $73,500.
As the crypto market maintains its bullish strength, many key metrics of Bitcoin have been demonstrating strong and optimistic trends in recent weeks, which could impact prices positively, suggesting a promising outlook for BTC in the upcoming days. A Strong Growth In Bitcoin Futures Premium Bitcoin‘s futures annualized premium, a crucial metric that often gives […]
As the US presidential election approaches, former President Donald Trump’s odds on crypto betting platforms like Polymarket have surged, with analysts predicting significant implications for Bitcoin prices if he secures a second term in the Oval Office. However, market expert Patrick H. warns that the current favorable conditions supporting Bitcoin’s rally toward a new record high may shift dramatically under Trump’s proposed fiscal policies for the coming year. ‘No Money Printing, No Gains’ In a recent analysis shared on X (formerly Twitter), Patrick H. posited that if Trump is re-elected and appoints Elon Musk as the head of the newly proposed Department of Government Efficiency (DOGE), the era of aggressive money printing could come to an end. During a Trump rally at Madison Square Garden on Sunday, the Tesla CEO revealed plans for the DOGE initiative, suggesting it could reduce federal spending by at least $2 trillion. Related Reading: Ethereum Holds Key Support To Set A $6,000 Target – Analyst Patrick H. argues that without continued money printing, there may be limited upward movement in Bitcoin prices. “No money printing, no price going up,” he stated. The expert believes that the market may not be fully accounting for the ramifications of a Trump victory on both the cryptocurrency and stock market outlook for 2025. Additionally, Patrick raised alarms about the Bank of Japan’s concerns regarding the US stock market if Trump implements these proposed policies. He warned that such changes could lead to an “economic shock” in 2025, further complicating the landscape for crypto prices. The Bitcoin Rally And The Potential Impact For Altcoins Delving into the current price dynamics, market analyst Miles Deutscher recently said that despite Bitcoin trading just below its all-time highs, the market feels “unusually quiet,” attributing the silence to a lack of retail investor participation, which he argues is crucial for driving momentum in the cryptocurrency market. Deutscher pointed out that from October 2023 to March 2024, altcoins experienced significant rallies, with many rising four to five times from their lows. Coins in trending sectors, particularly those related to artificial intelligence and meme coins, even saw increases of 10 to 15 times during this period. However, the analyst highlights that it wasn’t until February that retail interest re-emerged, as evidenced by metrics like Google Trends, app store rankings, and YouTube views. Deutscher believes that this delay in retail engagement raises an important point: substantial price movements in cryptocurrencies often occur without immediate retail participation. According to the analyst, the Pareto Principle applies here—80% of gains typically occur during the final 20% of a price movement. This means that retail investors tend to wait until significant upward momentum is already established before entering the market, suggesting further price gains in the months ahead. Related Reading: XRP Price Explosion Above $3 Is A Matter Of When, Not If: Analyst Reveals Timeline In the current context, the recent altcoin rally has only lasted four weeks following a six-month downtrend. Deutscher recalls that in the previous cycle, it took five months for retail investors to notice the market’s recovery. The analyst predicts a similar pattern may unfold again, although he asserts that the trust built during the March rally could shorten the time frame for renewed retail interest. Still, Deutscher emphasizes that Bitcoin breaking through its all-time highs would serve as powerful marketing for the entire cryptocurrency space. Ultimately, the analysts explains that the resulting “wealth effect” from the current Bitcoin rally is likely to catalyze further increases in altcoin prices, creating a positive ripple effect throughout the market. At the time of writing, the largest cryptocurrency on the market has managed to regain the $72,000 level after a brief correction to $71,400 in the past 24 hours. Featured image from DALL-E, chart from TradingView.com
Crypto analyst Tony Severino has said that the Bitcoin price is approaching the strongest part of the bull run. Based on his analysis, Tony provided insights into how high the flagship crypto could rise as it approaches its peak in this market cycle. Bitcoin Price Target For Strongest Part Of This Bull Run Tony revealed in an X post that the Bitcoin price could reach a market top of $133,000 in this bull run. He explained that the BTC 2-month Relative Strength Index (RSI) is approaching 70, which has ignited the strongest part of every past bull run. In 2012, this led to a price surge of 11,000%. Meanwhile, it led to a price rally of 2,700% and 437% in the 2016 and 2020 bull run, respectively. Related Reading: Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next? The analyst noted that each peak in the successive bull run has been roughly around 20% of the previous cycle peak. Therefore, 20% of the 437% rally recorded in the 2021 bull run will put the Bitcoin price at this $133,000 price target. A potential rise to this target would give those buying BTC at its current price level a return of around 87%. Crypto analyst Ali Martinez also suggested buying the Bitcoin price as this level may not be a late entry. In an X post, he explained that the Market Value To Realized Value (MVRV) ratio has crossed over its 365-SMA (Simple Moving Average), a development that often signals major bull rallies. He added that this golden cross has just happened again. The analyst’s accompanying chart showed that the Bitcoin price increased by 236% the last time this happened. Therefore, this indicates that despite the recent rally above $73,000, there is still so much upside for the flagship crypto in this market cycle. BTC Could Rise To $462,000 Ali Martinez provided a more bullish outlook for the Bitcoin price than Tony regarding how high the flagship crypto could rise in this bull run. In an X post, he noted that BTC peaked between the 1.618 and 2.272 Fibonacci retracement levels in the past bull cycles. Related Reading: Analyst Says XRP Price Is Ready For A Breakout As Metrics Turn Bullish, What To Expect If the Bitcoin price were to follow a similar pattern, Martinez remarked that the next BTC top could land between $174,000 and $462,000. Predictions on what could mark the top for Bitcoin in this market cycle continue to differ, although the consensus remains that the flagship crypto would rise above $100,000. Experts like Standard Chartered have even predicted that the Bitcoin price could rise above this $100,000 target this year if Donald Trump wins the US presidential elections. At the time of writing, the Bitcoin price is trading at around $72,300, up almost 2% in the last 24 hours according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is surging and might rise above the $73,500 resistance zone or even to a new all-time high. Bitcoin Price Remains In Uptrend Bitcoin price remained strong above the $70,000 zone. BTC formed a base and started a fresh increase above the $71,200 resistance. The bulls were able to pump the price above the $72,000 resistance. The price regained strength and cleared the $72,500 level. It is up over 5% and trading above the $72,000 level. A high was formed at $73,574 and the price is now consolidating gains. It is just above the 23.6% Fib retracement level of the upward move from the $65,530 swing low to the $73,574 high. Bitcoin price is now trading above $72,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $73,200 level. The first key resistance is near the $73,550 level. A clear move above the $73,550 resistance might send the price higher. The next key resistance could be $74,200. A close above the $74,200 resistance might initiate more gains. In the stated case, the price could rise and test the $75,000 resistance level. Any more gains might send the price toward the $75,800 resistance level. Any more gains might call for a test of $76,500. Are Dips Limited In BTC? If Bitcoin fails to rise above the $73,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $71,650 level. The first major support is near the $69,500 level or the 50% Fib retracement level of the upward move from the $65,530 swing low to the $73,574 high. The next support is now near the $68,500 zone. Any more losses might send the price toward the $67,200 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 – $71,650, followed by $69,500. Major Resistance Levels – $73,500, and $75,000.
Recent market inflows and dynamics have seen the Bitcoin price breaking free from a 7-month descending broadening wedge pattern. According to crypto analyst Gert van Lagen, Bitcoin’s breakout last week could signal the onset of a major price continuation phase as the bulls aim above the $70,000 mark. Particularly, Van Lagen highlighted that Bitcoin’s ability to successfully retest the upper trendline of this pattern lends strong momentum to the current bullish structure. The descending broadening wedge pattern is a reversal structure in technical analysis, often hinting at a strong trend upon breakout. Bitcoin’s ability to breach the upper trend line reinforces the likelihood of bullish momentum, lending voice to a new all-time high in the coming weeks. Bullish Retest Validates Strong Support For Next Rally At the time of van Lagen’s analysis, the Bitcoin price was retesting a bottom-sloping trend line, which has capped its price rallies since it reached an all-time high of $73,737 in March. By then, Bitcoin had already peaked out of this trend line in the descending broadening wedge and was already on the third candle. Related Reading: Bitcoin ETFs Reach $3 Billion Inflows In October, Retail Investors Lead The Charge – Report As Bitcoin bounced from the upper trend line, van Lagen described this as a “successful bullish retest.” Furthermore, he noted the importance of a bullish trajectory for this pattern, highlighting that the breakout direction is upward 79% of the time. With the Bitcoin price now successfully above this wedge, this next phase could see the cryptocurrency extend its gains and surge above $70,000. As such, the analyst also noted that reaching a new all-time high is essential to fully validating the wave continuation pattern. Key Bitcoin Price Levels To Watch While the breakout and retest offer promising technical signs, van Lagen warned of a critical downside level that traders should monitor. He pinpointed $58,700 as a crucial weekly closing price, below which the bullish structure would be invalidated. In his view, a close below this threshold would disrupt the quick wave five continuation and totally reverse the bullish setup to a new all-time high. Related Reading: Dogecoin Price To $24? Analyst Says No One Will Believe It Until It Happens Interestingly, Bitcoin has managed to push to the upside since this breakout. Particularly, the cryptocurrency has extended gains and has now broken above $71,000 for the first time since June. At the time of writing, Bitcoin is trading at $71,150, having reached an intraday high of $71,450 in the past 24 hours. As it stands, Bitcoin is only 3.6% away from reaching uncharted price territories. The only key price resistance level to watch at this point would be the current all-time high. Many Bitcoin metrics point to the continuation of bullish Bitcoin price momentum, at least in the short term. The Bitcoin open interest is now at its highest point of $42.6 billion, which relays a high level of trading activity among Bitcoin traders. Featured image created with Dall.E, chart from Tradingview.com
As Bitcoin (BTC), the largest cryptocurrency by market capitalization, inches closer to its all-time high of $73,700 reached in March, the US spot Bitcoin ETF market has re-emerged as a key driver of the cryptocurrency’s recent price surge. On Tuesday, total trading volume for spot Bitcoin ETFs surpassed $3 billion, coinciding with Bitcoin’s price briefly above the pivotal $73,000 mark for the first time in over 7 months. Bitcoin ETF Market Set To Surpass 1 Million BTC Holdings Soon Notably, crypto investor BigRig observed a remarkable uptick in Bitcoin ETF purchases over the past two weeks, reporting $2.673 billion in inflows since October 16. This accounts for a substantial 11.8% of total ETF inflows during this period, suggesting a robust interest from institutional and retail investors. BigRig also pointed out that, prior to Tuesday’s trading volume, this period represented the best day for ETF inflows. Related Reading: Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next? Bloomberg ETF analyst Eric Balchunas added to the optimistic narrative by stating that US spot ETFs are on track to hold 1 million Bitcoin by next Wednesday, surpassing the holdings of Satoshi Nakamoto, the enigmatic creator of Bitcoin, by mid-December with an average addition of about 17,000 BTC per week. However, Balchunas also cautioned that market volatility could impact these projections. “Anything can happen,” he noted, referencing the possibility of a sudden selloff that could delay the timeline. Conversely, if prices continue to rise and political factors, such as a potential Trump victory in the upcoming election, contribute to increased market enthusiasm, the expert believes that this influx of new investors could accelerate the pace of Bitcoin’s ascent to new highs. Whale Accumulation Spurs Optimism Despite heightened activity in the Bitcoin ETF market, the price of the largest cryptocurrency recently fell short of its all-time high, retracing to approximately $72,250 at the time of writing. However, there are positive indicators for Bitcoin bulls. The cryptocurrency has been consolidating above key support levels, with strong backing around the $66,000 mark. This support has effectively prevented any significant decline over the past week and has contributed to the ongoing rally. However, what would be a notable bullish indicator would be a sustained consolidation above the $70,000 level for the bulls, which could further demonstrate the strength of the current move. Related Reading: Analyst Says XRP Price Is Ready For A Breakout As Metrics Turn Bullish, What To Expect Market expert Miles Deutscher has been vocal about his bullish outlook for Bitcoin, particularly in the latter months of the year. He recently pointed out a significant trend: whales—large holders of Bitcoin—are accumulating the cryptocurrency at an “unprecedented pace.” This observation suggests that institutional demand for Bitcoin is currently outpacing retail interest, a shift that could have implications for massive price movements to the upside in the near future. Deutscher further highlighted that Bitcoin exchange reserves have reached all-time lows. This means that the amount of Bitcoin available on exchanges for trading has dwindled, signaling a supply squeeze. Featured image from DALL-E, chart from TradingView.com
Bitcoin’s recent bullish momentum has sparked optimism among traders and investors, as the cryptocurrency edges closer to its all-time high. Following a significant recovery, Bitcoin is once again climbing, with the pivotal $73,811 mark in sight. This renewed upward movement signals a potential breakout, raising the question: could Bitcoin be on the verge of a historic rally? With key indicators turning positive and confidence building in the market, BTC’s journey toward its record high could pave the way for a new chapter in its remarkable ascent. Specifically, this article aims to explore Bitcoin’s recent upbeat momentum and its implications for reaching new heights. Furthermore, by analyzing key technical indicators, market sentiment, and resistance levels, this article seeks to provide readers with insights into Bitcoin’s potential path to its all-time high, evaluating whether a breakout past $73,811 is on the horizon. The Road To Recovery: Bitcoin’s Recent Bullish Momentum After a recent recovery at $65,082, BTC’s price on the 4-hour chart has steadily gained strength, edging closer to its all-time high of $73,811 with an eye on a potential breakout. Trading above the 100-day Simple Moving Average (SMA), BTC shows a strong upward trend that supports the possibility of surpassing this record level. Meanwhile, an analysis of the 4-hour Relative Strength Index (RSI) reveals promising potential for continued upward movement, as the RSI has recently surged from the neutral 50% mark to 77%. Typically, the RSI’s movement toward the 77% level is seen as a strong bullish indicator, suggesting that buyers remain in control, potentially paving the way for further upward price action. If this trend persists, it could indicate that BTC’s rally is well-supported by investor confidence and positive sentiment. Related Reading: Bitcoin Price Rallies Above $70K: Is a New High Within Reach? Also, on the daily chart, Bitcoin has demonstrated solid upward movement, highlighted by several bullish candlesticks after a successful rebound from the $65,082 level. This recovery has kept BTC trading above the 100-day SMA, underscoring sustained buying strength and a positive trend continuation. Finally, on the 1-day chart, a detailed examination of the RSI formation indicates renewed upbeat strength for Bitcoin as the indicator’s signal line has risen again to 68% after dropping to 55%, suggesting a sustained optimistic outlook. A rise to the 68% level usually signifies that BTC is experiencing increased buying pressure, as traders are becoming more hopeful about its future price performance. What A Breakout Above $73,811 Could Mean For Bitcoin A breakout above the $73,811 resistance level could mark a crucial turning point for Bitcoin’s future. Clearing this key threshold would not only strengthen bullish sentiment among investors but is also likely to spark a new wave of buying activity, driving prices higher in the pursuit of a new all-time high. Related Reading: Bitcoin Breaks Through $65,000, Is “Uptober” Rally Just Getting Started? Nonetheless, if BTC fails to break above the $73,811 level, it may start to decline again towards the $65,082 support level. Should this support level be breached, it could lead to additional downward momentum, potentially pushing the price toward $60,152 and other lower ranges. Featured image from Unsplash, chart from Tradingview.com
Bitcoin is showing strong upward movement, surging all the way to the $70,000 price level. However, despite the renewed bullish momentum, there are several upcoming macro events to watch out for that could influence the price trajectory of BTC in the short term. Will Labor Market Data Release Signal Bitcoin’s Next Direction? Market participants are […]