The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]
Bitcoin broke past $71,000 Tuesday morning to lead other major altcoins into a bullish trend a week before the US elections. According to CoinGecko’s tracking, Bitcoin touched $71,075 after dipping last week due to rumors circulating over a possible investigation on Tether and the ongoing Middle Eastern conflict. Related Reading: Hong Kong Makes History With […]
Bitcoin price is now above $70,000 per coin. The recent rally back toward local all-time highs has carried BTCUSD high enough to causes two important moving averages to form a “Golden Cross.” This signal has appeared twice since the bear market bottom and yielded significant results. Let’s take a look at the data and the most recent signal now that it has confirmed. Bitcoin Daily Golden Cross: 50-Day And 200-Day Moving Averages As pictured above, BTCUSD has triggered a daily golden cross of the 50-day and 200-day moving averages. In technical analysis, a golden cross happens when a short-term moving average crosses above a long-term moving average. This typically suggests that there is an actively trending environment and price is expected to appreciate. Related Reading: Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon The opposite, bearish signal is referred to as a death cross. The chart above also depicts a death cross in August 2024. However, its appearance didn’t lead to a prolonged downtrend. Could this also mean that this latest golden cross might not produce a sustainable uptrend? BTCUSD Golden Cross And Death Cross Recent History Zooming out provides a more clear picture of the signal’s effectiveness since the bear market bottom in November 2022. BTCUSD rising from bear market lows around $16,000 to $23,000 was enough to pull the 50-day moving average above the 200-day average, triggering the first golden cross of 2023. This kept Bitcoin trending higher until it reached roughly $32,000, then fell to retest lows around $25,000. The bearish short-term price action then triggered a death cross. Here, much like we saw in 2024, Bitcoin trended sideways and avoided a downtrend. It didn’t take much upside to force another golden cross. From that golden cross, BTCUSD rallied another 100%, doubling in price. The chart above shows that the golden cross in October 2024 occurred just months after the death cross, just like it did in late 2024. Could that mean another 100% rally from current levels? If so, Bitcoin price could reach as high as $140,000 before beginning to show weakness. Buy And Hold: Using Moving Average Crosses As A Trading System Using the 50-day and 200-day moving averages as a buy and hold trading system starting from 2018 would have yielded significant results. The first golden cross fired in April 2019 at around $5,000 per BTC. A death cross in October 2019 closed out the trade and sold some coins. A quick golden cross and death cross combo in early 2020 led to a small loss. May 2020’s golden cross more than made up for it, triggering when Bitcoin was trading just below $10,000. The trade stayed open while Bitcoin blasted off into its most bullish trend in recent years and eventually closed with the next death cross in Jun 2021 at around $35,000 per BTC. This kept $25,000 in profit from the trade, combined with the initial $4,000 profit from the early 2019 trade to make $29,000. The small loss takes the total closer to $28,500. Related Reading: Bitcoin Dominates $3.4 Billion October Crypto Inflows—What’s Behind the Boom? In September 2021, BTCUSD golden crossed again at around $45,000, only to shortly later death cross at $3,000 lower. This death cross stayed active until Bitcoin shed another $30,000. Fortunately, using the two moving averages as a buy and hold trading system meant the death cross moved you to cash – avoiding the worst of the bear market. Come early 2023, Bitcoin was ready to begin a new uptrend and the golden cross triggered at $23,000. A death cross formed at $27,000, keeping another $6,000 worth of profits. Another golden cross in October 2023 triggered at $35,000, riding all the way to $62,000 when the most recent death cross closed out the trade. In six trades total, the 50/200MA trading system would have earned approximately $58,500 as Bitcoin traveled from around $5,000 to $74,000. Four out of the six trades were profitable and the two losses were relatively minor when compared to the profits generated. Tony Severino, CMT is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from ChatGPT, Charts from TradingView.com
As Bitcoin rebounds from its brief correction and approaches the $70,000 mark, Matthew Sigel, head of digital asset research at asset manager and crypto ETF issuer VanEck, shared his insights on the cryptocurrency’s potential trajectory in light of the upcoming US presidential election and broader economic factors in a recent CNBC interview. Bitcoin Recovery Tied To M2 Growth And Seller Exhaustion Sigel noted the correlation between former President Donald Trump’s lead in betting polls against Vice President Kamala Harris and Bitcoin’s rise. He characterized Trump as the most pro-crypto candidate, suggesting that his policies may favor the cryptocurrency market. Conversely, Sigel expressed skepticism about Harris’s understanding of Bitcoin, indicating that her administration may not prioritize cryptocurrency issues. Related Reading: If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst Delving deeper into Bitcoin’s price dynamics, Sigel highlighted several critical correlations. He pointed out a negative correlation with the US dollar and a positive correlation with the global money supply growth, known as M2, leading to the current uptrend. Sigel also attributed the recent price recovery to the Federal Reserve’s pivot towards reacceleration of M2 growth, alongside what he described as a current “seller exhaustion” in the BTC market. Additionally, Sigel identified a promising bullish setup for Bitcoin as the election approaches, particularly its rising correlation with the Nasdaq, reaching a two-year high of 1.5. Sigel recalled a similar pattern from the 2020 elections, where Bitcoin exhibited low volatility until the election outcome was announced, leading to a substantial rally as new buyers flooded the market. “New buyers are born every day,” he emphasized, indicating a steady influx of interest in Bitcoin. When discussing Bitcoin’s relationship with gold and M2, Sigel described Bitcoin as a “chameleon,” highlighting its dynamic correlations that can shift over time. This variability makes it challenging to accurately predict Bitcoin’s short- and long-term behaviors. $180,000 Post-Election, $3 Million By 2050 In addition to US political dynamics, Sigel pointed to recent activities within the BRICS intergovernmental organization, particularly the involvement of new members Argentina, the UAE, and Ethiopia in Bitcoin mining. The researcher noted that these countries are leveraging government resources to mine Bitcoin to counter what he termed the “irresponsible” fiscal policies of the US. Sigel also mentioned Russia’s plans for its sovereign wealth fund to invest in Bitcoin mining through BRICS, proposing settling global trade in Bitcoin. Related Reading: GOAT Outpaces PEPE Growing To $900M Market Cap In 2 Weeks – Details When asked about potential future price points for BTC, Sigel explained that historical rallies have seen increases of around 2,000%. If Bitcoin were to achieve half of that rise post-election, it could reach approximately $180,000. Looking further ahead, Sigel referenced a model from VanEck’s digital asset research team, predicting that by 2050, Bitcoin could serve as a reserve asset for global trade, held by central banks at a rate of 2%. This model suggests a staggering $3 million per Bitcoin price by that year. At the time of writing, BTC is trading at $68,900, up 1.7% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com
Bitpanda GmbH, the Vienna-based crypto trading platform backed by billionaire investor and PayPal co-founder Peter Thiel, is reportedly considering a range of strategic options, including a potential initial public offering (IPO) in Frankfurt. According to a Bloomberg report, the company is currently in discussions with major financial institutions such as Citigroup Inc. and JPMorgan Chase […]
Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $68,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is surging and might rise above the $72,000 resistance zone or even to a new all-time high. Bitcoin Price Starts Fresh Surge Bitcoin price found support near the $66,500 zone. BTC formed a base and started a fresh increase above the $68,000 resistance. The bulls were able to pump the price above the $70,000 resistance. The price regained strength and cleared the $70,500 level. It is up over 5% and trading above the $71,000 level. A high was formed at $71,482 and the price is now showing signs of strength. It is well above the 23.6% Fib retracement level of the upward move from the $65,531 swing low to the $71,482 high. Bitcoin price is now trading above $70,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $71,500 level. The first key resistance is near the $72,000 level. A clear move above the $72,000 resistance might send the price higher. The next key resistance could be $72,200. A close above the $72,200 resistance might initiate more gains. In the stated case, the price could rise and test the $73,000 resistance level. Any more gains might send the price toward the $74,000 resistance level and a new all-time high. Any more gains might call for a test of $75,000. Are Dips Supported In BTC? If Bitcoin fails to rise above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $70,500 level. The first major support is near the $68,500 level or the 50% Fib retracement level of the upward move from the $65,531 swing low to the $71,482 high. The next support is now near the $67,800 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 bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $70,500, followed by $68,500. Major Resistance Levels – $71,500, and $72,000.
As the US presidential election draws near, Bitcoin has briefly surged to the $70,000 mark for the first time in over five months. This milestone coincides with former President Donald Trump leading in polls against Vice President Kamala Harris, setting the stage for potential shifts in the cryptocurrency landscape depending on the election outcome. $70,000 As Key Level For Bitcoin To Surpass March Record The recent uptick in Bitcoin’s price has been bolstered by a rally in the stock market, with analysts noting that investors are increasingly pricing in a potential Trump victory. Tony Sycamore, a market analyst at IG Australia Pty, indicated that Bitcoin needs to maintain a solid break past $70,000 to build confidence in surpassing its previous record of $73,798 set in March. Trump has positioned himself as a pro-crypto candidate, pledging to make the US the cryptocurrency capital of the world. In contrast, Harris has taken a more cautious stance, advocating for a regulatory framework for the industry. Amidst the political backdrop, options traders have ramped up their bets, with many speculating that Bitcoin could reach $80,000 by the end of November, irrespective of who wins the election. Related Reading: Are ‘ETF Paper Bitcoins’ Suppressing BTC Prices? Analyst Provides Answers Implied volatility around Election Day on November 5 has also risen, reflecting the uncertainty in the market. Notably, spot Bitcoin ETFs in the US have seen approximately $3.1 billion in net inflows this month, further contributing to the positive sentiment surrounding cryptocurrencies. Regulatory Concerns Surround Harris’s Stance On Crypto Crypto analyst VirtualBacon recently highlighted the significance of the upcoming election for the cryptocurrency market, dubbing it the “Crypto Election.” Prediction markets currently favor Trump at 60%, although these figures may be skewed due to the crypto community’s historical support for him. National polls indicate a tighter race, with Harris holding a slight lead of just over 1%. The crypto industry has contributed approximately $119 million to campaigns this election year, representing nearly half of all corporate donations. However, major players like Coinbase and Ripple are strategically donating across party lines to promote supportive legislation rather than backing a single candidate. While both Trump and Harris have publicly expressed favorable views on cryptocurrency, their commitments to concrete legislative action remain uncertain. Harris’s regulatory approach raises concerns, as her campaign has emphasized protecting minority investors in digital assets without providing specifics. Moreover, her tenure as Vice President coincided with the appointments of prominent crypto critics such as the US Securities and Exchange Commission (SEC) chair Gary Gensler, and US Treasury Secretary Janet Yellen. On the other hand, Trump’s evolving views towards cryptocurrency, including the launch of a successful NFT project and a DeFi platform, suggest a warming to the industry. As the election approaches, VirtualBacon suggests that it’s crucial to consider that economic data released post-election will significantly influence market sentiment. The upcoming Federal Open Market Committee (FOMC) meeting in November could provide critical insights into inflation and liquidity, impacting both the broader market and the trajectory of cryptocurrencies. BTC’s Path To $100,000 Despite the speculation surrounding the impact of the presidential election, which is just 7 days away, another analyst, Ali Martinez, noted that over the past eleven years, seven of them have seen massive gains for the market’s leading crypto. As can be seen in the chart provided by Martinez, the average November gain for BTC is a massive 46%, which if the market follows these late patterns, could see a November price of just over $100,000 per coin. Related Reading: Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent However, for BTC to confirm a breakout to retest its all-time high, it will be key for it to consolidate above the $70,000 mark in the coming days ahead of the election, positioning it well for a dramatic breakout to even higher prices. Featured image from DALL-E, chart from TradingView.com
A key Bitcoin metric that has frequently flagged a potential short-term rally for BTC in the past few weeks has fallen into bearish territory, indicating a shift in interest among investors towards the largest cryptocurrency asset. Coinbase Premium Index For Bitcoin Hits New Low IC News, an informative outlet recently reported that Bitcoin’s Coinbase premium […]
The Bitcoin price may be on the verge of hitting new all-time highs as a crypto analyst has unveiled the emergence of a new technical indicator called the “Bird Beak Sign.” Spotted on the Bitcoin Heikin Ashi chart, the analyst suggests that this technical pattern indicates a potential price rally is imminent. ‘Bird Beak’ Pattern Signals Path To $100,000 Optimism in the crypto community is soaring as a popular crypto analyst, ‘Trader Tardigrade’ has shared a bullish prediction for Bitcoin’s price outlook. In an X (formerly Twitter) post, the analyst uncovered a distinct technical pattern known as the “Bird Beak sign” in the Bitcoin Heikin AshiBitcoin Heikin Ashi chart, which is a type of candlestick chart used to spot market trend direction and predict future prices. Related Reading: Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means The Bird Beak Sign is a distinct chart pattern that resembles a beak and is created when the Heikin Ashi candlesticks cluster together in a tight consolidated range. Typically when a cryptocurrency consolidates, it means that its price is stabilizing before a potential rally upwards. In the case of Bitcoin, the recent Bird Beak pattern suggests consolidation is preceding an upward momentum. The analyst notes that in the past when Bitcoin showed the Bird Beak sign on the daily Heikin Ashi chart, it was followed by a strong uptrend. This upward movement was represented by multiple green candles, which showed upward movement. Sharing a price chart, Trader Tardigrade disclosed that on 2nd January 2023, a Bird Beak sign had appeared in the Bitcoin chart, triggering a price surge to $23,250 at the time. This same chart pattern was also observed on the 7th and 25th of February, 2024, with Bitcoin skyrocketing to $52,000 and reaching between $71,000 to $72,000, respectively. Trader Tardigrade has revealed that the present Bird Beak sign seen in Bitcoin’s Heikin Ashi chart formed on 27 October 2024. Based on these past signs, analysts have predicted that the new Bird Beak pattern could lead to another sharp increase for Bitcoin, potentially pushing its price to $114,000 this month. Analyst Expects Bitcoin Price To Hit $71,000 First In a more recent X post, Trader Tardigrade revealed that Bitcoin was breaking out of a Symmetrical Triangle at the tip of its 8-hour Heikin Ashi chart. Based on this new symmetrical triangle pattern, the analyst forecasts that a successful breakout could lead to a rally towards the $71,000 price target for Bitcoin. Related Reading: Dogecoin Price To $24? Analyst Says No One Will Believe It Until It Happens This bullish sentiment is shared by another popular analyst known as the ‘Titan of Crypto,’ who also projects Bitcoin’s next target at $71,000. This analyst has predicted that Bitcoin will reach this new target before the month closes, highlighting that the cryptocurrency’s monthly candle is looking significantly strong. It’s important to note that as of writing, the price of Bitcoin is trading at $67,856, marking a 1.3% increase in the past 24 hours, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin‘s recent price rebound has captured the attention of the general crypto sector, which has put retail investors, especially new ones, on a high profitability as market conditions continue to display noticeable improvements. Bitcoin Profitability Rises Among New Investors In recent developments, new Bitcoin investors have witnessed a notable increase in profitability, boosting the outlook […]
Bitcoin is on its way to retesting the $69,000 price level again in the early hours of Monday, October 28, as the bulls look to start the week on a positive note. A notable break above $69,000 would set the stage for a sustained rally in the coming months. Speaking of sustained rally, the Bitcoin Stock-to-Flow model is pointing to an interesting trend in the long-term outlook for Bitcoin. Particularly, crypto analyst Plan B made reference to the Stock-to-Flow model to suggest that BTC is ready for the next phase transition. BTC Is Ready For Next Phase Transition The Bitcoin Stock-to-Flow (S2F) model is drawing attention as it signals that Bitcoin may be gearing up for a new phase transition that would solidify its price above $100,000. The S2F model, originally developed for commodities like gold and silver, measures an asset’s existing supply against the rate of new units entering the market. In the case of BTC, the S2F model calculates scarcity by taking its fixed supply of 21 million BTC into account, along with the block reward halvings that reduce new supply every four years. Related Reading: Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means Each halving event decreases the issuance rate, creating an increasing scarcity that the model correlates with price growth. According to the S2F chart shared by Plan B, these halvings have led to price increases in the months after, with the S2F model accurately forecasting Bitcoin’s transitions into new price levels. Bitcoin last halved in April 2024, resulting in the block reward slashing from 6.25 BTC to 3.125 BTC. According to the S2F chart, past Bitcoin halvings have always started the price transition into a new phase. The 2020 halving, for example, kickstarted the transition into a new phase above $10,000 that culminated in BTC reaching the previous all-time high of around $66,000. Now that the April 2024 halving is six months behind us, the effects of the halving are starting to be factored into the supply and demand of Bitcoin. As such, Bitcoin is looking prime for a phase transition above $100,000. What Does This Mean For Bitcoin Price? As past phase transitions have played out, a phase transition above $100,000 would solidify the Bitcoin price above this level. With the $100,000 price level now serving as a price floor, this would give the Bitcoin price the support to keep increasing in the months after. Related Reading: Dogecoin Price To $24? Analyst Says No One Will Believe It Until It Happens Previous phase transitions have always led to a new peak before another halving. The anticipated peak for this phase is just below $1,000,000. If past trends hold true, the Bitcoin price could reach this impressive milestone ahead of the next halving, which is expected to take place in 2028. At the time of writing, Bitcoin is trading at $68,340. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $68,750 resistance zone. Bitcoin Price Eyes More Upsides Bitcoin price found support near the $65,500 zone. A low was formed at $65,531 and the price started a fresh increase above the $66,200 resistance. The price climbed above the $67,000 and $67,500 levels. There was a move above the 61.8% Fib retracement level of the downward move from the $68,699 swing high to the $65,531 low. There is also a connecting bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $67,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $68,699 swing high to the $65,531 low. The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance might send the price higher. The next key resistance could be $68,750. A close above the $68,750 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 resistance level. Any more gains might send the price toward the $70,000 resistance level. Any more gains might call for a test of $71,200. Another Decline In BTC? If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,400 level and the trend line. The first major support is near the $67,200 level. The next support is now near the $66,250 zone. Any more losses might send the price toward the $66,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,400, followed by $67,200. Major Resistance Levels – $68,000, and $68,750.
Michael Saylor’s MicroStrategy is back in the news, with its stock trading at a 25-year high. TradingView’s recent data shows that MicroStrategy (MSTR) hit $235.89 in Thursday’s session. The stock’s price increased by more than 7% on October 25th. MicroStrategy’s price action last Thursday continued its 6-week rally and came ahead of its scheduled Q3 earnings report. Related Reading: Whales Hit All-Time High Bitcoin Holdings At 670,000 – What Does This Mean For BTC? This week’s stock performance reflected the company’s consistent growth over the past few years. MicroStrategy has outperformed most of its peers in the S&P 500 index and even outpaced Microsoft’s growth since 1999. According to observers, MicroStrategy is bullish, with market analysts listing $245 as the stock’s next target. MicroStrategy Continues Its Bitcoin Focus MicroStrategy, a Virginia-based Bitcoin development company, is currently the world’s largest corporate holder of Bitcoin, with 252,222 BTC. With Bitcoin’s current price of $67,392, the company holds more than $17 billion in assets. MicroStrategy Stock Hits New Highs MicroStrategy’s stock (MSTR) has soared over 7% to a 25-year high of $236, with a current market cap of $47 billion, overtaking Microsoft in all-time stock gains. Since adopting Bitcoin as a treasury asset in 2020, MicroStrategy’s stock is up… pic.twitter.com/cyXS0KODCD — The Wolf Of All Streets (@scottmelker) October 25, 2024 Initially, the company developed software to analyze external and internal data to help decision-making, with IBM Cognos, Oracle Corporation’s BI Platform, and SAP AG Business objects as its primary competitors. However, in August 2020, the company changed its business model to focus on Bitcoin. The company has raised $4.25 billion from its equity offerings, the foundation for growing its Bitcoin holdings. MicroStrategy’s Bitcoin Plan Has Its Costs, Too As part of its Bitcoin plan, it aims to buy BTC at every opportunity. For the most part, Saylor’s strategy was a hit. However, the business plan to focus on Bitcoin came at a cost, and Saylor earned a few detractors and critics along the way. For example, the company has expanded its convertible note offering to raise funds to buy more Bitcoin. However, the bulk of these notes do not mature until 2032. Some market observers also say that MicroStrategy is in a difficult situation, especially during market downturns. Since the company relies on Bitcoin, the company’s future is dependent on crypto’s extreme volatility. Although most criticisms are valid, Michael Saylor remains defiant and has since doubled its BTC investments. Hey @SatyaNadella, if you want to make the next trillion dollars for $MSFT shareholders, call me. pic.twitter.com/NPnVvL7Wmj — Michael Saylor⚡️ (@saylor) October 25, 2024 Related Reading: Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push Next Target For MicroStrategy Is $245 Market observers are now bullish on Saylor’s company. According to Mark Palmer, the company’s stock has boasted a 17.8% yield since starting its Bitcoin strategy. Palmer and the other analysts now target $245 to address this sudden surge and bullish sentiment. Palmer adds that the company’s share price has increased by 1,600% in the last four years, and more gains are possible. It also helps that Michael Saylor has remained steadfast in his vision and passion for Bitcoin. In a recent Twitter/X post, MicroStrategy’s executive chairman hinted at the company’s next move and made a pitch to Microsoft’s Satya Nadella. Featured image from Dall.E, chart from TradingView
Bitcoin ETFs ended last week on another positive note with $997.70 million in net inflows and demand reaching its highest level in six months. Undoubtedly, these ETFs have marked the turning point for Bitcoin and other cryptocurrencies since the beginning of the year, as it opened up the cryptocurrency to inflows from every side. Related Reading: Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push Interestingly, data has shown that retail investors are responsible for most of the demand for Spot Bitcoin ETFs, accounting for 80% of the total assets under management. Bitcoin ETFs Changing The Narrative According to Bloomberg data, Bitcoin ETFs have dominated the ETF landscape in 2024, claiming the top four positions for inflows among all ETFs launched this year. Specifically, out of the 575 ETFs introduced thus far, 14 of the top 30 are new funds focusing on Bitcoin or Ethereum. The standout performer is the BlackRock IBIT fund, which has attracted over $23 billion in year-to-date inflows. Last week was another example of the positive performance in Spot Bitcoin ETFs, despite the coin’s consolidation below the $68,000 price level. According to flow data from SosoValue, weekly inflows started on a positive note on Monday, October 21, with $294.29 million entering the funds and ended the week with $402.08 million in inflows on Friday, October 25. Interestingly, Spot Bitcoin ETFs now hold about 938,700 BTC in 10 months since launch and are steadily approaching the 1 million BTC mark. Although these ETFs have opened doors for institutional investors, a recent report from crypto exchange Binance indicates that retail investors are the primary drivers of this surge in demand, accounting for 80% of the holdings in Spot BTC ETFs. Originally intended to provide institutional investors access to BTC, Spot Bitcoin ETFs have now become the preferred choice for many individual investors looking to take advantage of the regulatory clarity they offer. Nonetheless, there has been a steady demand from the institutional side, with institutional holdings rising by 30% since Q1. Among institutional investors, investment advisers have emerged as the fastest-growing party, with their holdings increasing by 44.2% to reach 71,800 BTC this quarter. What’s Next For Spot Bitcoin ETFs? Thanks to the rapid growth of Bitcoin exchange-traded funds, an impressive 1,179 institutions, including financial giants such as Morgan Stanley and Goldman Sachs, have joined the crypto’s cap table in less than a year. For comparison, Gold ETFs were only able to attract 95 institutions in their first year of trading. Related Reading: Whales Hit All-Time High Bitcoin Holdings At 670,000 – What Does This Mean For BTC? This upward trajectory of institutional investments in Bitcoin is poised to continue into the foreseeable future, which bodes well for the overall price outlook of Bitcoin. As these ETFs attract more institutional capital, they are likely to produce second-order effects like increased BTC dominance, improved market efficiency, and reduced volatility that could significantly benefit the cryptocurrency ecosystem. At the time of writing, Bitcoin is trading at $67,100. Featured image from Reuters, chart from TradingView
The Bitcoin (BTC) market has been significantly disturbed over the last 24 hours following a series of troubling news reports. During this period, the crypto market leader has recorded notable downfalls with its price slipping below the $66,000 price mark. However, a crypto analyst with X username Luca has postulated this recent price decline can […]
Bitcoin mining, a complex activity that requires adding data to the blockchain, has been the subject of complaints. While it’s arguably a lucrative trade for some, it impacts the local electricity grid. Some estimates say you need up to 155,000 kilowatt hours (kWh) of electricity just to mine one coin, and each transaction requires around […]
Bitcoin’s consolidation below $68,000 extended throughout this week, with bulls holding steady above the $66,000 support level. Although the cryptocurrency hasn’t seen a significant push to the upside, its ability to avoid a deeper correction means that Bitcoin remains on track to end October on a bullish note. Related Reading: Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push In support of this outlook, a crypto analyst has highlighted an emerging trend in Bitcoin’s UTXO metric, which suggests a looming breakout in the crypto’s price. UTXO In Loss Reaches Highest Point Ever The number of Bitcoin UTXO in losses recently reached a new peak on September 11, 2024, surpassing levels last seen during the COVID-19 crash in 2020 and the September 2023 market bottom. This metric, known as Unspent Transaction Output (UTXO), refers to the amount of Bitcoin that remains unspent in a Bitcoin wallet after a transaction. When UTXO is measured in loss, it reflects the number of Bitcoin holdings that would currently sell at a loss compared to the last transaction price from the Bitcoin wallet. According to Glassnode data, the number of UTXO in losses spiked massively in September to surpass previous numbers, indicating that a significant portion of active Bitcoin addresses are underwater. However, while this may appear to signal bearish sentiment at first glance, history has shown this isn’t the case. As pointed out by crypto analyst CryptoCon, major spikes in UTXO loss don’t come right before terrible price action, but they mostly come at the end of it. Keeping this trend in mind, the new peak in September most likely was an inflection point for Bitcoin’s price action for the rest of the year. What Does This Mean For Bitcoin Price? Past data reveals a consistent pattern: when UTXO in loss reaches extreme highs, Bitcoin’s price is often near a reversal. For instance, during the COVID-19 crash in March 2020, UTXO in loss spiked significantly, followed by a strong rally that led Bitcoin to new all-time highs in the following months. The last time the UTXO in loss spiked massively was in September 2023, serving as the forerunner for the latest bull market cycle which kicked off in October 2023. This run culminated in a new all-time high for Bitcoin in March 2024, effectively showcasing spikes in the UTXO in loss as a signal of positive market momentum. If history were to repeat itself, the September spike in the UTXO loss numbers could also signal a market bottom, which in turn opens up the stage for a rally in the rest of the year. Related Reading: Shiba Inu Inflows Soar 555% In 3 Months – Will The Momentum Continue? Interestingly, Bitcoin’s price action has been notably positive since this new peak in UTXO in loss. At the time, Bitcoin was trading around $57,000. Since then, it has experienced a considerable rally, inching closer to the $70,000 price level. At the time of writing, Bitcoin is trading at $66,720. Featured image from Pexels, chart from TradingView
In recent years, crimes and crypto have grown inexorably entwined. Crypto crimes rise as its popularity and use cases grow, therefore putting at risk traders and companies alike. TrendMicro claims that even while the value of crypto transactions received by illegal addresses has reduced to an estimated $24.2 billion, this figure will still develop as […]
The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new Cup and Handle pattern. While the pioneer cryptocurrency has been slowly recovering from bearish trends to reach the $70,000 mark, a rally to $200,000 would mark a historical milestone and a new All-Time-High (ATH) for BTC. Technical Pattern Signals $200,000 Rally Ahead Popular crypto analyst, Mags has unveiled a new technical pattern in the Bitcoin price chart. According to his post on X (formerly Twitter), Bitcoin is currently forming “a massive cup and handle pattern,” indicating a potential for a major rally. Related Reading: Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means Mags revealed that the Bitcoin price has just moved past the handle portion in the technical pattern, indicating a positive signal for a breakout that could start a bullish phase. As its name suggests, a Cup and Handle pattern is a key technical chart pattern that resembles a cup and handle. In this chart pattern, the cup is in the shape of a U and is considered a bullish signal, while the handle represents a slight downward drift, which indicates a potential buying opportunity to go long. Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the “neckline” which serves as a resistance point. If Bitcoin can break through the neckline, it’s price could surge dramatically or like the analyst says “go vertical.” This bull rally could see Bitcoin’s price driving towards $200,000, marking a new all time high for the cryptocurrency. Currently, the price of Bitcoin is trading at $66,972, reflecting a slight 2.02% decrease in the past seven days, according to CoinMarketCap. While Mags has projected a $200,000 price increase for Bitcoin, the analyst has also forecasted even higher price targets in previous X posts, suggesting that a $200,000 price level may be conservative for the world’s first and largest cryptocurrency. Bitcoin Price Peak Set At $300,000 In another X post on October 24, Mags disclosed that Bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels. Price discovery is the process by which an asset’s true market value is determined, and for Bitcoin, it suggests when its price could reach fresh highs. Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible? Sharing a historical Bitcoin price chart, the analyst pinpointed instances where the cryptocurrency entered a price discovery before reaching a peak. In 2014, BTC hit a peak, then bottomed out in 2015 before reaching another price high in 2018. A similar price action occurred between 2019 and 2024, with BTC achieving a bottom in 2019 and peaking in 2021. Following this historical price trend, Mags indicated that Bitcoin hit its bottom in 2023 and is now about to enter its price discovery. Once the cryptocurrency does, it could signal a surge to a new all-time high, which Mags has set at an impressive $300,000. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin and Ethereum price have crashed in the last 24 hours, dropping below $67,000 and $2,500, respectively. This price crash came following news about the alleged investigation into the USDT issuer Tether. Meanwhile, Israel’s attack on Iran was also a contributory factor. Why The Bitcoin And Ethereum Price Crashed The Bitcoin and Ethereum price […]
Following its bearish start to October, Bitcoin has since shifted momentum, rising as high as $69,000 in the last two weeks. Despite this significant price rally, Bitcoin retail investors remain hesitant to engage the market. In its weekly crypto report on Friday, blockchain analytics firm CryptoQuant shared an interesting insight into this low retail activity in the Bitcoin market. Related Reading: Bitcoin Price To See 70%+ Powerful Bull Wave To Push It Over $100,000, How High Can It Go? Bitcoin Retail Investors’ Holding Grows At Historically Slow Pace – Report According to CryptoQuant, retail investors’ holdings have grown by 18,000 BTC valued at $1.2 billion over the last four months reaching a total new value of 1.753 million BTC worth $112.7 billion. While this development demonstrates a rising market interest by these small investors, the analytic firm notes the pace of accumulation is significantly slow compared to historical data as retail investors only acquired a net 1,000 BTC valued at $66.31 million, in the last 30 days. Notably, the retail investor accumulation rate has been on a consistent decline since May 2023, when their holdings rose by 27,000 BTC worth $1.79 billion Therefore, CryptoQuant reports that these Bitcoin individual investors have only increased their investments by 30,000 BTC valued at $1.99 billion in 2024, which pales in comparison to the whale investors whose holdings have grown by 173,000 BTC worth $11.50 billion in the same period. During periods of price gain, low retail investor activity as discussed above can be concerning as it represents decreased market liquidity or even a lack of market confidence in the asset’s ability to sustain its current bullish trajectory. Alternatively, this lack of interest from small-scale investors also presents positive indications. For example, CryptoQuant reports that low retail activity includes these small investors holding onto their Bitcoin rather than selling. The analytics firm notes that Bitcoin transfer to exchange in January 2023 has decreased from a daily average of 2,700 BTC to 1,400 BTC in 2024, thus there is reduced selling pressure on the token. In addition, transfer activity among retail investors remains low, with transaction volume dropping to $326 million on September 21, the lowest level recorded since 2020. While reduced transfer activity may indicate limited market volatility, CryptoQuant states that low retail activity has historically preceded significant price gains for Bitcoin. Bitcoin Price Overview At the time of writing, Bitcoin trades at 66,896 following a 1.11% decline in the last day due to reports of an alleged investigation into Tether, the issuer of stablecoin USDT, and conflict in the Middle East. However, Bitcoin’s daily trading volume is up by 34.29% and is valued at $42.10 billion. Related Reading: Bitcoin As National Reserve Asset: Key Insights From Forbes On Central Banks Interest Featured image from Shuttershock, chart from Tradingview
Bitcoin investors are presently displaying renewed enthusiasm towards the largest crypto asset as its net capital inflows have experienced a notable spike. This signals an increase in overall market appetite and has prompted speculations about potential rallies in the upcoming months. Bitcoin Capital Inflows Soars, Strong Demand Ahead? According to current reports from Glassnode, a […]
The Bitcoin price is slowly breaching the $70,000 mark, showcasing steady upward momentum despite downward pressure from the bearish performance of the US equities market. Taking note of Bitcoin’s recent price movements, a crypto analyst has suggested that the pioneer cryptocurrency could be gearing up for a strong bull wave that could drive its price by over 70%, pushing it past the $100,000 milestone. Here’s How High An Analyst Project’s Bitcoin’s Next Price Popular crypto analyst, Javon Marks revealed in an X (formerly Twitter) post on Thursday that Bitcoin’s recent price movements were signaling an impending bull rally. The analyst observed that Bitcoin’s current market conditions resemble past patterns and trends. Related Reading: Ethereum Price At $10,000: Symmetrical Triangle Breakout Predicts Big Gains Marks presented a detailed chart depicting Bitcoin’s price action from 2023 till date. The analyst noted that the Bitcoin price had formed a Hidden Bull Divergence pattern in 2023, spanning from February to November. Similarly, the cryptocurrency is currently developing another Hidden Bullish Divergence pattern, beginning at the start of the beginning of the year and appearing to extend towards year-end. Based on these parallel price movements, Marks suggests that Bitcoin is poised for a significant rally to new highs soon. The analyst projects that Bitcoin’s next target is presently 70% above its current price, with the potential to surge as high as $116,652 as it experiences one of the most explosive bull waves ever seen. From Mark’s X post, it can be seen that the analyst has consistently projected the $116,600 price target for Bitcoin. His earliest Bitcoin prediction of this all-time high was on September 12, when he claimed that Bitcoin’s rise to over $116,600 was still 100% away. Mark’s unwavering confidence in this price target suggests a strong conviction that Bitcoin is poised to reach a new ATH this cycle. Currently, the price of Bitcoin is trading at $67,601, marking a 1.31% increase in the last 24 hours and a 5.86% increase over the past month, according to CoinMarketCap. Bitcoin Price Could Jump Even Higher Than $116,000 Another well-known crypto analyst, identified as ‘Yoddha’ on X has presented a Bitcoin price chart highlighting its next bullish price target. With a caption that reads: “When in doubt, zoom out,” the analyst has expressed his confidence that Bitcoin is set to skyrocket this season. Related Reading: Analyst Says Dogecoin Price Looks ‘Ready’, Predicts 5,202% Surge In the price chart, the analyst pinpointed his next target for Bitcoin, indicating that the cryptocurrency could see its price soaring between $130,000 to $170,000. This price surge is expected to occur around 2025 when the bull market is fully underway. Conversely, Elja, a market expert on X, has projected a more conservative price target for Bitcoin, expecting the cryptocurrency to soar to a new ATH of around $94,000. However, the analyst believes that this massive price breakout will begin in October. Featured image created with Dall.E, chart from Tradingview.com
Recent on-chain data has shown that Bitcoin might be entering into two separate crucial phases in the current market cycle that could help to determine the next trajectory of the crypto asset’s price over the coming weeks. Bitcoin’s Accumulation And Distribution Phases Identified Bitcoin’s capital flow on the blockchain is revealing regions of Accumulation and […]
A recent report published by the Bitcoin Policy Institute (BPI) and highlighted by Forbes explores the growing discussion around Bitcoin as a viable reserve asset for central banks. Authored by Dr. Matthew Ferranti, a Harvard-trained economist and former member of the White House Council of Economic Advisers, presents several compelling arguments for why central banks might consider adding Bitcoin to their portfolios. Bitcoin As A Modern Reserve Asset Dr. Ferranti begins by noting the trend of central banks increasing their gold reserves, suggesting that Bitcoin could serve as a modern counterpart. While only one central bank—the Central Bank of El Salvador—has publicly disclosed Bitcoin holdings, Dr. Ferranti highlights that Bitcoin represents just under 10% of El Salvador’s reserves. He argues that an optimal allocation would fall between 2% and 5%, allowing for diversification without excessive risk. Related Reading: Tether Defends Its Record, Blasts WSJ For ‘Irresponsible Reporting’ One of the key points raised in the report is Bitcoin’s historical performance during economic crises. Dr. Ferranti argues that a crucial feature of any reserve asset is its ability to provide returns when traditional assets falter. The report cites examples such as the financial turmoil surrounding the collapse of Silicon Valley Bank in 2023 and the US sanctions on Russia following its invasion of Ukraine in 2022, both of which corresponded with significant spikes in Bitcoin’s value. Despite Bitcoin’s short-term volatility, Dr. Ferranti posits that it has the potential to outperform traditional assets over longer periods. He attributes this to Bitcoin’s Halving cycle, which reduces the rate of new coin production and can lead to price increases. Furthermore, the economist notes that both Bitcoin and gold perform well during inflationary periods, suggesting that rising Bitcoin prices might indicate forthcoming inflation. No Default Risk And Immunity To Financial Sanctions The report also references findings from the Federal Reserve Bank of New York, which indicate that Bitcoin’s price is largely unaffected by macroeconomic news, except for inflation-related information. This quality, the doctor says, makes Bitcoin an effective diversifier within a portfolio, especially given its low correlation with traditional reserve assets such as gold and foreign currencies. Dr. Ferranti outlines three reasons why Bitcoin is devoid of default risk. First, the doctor contends that it does not represent a claim on future cash flows, unlike stocks and bonds. Second, the network is secured through a robust mining process. Lastly, Bitcoin is immune to financial sanctions—an important consideration for central banks—since it cannot be “frozen” in the same way traditional assets can be. Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible? While acknowledging that Bitcoin does not match the liquidity of the US Treasury market, Dr. Ferranti points out that its liquidity has improved significantly, with a current market cap exceeding $1.3 trillion. The economist concludes by suggesting that this level of liquidity is adequate for accommodating large transactions, making Bitcoin a more attractive option than in previous years for central banks worldwide. At the time of writing, the largest cryptocurrency on the market is trading at $67,500, down 1.5% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
In a major move towards blockchain innovation and interoperability, Cardano has announced a new partnership with BitcoinOS (BOS), a smart contract operating system for Bitcoin, the world’s first and largest cryptocurrency. The new alliance will be aimed at unlocking Bitcoin’s trillion dollar liquidity for ADA investors and creating new opportunities for cross-chain capabilities for Web3. […]
Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone. Bitcoin started a fresh increase from the $65,200 zone. The price is trading above $67,500 and the 100 hourly Simple moving average. There is a new connecting bullish trend line forming with support at $67,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $68,800 resistance zone. Bitcoin Price Starts Fresh Increase Bitcoin price found support near the $65,200 zone. A low was formed at $65,199 and the price started a fresh increase above the $67,000 resistance. The price climbed above the $67,500 and $68,000 levels. It even cleared the $68,500 level. A high was formed at $68,794 and the price is now consolidating gains. There was a minor decline below the $68,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $65,199 swing low to the $68,794 high. Bitcoin price is now trading above $67,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line forming with support at $67,450 on the hourly chart of the BTC/USD pair. On the upside, the price could face resistance near the $68,250 level. The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance might send the price higher. The next key resistance could be $68,800. A close above the $68,800 resistance might initiate more gains. In the stated case, the price could rise and test the $69,500 resistance level. Any more gains might send the price toward the $70,000 resistance level. Another Decline In BTC? If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support on the downside is near the $67,800 level. The first major support is near the $67,500 level and the trend line. The next support is now near the $67,000 zone and the 50% Fib retracement level of the upward move from the $65,199 swing low to the $68,794 high. Any more losses might send the price toward the $66,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,500, followed by $67,000. Major Resistance Levels – $68,500, and $68,800.
Bitcoin, the largest cryptocurrency asset, could be set for positive movement once again. Recent developments around Coinbase Premium spark the potential for a short-term rally, suggesting a positive outlook for BTC in the upcoming weeks. Short-Term Rally For Bitcoin On The Horizon The Coinbase Premium, a key indicator that measures BTC’s price differences on the […]
Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level. He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel. Bitcoin Price Retesting $65,000 And What Could Come Next MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major daily support, and market participants can expect a valid retest of the channel breakout. The analyst claimed that if the Bitcoin price holds this support, investors can expect a “heavy pump”, which could lead to a new all-time high (ATH). Related Reading: Analyst Says Dogecoin Price Looks ‘Ready’, Predicts 5,202% Surge However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, a breakdown means that the flagship crypto could range for a while before it makes another attempt to break its ATH at $73,000. Analyst Justin Bennett also recently highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup. The Bitcoin price has so far held well above $65,000 since it again reclaimed $67,000 after the price crash two days ago. However, Bennett indicated that BTC isn’t yet in the clear despite the bounce on October 23. He claimed there is no confirmed bottom as long as the flagship crypto is below $68,200. BTC Needs A Weekly Close Above This Level In an X post, crypto analyst Rekt Capital mentioned that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it. Related Reading: Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level. Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to “bait in some final longs” before it suffers a “rug pull” to the $60,000 support level. The analyst is one of those who believe that it is still too soon to call for a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range. At the time of writing, the Bitcoin price is trading at around $67,000, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
As the 2024 BRICS Summit commences in Kazan, Russia, discussions surrounding cryptocurrency have taken center stage. Lawmakers from Brazil, Russia, India, China, and South Africa are exploring the potential for Russian miners to leverage Bitcoin in international trade, aiming to circumvent the stringent sanctions imposed by the United States. Lawmakers Propose Bitcoin Sales By Russian […]