In a significant development for the ongoing discourse surrounding the digital asset sector, US Senator Cynthia Lummis (R-WY) has raised serious allegations against the Federal Deposit Insurance Corporation (FDIC). In a letter directed to FDIC Chair Marty Gruenberg, Lummis claims whistleblowers from within the agency have reported efforts to destroy documentation related to the FDIC’s digital asset activities. The senator’s letter demands an immediate cessation of these alleged actions in anticipation of Congressional oversight. FDIC Staff Threatened Over Digital Asset Oversight Senator Lummis has positioned herself as a strong advocate for Bitcoin (BTC) and other cryptocurrencies, and her concerns about the FDIC come amid heightened scrutiny of the agency’s handling of digital assets. In her letter, she emphasizes the gravity of the allegations, stating, “The FDIC’s alleged efforts to destroy and conceal materials from the US Senate related to Operation Chokepoint 2.0 is not only unacceptable, it is illegal.” Related Reading: Top Analyst Reports Massive Breakout For XRP Price, Eyes $10 As Next Milestone For context, operation Chokepoint 2.0 refers to a controversial initiative aimed at regulating financial institutions that engage with certain “high-risk industries,” including the digital asset sector. Lummis’s correspondence outlines specific claims made by whistleblowers who allege that FDIC staff members have faced threats of legal action to discourage them from disclosing information to the Senate. She asserts that management has been closely monitoring access to documents to prevent potential leaks before any materials can be destroyed. This alleged behavior, if proven true, violates the principles of transparency that the American public deserves, the Senator stated. ‘Documentation Must Be Secured And Preserved’ In her letter, Lummis explicitly instructs Chair Gruenberg to ensure that all destruction of materials ceases immediately and that all existing documentation related to the FDIC’s digital asset activities since January 1, 2022, is preserved. The senator defines “digital asset activities” broadly, encompassing a range of topics, including the supervision and resolution of banks involved in the crypto sector—specifically Signature Bank and Silvergate Bank—as well as the development of rules and policies governing digital assets. Lummis further underscores the importance of retaining any materials containing terms associated with digital assets, such as “crypto,” “cryptocurrency,” “Bitcoin,” and “Ethereum.” Related Reading: Dogecoin Open Interest Spikes To Nearly $5 Billion – Impact On Price She makes it clear that any classification of these documents as confidential or privileged does not exempt them from the Senate’s oversight powers, insisting that the FDIC must take all necessary steps to secure and maintain the integrity of these records. The senator warns that if evidence emerges indicating that FDIC staff have knowingly destroyed materials or obstructed Senate oversight, she will not hesitate to refer the matter to the US Department of Justice (DOJ) for criminal investigation. At the time of writing, the market’s leading cryptocurrency, Bitcoin, is once again trading above the $101,000 mark, up nearly 8% on a weekly basis. Featured image from DALL-E, chart from TradingView.com
According to CryptoQuant’s latest weekly report, Bitcoin (BTC) could target a price range between $145,000 and $249,000 in 2025. The report cites rising institutional capital inflows and favorable crypto regulations as key drivers of Bitcoin’s potential price appreciation. Bitcoin To Benefit From Increasing Institutional Flows Following a flash crash to $89,256 earlier this week, Bitcoin is now striving to reclaim the $100,000 price level. A recent report by CryptoQuant predicts that BTC could peak at $249,000 this year, supported by multiple favorable factors, including a pro-crypto stance from the Donald Trump administration in the US. Related Reading: Bitcoin Primed For A Major Rebound Following ‘Final Capitulation,’ Analyst Predicts The report suggests BTC will reach “at least” $145,000 in 2025, with the influx of fresh capital serving as the primary catalyst for this bullish momentum. Drawing from historical analysis of capital inflows during previous market cycles, the report estimates that $520 billion in new capital could enter Bitcoin markets this year. It states: In the context of a positive regulatory environment, accommodative monetary policy, and cyclical patterns, it is reasonable to expect capital will continue to flow into Bitcoin in 2025. The following chart illustrates Bitcoin’s realized market cap since 2015. For those unfamiliar, Bitcoin’s realized market capitalization represents the cumulative USD value of each BTC at the last point it moved on-chain. If the market follows historical patterns, then the $520 billion in fresh capital inflows to BTC could become a reality. This fresh capital injection could push BTC price to anywhere between $145,000 to $249,000, since the expansion in BTC’s realized capitalization has a more-than-proportional effect on the digital asset’s market value and price. The report highlights institutional investors – particularly addresses holding between 100 and 1,000 BTC – as the primary contributors to the market’s capital inflows. These addresses largely represent institutional-grade custodial services and exchange-traded funds (ETFs). Notably, institutional participants increased their Bitcoin holdings by $127 billion in 2024, reflecting robust confidence in the cryptocurrency’s long-term potential. Additionally, the final year of Bitcoin’s four-year cycle is often associated with significant price surges for the asset. All Eyes On US Federal Reserve While many crypto analysts and market commentators maintain an optimistic outlook for Bitcoin in 2025, some express caution regarding the potential impact of the US Federal Reserve’s (Fed) delayed interest rate cuts amid inflation concerns and subdued retail investor participation. Related Reading: Could Bitcoin Hit Its Peak In Summer 2025? Analysts Weigh In For instance, a recent report by 10x Research noted that delayed interest rate cuts by the Fed could dampen BTC’s bullish momentum. Further, data from CME FedWatch indicates a 97.3% probability that the Fed will leave the rates untouched during the Federal Open Market Committee meeting later this month. That said, asset manager Sygnum posits that BTC is likely to face demand shocks as more institutional investors embrace the emerging asset. At press time, BTC trades at $99,309, up 2.9% in the past 24 hours. Featured image from Unsplash, Charts from CryptoQuant and TradingView.com
After surging past $90,000 for the first time on November 12, 2024, Bitcoin (BTC) has been trading within a broad range between $91,000 and $108,000. However, some analysts remain optimistic that BTC is poised to break out of this range to the upside following what they describe as a ‘final capitulation.’ Bitcoin Consolidation Nearing Its End? Crypto analyst Trader Tardigrade recently shared their analysis of Bitcoin’s price action on X. According to the analyst, BTC might be approaching a final capitulation before experiencing a significant breakout that could end its prolonged range-bound movement. The analyst commented: The current crypto market sentiment isn’t great. I’d actually welcome a downturn in the next couple of days to complete this price action. Bitcoin experienced a final capitulation at the 27th bar during consolidation in January 2024, just before a massive rebound. If history repeats, the final capitulation level will be reached today or tomorrow. After that, BTC will surge with a massive rebound. Related Reading: MARA CEO Advocates “Invest And Forget” Approach To Bitcoin, Citing Strong Historical Performance To support their prediction, Trader Tardigrade shared a chart comparing Bitcoin’s current price action with its behavior in January 2024. During that period, BTC consolidated for 53 days, underwent a final capitulation, and then rallied sharply, climbing from around $39,000 to as high as $71,000. Interestingly, Bitcoin’s current consolidation phase has already lasted over 50 days. If BTC follows its January 2024 pattern, the final capitulation could occur on January 13 or 14. Another crypto analyst, @CryptosBatman, pointed to tightening Bollinger Bands on Bitcoin’s three-day chart. They highlighted that the Bollinger Bandwidth has reached an extremely oversold level and remarked: Historically, such lows signal a local bottom. Remarkably, the bandwidth is now tighter than when Bitcoin was at $50K, suggesting the bottom might be very close. For the uninitiated, Bollinger Bandwidth is a metric derived from Bollinger Bands that measures the distance between the upper and lower bands relative to the moving average. It is often used to identify periods of low volatility, which can signal potential breakout opportunities. Crypto Analysts Foresee A Positive 2025 While Bitcoin’s ongoing consolidation phase might frustrate bulls, many analysts remain confident that digital assets will benefit from multiple favorable factors in the coming months. Related Reading: Trump-Fuelled Bitcoin Rally May Fade Ahead Of January FOMC Meeting: Report For instance, crypto entrepreneur Arthur Hayes recently predicted that BTC may rally in Q1 2025 on the back of the US Federal Reserve’s (Fed) decision to inject fresh liquidity into the US economy through money printing. Similarly, crypto analyst Dave The Wave has forecasted that BTC is likely to hit a peak during summer 2025. At press time, BTC trades at $96,424, up 4.9% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
As Bitcoin (BTC) retests the $90,000 price level after tumbling almost 9% in the past week, institutional investors and corporations are seizing the pullback as an opportunity to increase their BTC reserves. Business intelligence firm MicroStrategy is one such entity, having purchased 2,530 BTC during the ongoing market downturn. MicroStrategy Buys The Bitcoin Dip Undeterred […]
After reaching a new all-time high (ATH) of over $108,000 in December 2024, Bitcoin (BTC) has declined more than 15%, currently trading in the low $90,000 range. While bulls fear a further drawdown to $85,000, some analysts remain optimistic, suggesting that the premier cryptocurrency could rebound and potentially top out in the summer of 2025. Bitcoin To Top In Summer 2025? According to crypto analyst Dave The Wave, BTC may peak in the summer of 2025, around the middle of the year. The analyst highlighted that Bitcoin’s price trajectory is likely to continue appreciating, as indicated by the 52-week simple moving average (SMA). Related Reading: Trump-Fuelled Bitcoin Rally May Fade Ahead Of January FOMC Meeting: Report Dave the Wave emphasized Bitcoin’s historical adherence to the logarithmic growth curve (LGC), a model that has successfully outlined BTC’s price movements over time. Notably, BTC tends to reach its peak when the 52-week SMA touches the midpoint of the LGC channel. The analyst explained: The suggestion of a mid year btc peak here: price has previously peaked when the one year moving average hits the midway mark of the LGC channel. For the uninitiated, the Bitcoin LGC is a model that tracks the cryptocurrency’s price over time on a logarithmic scale, smoothing out its extreme volatility to highlight long-term trends. It uses upper and lower bounds to indicate potential support and resistance levels, helping analysts predict future price movements within a broader growth trajectory. The following chart illustrates how BTC prices have historically peaked a few weeks or months before or after the 52-week SMA intersects the middle line of the LGC channel. For instance, BTC’s $69,000 ATH in November 2021 occurred months after the 52-week SMA signaled the potential peak in May of the same year. Based on this trend, Bitcoin could peak within a few months before or after the 52-week SMA crosses the LGC midpoint, which is currently projected to occur in July 2025. This prediction aligns with other forecasts that see BTC reaching $200,000 by mid-2025. Meanwhile, crypto analyst Bitcoin Munger has pointed to the substantial buy walls between the $85,000 and $92,000 price levels on Binance’s order books. The analyst expressed confidence that “$110,000 is coming either way,” regardless of whether BTC briefly dips into the mid-$80,000 range. Is The BTC Price Correction Nearing Its End? Crypto trader Rekt Capital believes Bitcoin may be nearing the end of its current price correction, which typically lasts 2–4 weeks. In an X post, the trader noted that since this correction is now in its fourth week, a rebound could be imminent. Related Reading: Bitcoin May Hit $1.5 Million By 2035 According To Metcalfe’s Law, Analyst Predicts Similarly, crypto investor Daan Crypto Trades compared the current BTC price action to the December 2023–January 2024 period. Using the same price fractal, Daan predicts that BTC could find support around $86,000 before recovering its losses and surging to a new ATH of approximately $110,000. That said, there are still concerns about a potential bearish head-and-shoulder pattern forming on the BTC chart, which may push its price all the way down to $80,000. At press time, BTC trades at $91,427, down 3.7% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
In the past week, Ethereum (ETH) has dropped 9.3%, falling from $3,630 on January 3 to $3,235 at the time of writing. While ETH is striving to defend the psychologically significant support level at $3,000, some crypto analysts remain confident that the digital asset’s long-term price trajectory is bullish. Can Ethereum Recover? Analysts Weigh In While the current crypto bull market saw Bitcoin (BTC) create multiple historical new all-time highs (ATH), Ethereum’s price action remained relatively muted. Notably, ETH’s ATH of $4,878 recorded in November 2021 remains intact. Related Reading: Ethereum Poised For A Bullish Q1 2025? Here’s What Experts Say However, ETH’s subpar price action during the current market cycle has not dampened crypto analysts’ hopes for a bullish trend reversal. For instance, several analysts are closely monitoring the inverse head-and-shoulders pattern forming on the 3-day Ethereum chart. While a standard head-and-shoulders pattern is typically bearish, an inverse head-and-shoulders pattern is considered bullish, signaling a potential reversal in the asset’s price trend. Analyst MikyBull recently highlighted this formation in a post on X. Crypto analyst Wolf, corroborated MikyBull’s bullish prediction. In their analysis, Wolf highlighted that a successful completion of an inverse head-and-shoulders pattern could propel ETH to as high as $7,200. Seasoned cryptocurrency analyst Ali Martinez added that a downswing to $2,900 would be “very bullish for Ethereum,” creating an excellent buying opportunity before ETH climbs to new ATHs. Martinez further noted that if ETH continues to follow its ascending parallel channel, a dip to $2,800 could provide a solid foundation for the next upward move. Meanwhile, cryptocurrency and forex trader Merlijn The Trader identified a bullish Moving Average Convergence Divergence (MACD) signal on Ethereum’s 4-hour chart. This indicates that momentum could be shifting from bearish to bullish. According to Merlijn, this momentum shift might push ETH to the $3,700 price level. Will ETH Hit A New ATH In 2025? At the time of writing, ETH is trading approximately 33% below its ATH price. However, the rising institutional interest in the digital asset – particularly after the US Securities and Exchange Commission (SEC) approved spot ETH exchange-traded funds (ETF) – could provide ETH the required momentum to eye new ATH. Related Reading: Ethereum Risk-Reward Ratio Is Now Attractive, Brokerage Firm Explains A recent report by Steno Research predicted that ETH is poised to outperform BTC in 2025, with price projections as high as $8,000. However, not all are convinced of a bullish 2025 for ETH. To conclude, Ethereum must first surpass the critical resistance level at $4,000 before it can set its sights on achieving new ATHs. At press time, ETH is trading at $3,235, up 0.1% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
As Bitcoin (BTC) continues its pullback into the low $90,000 range, analysts are divided on how much further the top cryptocurrency might fall before a potential bounce. However, long-term market observers remain confident, emphasizing that short-term price action does not alter their belief in BTC’s eventual rise to a million dollars or more in the coming years. Bitcoin To Reach $1.5 Million By 2035 Cryptocurrency enthusiast Timothy Peterson recently shared his projection on X, predicting that Bitcoin is on track to reach $1.5 million by 2035, based on Metcalfe’s Law. This forecast represents an almost 15-fold increase from its current price over the next decade. For the uninitiated, Metcalfe’s Law states that the value of a network is proportional to the square of the number of its users, meaning as the number of participants grows, the network’s utility and value increase exponentially. In Bitcoin’s context, this suggests that its value rises significantly as more people adopt and use the network. Related Reading: Bitcoin May Rally In Q1 2025 Driven By US Fed’s Money Printing, Predicts Arthur Hayes Peterson is the author of the widely discussed paper titled “Metcalfe’s Law as a Model for Bitcoin’s Value”, which uses the law to project Bitcoin’s price trajectory. Known for his bullish stance on Bitcoin, Peterson has long argued that BTC’s global adoption is inevitable. His paper states: Traditional currency models fail with bitcoin, but various mathematical laws which explain network connectivity offer compelling explanation of its value. Peterson has also demonstrated accuracy in identifying key market trend reversals. For instance, he correctly identified Bitcoin’s local bottom in September of last year. BTC To Dip Further Before Bounce? While Peterson’s bullish $1.5 million prediction is music to the ears of Bitcoin bulls, the cryptocurrency’s current price action might leave them uneasy. At the time of writing, over $524 million worth of liquidations have occurred in the past 24 hours, with $136 million in BTC alone. Related Reading: Bitcoin Sell-Off Likely When This Metric Reaches 4%, Analyst Explains Crypto analyst Keith Alan weighed in on Bitcoin’s recent price movement, stating that “this dip isn’t done dipping.” According to Alan, the sell-side pressure is actively pushing the price down, with buyers seemingly waiting for lower levels to make significant purchases. He explained: It’s clear that the sell side is trying to push the price down. It’s not clear if the buy walls are related to the same entity pushing price down, but what is clear is that they have no conviction for those price levels, and some or all of this liquidity could move or spoof. Alan identified $91,500 as a potential support level, with $86,500 acting as a secondary line of defense. He noted that more than $300 million in bid liquidity exists within this range, making it likely that BTC could rebound from these levels. Alan also highlighted that a drop to $86,500 would represent a 20% decline from Bitcoin’s recent all-time high (ATH) of $108,135. However, if this support fails to hold, there is a risk of BTC sliding further to $77,900 to fill the CME gap. On the contrary, crypto analyst Ali Martinez recently emphasized that BTC may be on track to $275,000 based on the cup and handle pattern formation on the weekly chart. At press time, BTC trades at $92,805, down 3.3% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
Bitcoin (BTC) crossed the psychologically significant $100,000 price level yesterday, fuelling optimism among bulls that the digital asset could continue its upward momentum and achieve new all-time highs (ATH) in the coming weeks. Head-And-Shoulder Pattern Bound To Fail? With Bitcoin reclaiming a key price level, speculation about its future price trajectory has intensified. Analysts are […]
A recent report by digital assets research firm 10x Research highlights that the US Federal Reserve’s (Fed) stance on interest rate cuts remains the most significant hurdle that could dampen the current Bitcoin (BTC) rally. Bitcoin’s Trump-Fuelled Rally At Risk Ahead Of FOMC Meeting Since pro-crypto Republican candidate Donald Trump secured victory in the November presidential election, Bitcoin has climbed an impressive 47%, rising from approximately $67,500 on November 4 to around $99,700 as of January 6. Related Reading: Metaplanet Bitcoin Reserves Grow With Fresh $61 Million Purchase While further gains are anticipated during the so-called “Trump rally” leading up to the January 20 inauguration, the momentum might stall ahead of the Federal Open Market Committee (FOMC) meeting later in January, says 10x Research’s Markus Thielen. Thielen predicts a “positive start” to January for BTC, followed by a slight dip before the Consumer Price Index (CPI) inflation data release on January 15. A favorable CPI report could reignite optimism, potentially fueling another rally before Trump’s inauguration. However, Thielen cautions that bullish momentum may wane ahead of the FOMC meeting on January 29. Latest data from CME Group’s FedWatch tool shows that interest rates are likely to remain unchanged following the upcoming FOMC meeting. The tool currently predicts a 90.9% chance of interest rates remaining 425 and 450 basis points (BPS). Bitcoin’s decline of approximately 15% to $92,900 following the December 18 FOMC meeting underscores the Fed’s significant influence. This drop came after the Fed signaled only two rate cuts for 2025 instead of five, reinforcing Thielen’s view that the Fed’s decisions are the “primary risk” to BTC’s current bullish trajectory. Thielen stated: We anticipate lower inflation this year, though it may take some time for the Federal Reserve to recognize and respond to this shift formally. Thielen also cited institutional participation as a key factor influencing Bitcoin’s short-term price action, with metrics like stablecoin minting rates and crypto exchange-traded fund (ETF) inflows serving as indicators of institutional interest. Institutional Interest In Bitcoin Continues To Rise Although US spot Bitcoin ETFs faced significant outflows at the end of December, fresh inflows have sparked optimism about rising institutional interest in the premier cryptocurrency. Data from SoSoValue notes that spot Bitcoin ETFs saw $908 million in inflows on January 3. Related Reading: Bitcoin May Face ‘Demand Shocks’ In 2025 Due To Growing Institutional Interest: Report In addition, several major BTC mining firms such as MARA and Hut 8 are bolstering their BTC reserves. Technology firms such as Canada-based video-sharing platform Rumble also recently unveiled a $20 million BTC treasury strategy. A separate report by cryptocurrency exchange Bitfinex predicts Bitcoin could surge to $200,000 by mid-2025, despite minor price pullbacks. At press time, BTC trades at $101,555, up 3.7% in the last 24 hours. Featured image from Unsplash, charts from 10x Research, CME FedWatch and Tradingview.com
In a recent interview with FOX Business, Fred Thiel, CEO of Bitcoin (BTC) mining firm MARA Holdings, advocated an “invest and forget” strategy for retail investors looking to gain exposure to the world’s leading digital currency. Thiel Cites Positive Historical Performance Of Bitcoin BTC continues to trade within the mid-$90,000 range after a recent pullback from its all-time high (ATH) of $108,135. While crypto analysts keep a close eye on the flagship cryptocurrency’s price movements, major BTC holders appear less concerned about short-term fluctuations. Related Reading: Bitcoin ‘Head and Shoulders’ Setup Raises Fears Of $80,000 Price Drop – Details Citing Bitcoin’s historical performance, Thiel advised retail investors to adopt a long-term approach. He noted that Bitcoin has closed the year at a lower price only three times in its 14-year history, including during the peak of the COVID-19 pandemic. Thiel stated: My recommendation, to my kids, for example, is they put just a little bit away every month in Bitcoin and forget about it. Over two, three, four years, it grows, and that’s what people do. Thiel also emphasized BTC’s consistent growth, highlighting that it has appreciated annually by an average of 29% to 50%. However, BTC remains a high-risk asset, and risk-averse investors may shy away until the asset class achieves broader acceptance or gains official recognition from a major global economy. For instance, the establishment of a US strategic Bitcoin reserve could solidify the cryptocurrency’s legitimacy as an asset and potentially spark a domino effect, encouraging other nations to follow suit. Thiel described such a reserve as a key catalyst for driving Bitcoin’s price to new highs in 2025. Additionally, Thiel pointed to high institutional involvement through Bitcoin exchange-traded funds (ETFs) and favorable digital asset regulations under the Trump administration as other factors that could support BTC’s growth this year. Although Thiel’s advice was aimed at retail investors, recent data suggests that many are already planning to increase their Bitcoin holdings. According to a poll conducted by MicroStrategy CEO Michael Saylor, over 75% of 65,164 respondents intend to end 2025 with more BTC than they started with. The poll reflects growing enthusiasm among retail investors, buoyed by bullish developments in 2024 such as ETF approvals, the Bitcoin halving, and Trump’s election victory in November. More Companies Adding BTC To Balance Sheet Bitcoin adoption among corporations continues to grow. While MARA Holdings already holds BTC on its balance sheet, rival crypto mining company Hut 8 recently expanded its holdings to more than 10,000 BTC. Related Reading: Bitcoin May Surge To $200,000 By Mid-2025 Amid ‘Mild’ Price Pullbacks: Report Other firms, such as Japan-based Metaplanet and Canada’s Rumble, joined the Bitcoin movement in 2024. Additionally, Bitcoin ETFs have accumulated over 1 million BTC in under a year since their launch. However, skepticism remains. Japan’s Prime Minister recently expressed caution about the idea of establishing a strategic Bitcoin reserve, reflecting lingering doubts in some quarters. At press time, BTC trades at $97,229, up 0.7% in the past 24 hours. Featured image from Unsplash, Chart from TradingView.com
MicroStrategy continues its Bitcoin (BTC) buying spree. The business intelligence firm scooped 2,138 BTC for $209 million in its latest purchase, pushing its total holdings to 446,400 BTC. MicroStrategy Ends 2024 With Another Bitcoin Buy In an announcement made today, the US-based company stated it had further bolstered its BTC reserves with a fresh 2,138 […]
Since President-elect Donald Trump raised the possibility of establishing a US Bitcoin Strategic Reserve, many advocates have pushed for the creation of the crypto stockpile, saying that it would make the country as the leader in the global cryptocurrency landscape. However, not everyone in the crypto community is convinced of the feasibility of the crypto reserve. CryptoQuant CEO Ki Young Ju is pessimistic that the prospect of the Bitcoin Strategic Reserve would get an approval from the incoming administration. Related Reading: Bitcoin To $350K? Kiyosaki Stands Firm Amid BlackRock ETF Drama BTC Reserve Doubtful Young Ju is not convinced that the proposed Bitcoin reserve would push through, saying it is unlikely that Trump would embrace the crypto strategy to protect US dollar dominance because the greenback remains a safe haven currency. Throughout history, whenever the United States perceived a threat to its dominance in the global economy, gold prices surged, and debates around the gold standard gained traction. In the late 1990s, Peter Schiff championed gold as the true form of money, much like today’s… — Ki Young Ju (@ki_young_ju) December 28, 2024 The executive of CryptoQuant thinks that the policies of the new government would be much influenced by the apparent strength of the US economy and the predominance of the American currency in international trade. Young Ju said that if there is a perceived threat to the US economic hegemony, gold, Bitcoin or any other store-of-value assets would experience a surge in its price. US Economy Still Dominates Young Ju argued that there is no perceived threat to American dominance since many investors still have great confidence in the US economy or the US dollar. “I personally support the idea of #Bitcoin Standard. However, I question whether the US, while continuing to grow as other economies stagnate, would adopt Bitcoin as a strategic asset,” he said in a post. The crypto executive believes the debate on the Bitcoin reserve would only gain serious momentum if the country’s global economic dominance is “genuinely threatened,” adding, “At present, market sentiment suggests confidence in the US’ continued supremacy.” The US processed 37.8% of the world’s Bitcoin in 2022, making it the leader in crypto mining, according to government data. Crypto Stance Could Shift Young Ju said that it is possible that Trump’s stance on Bitcoin may take an unexpected turn depending on the broader political landscape. “If Trump succeeds in showcasing US economic resilience, reinforcing the dollar’s supremacy, and boosting his approval ratings, it’s unclear if he would maintain the strong pro-Bitcoin stance he demonstrated during his campaign,” he explained in a post. Related Reading: CME Gap Threatens Bitcoin With Potential Drop To $77,000 – Analyst The CryptoQuant CEO suggested that more likely, Trump would “step back from his Bitcoin advocacy,” pointing out that he might cite that there has been a change in priorities, “without alienating his voter base.” “At the BTC Conference, was his mention of Bitcoin as a strategic asset a genuine step toward preparing for a Bitcoin Standard, or merely a calculated move to secure votes?” he said. For the crypto executive, it is still unsure which of Trump’s “campaign rhetoric on Bitcoin” will be fulfilled. Featured image from Pexels, chart from TradingView
Although Bitcoin (BTC) remains range-bound – trading between the $90,000 and $100,000 price levels – some crypto analysts predict that a price correction may be on the horizon due to a bearish ‘head and shoulders’ pattern forming on the daily chart. Bitcoin To Drop To $80,000? Seasoned analyst and trader Aksel Kibar took to X to share his thoughts on the recent BTC price action. In his post, the chartered market technician highlighted a potential head and shoulders pattern forming on the daily BTC chart, with risk of the cryptocurrency dropping as low as $80,000. The analyst explained that the pullback could push BTC’s price to the broadening pattern that completed with a breakout above $73,600. However, Kibar emphasized that the head and shoulders pattern must fully materialize for a significant pullback in BTC price to occur. He stated: Seeing it is not enough. It needs to materialize with a breach below the neckline. There are many cases of failed head and shoulders tops especially in steady uptrends well above the year-long average. Other crypto analysts have also shared similar bearish outlooks for Bitcoin’s price. For instance, technical analyst Ali Martinez identified $92,730 as a crucial price level for the top cryptocurrency. According to Martinez, losing this level could push BTC into “free fall territory,” based on UTXO Realized Price Distribution (URPD). Related Reading: Bitcoin Sell-Off Likely When This Metric Reaches 4%, Analyst Explains For the uninitiated, URPD is a metric that shows the distribution of Bitcoin’s Unspent Transaction Outputs (UTXOs) across various price levels, based on when they were last moved. Essentially, it helps identify price zones where significant BTC accumulation or spending occurred, providing insights into investor behavior and market sentiment. In addition, former Wall Street derivatives trader Tone Vays warned that BTC trading below the $95,000 price level would be “very, very bad” for the flagship digital asset. Similarly, renowned trader Peter Brandt recently highlighted the risk of BTC breaking down from a ‘broadening triangle’ formation, potentially falling to the $70,000 level. While several analysts predict a potential price correction, others remain optimistic about Bitcoin’s long-term trajectory. Thomas Lee of Fundstrat Capital projected that BTC could surge as high as $250,000 by 2025. However, he acknowledged the possibility of a short-term correction to $60,000 early next year before Bitcoin enters a historic bull run. The Long-Term Bullish Case For BTC While BTC may indeed face a looming price correction according to some analysts, the long-term price projections remain overwhelmingly bullish. Crypto asset manager Sygnum posits that BTC may face ‘demand shocks’ due to strong institutional interest in the asset, driving its price significantly higher. Related Reading: Bitcoin May Surge To $200,000 By Mid-2025 Amid ‘Mild’ Price Pullbacks: Report Earlier this month, Ali Martinez highlighted the potential formation of a ‘cup and handle’ pattern on BTC’s chart. If this pattern plays out, it could trigger renewed bullish momentum for the digital asset. At press time, BTC trades at $94,149, down 2.5% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
The Bitcoin (BTC) ‘kimchi premium’ has returned to South Korea’s cryptocurrency market as the country grapples with political instability. This has led to a weakened Korean won (KRW) and a higher price for the leading cryptocurrency. Bitcoin Kimchi Premium Surges In South Korea According to CryptoQuant CEO Ki Young Ju, the KRW-USD trading pair has […]
On December 23, US spot Bitcoin (BTC) exchange-traded funds (ETFs) experienced significant outflows totalling $226 million, while Ethereum ETFs saw inflows of $130 million. The stark contrast in net flows between these two ETFs has sparked discussions among crypto analysts about whether an altcoin season might be on the horizon. Capital Flow Pivots From Bitcoin […]
According to a recent report by Japanese cryptocurrency publication CoinPost, Japan’s Prime Minister Shigeru Ishiba has taken a cautious stance on the proposal to establish a national Bitcoin (BTC) reserve. Ishiba Hesitant On Bitcoin Reserve Plans While some policymakers in Japan are advocating for the country to follow the lead of nations like the United States in exploring cryptocurrency reserves, Ishiba has expressed reservations, citing a lack of sufficient information to make an informed decision. The idea of a national Bitcoin reserve in Japan gained momentum after Satoshi Hamada, a member of the Japanese House of Councilors from the Party to Protect the People from NHK, floated the proposal during recent parliamentary discussions. Hamada argued that Japan should explore diversifying its foreign exchange reserves by including crypto assets like Bitcoin, in line with what is reportedly being discussed in the US. Hamada stated: I think Japan should follow the example of the United States and consider turning some of its foreign exchange reserves into crypto assets such as Bitcoin. Responding, the Japanese Prime Minister said that his government simply lacks enough information about the US and other countries’ plans for a strategic Bitcoin reserve. As a result, Japan cannot commit to creating a BTC reserve just yet. Related Reading: US Bitcoin Reserve Will Push Price Above $1 Million, Expert Predicts Ishiba reportedly said that he does not have enough understanding of the “movements” taken by the US with regard to establishing a Bitcoin reserve. He concluded, saying that “it is difficult for the government to express its views.” Further, with regard to the idea of converting some of its foreign exchange reserves into digital assets such as BTC, Ishiba cleared the air saying cryptocurrencies do not fall under the foreign exchange category. A Strategic Reserve May Shoot Up Bitcoin’s Price Earlier this month, Federal Reserve (Fed) Chairman Jerome Powell reiterated that the Fed itself cannot hold Bitcoin. However, reports suggest that the incoming administration under Republican president-elect Donald Trump may push forward with plans to establish a Bitcoin reserve. The Bitcoin Act of 2024, introduced by pro-crypto American Senator Cynthia Lummis, advocates for the US Treasury and Federal Reserve to acquire 200,000 BTC annually over five years, ultimately amassing one million BTC. Such a move could significantly impact the cryptocurrency market by reducing Bitcoin’s circulating supply, potentially driving up its price. Related Reading: US Strategic Bitcoin Reserve Could Push Price To $500,000: Expert Bitcoin price can go even higher if other countries around the world create their own BTC reserves, culminating in an unofficial international race among nations to accumulate as much BTC as they can. The world is already seeing nations attempting to add BTC to their treasury reserves. Recently, SkyBridge Capital Founder and Managing Partner, Anthony Scaramucci, stated that if the US goes ahead with its plans of creating a strategic Bitcoin reserve, there is no way that China will not create one of its own. At press time, BTC trades at $95,503, down 3.3% in the past 24 hours. Featured image from Unsplash, chart from Tradingview.com
South Korea's crypto user base surged to 15.6 million in November, surpassing 30% of the population.
While Ethereum (ETH) has once again failed to break through the stubborn $4,000 resistance level, BlackRock’s iShares Ethereum Trust ETF has quietly accumulated over one million ETH. This milestone reflects strong institutional demand for Ethereum, even as its price performance in 2024 remains lackluster. Institutional Interest In Ethereum On The Rise Year-to-date (YTD), Ethereum – […]
Japan-based early-stage investment firm Metaplanet continues its Bitcoin (BTC) buying spree. The company announced today that it has purchased 619.7 BTC for $61 million – including fees and other expenses – making it the firm’s largest Bitcoin acquisition to date. Metaplanet Increases BTC Holdings To 1,762 The recent crypto market downturn from its all-time highs (ATH) does not appear to bother Metaplanet, as the Tokyo-listed firm made its largest BTC purchase to date, buying 619.7 BTC worth $ 61 million at an average price of around $96,000. Related Reading: Metaplanet To Expand Bitcoin Holdings With $11.3 Million Bond Sale To recall, Metaplanet started buying BTC earlier this year in May with a purchase of 97.9 BTC. Since then, the company has purchased BTC every month, barring September, and crossed the 1,000 BTC milestone in November. The latest acquisition has pushed Metaplanet’s total Bitcoin holdings to 1,762, bought at an average price of $75,600 per BTC. Notably, this $61 million purchase is nearly double the value of Metaplanet’s previous largest acquisition, which occurred in November and was worth close to $30 million. The company’s consistent BTC accumulation has earned it the nickname “Asia’s MicroStrategy,” in reference to the US-based business intelligence firm known for its aggressive Bitcoin buying strategy. It is worth highlighting that today’s BTC purchase comes a week after Metaplanet raised $60.6 million through two tranches of bond issuance for the purpose of “accelerating BTC purchases.” Metaplanet’s latest purchase also makes its BTC reserves the 12th-largest among publicly listed firms globally. According to Metaplanet’s official announcement, its BTC Yield – a proprietary metric used to measure the performance of its Bitcoin acquisition strategy – stood at 310% from October 1 to December 23. The firm emphasized that this strategy is designed to be “accretive to shareholders.” Despite today’s significant BTC purchase, Metaplanet’s stock price saw little movement, closing at $22.5, down 0.98% for the day. However, on a year-to-date basis, the company’s stock has surged by an astounding 1,982%, reflecting the long-term benefits of its Bitcoin-centric strategy. Bitcoin Supply Crunch To Hasten Adoption? With Bitcoin’s total maximum supply capped at 21 million, the digital asset has solidified its reputation as an inflation-resistant store of value. A recent report highlights that BTC supply on crypto exchanges has hit multi-year lows, indicating that holders are increasingly withdrawing BTC from exchanges, reducing circulating supply and potentially driving prices higher. Related Reading: Bitcoin Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy Bitcoin’s scarcity has triggered an unofficial race among corporations – and possibly even governments. For instance, Bitcoin mining firm Hut 8 recently purchased 990 BTC for $100 million, increasing its total holdings to over 10,000 BTC. Similarly, MARA, another Bitcoin mining company, acquired 703 BTC earlier this month, bringing its total holdings to 34,794 BTC. Speculations surrounding a potential US strategic Bitcoin reserve are further strengthening BTC’s supply crunch narrative, which may fast-track its adoption. At press time, BTC trades at $94,003, down 1.5% in the past 24 hours. Featured image from Unsplash, charts from Yahoo! Finance and Tradingview.com
Due to yesterday’s crypto market rout, Ethereum (ETH) has now faced rejection at the key $4,000 resistance level for three times since March 2024. The second-largest cryptocurrency by reported market cap is now trading at the $3,400 level, down 6.7% in the past 24 hours. What’s Behind Ethereum’s Underwhelming Price Performance? While ETH has posted a respectable 47% year-to-date (YTD) gain, it has been outpaced by other major cryptocurrencies like Bitcoin (BTC), Solana (SOL), and XRP, which have recorded significantly higher returns in the same period. Several factors appear to be holding back Ethereum’s price momentum. Related Reading: Ethereum Risk-Reward Ratio Is Now Attractive, Brokerage Firm Explains One contributing factor is Ethereum’s comparatively weaker brand recognition versus Bitcoin. This was highlighted by the lackluster response to the launch of spot ETH exchange-traded funds (ETFs) in August. The introduction of these ETFs failed to generate any meaningful price movement for ETH. Data further reveals a significant disparity in investor interest between the two assets. The total net assets held in U.S. spot ETH ETFs currently amount to $11.98 billion. In contrast, spot BTC ETFs hold $109.66 billion – nearly ten times as much. Additionally, yesterday saw over $60 million in outflows from spot ETH ETFs, marking the largest single-day outflow since November 19. Crypto analyst Ali Martinez pointed out that social sentiment around ETH has reached its lowest point in a year. However, based on historical trends, this could paradoxically signal a bullish opportunity for Ethereum. Futures traders have also turned bearish on ETH, as the aggregated premium for futures positions flipped negative for the first time since November 6. The market downturn triggered Ethereum’s largest liquidation event since December 9, with $299 million liquidated in a single day. Such large-scale liquidations often lead to cascading sell-offs and heightened price volatility. Another recurring concern stems from the Ethereum Foundation’s tendency to sell ETH near local price peaks. In a recent X post, Lookonchain noted that the Ethereum Foundation sold 100 ETH on December 17. Following this sale, ETH’s price has dropped approximately 17%. Further skepticism surrounds Ethereum’s supply issuance. A recent Binance Research report highlighted that ETH’s relatively high issuance rate raises questions about its “ultrasound money” narrative, which suggests Ethereum is a deflationary asset. Is Ethereum Set For A Bounce? Seasoned crypto analyst @Trader_XO stated that they bought spot ETH at the $3,200 price level yesterday. The analyst added that they expect “a good few weeks” of price consolidation before ETH’s next leg up. Related Reading: 7.8M Ethereum Leaves Binance In Two Months—What Does This Mean for ETH? Meanwhile, crypto trader @CryptoShadowOff identified a potential ascending triangle formation on ETH’s monthly chart. According to their analysis, ETH could drop further to the $2,800 range before targeting a new all-time high (ATH). Market analyst @CryptoBullet1 emphasized that on the 4-hour chart, ETH has not been this oversold since August 5, indicating a bounce may be on the horizon. At press time, ETH trades at $3,400, down 6% in the past 24 hours. Featured image from Unsplash, charts from Coinglass, X, and Tradingview.com
Bitcoin (BTC) tumbled from a high of $108,135 on December 17 to $99,500, following US Federal Reserve (Fed) Chair Jerome Powell’s hawkish remarks yesterday. However, some crypto analysts are pinning their hopes on a potential decline in Bitcoin Dominance (BTC.D) that may pave the way for an altseason. What Caused The Crypto Market Crash? Since […]
Major North American Bitcoin (BTC) mining company Hut 8 has further expanded its BTC holdings with a $100 million acquisition. This latest purchase has pushed the company’s total reserves to over 10,096 BTC, valued at more than $1 billion at current market prices. Hut 8 Bitcoin Reserves Top $1 Billion The Miami-headquartered cryptocurrency mining firm continues to increase its Bitcoin reserves, undeterred by BTC’s recent price surges. In its latest announcement, Hut 8 revealed the purchase of approximately 990 BTC for $100 million, at an average price of $101,710 per Bitcoin. Related Reading: Metaplanet To Expand Bitcoin Holdings With $11.3 Million Bond Sale This acquisition has propelled Hut 8’s total BTC holdings to over $1 billion, with the coins acquired at an average cost of $24,485 per Bitcoin. The move reflects the company’s strategy of combining low-cost BTC production with what it views as strategic market buys to maximize returns and strengthen its reserve assets. Notably, Hut 8’s recent purchase positions it among the top 10 largest corporate holders of Bitcoin globally. MicroStrategy remains the leader on this list, holding more than 250,000 BTC on its balance sheet. Commenting, Asher Genoot, CEO, Hut 8, said: We believe deeply in our operating business and that building a strategic Bitcoin reserve will fortify our financial position as we pursue large-scale growth initiatives across power and digital infrastructure. Additionally, as we scale operations and extend our cost advantage in Bitcoin production, we anticipate that the flywheel effect will enable us to grow our holdings organically at a significant discount to market prices, strengthening the yield of our reserve strategy. Echoing these sentiments, Hut 8 CFO, Sean Glennan explained that making BTC a reserve asset was a key component of the company’s strategy to deliver “superior returns” to shareholders through strategic treasury management. He added that the company is open to deploying its BTC reserve to support business objectives, such as upgrading its mining fleet. Earlier this month, Hut 8 unveiled a massive $750 million initiative aimed at general corporate objectives, debt repayment, and bolstering its Bitcoin reserve. On a year-to-date basis, Hut 8’s stock has surged by over 102%, trading at $27.11 at the time of writing. 4 Mining Firms Among Top 10 Corporate BTC Holders While companies like MicroStrategy, Tesla, Block, and Coinbase are well-known among the top corporate Bitcoin holders, four Bitcoin mining firms also feature on this prestigious list, namely, Marathon Digital Holdings, Hut 8, Riot Blockchain, and CleanSpark. Related Reading: Bitcoin Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy Last year, Riot Blockchain reported a significant increase in its BTC holdings. At the time of writing, the Bitcoin mining firm holds a total of 8,490 BTC. Similarly, earlier this month, Marathon Digital Holdings purchased another 703 BTC to increase its total reserves to 34,794 BTC. This move aligns with Marathon CEO’s previous statement that institutions are “waiting to buy up” Bitcoin. In October, CleanSpark CEO Zach Bradford predicted that BTC may peak around $200,000 in the next 18 months. At press time, BTC trades at $100,543, down 3.1% in the past 24 hours. Featured image from Unsplash, Charts from Yahoo! Finance and Tradingview.com
Prominent crypto market commentator and former BitMEX CEO Arthur Hayes predicts a “harrowing dump” in the digital assets market around President-elect Donald Trump’s inauguration. However, Hayes adds that the anticipated market crash will likely be followed by a strong bullish trend reversal. Hayes Warns Against Overblown Expectations From Trump Renowned crypto market analyst Hayes shared […]
In a report published on December 17, analysts at cryptocurrency exchange Bitfinex stated that a combination of rising institutional adoption of Bitcoin (BTC) and bullish technical indicators could push the leading cryptocurrency as high as $200,000 by mid-2025. The report also predicts that any price corrections during 2025 are likely to ‘remain mild.’ Bitcoin Pullbacks To Be Mild In 2025 Earlier this month, Bitcoin crossed the psychologically significant $100,000 price level, pushing its total market capitalization to slightly above $2 trillion at the time of writing. However, according to the latest edition of the Bitfinex Alpha report, BTC still has significant potential for growth heading into 2025. Related Reading: Bitcoin On Track For $275,000? Analyst Cites Cup And Handle Formation The report highlights several technical indicators, including market value to realized value (MVRV), net unrealized profit/loss (NUPL), and the bull-bear market cycle indicator, which collectively suggest that the market still reflects bullish momentum and is far from hitting euphoric peaks. According to Bitfinex analysts, while diminishing returns might temper Bitcoin’s extraordinary growth seen in previous cycles, the cryptocurrency could still reach $200,000 under ‘favorable conditions.’ The report states: Our view is that any corrections in 2025 will remain mild, thanks to institutional inflows. Historically, post-halving years have seen the strongest rallies. Minimum price estimates stand at $145,000 by mid-2025, potentially stretching to $200,000 under favourable conditions. Indeed, institutional inflows into Bitcoin through exchange-traded funds (ETFs) have shown a steady upward trajectory, especially after Donald Trump’s win in the November presidential election. A recent analysis revealed that US spot ETFs now hold more BTC than the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto. While the report projects a strong long-term bullish case, it cautions that some price volatility may emerge during Q1 2025. These pullbacks, however, are expected to be mild and short-lived. The report also notes that price corrections following Bitcoin halvings have been shrinking in size with each cycle: In previous cycles, once Bitcoin entered price discovery following a halving, corrections before mean reversion to new ATHs were relatively contained. In the 2017 cycle, the maximum correction was 33.2 percent, while the 2020 cycle saw a slightly smaller correction of 27.1 percent. Strategic Reserve May Extend BTC Gains One unique factor in this Bitcoin cycle is the speculation surrounding the potential establishment of a US strategic Bitcoin reserve. Such a reserve could drive Bitcoin prices into the seven-figure range, according to Blockstream CEO Adam Back. Related Reading: VanEck Gives Official Backing To Donald Trump’s Bitcoin Reserve Strategy Matt Hougan, Chief Investment Officer at asset management firm Bitwise, recently noted that creating a strategic BTC reserve could propel the asset’s price to $500,000. Experts believe that if the US establishes a BTC reserve, other nations are likely to follow suit, creating a domino effect that could lead to a significant price surge. In related news, Japanese Member of Parliament Satoshi Hamada floated the idea of Japan creating its own strategic BTC reserve. At press time, BTC trades at $103,953, down 3.7% in the past 24 hours. Featured image from Unsplash, Chart from TradingView.com
It’s time to retire the “altcoin” moniker and embrace crypto as an asset class, says Max Freccia.
Amid its historic price action, Bitcoin (BTC) has quietly hit a new all-time high (ATH) against gold. The insight was highlighted by veteran trader Peter Brandt in an X post. Bitcoin Hits New ATH Against Gold: Room For Further Growth? Brandt’s analysis revealed that the BTC-to-gold ratio has reached a new ATH of 32.19 ounces of gold per BTC. In his post, the seasoned trader also took a subtle dig at long-time gold advocate Peter Schiff, a vocal Bitcoin critic. Related Reading: Bitcoin Price Surge In 2024 Not Enough To Beat Gold’s Risk-Adjusted Returns – Details Here For those unfamiliar, the BTC-to-gold ratio measures Bitcoin’s performance relative to gold, showing how many ounces of gold are needed to purchase one whole BTC. This metric underscores Bitcoin’s growing dominance as a store of value. Brandt further noted that the next target for Bitcoin is 89 ounces of gold per BTC, suggesting significant room for Bitcoin to grow against the precious metal. This aligns with the broader narrative within the crypto industry that Bitcoin is poised to challenge gold’s $15 trillion market cap. It’s worth recalling that Brandt previously predicted Bitcoin would rise 400% relative to gold by 2025. Back in October, he projected that BTC could reach the equivalent of 123 ounces of gold based on historical market patterns. A recent report by trading firm Bernstein added weight to this narrative, forecasting that Bitcoin is on track to replace gold as the preferred safe-haven asset within the next 10 years. As of now, BTC boasts a market cap of $2.11 trillion, steadily closing in on gold’s dominance. Similar forecast was made by one of the earliest Bitcoin advocates, Eric Voorhees. The CEO of ShapeShift crypto exchange made a bold prediction, saying that unlike gold or oil, BTC’s digitally-programmed supply scarcity will drive its price upwards. Additionally, Nate Geraci, President of the ETF Store, predicts that Bitcoin-based exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management within the next two years. Supporting this outlook, data from SoSoValue indicates that cumulative net inflows into all spot BTC ETFs currently stand at $35.6 billion, compared to gold ETFs, which sit at $55 billion. Implications Of A Potential BTC Strategic Reserve With BTC surpassing the pivotal $100,000 price level, speculation has grown regarding President-elect Donald Trump’s approach to digital assets. Industry experts believe that Trump may prioritize Bitcoin adoption early in his second term, further boosting BTC’s price. Related Reading: BlackRock Declares Bitcoin The New ‘Gold Alternative’ – Here’s Why Data supports this optimistic view. According to crypto analyst Ali Martinez, the number of BTC whales – wallet addresses holding more than 1,000 BTC – has skyrocketed since Trump’s election victory. This optimism is further fuelled by speculation surrounding a potential US strategic Bitcoin reserve. Prominent financiers argue that if the US were to create such a reserve, China and other nations would likely follow suit to remain competitive. At press time, BTC trades at $106,909, up 3.7% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
The UK Financial Conduct Authority (FCA) has released a discussion paper outlining several proposals and inviting public feedback on crypto regulations in the country. Notably, one proposal seeks to ban public crypto offers from non-regulated entities. Cryptocurrency Public Offers Draw The FCA’s Attention According to the FCA, the proposals – detailed in the discussion paper […]
Despite surging more than 65% on a year-to-date (YTD) basis, Ethereum (ETH) has been overshadowed by Bitcoin (BTC) and other cryptocurrencies like Solana (SOL) and XRP due to their extraordinary price gains throughout 2024. Analysts are increasingly bullish on ETH, projecting five-figure price targets for the second-largest cryptocurrency. Ethereum To Finally Get Its Moment? The […]
Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company’s total assets to buy BTC as an inflation hedge. However, analysts are still confident of further appreciation of the BTC price. Bitcoin May Surge As High As $275,000 According to data from Coinglass, over $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin. Related Reading: Bitcoin Resets Open Interest, Targets $100,000 After Holding Key Support – Details However, some analysts view this price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez took to X to highlight a long cup and handle pattern forming on Bitcoin’s weekly chart. For those unfamiliar, the cup and handle pattern is a bullish technical formation that resembles a rounded “cup” followed by a brief consolidation period or “handle.” It typically signals the potential for a continuation of an uptrend, often leading to significant price gains. Martinez noted that the pattern suggests Bitcoin could surge as high as $275,000, based on its technical structure. However, he also urged traders to exercise caution and avoid overleveraging their positions. On the other hand, prominent crypto analyst @Trader_XO warned that Bitcoin must maintain its support at $90,000 to avoid further downside. Should BTC lose this critical level, it could drop as low as $85,000. Conversely, holding above $90,000 would allow the cryptocurrency to rebound and resume its uptrend. BTC Takes Another Jab At Breaking Through $100,000 Despite yesterday’s dip, Bitcoin recovered swiftly, trading near $100,000 at the time of writing. The flagship cryptocurrency has remained in an overall uptrend, likely bolstered by today’s US inflation data for November, which largely aligned with market expectations. Related Reading: Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says Bitcoin recently hit a new all-time high (ATH) of $103,679, according to data from CoinGecko. However, its price has fluctuated above and below the pivotal $100,000 mark, leading to over $1.5 billion in liquidations in the past week. Several factors could drive Bitcoin’s price to a new ATH. For instance, BTC reserves on cryptocurrency exchanges have hit multi-year lows, reflecting rising demand for the digital asset. American financier and former investment banker Anthony Scaramucci recently predicted China might establish its own Bitcoin reserve if the US proceeds with its strategic Bitcoin reserve plans. National BTC reserves are expected to reinforce Bitcoin’s supply scarcity narrative, potentially driving prices higher. At the same time, BTC adoption among corporations continues to rise, as Canadian video-sharing firm Rumble became the latest company to unveil a BTC treasury strategy. BTC trades at $100,453 at press time, up 4.1% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
MicroStrategy, a US-based business intelligence firm, has expanded its Bitcoin (BTC) holdings as part of its corporate treasury strategy. The company announced its latest purchase of 21,550 BTC, worth approximately $2.1 billion. MicroStrategy Unfazed by Bitcoin’s Historic Price Surge In an official announcement today, the publicly-traded company had acquired an additional 21,550 BTC. This purchase […]