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Bitcoin has once more experienced a major drop, dropping to below $56 000 and going as low as $55 600 this week. In a recent post on X, popular crypto analyst Ash Crypto explained the reasons for another fall of BTC. This decline is mainly attributed to worldwide economic factors such as stock market crashes […]
Over the past seven months, the price of Bitcoin has moved in a range between $73,777 and $49,000, significantly depressing sentiment across the market. In a new analysis published via X, Will Clemente III, co-founder of Reflexivity Research, addresses the prevailing sentiment of impatience and uncertainty among investors, sharing why he still remains bullish. Clementes bullish sentiment draws from a long-term perspective over the next decade. Drawing upon his expertise in portfolio construction and asset allocation, Clemente emphasized the importance of identifying major economic trends likely to unfold over the next decade. “Been thinking a lot about portfolio construction lately and position sizing. I keep coming back to there’s nothing I’d rather go into a coma for 10 years and hold than Bitcoin,” Clemente stated, emphasizing his confidence in Bitcoin as the superior long-term asset. His analysis is grounded in the anticipation of certain macroeconomic trends. Clemente suggests that investors should consider what the biggest trends are likely to be over the next decade and adjust their portfolio accordingly. This involves either significantly increasing investment in the highest confidence trend or spreading investments across several promising trends based on their potential impact. Related Reading: Critical Bitcoin Indicator: Analyst Foresees Major 75% Correction Ahead He personally favors focusing on the most probable trend, which he identifies as the ongoing growth of the US deficit and the subsequent need for the government to debase the currency to service this debt. This scenario, according to Clemente, offers a more predictable outcome than other technological trends like AI or space exploration. Compared to other technological trends, the debasement one is pure math. In addition, the way to bet on other technological trends, for example AI or space, isn’t as clear as debasement, given there’s not a way to position for it as clear as Bitcoin, Clemente writes. How High Can Bitcoin Go In 10 Years? Clemente’s bullish stance on Bitcoin is reinforced by his analysis of potential capital inflows from sovereign wealth and pension funds. He estimates that if these entities were to allocate just 1% of their capital to Bitcoin, it would result in approximately $460 billion of new investments into BTC, potentially doubling its market cap and driving prices to between $150,000 and $200,000 per Bitcoin. He further speculates on the impact of an increased allocation, suggesting that if concerns over the deficit intensify, these institutions might allocate as much as 3%, translating into $1.4 trillion entering Bitcoin. And the upside potential is even larger. What happens if it eats into the $10t-$15t of gold’s monetary premium? How about the combined monetary premium in treasuries/equities/real estate that’s currently parked into these assets as SoV to protect against currency debasement? Clemente pondered. Related Reading: Will Bitcoin Repeat History? Analyst Sees This 2019 Pattern In Current Market Concluding his analysis, Clemente reasoned that a $1 million price per Bitcoin by 2034 is not out of the realm of possibility when factoring in the reduced purchasing power of the dollar. Also would like to sprinkle on top that this is not factoring in dollars being worth significantly less in the future due to debasement, so $1mm BTC in 2034 is not as crazy as $1mm BTC in 2024, the analyst remarked. However, Clemente also acknowledged, I do think Bitcoin’s days of 100%+ CAGR are gone, but that’s not to say it won’t outperform equity indices by a lot — and on a confidence-adjusted basis, I don’t see anything as compelling in the marketplace today. At press time, BTC traded at $56,481. Featured image created with DALL.E, chart from TradingView.com
A recent Quicktake analysis on the on-chain analytics platform CryptoQuant highlighted how Bitcoins short-term holders’ (STH) behaviour is similar to that of 2019. This analysis comes as Bitcoin remains below $60,000, continuing the bearish September trend. Peak In Bitcoins Short-Term Holders Similar To 2019 Structure CryptoQuant contributor Avocado_onchain noted that there had been a small peak in Unspent Transaction Outputs (UXTOs) under six months, which resembles a similar structure observed in 2019. The analyst explained that these UXTOs under six months are new investors (or short-term holders) who entered the market around March of this year when Bitcoins price hit a new all-time high (ATH). According to the analyst, the declining proportion of these UXTOs suggests that these investors have either exited the market due to Bitcoins choppy price action since March or have held and now transitioned to long-term holders (UTXOs of six months and above). The accompanying chart showed that a similar structure occurred around the halving event in 2019 when Bitcoin also reached a local high. After that, Bitcoins price cooled off and took almost 490 days to hit a new ATH, although Avocado_onchain noted that there was also the impact of the COVID-19 pandemic. This development undoubtedly provides insights into what Bitcoin investors could expect from the flagship crypto in the long term, even though its price remains choppy. Avocado_onchain remarked that he is confident about Bitcoin’s long-term upward trend. However, in the short term, he believes it will be wise for investors to temper expectations and closely monitor the market. Meanwhile, although the analyst admitted that there is no clear trigger for a Bitcoin breakout, he noted that the influx of capital from new investors has historically been vital for Bitcoins price increases. Bitcoin hit a new ATH in March following the launch of the Spot Bitcoin ETFs, which introduced new money into the Bitcoin ecosystem. Bitcoin Looks To Continue Bearish September Trend Bitcoin looks to continue its bearish September trend this year, with the flagship crypto already down by over 4% since the month began. Historically, September is known to be a bearish month, as data from Coinglass shows that Bitcoin has suffered a monthly loss in six out of the last seven September, dating back to 2017. Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? Following his simulation of Bitcoins price for this month, CryptoQuants Head of Research, Julio Moreno, mentioned that, on average, the flagship crypto could end the month at $55,000. Moreno had earlier mentioned that a drop below $56,000 for Bitcoin puts the crypto at risk of a deeper price correction and entering a prolonged bearish phase. For now, the crypto community hopes that the US Federal Reserve will cut rates at its next FOMC meeting, which is scheduled for September 17 and 18. A rate cut is believed to be one that could trigger Bitcoins price and lead to a successful breakout above $60,000. At the time of writing, Bitcoin is trading at around $56,400, down over 4% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Since their approval in January 2024, Spot Bitcoin ETFs have been steadily gaining traction in the United States, with the issuers buying hundreds of thousands of BTC as their popularity spread. This has led to a large stash of BTC by these issuers as BlackRock leads the charge. Given their buying spree so far, the number of BTC being held by the Spot Bitcoin ETFs has been rising and is almost at the 1 million mark, Spot Bitcoin ETFs Now Hold 924,768 BTC The United States Securities and Exchange Commission approved a total of 12 Spot Bitcoin ETFs for trading back in January 2024. Now, only eight months later, these ETFs have managed to acquire more than 4% of the total Bitcoin supply. Combined, this makes the Spot Bitcoin ETFs some of the largest BTC holders. Related Reading: Ripple Vs. SEC Battle Far From Over As Regulator Opposes Courts Decision So far, the BlackRock IBIT has been one of the largest buyers of BTC, surpassing even Grayscales GBTC, which had a 600,000 BTC head start. Currently, Grayscale holds more than 350,000 BTC, making the firm a top Bitcoin holder. Grayscale is still in second place when it comes to the number of BTC held. However, the Bitcoin fund has recorded more outflows than inflows since January, losing more than half of its stash before the Spot Bitcoin ETF approvals. Now, Grayscale holds less than 250,000 BTC after losing more than $20 billion to other Spot Bitcoin ETFs due to their lower fees. Other Spot Bitcoin ETFs such as the Fidelity FBTC and the Ark Invest/21Shares ARKB has reached almost 50,000 BTC. So far, the funds have been able to garner 924,768 BTC, putting their total holdings very close to the 1 million BTC milestone. In total, the Spot Bitcoin ETFs now boast 4.685 of the total Bitcoin supply. Top Addresses With Largest Holdings The top Bitcoin wallet with the largest BTC holdings still remains the Satoshi Nakamoto wallet with 1.1 million BTC in it. However, this wallet has been long dormant, and often left out of the top Bitcoin wallets list due to its inactivity. Related Reading: ETH Rally Pushes Profitability To Nearly 70%: More To Come This Week? According to the BitInfoCharts website, topping the Bitcoin rich list is the Binance old wallet with 248,598 BTC worth over $16.3 billion. Next is the Bitfinex Hack Recovery wallet with 94,643 BTC, with $6.2 billion. The Mt Gox Hack wallet holds 79,957 BTC for the third-largest at $5.2 billion. The wallet holding the BTC confiscated from the Silk Road bust with 69,370 BTC is in fourth position worth $4.56 billion, and the Binance BTCB Reserve wallet has 68,200 BTC in it, worth $4.49 billion. Featured image created with Dall.E, chart from Tradingview.com
Despite initial expectations of a steady price increase and a robust bull run this year, Bitcoin (BTC) has suffered severe declines, pushing its price below the $60,000 threshold. Due to the cryptocurrencys prolonged bearish performance, a crypto analyst has warned that Bitcoin could decline even further, predicting a potential crash below $40,000. However, the analyst also provides a silver lining to his bearish outlook, anticipating a major rebound after the decline. Bitcoin May Be Headed For A $40,000 Crash A crypto analyst known as Magog PhD took to X (formerly Twitter) on September 1 to share a unique encounter he had with a supposed Bitcoin billionaire. The analyst recounted an unusual experience from his summer job as a waiter in a New York restaurant, where a Bitcoin billionaire slid a piece of paper across the table in the form of a tip. Related Reading: Heres Why The XRP Price Plunged To $0.55 Upon examination the paper revealed a chart forecasting Bitcoins future price trajectory. The chart illustrated that Bitcoins price was expected to crash below $32,000, marking a massive decline to new lows. Over the past few months the price of Bitcoin has experienced strong volatility and widespread liquidations which have led to severe price decline. At one stage, the cryptocurrency tumbled by over 20%, plunging below $50,000 before rebounding to nearly $60,000. The demand for Spot Bitcoin Exchange Traded Funds (ETFs) have also seen a sharp decline, likely playing a role in Bitcoins recent downward trend. Although the Bitcoin price chart projects that the cryptocurrency will crash below $32,000, it also illustrated that Bitcoin would potentially witness a major breakout above $76,000 following the decline. Similar bullish sentiment has been shared by fellow crypto analysts in the market. According to technical analyst and Bitcoin trader, Titan of Crypto, Bitcoin is currently forming a unique technical pattern called the Cup and Handle pattern. Often recognized as a bullish continuation signal, the Cup and Handle is a technical chart pattern that highlights a period of consolidation after an uptrend, followed by a slight pull back and an eventual breakout to the upside. Based on this technical pattern, the analyst believes that Bitcoin is likely to break out soon, reaching a potential price target of $110,000. He disclosed that this bullish price movement could happen in the final quarter of the year, highlighting that the cryptocurrencys rebound is going to be epic. BTC Achieves Historic Weekly Golden Cross Bitcoin may have reached a historic milestone, as crypto analyst Jelle has identified the formation of a weekly Golden Cross on the Bitcoin price chart for the first time ever. Related Reading: Crypto Market In Trouble As Analyst Predicts $1 Trillion Crash The golden cross occurs when a short-term Moving Average (MA) crosses above a long-term MA. This week, Bitcoins 100-week MA surpassed the 200-week MA, highlighting a strong bullish signal that could potentially trigger a massive bull run for the cryptocurrency. Featured image created with Dall.E, chart from Tradingview.com
10xResearch analysts who had correctly predicted the Bitcoin price run-up to a new all-time high earlier in the year have turned bullish once again. In a recent report by 10xResearch Head of Research, Markus Thielen, the analysts point out a number of factors that have seen the BTC price turn bullish. Just like before, this is a development that could lead to a run-up to a new all-time high for the Bitcoin price, something that could mark the beginning of another bull market. Feds Rate Cut Triggers Bitcoin Uprising Following the Federal Reserves decision to cut interest rates by 0.5 bps earlier in the month, the Bitcoin price has been on a positive uptrend. It rose from trending around $53,000 to rising above $66,000 in a matter of weeks. However, the uptrend may be far from done as the analysts see further upside. Related Reading: Dogwifhat Rally Far From Over As Analysts Predicts 1,600% Jump In the report, the 10xResearch analysts point to the rise in stablecoin minting and billions in inflows from Chinese over-the-counter brokers as reasons why the rally could continue. Since the Fed rate cuts, approximately $10 billion in new stablecoins have been minted. Naturally, this is positive for the Bitcoin market as it means new inflow is coming in. The report explains that year-to-date stablecoin inflows have now topped $35 billion. Another positive development with this is the rise in the decentralized finance (DeFi) activity across the space. There has been increased fee revenue, signaling more participation. While activity has slowed in September, activity and fees could rebound following the Feds recent rate cut, the report read. The analysts believe that the Bitcoin price is now targeting new all-time highs after breaking the downtrend that has plagued it for months. With Bitcoin breaking above $65,000, we anticipate a swift move toward $70,000, followed by new all-time highs in the near term, the analyst said. Altcoin Season Is On The Way The Fed rate cuts has not be positive for the Bitcoin price only as the altcoin market has also followed suit. There has been an over 20% jump in the altcoin market cap this month alone, showing that theyre also following the bullish trend being set by Bitcoin. Related Reading: Ethereum Sees 43% Crash In Active Addresses, Whats Going On? There has been a notable decline in the BTC dominance since the Fed announcement. This suggests that altcoins are gaining ground, and if the Bitcoin dominance continues to fall, it could signal the start of another altcoin season. A notable shift occurred following last weeks FOMC meeting: Bitcoins dominance has waned, while Ethereum gas fees have spiked, fueled by a surge in altcoin activity across the ecosystem, the analysts stated. If the Federal Reserve remains open to cutting rates, pursuing high-beta altcoins will likely gather further momentum. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin is now trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This interesting increase has seen Bitcoin increase by almost 23% from a September low of $53,400 on September 6, pushing many holders into profitability. According to Santiment, this price action has been mostly fueled by increased activity from whales and sharks, with the on-chain analytics platform noting a huge accumulation trend among them. Sharks And Whales Continue To Accumulate BTC Recent shifts in market dynamics worldwide have propelled Bitcoin back to the forefront of investor portfolios since mid-September. According to data from Santiment, Bitcoin’s upward price movement has been largely supported by increased accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional Bitcoin over the past six months. This consistent buying behavior has played a critical role in stabilizing and propping up the price, especially during market corrections when Bitcoin has faced downward pressure. Related Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again Notably, these addresses have accumulated $4.08 billion worth of BTC in the past six months, and their collective holdings currently stand at 16.19 million. Santiment’s data also shows that this accumulation trend gained significant momentum starting in mid-September just after the Fed reduced the base interest rate, indicating a renewed wave of confidence among these Bitcoin investors. Current State Of Bitcoin As noted by NewsBTC, September has always been a crucial month for Bitcoin’s price performance in the last quarter of the year. Interestingly, what looked to be a bearish month for Bitcoin in the first two weeks has now played out as a forerunner for a potential surge in the last quarter of 2024. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? At the time of writing, Bitcoin is trading at $65,470 and has been up by 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has seen spot Bitcoin funds witness consecutive days of inflows since the beginning of the week. Particularly, they received $365.7 million in net inflows in the past 24 hours. Bitcoin has also seen a notable increase in open interest as investors pile up. According to Coinglass, the Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase in the past 24 hours. As Bitcoins price continues to attract attention from traders across the globe, the surge in open interest could act as a catalyst for further price increases. The next step for Bitcoin’s price is a bullish break above the July high of $70,162. Surpassing this level and keeping the momentum could open the stage for Bitcoin to easily break into new all-time highs in October. Featured image created with Dall.E, chart from Tradingview.com
Based on historical trend patterns, a crypto analyst has forecasted that Bitcoin could hit a staggering peak of $400,000. This ambitious price target would require Bitcoin to jump over 6X its current price, marking a historical milestone, as the cryptocurrencys market capitalization would surpass $7 trillion. Bitcoin Power Law Points To $400,000 Increase Bitcoins price [...]
The post Historical Trends Put Bitcoin At $400,000 With Shocking Timeline appeared first on Crypto Breaking News.
MicroStrategy was shot into the limelight when it began publicly buying Bitcoin back in 2020. While it is not the only publicly listed company to do this, the companys aggressive Bitcoin strategy set it apart from the rest. Four years later, MicroStrategy is now the public company with the largest BTC holdings in the world, recording over $5 billion in profit so far. However, the profit on the BTC holdings is not the only positive that has come from the companys Bitcoin investment strategy. MicroStrategys Stock Price Blows Up MicroStrategys MSTR stock price has completed an incredibly successful year that has seen it perform the big hitters in the stock market. A year ago, the MSTR stock price was sitting at a low of $45. However, as the Bitcoin price recovered and the companys BTC portfolio grew, so did the companys stock price. Related Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again In only one year, the price surged more than 317% to reach a new all-time high of $192 back in March 2024, according to data from TradingView. This put it above its previous February 2000 peak of $139, making it its highest level in more than two decades. Interestingly, the surge to the $192 all-time high in March coincided with the the Bitcoin all-tine high of $73,750 in the same month. This suggests that the MicroStrategy stock price is closely correlated with the Bitcoin price performance. Its understandable given that Bitcoin has become the companys largest holdings, meaning that as the Bitcoin price rises, so does the valuation of the company, translating to an increase in the stock price. Currently sitting at $167 at the time of this writing, meaning its 16% down from its $192 all-time high. However, it is still 250% higher than its $45 price level a year ago. This puts it ahead of the likes of Apple which is up only 24% year to date and Amazon, with a 34% year-to-date increase. Even NVIDIAs outstanding performance falls behind MicroStrategy, with a 155% year-to-date increase. Padding Up With Bitcoin Despite being four years in, MicroStrategy is not letting up on its Bitcoin purchases, with major purchases this year. In 2024 alone, the company has bought 63,079 BTC which cost around $4.04 billion to acquire. The most recent purchase was on September 20, when former CEO Michael Saylor announced that the company had purchased 7,420 BTC for $489 million. This has brought the companys total BTC holdings to 252,200 for a whopping cost price of $9.9 billion. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? Despite the already massive Bitcoin holding, accounting for more than 1.166% of the total supply, MicroStrategy plans to continue buying BTC. The company announced it was offering $700 million in convertible notes, which was later amended to $1 billion, the proceeds of which would be used to purchase more BTC. As for the companys plan for its massive BTC stash, Saylor has previously revealed that the company has no plans of selling soon. For now, the plan looks to be to buy as much BTC as possible to hold as a treasury asset. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst has just confirmed an impending Bitcoin (BTC) crash, pointing to the formation of a bearish descending triangle formation on the cryptocurrencys price chart. With Bitcoins price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is. Analyst Confirms Incoming Bitcoin Crash TradingView crypto analyst, Alan Santana has published a report warning of potential risks in Bitcoins current price behavior, pointing to a possible price crash driven by the formation of a new descending triangle. Santana noted that currently, the price of Bitcoin is trading above $60,000, which is about 20% lower than its March 2024 All-Time High (ATH) of more than $73,000. The analyst hypothesized that if Bitcoin were trading at a lower price level of $37,000, this would represent a 50% decline from its March ATH. In such a case, this price would be seen as a strong correction from all-time highs. Santana also revealed that trading at $37,000 would be advantageous for Bitcoin, especially before a major political event like the upcoming United States (US) Presidential elections in November. This means that by trading below $40,000 or $37,000, Bitcoin would be due for a significant recovery to new highs. However, since BTC is currently trading at $63,635, a price mark close to a critical resistance level, this indicates a strong momentum. As such, if an unexpected event or market shakeout occurs, it could potentially trigger a massive price decline for the cryptocurrency. Moreover, Bitcoin has formed a descending triangle pattern, which the analyst has flagged as a bearish signal. He revealed that on the cryptocurrencys monthly chart, this pattern broke to the downside, ultimately confirming an impending price crash. As a result, Santana has warned that investors should expect a Bitcoin crash, citing the cryptocurrencys prolonged sideways movement with a bearish bias over the past six months. He further disclosed that BTC has been printing lower highs in the short-term and mid-term for more than six months, highlighting that lower highs were an indication of a bearish trend. Based on the cryptocurrencys market behavior, descending triangle pattern and current price, Santana has predicted that Bitcoin could dip below $49,000. He noted that the next Fibonacci retracement level below $49,000 sits around $40,000 to $43,000, meaning the main target for this bearish forecast could be even lower. BTC Uptrend Hinges On $70,000 Breakout While emphasizing the potential for Bitcoin to crash below $49,000, Santana also disclosed that Bitcoin could witness a major uptrend if its price can successfully break above the $70,000 mark. He revealed that a strong confirmation above this price is necessary to consider BTC bullish this cycle. Specifically, if the cryptocurrency can achieve a one or two weekly or monthly close above $70,000, it could spark a bullish turnaround for the market. However, while Bitcoin is rising and maintaining a price above $60,000, the market is only seeing over-leveraged traders being liquidated and the growth of altcoins. Featured image created with Dall.E, chart from Tradingview.com
Optimism about the Bitcoin future outlook remains strong, with a crypto analyst forecasting a massive $100,000 price increase for the pioneer cryptocurrency. With expectations of an even greater price surge, the analyst believes that a $100,000 ATH for Bitcoin in 2025 is a nominal price target. Why Bitcoin Will Rise To $100,000 In 2025 Luke [...]
The post Bitcoin Prediction: Crypto Pundit Reveals Why $100,000 Is The Nominal Price Level For 2025 appeared first on Crypto Breaking News.
The Fed rate cuts have boosted the confidence of Bitcoin investors, with whales buying up to 1.6 billion BTC since the macro decision. With such a bullish outlook, there is the possibility that the flagship crypto can soon reach $70,000. Fed Rate Cuts Prompt Buying Spree Among Bitcoin Whales The Fed rate cuts have prompted [...]
The post Fed Rate Cuts Spurs $1.6 Billion Bitcoin Buying Spree Among Whales, Can BTC Reach $70,000? appeared first on Crypto Breaking News.
Bitcoin has performed well in the past few days after experiencing a strong downturn in the first two weeks of September. This rally kickstarted in the middle of this week after the Fed decided to slash the benchmark interest rate by 50 basis points (bps), a move that proved positive for cryptocurrencies. Notably, this rally was already predicted by a few crypto analyst through technical indicators. One of such is Ali Martinez, who is a master of the TD Sequential. However, in an interesting turn of events, the analyst has highlighted the case for investors to “book some profits,” which is a sign of potential price correction up ahead. Analyzing The Bitcoin Rally Bitcoin, which struggled to gain momentum earlier in the month, entered a strong rally that began to take shape midweek. This rally saw Bitcoin break above $63,000 again and increase its market dominance. Furthermore, the rally peaked at $63,830, reflecting an increase of about 20.77% from a low of $52,827 on September 6. Related Reading: Grayscale XRP Trust Surges 11.44% One Week After Launch, Heres The Catalyst However, despite the current optimism surrounding Bitcoins price action, Martinez has issued a word of caution to investors. In a post shared on social media platform X, Martinez highlighted that the TD Sequential, a tool he frequently uses to analyze market trends, is now indicating the potential for a price correction near the $63,700 level. Martinez pointed out that the same TD Sequential indicator, which flashed a buy signal at $57,400 before Bitcoins recent rally, is now warning of a possible pullback. This suggests that while the recent surge has been remarkable, the market may be nearing a critical juncture where prices could retrace. The TD Sequential told you to buy #Bitcoin at $57,400, and now it is telling you to book some profits at $63,700! pic.twitter.com/0h1yNowkae Ali (@ali_charts) September 20, 2024 Is It Time To Sell? Looking at Bitcoin’s price action since July, the $63,000, which acted as an order block earlier in the year, has largely acted as the beginning of a resistance level during price increases. However, while the TD Sequential signals a potential price correction, Bitcoin bulls are still testing the confirmation of a continued rally. Related Reading: Dogecoin Open interest Remains Muted Below $500 Million, Whats Going On? According to another analysis by Ali Martinez, Bitcoin is now testing the 200-day SMA, which is a critical level for confirming bull runs. History has shown that failure to break above the 200-day SMA has led to significant corrections in the past. If history were to repeat itself, this could lead to a correction towards $40,000 before the end of the year. Recent market dynamics and fundamentals have shown Bitcoin is now in a better place than it was in the past. There are now bullish catalysts within the ecosystem, like Spot Bitcoin ETFs, that would prevent a correction of such magnitude. Also, a green monthly close in September could better pave the way for a green ‘Uptober,’ leading to the continued rally in October. Nevertheless, the $63,000 and 200 SMA $63,900 price levels are important to watch for Bitcoin moving forward. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin is currently exhibiting bullish price action that has sparked optimism among crypto investors. The cryptocurrency recently broke above the psychological $60,000 price barrier after three weeks of acting as a dreaded resistance level. Since breaking past $60,000, Bitcoin has continued the run-up and has increased by 9.8% in the past seven days. Interestingly, the [...]
The post Heres Why A Green September Close Is Important For The Bitcoin Price appeared first on Crypto Breaking News.
The Bitcoin recent price volatility, including a crash below $50,000 last month, has significantly slowed down the momentum of the bull run many analysts are anticipating. Despite the price lull, a certain crypto analyst believes that the Bitcoin bull run is still on track, predicting a sharp rise to over $100,000 once current price corrections [...]
The post Bitcoin Decline Not A Cause For Alarm, $100,000 Still In The Cards, Analyst Says appeared first on Crypto Breaking News.
Bitcoin (BTC) could be gearing up for a new All-Time High (ATH) this year if it breaks through key resistance levels at $60,000. Despite experiencing substantial volatility and price instability over the past few months, analysts express bullish optimism for the cryptocurrency in the coming months. New Bitcoin All-Time High Incoming The Bitcoin price chart is flashing bullish signals as the cryptocurrency is up above $60,000 once again. Earlier this month, Bitcoin jumped over the $60,000 mark but witnessed a minor correction that pushed its price back below $59,000. Related Reading: Cardano (ADA) Enters Stage 3 That Will Trigger 4,500% Rally To $15 With the cryptocurrency recovering its previous momentum, many analysts expect more gains in the future. In an X (formerly Twitter) post on September 17, popular crypto analyst, Michael van de Poppe suggested that as long as Bitcoin can maintain a steady price above $58,500, the market will remain strong and positive, signaling the possible start of the bull market. Based on his price chart of Bitcoins movements, the $58,500 price mark is seen as a critical support area to hold and Poppe has predicted that if Bitcoin continues to trade above this level, it could experience a massive pump to new all-time highs in October 2024. This significant price increase is anticipated to surpass Bitcoins current ATH, which jumped above $73,000 in March 2024. At the time, the trigger to Bitcoin achieving its March ATH was the launch of Spot Bitcoin ETFs and the subsequent large-scale demand. This time, BTC is expected to reach a new ATH, catalyzed by a confluence of factors, including the fact that Q4 of all Bitcoin halving years is typically seen as a bullish period for the cryptocurrency. Before this attack on the ATH in October, Poppe revealed that Bitcoin may experience a sweep of the liquidity as well as a short period of consolidation. The analyst highlighted that September remains a significantly weak month for Bitcoin, characterized by price declines and volatility. However, he has forecasted that BTC could witness a clear breakout to the upside above $62,000 by the end of the month, or in early October. As of writing, Bitcoin is trading at $60,471, marking a 3.76% price increase in the last 24 hours, according to CoinMarketCap. Next Three Months Seen As Bullish Period For BTC Bitcoin has been in a long downtrend, with Q3 seen as one of its most bearish periods this year. Despite the cryptocurrencys price crash and previously persistent declines, analysts highlight that the coming months will be significantly bullish for the cryptocurrency. Related Reading: Analyst Identifies $0.75 As Most Crucial Target For XRP Price In The Campaign For $1 Crypto analyst, Crypto Rover disclosed on X that September has historically been the worst month for Bitcoin, however, he believes Q4 is set to be the best. Other analysts like Stockmoney Lizards foresee Bitcoin hitting a whopping $100,000 price target by years end, with expectations that Q4 (between October to December) would significantly push the cryptocurrency to the upside. Featured image created with Dall.E, chart from Tradingview.com
Investors are once again accumulating Bitcoin (BTC) despite previous price declines. Reports indicate that approximately $1.3 billion worth of Bitcoin has been withdrawn from various crypto exchanges, signaling a renewed interest and confidence in the leading cryptocurrency. Bitcoin Accumulation Frenzy Resumes Data from IntoTheBlock has revealed a new accumulation trend amongst Bitcoin investors. According to the financial service platform, roughly $1.29 billion worth of BTC has exited various Centralized Exchanges (CEXs) in the last week. Related Reading: Analyst Sounds Warning For Bullish Investors, Says Solana Will Crash 42% To $80 This development signals a shift in investors’ sentiment from a previously bearish stance. Just this September, Bitcoin has experienced severe price fluctuations and volatility, raising concerns amongst investors about the cryptocurrencys future outlook. There have even been reports of liquidation in the market, with analysts noting that September is historically a bearish period for the crypto market. With Bitcoin now seeing renewed momentum and experiencing a price surge above the $60,000 mark, investors’ interest in the cryptocurrency has resurged. Based on IntoTheBlocks report, the majority of Bitcoin outflows, amounting to 12,420 BTC, from crypto exchanges occurred on Tuesday, September 10. During this time, the price of the cryptocurrency had been trading below $60,000, suggesting that investors were accumulating in anticipation of a potential price surge. Apparently, Bitcoin holders had begun selling their holdings and taking profits around Friday, September 13. ITBs data also revealed that 82% of BTC investors are currently making gains, while 13% are in loss. Interestingly, this accumulation trend has extended its influence towards Bitcoin whales. In an X (formerly Twitter) post on September 14, popular crypto trader, Ash Crypto, unveiled a lofty Bitcoin transaction involving the purchase of 1,062 BTC, valued at $64 million by an anonymous whale. With the new Bitcoin addition, the unidentified whale now holds a whopping 10,043 BTC, worth approximately $600 million, based on exchange rates at the time. This move by the whale is also an indication that the market is transitioning into a more bullish and positive sentiment. This trend is common after a market correction or a decline in a cryptocurrency, where prices have reached a perceived low. Will BTCs Price Hit $75,000? The recent spike in Bitcoin accumulation indicates that investors are now looking favorably at the cryptocurrency, possibly anticipating a price increase in the future. This new trend could potentially trigger a rally to new all-time highs around $75,000 if it continues. Related Reading: Super Guppy Indicator Shows XRP Is Ready For A Surge To $99 Earlier this year, when Bitcoin accumulation was at one of its highest, the price of the cryptocurrency had surged to its current all-time high of above $73,000. This bullish development could reoccur as demand and interest in the cryptocurrency surges. Although Bitcoin saw a rise above $60,000 over the past week, its price is now down by 2.37% and currently trading at $58,739, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Glassnode co-founders Jan Happel and Yann Allemann recently indicated that a Bitcoin crash to $37,000 would be a good thing. They also explained why they wouldnt be sad about such a massive price decline for the flagship crypto. Bitcoin Dropping To $37,000 Would Be A Steal Happel and Allemann mentioned in an X (formerly Twitter) post on their shared account that a Bitcoin price drop to $37,000 would be a steal. They added that they wont be mad about the price crash because it would give them an opportunity to buy more BTC at such low levels. The Glassnode co-founders wont hesitate to buy the dip as they are confident about Bitcoin reaching a new all-time high (ATH) in this market cycle. Related Reading: Super Guppy Indicator Shows XRP Is Ready For A Surge To $99 In an earlier X post, they stated that Bitcoins next run-up to $70,000 will likely see it break its current ATH of $73,000, reached in March earlier this year. Happel and Allemann added that BTCs parabolic rally would be driven by a strong altcoin undercurrent, predicting that the altcoin season could occur soon enough. The Glassnode co-founders could get their wish of Bitcoin dropping to $37,000 before hitting a new ATH as crypto Zoran Kole recently predicted an imminent price crash for the flagship crypto. Kole mentioned in an X post that he believes that the low $40,000 range is coming next for Bitcoin. The analyst further highlighted a very clear Head-and-Shoulders pattern developing on Bitcoins chart, which showed that the flagship crypto could drop to as low as $36,000. He added that this bearish pattern coincides with a yearly open retest with a strong case for a bounce right below the current yearly low of $38,500. Kole revealed that breaking the weekly bearish market structure could invalidate this trade setup. That means Bitcoin needs to rise above $65,000 to confirm a bullish reversal. Crypto analyst Jelle also suggested that $65,000 is the level Bitcoin needs to break above to enjoy a parabolic rally to a new ATH. BTC Breakout To Happen In Next Few Weeks Crypto analyst Rekt Capital has offered a more bullish outlook for Bitcoin, stating that history suggests the BTC breakout could happen in the next few weeks. He also revealed that Bitcoin is close to reclaiming the reaccumulation range and resynchronizing with post-halving price tendencies. This could lead to the parabolic uptrend, which the analyst had previously mentioned is the next stage of the halving cycle. Related Reading: Analysts Kick Against Cardano Recovery, Says ADA Price Is Destined For 33% Crash In another X post, Rekt Capital indicated that it was important for Bitcoin to close this month above the quarterly level at $58,800. He stated that a close above this price level would fully confirm Bitcoins successful retest of this price range as support. At the time of writing, Bitcoin is trading at around $58,400, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Jelle has highlighted a bullish pattern that has been forming on the Bitcoin chart for the last three years. The analyst suggested that it could soon be time for the pattern to play out, with a price target of $100,000 and above in sight if it does. 3-Year Cup And Handle Pattern Could [...]
The post 3-Year Cup-And-Handle Pattern Promises To Send Bitcoin Above $100,000 appeared first on Crypto Breaking News.
BlackRock, the prominent American multinational investment management corporation, has once again emphasized the enduring belief surrounding the Bitcoin potential as a strategic asset. In a recent statement, the firm reiterated a school of thought that has been gaining momentum within the financial world for years. According to the investment company, BTC is a good tool for hedging against increasing global disorder, which might arise from growing distrust in governments, banks, and fiat currencies. Reflecting on this perspective, renowned cryptocurrency analyst Michaël van de Poppe aligns with BlackRocks outlook, predicting a Bitcoin price as high as $600,000 in the current market cycle. BlackRocks Involvement With Bitcoin There’s no denying the fact that BlackRock’s decision to foray into Bitcoin in 2023 through applications of Spot Bitcoin ETFs was a turning point for the cryptocurrency. As the biggest asset manager in the world, this move sent ripples throughout the investment community and affirmed Bitcoins growing role as a legitimate asset class. Related Reading: XRP Price To Reach $40? Crypto Analyst Says You Should Get In Right Now CEO of BlackRock, Larry Fink, who was once a proud Bitcoin skeptic, changed his stance and became an advocate of investors adding Bitcoin to their portfolio in order to hedge against inflation. According to him, Bitcoin “is an asset class that protects you.” In a similar statement, Blackrock noted that Bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.” This comes amidst inflation concerns in economies all around the globe since the beginning of the year. The companys perspective echoes the sentiments of many investors who believe that as the cracks in conventional financial systems become more apparent, BTC will play a critical role in preserving wealth as its value continues to increase in the future. An example of such investors is Michaël van de Poppe, who is a staunch Bitcoin enthusiast. In reply to a social media post mentioning BlackRock’s comments, van de Poppe noted that Bitcoin’s current valuation is still very low. In terms of a correct valuation, the analyst notes a target between $300,000 and $600,000. Bitcoin currently trades at $57,983, which represents price increases of 417% and 935%, respectively. This explains it all. The current valuation of #Bitcoin is still super low. I wouldnt be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A Michaël van de Poppe (@CryptoMichNL) September 12, 2024 Whats Next For BTC? Although BTC is up by 3.89% in seven days, it continues to hover beneath $58,000 in what seems like forever. This is because Spot Bitcoin ETFs, which recently went on two days of inflows after weeks of consecutive outflows, recently registered another day of outflow. This could suggest a slowdown in a growing bullish sentiment among institutional investors. Related Reading: Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover? From a technical perspective, Bitcoin faces critical resistance at several key price levels. The first significant hurdle for the cryptocurrency would be breaking through the $60,000 mark, and then $62,000 with strong upward momentum. Featured image created with Dall.E, chart from Tradingview.com
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