Bitcoin Peaks At Highest Value In 2 Months Above $65,000: Bull Run Predictions

For the first time in nearly two months, Bitcoin (BTC) has surpassed the $65,000 mark, marking a significant recovery following two notable downturns in August and September. During these crashes, Bitcoin experienced a steep decline of 20% on two separate occasions, specifically on August 5 and September 6.  However, as October approachesa month often associated with a bullish resurgence for Bitcoinmarket predictions are increasingly optimistic, suggesting that the cryptocurrency might be gearing up for another major uptrend. Could Bitcoin Reach $79,000 In October? On Thursday, Bitcoin recorded a 3% increase within a 24-hour period, reaching a price of $65,500. This upward movement has sparked discussions among analysts about whether this signals the start of a parabolic bull run. Related Reading: BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion  Crypto investor Scott Melker expressed this sentiment, emphasizing that Bitcoin is currently attempting to establish its first higher high since peaking at $74,000 in March of this year.  Melker noted that closing above $65,000 would confirm a new upward trend, transitioning from the lows of $50,000 observed in August. This patterna low, high, higher low, and higher highsuggests a bullish market structure replacing the previous bearish trends. Historically, October has been a strong month for Bitcoin, with analysts like Lark Davis pointing out that the average return during this month is approximately 22.90%.  If Bitcoin were to experience a similar increase this year, it could potentially rise to around $79,000, surpassing its previous all-time high and overcoming key resistance levels. Such a move would set the stage for a powerful rally into November according to Davis analysis. Record-Breaking Performance In September In a further analysis, Rekt Capital provided insights into Bitcoin’s recent performance. He noted that September, often viewed negatively, turned out to be the best September for Bitcoin on record, with a 9% increase.  Rekt also highlighted historical patterns related to Bitcoins Halving cycles, indicating that Bitcoin typically breaks out from its re-accumulation range approximately 154 to 163 days post-Halving.  Currently, Bitcoin is 159 days past its last Halving that took place in April of this year. Based on previous cycles, Rekt believes that this timing suggests that a breakout could be imminent, reinforcing the idea that Bitcoin is well-positioned for significant gains in the near future. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? The current resurgence can be attributed to the US Federal Reserve’s (Fed’s) dovish stance and recent 0.50% basis point (bps) interest rate cut on September 18, which was seen as a notable bullish catalyst not only for BTC but also for the broader market, which has followed Bitcoin’s performance to the upside in recent days.  In addition, last week saw a resumption of inflows into the Bitcoin ETF market, following steady outflows throughout August and early September. For instance, US spot Bitcoin ETFs had a total net inflow of $106 million on Wednesday, continuing their net inflows for 5 consecutive days. BlackRock’s IBIT ETF had an inflow of $184 million. Overall, there seems to be a combination of bullish catalysts in place for the market’s largest cryptocurrency to continue its recovery, with massive gains expected in the last half of the year and early 2025.  Featured image from DALL-E, chart from TradingView.com

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Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback?

As the broader cryptocurrency market experiences notable gains following the Federal Reserve’s rate cuts, Bitcoin (BTC) has reached a price of $63,670 on Thursday, marking substantial bullish momentum since late August. This surge has sparked increased interest from both retail traders and institutional players, leading to diverse positioning within the market. Divergence In Trader Strategies [...]

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Bitcoin Ends August Down 8%: What To Expect From Historically Bearish September

The Bitcoin (BTC) price performance in August resulted in losses of 8.6% for the largest cryptocurrency, exacerbating the bearish sentiment in the market since reaching all-time highs of $73,7000 in March of this year. Since then, BTC has been unable to consolidate above key levels.  However, this may not be the end of the bearish momentum, as a recent analysis from research firm CryptoQuant suggests that the bearish trend will continue into September. Challenging September For Bitcoin According to CryptoQuant, the September outlook appears similarly challenging for BTC. Their recent analysis highlights that August’s performance, marked by the so-called “BOJ (Bank of Japan) crash” in early August that sent the token to a six-month low of $49,000, has left BTC unable to recover above the $65,000 mark since then.  Related Reading: Solana Price (SOL) Turns Red: Key Supports That May Spark a Bullish Upside? In addition, historical data suggests that September is typically a bearish month for Bitcoin, with six of the last seven Septembers closing in the red, averaging a loss of around 4.5%. The firm believes that if this trend continues, the BTC price could fall to around $55,000 by the end of the month. Despite the bearish outlook, CryptoQuant believes the situation may not be as dire as it seems. They anticipate that Bitcoin will find strong support around the $54,000 level, a price point it successfully bounced from in July before surging towards $70,000.  Long-Term Confidence Indicator In the coming days, the firm warned to watch this week’s economic data, particularly the Unemployment Claims report on September 5th and the Non-Farm Payroll (NFP) data on September 6th.  However, CryptoQuant suggests that there are tempered expectations regarding the impact of these macroeconomic metrics on cryptocurrency prices, noting that their influence has diminished in recent weeks. Related Reading: XRP Price Struggles: Can It Break Free from the Downtrend? Moreover, the volatility curve for Bitcoin is expected to steepen as shorter-term volatility decreases. Interestingly, there is evidence of ongoing bullish sentiment in the medium term despite the recent retracements, as traders roll out long call options for both Bitcoin and Ethereum (ETH).  For instance, a notable purchase of a 200x call option for Bitcoin, expiring in March 2025 with a strike price of $120,000, has increased its open interest to 2,100 contracts. This indicates that, despite current market conditions, there remains a strong belief among some investors that Bitcoin will appreciate in value over the longer term. When writing, the largest cryptocurrency on the market is trading at $58,400, down 0.2% over the past 24 hours and 5.5% over the past 30 days. Despite these ongoing price corrections, CoinGecko data shows that BTC is still up 126% since the beginning of the year, making it one of the best-performing tokens.   Featured image from DALL-E, chart from TradingView.com

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11% Of Bitcoin Supply In Coinbases Hands: Analyzing The Potential Risks

A recent report by The Defiant reveals that Coinbase holds a substantial 11% of the total Bitcoin supply, amounting to approximately 2.275 million BTC worth around $129 billion.  As the fourth-largest cryptocurrency exchange globally, Coinbase commands significant trading volume$1.5 billion in 24-hour transactions and 34 million monthly usersand acts as a custodian for major corporations, [...]

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Bitcoin Price Forecast: Trump Win Could Boost BTC To $125,000, Standard Chartered

Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, has put forth bullish predictions regarding the Bitcoin price trajectory in the event of the 2024 US presidential election.  Bitcoin Price Predictions Soar According to a CNBC report, Kendrick posits that a potential re-election of Donald Trump could propel Bitcoin to a staggering $125,000 [...]

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Michael Saylor Predicts Bitcoin Will Hit $13 Million, Reveals Expected Date

Michael Saylor, co-founder and Executive Chairman of the business intelligence firm MicroStrategy and a well-known Bitcoin advocate, recently reiterated his bullish stance on the leading cryptocurrency during an exclusive interview with CNBC on Monday. Saylor’s Bitcoin Price Forecast Saylor, recognized for steering his company towards significant BTC investments to capitalize on its continuous growth, projected [...]

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MicroStrategys Michael Saylor Reveals Bitcoin Holdings Top $1 Billion

In a bold display of faith in the future of the largest cryptocurrency on the market, Bitcoin (BTC), MicroStrategy co-founder and executive chairman Michael Saylor has disclosed that he owns around $1 billion. Saylor’s Bitcoin Vision Unshaken In a recent interview with Bloomberg Television, Saylor disclosed that he has been steadily accumulating Bitcoin over the [...]

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Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive Key Reasons Why

In the aftermath of a tumultuous week that saw Bitcoin (BTC) plummet to a seven-month low of $49,000 on Monday, global financial markets were rattled by a significant downturn, sparking concerns across stock exchanges and the crypto sphere.  However, amid the chaos, Bitwise’s Chief Investment Officer Matt Hougan analyzed the drivers behind the recent market [...]

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Bitcoin Price Analysis: What Lies On The Horizon After Crashing Below $50,000

The cryptocurrency market has been rocked by a massive sell-off, with the Bitcoin price plunging 26% from its July highs above $70,000. This dramatic decline comes amid a broader crash in global financial markets, reflecting growing economic uncertainty and investor risk aversion. Crypto Winter Returns?  The crypto sphere was not spared from this turbulence, as [...]

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Trump Floats Bitcoin Payments As Solution To $35 Trillion US Debt Crisis

In a recent interview with Fox News, former President Donald Trump voiced support for using Bitcoin as a tool to help pay down the United States’ $35 trillion national debt as he positions himself for a potential 2024 presidential re-election, while also signaling a notable shift in the Republican party’s stance on digital assets. Trump’s Strategy To Tackle $35 Trillion Debt With Bitcoin “Crypto is a very interesting thing, very high level in certain ways, intellectually very high level,” Trump said. The former president acknowledged the rapid growth and adoption of cryptocurrencies globally, warning that if the US does not embrace the technology, countries like China will move ahead and seize the initiative. Related Reading: Research Firm Predicts Bullish Bitcoin Breakout For Q4: 4 Key Reasons Trump’s recent comments echo proposals from Republican figures such as Wyoming Senator Cynthia Lummis and former House Speaker Paul Ryan, who have floated the idea of the US government investing in Bitcoin holdings to help pay down the national debt.  While Trump didn’t offer any new specifics, he did hint at the possibility of the government simply “handing out a little crypto check” or “handing them a little Bitcoin” as a way to pay down the $35 trillion debt. Genesis Triggers $1.6 Billion In BTC And ETH Transfers Bitcoin, the largest cryptocurrency by market capitalization, briefly dipped below the $63,000 level, reaching a weekly low of $62,440 as news of the Genesis distributions hit the market. According to the announcement made by Genesis on August 2, the firm has commenced making distributions to creditors pursuant to its Chapter 11 bankruptcy plan.  As part of the initial distribution, BTC creditors will receive 51.28% of their holdings in-kind, while ETH creditors will receive 65.87% of their ETH holdings. On the other hand, creditors of other altcoins, excluding Solana (SOL), will receive an average of 87.65% of their holdings, while Solana creditors will receive 29.58% of their holdings. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA The distributions have already begun, with wallets linked to Genesis Trading moving 16.6K BTC ($1.1 billion) and 166.3K ETH ($521.1 million) in the past hour, according to market intelligence platform Arkham. Interestingly, billionaire investor and crypto supporter Mark Cuban has reportedly received $19.9 million in ETH from the Genesis Bankruptcy, further highlighting the implications of the firm’s downfall. The firm also disclosed that creditors have established a $70 million litigation fund to pursue claims against various third parties, including Digital Currency Group (DCG), Genesis’ parent company.  At the time of writing, the largest cryptocurrency on the market has managed to regain the $63,100 level after falling towards the $62,000 zone on Friday. BTC is currently down 0.8% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com

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Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech

In a week marked by economic anticipation and turbulence, the crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a dovish tone, indicating that the central bank is open to further interest rate cuts in the coming months to address potential cooling in the labor market. This stance was positive for risk assets like Bitcoin, as it signals a more accommodative monetary policy stance from the Fed. Related Reading: Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14% Indeed, the Bitcoin price rapidly breached the $62,000 mark, a level it had not seen in over a week, as investors reacted positively to Powell’s comments. However, the rally was short-lived, as the price subsequently retreated to around $60,800. According to crypto analyst Inspo Crypto, Bitcoin now faces a critical juncture:  We have to wait and see if Bitcoin consolidates below $61,000 again or heads towards the lower end of the upward channel, which is right at $60,000. If that breaks, we still have a safety net at $59,500. However, if BTC stays above $61,000 and the selling pressure eases, it could be an interesting and, above all, bullish weekend. Key Indicators Flip Positive Another analyst, Rekt Capital, noted that the Bitcoin price still lacks a daily close above $62,000, which would be needed to confirm a continuation of the recent price recovery.  However, Rekt Capital suggested that Bitcoin could form a bullish flag pattern, similar to the one seen in early March 2024, which could enable a move towards $65,000 or higher over time. Market expert Ali Martinez highlighted a positive development, noting that Bitcoin’s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.  This, Martinez suggests, could further bolster the case for continuing the price recovery witnessed over the past two weeks after Bitcoin briefly dipped to a 6-month low of $49,000 earlier this month. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, Whats Going On? Looking ahead, Martinez has identified two crucial resistance levels to watch for Bitcoin: $64,045 and $66,250. According to Martinez, if the cryptocurrency can maintain support at $60,365, a move toward these higher price points could be in the cards.  https://www.tradingview.com/x/V0tMHEUY/ For now, the Bitcoin price seems to have stabilized around $61,600 after the notable spike in volatility minutes after Powell’s speech. CoinGecko data shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.  It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week’s price movement before the expected monthly close.

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Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level

After experiencing a significant 25% pullback earlier this month, plunging to the $49,000 level, the king of cryptocurrencies, Bitcoin (BTC), has managed to consolidate above the crucial $60,000 support for the last 24 hours. However, Bitcoin’s journey toward further price appreciation has been without obstacles. The digital asset has been unable to surpass higher resistance [...]

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Bitcoin Derivatives Signal Major Risk Of Explosive Short Squeeze Rally Ahead

As the world’s largest cryptocurrency, Bitcoin (BTC), continues to consolidate between the $58,000 and $60,000 price range with no clear direction, a bullish signal from the derivatives market suggests the potential for sudden and sharp rallies ahead for BTCs price. Data Shows Aggressive Bitcoin Shorting According to crypto research firm K33 Research, the funding rate for Bitcoin perpetual futures has reached its lowest since March 2023, when the US bank failures rattled investors. This indicates a prevalence of downside bets, or short positions, on the cryptocurrency. K33 analysts Vetle Lunde and David Zimmerman wrote in a note:  Perpetual swap funding rates have averaged at negative levels over the past week, while open interest has sharply increased. This suggests aggressive shorting, structurally creating a setup ripe for a short squeeze. Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now Heres Why A short squeeze occurs when a sudden and unexpected price increase forces traders with short positions to close their bets, further fueling the rally. This can stoke further price recoveries for Bitcoin as traders rush to cover their bearish positions. In the perpetual market, K33 Research further noted that the notional open interest, or the total value of outstanding contracts, rose by almost 29,000 BTC over the past week.  According to the analysts, the seven-day average annualized funding rate on August 20th was a negative 2.5%, a relatively rare backdrop. This combination suggests that traders have been actively building short positions, setting the stage for a potential short squeeze that could push the price above key resistance walls that have not been breached this week as the market struggles with a notable lack of bullish catalysts. Short-Term Bearish Pressure For BTC?  According to an Inspo Crypto analysis, the options data suggests that the $60,500 level remains a significant challenge for the bulls, with the potential for heightened volatility around this price point. One key indicator is the Implied Volatility (IV) curve, which shows a spike around the $60,500 level.  This suggests that traders expect significant price action around this zone, as evidenced by the elevated delta and gamma values, which measure the sensitivity of option prices to changes in the underlying asset’s price. Related Reading: Heres Whats Going On With The Shiba Inu Price Further, the market sentiment appears to be a mix of bullish and bearish positions. While the heavy use of bullish strategies like Bull Call Spreads and Reverse Put Calendars suggests a more positive outlook among traders, the increasing skew toward negative values indicates that traders are seeking more downside protection through put options. According to the analyst, this heightened activity suggests that the probability of a failed retest at this level is elevated, and the options market could exacerbate any subsequent price action. It is key for the BTC price to close the week above this crucial level for the potential to continue the recovery over the past two weeks after falling to the $49,000 mark earlier this month.  Conversely, lower support levels would be tested with the risk of positioning the largest cryptocurrency on the market in a sharp correction, as seen in the past months after reaching its all-time high of $73,700 in March.  At the time of writing, BTC is trading at $59,870, up nearly 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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Bitcoin Price Action Watch: 3 Pivotal Zones That Could Sway BTCs Next Move

As the Bitcoin price consolidates below the $60,000 threshold, the market has been characterized by a mix of indicators and technical levels, leading to a divided forecast and heightened uncertainty. Mixed Signals Cloud Bitcoin Price Trajectory According to Bitcoin maximalist Mark Cullen, the current Bitcoin price action presents a complex technical picture. He suggests that the $57.5,000 level will likely be tested, and the key question is whether it will hold.  Cullen believes it will, at least initially, before potentially breaking lower. He also highlights the importance of the $59,500 level, stating that if Bitcoin can push through, it would be a strong signal to heavily long the asset with a tight stop-loss below. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? However, Cullen also warns of the potential for a sweep of the liquidity below the $54,500 level, which could pave the way for a move to new lows in the $40,000 range if that level is breached. Crypto analyst Axel Adler also points to a similar picture, highlighting that as the Bitcoin price currently trades below its 200-day simple moving average (SMA), this could lead to further bearish continuation for BTC. According to Adler’s analysis, the next support level is the 365-day SMA at $50,000. What Do BTCs On-Chain Fundamentals Say? Compounding the technical uncertainty, the data intelligence platform Glassnode has reported that Swissblock’s Bitcoin Fundamental Index (BFI) moved from positive to neutral territory last week.  According to the platform’s co-founders Yan Alleman and Jan Happel, this shift reflects the uncertainty surrounding the Black Monday event and the post-Consumer Price Index (CPI) bull trap felt on the chain. The BFI, composed of two sub-metrics measuring network liquidity and network growth, has recently shown a bifurcation. While network liquidity has dropped into neutral territory, network growth has risen, painting a complex picture of Bitcoin’s fundamental outlook. Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally? Alleman and Happel note that the drop in network liquidity, while concerning the short term, is not necessarily a bearish signal in the long run. They explain that increased network liquidity is desirable, as it enhances Bitcoin’s functionality as a medium of exchange. However, the rise in network growth is seen as a strong bullish sign, indicating that more players interact with the Bitcoin network on an entity-adjusted basis. This effectively creates a deeper pool of crypto-native capital, which could support the asset’s long-term valuation. The Glassnode co-founders stated: Given the current store-of-value ‘digital gold’ narrative and the increased ease of getting BTC exposure via ETFs, CEXes, etc., rising network growth is a strong bullish sign. When writing, the Bitcoin price is $58,680, down over 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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Bitcoin Falls From $60,000 With US Transfer Of 10,000 BTC: Vital Levels To Monitor

On Wednesday, the crypto market experienced a wave of volatility as news broke that the US government had transferred a significant amount of Bitcoin seized from the infamous Silk Road marketplace to the Coinbase exchange. Massive Silk Road Bitcoin Influx To Coinbase According to on-chain data tracker Arkham, the US government recently moved 10,000 Bitcoin worth around $590 million from a known government wallet to a Coinbase Prime deposit address.  Notably, this transfer sparked a 3.3% dip in the Bitcoin price, which fell below the key $60,000 support level to trade at around $59,130 at the time of writing. However, it’s important to note that the US government’s selection of Coinbase as the custodian for its seized digital assets may only sometimes lead to immediate selling.  Related Reading: XRP Price Eyes $0.60 Reclaim: Crucial for a Fresh Upswing As reported by Bitcoinist, Coinbase announced that the US Department of Justice’s asset forfeiture division, the US Marshal Service, had chosen Coinbase Prime to offer custody and advanced trading services for its “Class 1” digital assets. This partnership is intended to streamline the custody, management, and disposal processes for cryptocurrency assets, allowing for diversification in the types of digital assets that can be handled and disposed of under the government’s forfeiture programs.  Ultimately, this may result in the exchange holding this large amount of BTC and not affect the Bitcoin price in the short term or contribute to selling pressure unless there is a shift from previous movements and the authorities decide to liquidate the tokens.  Critical Resistance Levels And Support Thresholds In a recent analysis of the current Bitcoin price action, crypto analyst Daan Crypto Trades recently highlighted key levels to watch for a potential continuation of BTC’s recovery over the past seven days after falling towards $59,000 on August 5th. The analyst first noted that Bitcoin is at a pivotal point where it needs to break above the 200-day exponential moving average (EMA) at $59,468 and the 200-day moving average (MA) at $62,274.  Daan Crypto Trades explains that these levels are key to catalyzing favorable medium-to-long-term dynamics in favor of the bulls. However, the cryptocurrency has struggled with this challenge and failed to consolidate above these levels last week. Related Reading: Maker Sees 7% Upswing As Key Indicators Signal $2,662 Resistance Test In light of this scenario, the analyst has identified two significant resistance levels that the BTC price must uphold if a potential correction looms.  Daan Crypto Trades underscores the importance of vigilance around the $56,530 mark on the BTC/USDT daily chart, emphasizing its role as a critical floor crucial for preventing a downturn that could mirror the substantial 20% correction witnessed at the commencement of August. Moreover, the analyst points to the $52,990 threshold as the subsequent support level to monitor should Bitcoin falter at the aforementioned mark, especially if selling pressure intensifies, exerting downward pressure on its price trajectory. Featured image from DALL-E, chart from TradingView.com

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Grayscale Forecasts Bitcoin To Retest All-Time Highs By 2024 End If US Avoids Recession

The Bitcoin market experienced a major downturn earlier this week attributed to concerns regarding the US economic outlook and increased volatility in the broader financial markets. Notably, Ethereum’s performance lagged, potentially influenced by heightened futures market activity and selling pressure from select large holders. Despite these challenges, asset manager and exchange-traded fund (ETF) issuer Grayscale remains optimistic about the potential for token valuations to rebound if the US economy continues on a trajectory toward a “soft landing.” Even in a scenario of economic weakness, Grayscale suggests that the downside risk to cryptocurrency prices may be more contained compared to previous instances. Unpacking The Factors Behind BTC & ETH’s Declines According to a recent research by the asset manager, the catalyst for the recent market contraction was the release of a disappointing US employment report for July, published on August 2.  This report revealed an increase in the unemployment rate, reminiscent of patterns seen in past recessions. Consequently, concerns about a potential economic downturn led to diminished performance in cyclical assets like equities, while traditional safe-haven assets such as US Treasury bonds, the Japanese Yen, and the Swiss Franc saw increased demand. Related Reading: Dogecoin Price Could Soar 900%: Analyst Predicts What Needs To Happen Within the crypto market, both Bitcoin and Ethereum experienced significant declines, with Ethereum notably underperforming other digital assets and traditional market segments, partly attributed to significant long positions in perpetual futures, which were liquidated during the downturn, exacerbating the price decline. Furthermore, the market witnessed a sudden 7.6% drop in Ethereum’s price over a brief three-minute window on August 4, with liquidations totaling $340 million on that day alone.  Factors contributing to Ethereum’s underperformance included selling pressure from prominent holders like Jump Crypto, Paradigm, and the Golem Network, alongside shifts in Ethereum’s staking reward rate and validator activity. The Bitcoin Path To $100,000 As broader financial markets stabilized in the past week, the VIX index, a measure of US equity market volatility, exhibited a notable decrease after peaking earlier in the week, Grayscale noted.  Market stability moving forward hinges on forthcoming macroeconomic data, corporate earnings releases, and potential policy responses from central banks like the Federal Reserve. Looking ahead, Grayscale anticipates that if the US economy avoids a recession and maintains a path towards a controlled slowdown, token valuations could recover, with Bitcoin potentially retesting its previous all-time high.  The firm also highlights factors such as steady demand from newly listed US ETFs, limited credit exposure from central financial institutions, and subdued altcoin returns as potential stabilizing influences on the market. Related Reading: XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric Similarly, market analyst CryptoCon claims that the 3.618 Fibonacci extension has accurately found every local high in the current market cycle, with an expected 52% increase and the .618 extension set to push over the $100,000 milestone.  CryptoCon notes that if the “1-month-behind 2023” continues, over $100,000 by the end of the year could be in the making for the largest cryptocurrency on the market after the retracements of the past few months. At the time of writing, BTC is struggling to hold consolidation above the key $60,000 level, falling nearly 1% from Thursday’s high of $62,8000 to trade at $59,970.  Featured image from DALL-E, chart from TradingView.com

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Massive Mt. Gox Bitcoin Shift Unlikely To Disrupt Prices, Says CryptoQuant CEO

Recent developments surrounding the repayment of creditors and investors of the defunct Bitcoin (BTC) exchange, Mt. Gox, have sparked concerns about potential effects on Bitcoin’s price.  As the market retraced over 20% from its three-month high above $70,000, the movement of 47,000 BTC to repay creditors has raised questions about the market’s stability.  However, industry [...]

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Bitcoin Price Collapse: Analyst Forecasts $44,000 Plunge On 200 Daily EMA Breakdown

The cryptocurrency market witnessed a significant setback as the Bitcoin price plummeted below the $58,000 level. This downward move has raised concerns among bullish investors, suggesting a potential continuation of the downtrend toward the $44,000 support level.  Bitcoin’s failure to consolidate above and retest its all-time high (ATH) of $73,700, reached in March, has resulted in a retracement of over 20% on the monthly time frame. Bitcoin Price At Risk Crypto analyst “Blockchaineddbb” has provided a noteworthy assessment of the situation. According to the analysis, a daily close below the 200 daily exponential-moving average (EMA), currently positioned at $58,000, indicates a strong likelihood of Bitcoin’s price dropping to $44,000. The analyst cautions against waiting for a bounce after the daily close below the 200 daily EMA, emphasizing the historical significance of such a breach. Related Reading: XRP Holds Bullish 2014-2017 Pattern Unless This Happens: Analyst Blockchaineddbb’s analysis reveals the historical impact of losing the 200 daily EMA. Each time Bitcoin experienced this loss, its price declined by an average of 30%, with losses ranging from 8% to 50%.  The breach of the 200 daily EMA signifies Bitcoin entering an unsafe territory, heightening investor concerns. To mitigate potential losses, the analyst suggests considering an exit point before the expected further decline to $50,000, which is the next significant support level. Navigating The Bearish Storm Blockchaineddbb provides average support levels to consider during the bearish sentiment for those who choose to hold their positions.  These levels are estimated at $50,000, $48,000, and $44,000, with the latter being the worst-case scenario. Long-term holders are advised to adhere to their planned averaging strategy, which involves accumulating positions on specific dates such as June 22, September 22, and December 22.  According to the analyst, the target exit price remains at $75,000, with expectations of achieving this milestone by December. Considering various factors, such as a predicted September dump, the Mt. Gox settlement deadline, and upcoming elections, the analyst suggested that the prevailing bearish sentiment will persist until December.  Related Reading: Is This Bad For Solana? $180 Million Transfer Raises Eyebrows Ultimately, if the current bearish sentiment continues, altcoins are expected to suffer losses until the year’s end. It is worth noting that a potential shift in this scenario would only occur if Bitcoin manages to close above the 200 Daily EMA. However, the probability of that happening appears low. Currently, the Bitcoin price stands at $56,435, just below the critical $58,000 EMA, after falling as low as $53,500 in the early hours of Friday trading.  Featured image from DALL-E, chart from TradingView.com

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Massive Sell-Off: Mt. Gox Bitcoin Payout Fears Wipes Out $170 Billion From Crypto Market

The cryptocurrency market experienced a substantial downturn on Friday, compounding the selling pressure witnessed over the past two weeks. The leading cryptocurrency, Bitcoin (BTC), retraced over 20% from its highs in June and May, dropping as low as $53,500.  The market decline was largely attributed to the long-awaited trustee overseeing the Mt. Gox bankruptcy, who [...]

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German Parliament Member Urges Government To Cease Selling Bitcoin

Joana Cotar, an independent member of the Bundestag, one of Germany’s legislative chambers, has called on the government to stop the ongoing Bitcoin (BTC) sell-off, which has had a notable impact on the BTC market, resulting in a 10% drop in the cryptocurrency’s price over the past two weeks.  Bitcoin As Valuable Asset Class For [...]

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