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Since the April 2024 Bitcoin halving, miners have faced profitability challenges, prompting new strategies including diversification into AI and renewable energy. (Read More)
Bitcoin price fell closer to $56,000, leading traders to question whether the bull market is coming to an end. US job market data could hold the answer.
The Bitcoin halving has catalyzed a wave of interest in creating DeFi capabilities for Bitcoin, the worlds first blockchain network.
Bitcoins fourth halving is without a doubt the event of the year in the crypto space, and for good reason. Historically, if we can even use this term when referring to crypto, the halving has been correlated with major spikes in Bitcoins price. Looking at the three halvings that Bitcoin has undergone so far, we […]
Zach Bradford, CEO of Bitcoin (BTC) mining firm CleanSpark, has predicted that the premier cryptocurrency may peak close to $200,000 this cycle. Bradfords Bullish Take On BTC Price In an interview with research and brokerage firm Bernstein, CleanSparks CEO noted that historically, post-halving periods have led to several positive adjustments for BTCs price. It should be recalled that Bitcoin underwent its fourth halving in April 2024, when its block confirmation rewards were slashed from 6.250 BTC to 3.125 BTC. In a note to clients shared today, Bradford remarked: Based on my current analysis, I believe we could see bitcoin peak just under $200,000, sometime in the next 18 months. Thatll likely be a peak. But I do think well see a rapid jump, and then hopefully, an extended elongated period of it being up before we revisit a bear cycle. Related Reading: Historical Trends Put Bitcoin At $400,000 With Shocking Timeline Bradford stressed that he sees Bitcoins extended flat period as a positive sign. It indicates that a sustained rally to the upside may last longer than usual. However, he cautions that this depends on macroeconomic events and other relevant factors. Adding to his comments, Bradford said he expects a considerable push in BTC price post-election through January 2025. Subsequently, this could help Bitcoin miners with efficient cost structures expand their profit margins. Interestingly, the CleanSpark CEO doesnt think its important who wins the US presidential elections in November 2024. Rather, the reduction in electoral uncertainty after the elections will help investors place more confidence in risk-on assets such as Bitcoin. Bradford opined that the US Federal Reserve (Fed) was late in cutting interest rates after hiking them over the past two years. He concluded that to correct its delayed action, the Fed might cut rates more aggressively in the next 15 to 16 months, leading to further BTC price appreciation. Bitcoin Price Looks For Further Upside, But Challenges Remain After hitting a low of nearly $53,900 on September 6, Bitcoin has rebounded by nearly 10% on the back of multiple positive developments, such as the Fed cutting interest rates by 50 basis points (bps), and increased net daily inflows to ETFs. Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Heres Why Crypto analysts believe that there is room for further upside in Bitcoin price. For instance, analysts from 10x Research predict that BTC may reach $70,000 in the coming two weeks, followed by a new all-time high (ATH) price. However, there are reasons to temper this optimism. For example, the recent Bitcoin rally has been accompanied by a rapid increase in open interest, indicating the possibility of high price volatility in the near term. Similarly, another analyst highlighted the greater increase in derivatives trading compared to spot trading as a cause for concern regarding a healthy Bitcoin price trajectory to the upside. Bitcoin trades at $63,710 at press time, down 3.2% in the past 24 hours. Featured image from Unsplash, Chart Tradingview.com
Bitcoin (BTC) looks poised to record its best September in a decade, surging past $65,000. This uncharacteristic price appreciation could be attributed to several key factors. Reasons Behind Bitcoins Impressive September Gains Historically, September has consistently been the worst month for BTC in terms of price performance. However, the apex cryptocurrency is now on track to post its best September in at least a decade, driven by several macroeconomic developments. Related Reading: Bitcoin Could Top At $400,000 Based On This Model, Analyst Says On September 18, the US Federal Reserve (Fed) initiated its interest rate cut cycle for the first time in four years, slashing rates by 50 basis points (bps) in response to slowing inflation and rising unemployment. The rate cut immediately impacted risk-on assets, including BTC, which has appreciated by over 10% since the cut. In comparison, Bitcoins average price decline in September over the past decade has been 3.45%, according to the chart below from CoinGlass. According to the Fed’s decision, the European Central Bank (ECB) and the Peoples Bank of China (PBoC) lowered borrowing costs to stimulate their respective economies. This further propelled BTCs price towards its previous highs. Bitcoin halving is another key factor that could now be starting to show its effect on the digital assets price action. Bitcoin underwent its halving earlier this year in April, reducing block confirmation rewards for miners from 6.25 BTC to 3.125 BTC. Past data indicates that halving has typically been a bullish trigger for Bitcoin due to the resulting supply scarcity. For instance, in May 2020, BTC price rose from roughly $8,900 before the halving to more than $64,000 by April 2021 – an 8x price surge in less than a year. Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue to witness rising interest from retail and institutional investors alike, as they recorded $365.57 million in total net daily inflows on September 26, the largest since late July. Since their launch, the cumulative net inflow for Bitcoin ETFs now totals $18.31 billion. Cautious Optimism Key To Riding The BTC Wave While BTC appears to have shaken off its typical September slump, its worth highlighting that the leading digital asset still needs to overcome certain important price levels before hitting a new all-time-high (ATH). Related Reading: Here Is Why The Bitcoin Bull Run Hasnt Started, According To Analyst As previously reported, Bitcoins relative strength index (RSI) fell below 80 on the monthly chart, signaling that the cryptocurrencys bullish momentum might fade after an enthusiastic buying spree. In addition, a recent report by crypto exchange Bitfinex noted that despite Bitcoins recent upward movement, it must decisively overcome a strong resistance level of $65,200 to continue its positive momentum. The good news for bulls is that BTC is holding steady at $65,674, up 2% in the last 24 hours. Featured image from Unsplash, Charts from CoinGlass.com and Tradingview.com
Reddits Bitcoin community remains optimistic about BTC, but members are still eager to discuss the most valid concerns regarding Bitcoin's future.
VanEck expects Bitcoins long-term bull market to continue, but miners are struggling.
Mining revenues hit 12-month lows in August, according to Bitbo.
According to market analysts, this could be the last dip buying opportunity for Bitcoin before the next leg up.
Marathon Digital holds over $1.1 billion worth of Bitcoin after the company decided to go full HODL.
Bitcoin Magazine Pros Bitcoin Cycle Master tool rates Bitcoins current price of $63,500 as fair market value, signaling potential growth based on historical trends and on-chain metrics.
BTC miners are struggling to adapt to a post-halving environment.
Is it a good time to invest in cryptos? I will give you 5 good reasons why you should consider investing in cryptos now. The last one is the most important. 1. Bitcoin Halving This year, in May, we had the Bitcoin halving. It’s an event that happens every 4 years, which cuts the number [...]
The post Is Now a Good Time to Invest in Cryptos? appeared first on Crypto Breaking News.
94% of Bitcoin's total supply cap of 21 million has now been mined through its predictable issuance schedule. Bitcoin's controlled scarcity makes the remaining supply provably rare.
A total of nine out of 13 US-listed Bitcoin mining companies raised capital through stock offers in the second quarter of 2024.
Bitcoin's 2024 bull run was mainly driven by institutional inflows, which could be the key to unlocking the next leg up.
Bitcoin miners daily revenue hit a new yearly low of $2.5 million, but strategic overhauls keep some companies profitable amid industry challenges.
The payment will allow the company to focus on scaling operations rather than keeping up with debt obligations in the post-halving environment.
Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%. Though there was a relief bounce over the weekend, forcing the world’s most valuable coin up by nearly 11%, BTC remains within a bearish formation. Bitcoin Correction Not Over: Will Bears Break $50,000? One analyst who took to X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, at least from technical formation, the analyst predicted not only will the coin sink below last week’s lows, but it will likely break the psychological $50,000 mark. Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high. When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend. Even so, looking at the analyst’s assessment, the swing high and low anchoring of the Fibonacci retracement tool is subjective. For now, if September 2023 to March 2024 range acts as swing and lows, a 40% drop from local highs places Bitcoin $10,000 lower at around $37,000. Cracks are beginning to form on the weekly chart. After last week’s losses, the coin firmly closed below the 20-period moving average, placing sellers in control. Confirmation of last week’s losses could set the ball rolling, sparking more losses in the short term, pushing the world’s most valuable coin to $50,000 or even $40,000. How High Will BTC Jump After The Correction? However, after the cool-off and the depth doesn’t matter, another analyst predicts the coin will bounce off strongly. If BTC finds support at around the $47,000 to $50,000 level, the probability of it floating to at least $102,000 is high. This is the first level of the Fibonacci extension. At its high, the coin could soar to as high as $242,000 in the sessions to come. The confidence that BTC will bounce back after the current sell-off, sparked most by Mt. Gox liquidation fears and the constant dump by the German government, is based on history. After the Halving, Bitcoin prices tend to recover steadily. If anything, one analyst said holders shouldn’t panic sell within the first 79 days after the Halving event. Marking the beginning of the fifth epoch, the network reduced its miner rewards on April 20, roughly three months ago. Feature image from DALLE, chart from TradingView
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