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Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

As anticipation builds around the potential approval or rejection of spot Bitcoin (BTC) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 5, the Bitcoin price has witnessed a notable 2.7% recovery in the past 24 hours. 

This development comes amidst growing speculation about the patterns that could drive the Bitcoin price to reclaim the highs lost during the bear market in 2022. 

Notably, crypto analyst Ali Martinez has identified an ascending parallel channel as the governing pattern behind the Bitcoin price action since September 2023.

Bitcoin Price Faces Crucial Test At $48,000

According to Ali Martinez’s analysis, Bitcoin prices have exhibited a consistent pattern known as an ascending parallel channel. 

This technical formation suggests that the BTC’s price has been trading within the confines of a channel characterized by an upper and lower boundary, as seen in the chart below.

Bitcoin price

BTC could experience further price movement within the defined boundaries if the ascending parallel channel pattern holds. 

The price is expected to advance toward the upper boundary, which currently resides around $48,000. However, the Bitcoin price is anticipated to face resistance at this level and retrace towards the lower boundary at approximately $34,000. 

Following the retracement, a rebound toward the upper boundary, potentially reaching around $57,000, could be expected.

The upcoming decision by the SEC regarding spot Bitcoin ETF applications adds a layer of significance to Bitcoin’s price movement. The approval of Bitcoin ETFs has been a subject of great interest within the cryptocurrency community, as it can enhance liquidity and provide greater legitimacy to the cryptocurrency market. 

While the outcome of the SEC decision remains uncertain, the ascending parallel channel pattern reveals a compelling technical perspective that could impact Bitcoin’s price trajectory.

Critical Moment For BTC? 

Supporting the upside potential of the Bitcoin price in Martinez’s analysis, crypto analyst Rekt Capital highlights the importance of BTC’s ability to establish a strong support level at $43,900.

According to Rekt Capital’s analysis, Bitcoin is exhibiting promising signs as it strives to reclaim the top of the pattern at $43,900 as a support level. 

Bitcoin

This level holds importance in determining the cryptocurrency’s ability to sustain upward momentum. Rekt Capital suggests that a daily candle close above this resistance is essential for Bitcoin to make another attempt at moving higher.

The successful establishment of $43,900 as a support level and a daily candle close above this resistance would signify a positive development for Bitcoin’s upside potential. 

It would indicate a renewed bullish sentiment and potentially pave the way for further price appreciation. However, failure to overcome this resistance level and ending up as an upside wick could hinder Bitcoin’s ability to sustain upward momentum in the short term.

Bitcoin price

On Wednesday, Bitcoin trades at $44,000, followed by a news-driven dip toward the $40,800 level.

Featured image from Shutterstock, chart from TradingView.com 

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Mt. Gox Repayment Rumors Cause Bitcoin Price To Drop To $42,000, Market In Turmoil

Mt. Gox, the infamous Bitcoin exchange that suffered a major hack over a decade ago, has allegedly finally begun the process of repaying its customers for the 850,000 lost Bitcoin. This news has sent shockwaves through the market, causing a momentary disruption in the Bitcoin price uptrend.

As a result of these developments, the current price of Bitcoin stands at $42,625, with a 24-hour trading volume of $22,655,498,534.64. 

However, the market has witnessed a -2.40% decline in the past 24 hours, reflecting the uncertainty caused by the Mt. Gox repayment proceedings.

Bitcoin Price Plunges Amidst Mounting Speculation

Reports from participants in the mtgoxinsolvency subreddit group indicate that some individuals have already received payouts in yen via PayPal. 

However, those who opted for cash deposits into their bank accounts have not reported any inflows as of yet. Several users have shared notifications they received, alerting them to a system error that resulted in double payments. 

These users are now allegedly being requested to return the excess funds to the Rehabilitation Trustee promptly.

Moreover, the Rehabilitation Trustee has reached out to affected individuals to refund the mistakenly transferred amount, which was the second transfer, as the first transfer was the official repayment. 

Bitcoin price

Users have been instructed to use PayPal’s “Refund” feature to return the funds to the Rehabilitation Trustee’s account. Alternatively, they can transfer an equivalent amount of money to the Rehabilitation Trustee’s PayPal account if the “Refund” feature is unavailable.

While some users have confirmed receiving their repayments, there is uncertainty surrounding the timing of Bitcoin reimbursements or if they are taking effect.

No Bitcoin Outflows Detected From Mt. Gox?

In a recent statement by CryptoQuant co-founder and CEO, Ki Young Ju, it has been confirmed that “no Bitcoin outflows have been recorded from the Mt. Gox Trustee wallet at this time.” 

Furthermore, the trustee responsible for managing the rehabilitation proceedings of Mt. Gox, the now-defunct Bitcoin exchange, has yet to provide any official statements explaining the absence of outflows from the wallet. 

Consequently, the cryptocurrency community finds itself on edge, eagerly awaiting updates regarding the timing and method of Bitcoin reimbursements.

Once again, the cryptocurrency community has been hit by another bout of misinformation surrounding the long-awaited Mt. Gox exchange repayment to its customers. 

The spread of this news has had a notable impact on market sentiment and has stirred volatility in the Bitcoin price. The future timeline and potential effects of the exchange’s repayment, slated for 2024, remain uncertain.

Bitcoin price

Featured image from Shutterstock, chart from TradingView.com  

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Countdown To Bitcoin ETF 2024 Decision: Traders Employ Hedging Tactics, Bloomberg Unveils

As the long-awaited deadline for a positive or negative decision on spot Bitcoin ETF applications approaches, Bloomberg reports that the BTC options market is seeing increased hedging activity as traders prepare for a crucial decision on January 10th.

The report indicates a surge in open interest for put options expiring on Jan. 12, suggesting that market participants are taking steps to mitigate potential losses in the event of a negative verdict by the US Securities and Exchange Commission (SEC) regarding these index funds holding the cryptocurrency. 

Market Readies For Bitcoin ETF Verdict

The Bloomberg report highlights that the open interest for put options, which allow holders to sell Bitcoin, has seen a significant increase for contracts expiring on January 12. 

This surge in open interest has resulted in a higher put-to-call ratio for these specific options compared to contracts with expiration dates further out from the January 10 deadline. 

As seen in the chart below, the most prominent strike prices for the put contracts are $44,000, $42,000, and $40,000, respectively, indicating that put holders could exercise their options to minimize losses in case of a negative market reaction to the SEC decision.

Bitcoin ETF

The put-to-call ratio, considered a measure of overall market sentiment, stands at 0.67 for the January 12 options contracts, indicating a more cautious approach among traders. 

Ryan Kim, head of derivatives at FalconX, suggests that leveraged/speculative traders are employing Bitcoin put options to protect their leveraged longs, anticipating significant price movements in either direction. 

The higher put-call ratio for January 12 options further reflects the market’s desire for protection against a potential negative decision.

The surge in open interest for put options expiring on January 12 indicates a growing need for protection in case of an unfavorable ruling. While Bitcoin’s rally has softened the impact of its 2022 decline, market expectations for ETF approval may already be priced in, posing potential risks for the market. 

BTC’s Price Resistance And Potential Dip 

Bitcoin has experienced a remarkable rally this year, with expectations for ETF approval driving its price up by more than 60% since mid-October. 

However, the Bloomberg report suggests that the surge in demand for the anticipated ETFs may already be factored into the token’s price, potentially exposing the market to a “sell the news” scenario in the second week of January. 

Furthermore, QCP Capital, a Singapore-based crypto asset trading firm, predicts topside resistance for Bitcoin in the range of $45,000 to $48,500 and a possible retracement to $36,000 levels before the uptrend resumes.

Bitcoin ETF

Bitcoin is currently trading at $43,400, experiencing a 1% decline over the past 24 hours. Over the past 14 days, the cryptocurrency has shown a sideways price movement with a slight decrease of 0.4%. 

Given Bitcoin’s well-known volatility, it remains uncertain how the market will react as the looming decision and potential catalysts draw near, and how these factors will impact its price dynamics.

However, the upcoming decision is not the sole catalyst that can potentially drive Bitcoin’s price in 2024. The cryptocurrency is also anticipated to experience a significant catalyst in April 2024, known as the halving event. 

This event has historically resulted in an upward surge in Bitcoin’s price, and it is predicted to propel the cryptocurrency beyond its previous all-time high (ATH) of $69,000 throughout the upcoming year.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Price Surges On Positive News: FASB’s Fair Value Recognition Reignites $42,000 Support Recovery

The Bitcoin price experienced a notable downturn as selling pressure intensified, resulting in a decline of over 4% from its annual peak of $44,500. This downturn was further exacerbated by the loss of the crucial $42,000 support level. 

However, the largest cryptocurrency in the market received a substantial uplift from the US Financial Accounting Standards Board (FASB), which has spurred a rapid 1.8% surge in BTC’s value within the past two hours. As a result, Bitcoin has successfully recovered the $42,000 support level.

FASB’s Fair Value Recognition Brings Clarity To BTC?

In a significant development for the cryptocurrency industry, the FASB has announced new accounting rules that require companies, including prominent entities like MicroStrategy, Tesla, and Block, to measure their cryptocurrency holdings at fair value. 

These rules, set to go into effect in 2025, allow businesses to capture the real-time highs and lows of their Bitcoin and Ethereum (ETH) assets, providing a more accurate representation of their holdings.

Under the previous accounting practices, companies were only allowed to record the lows, resulting in a one-sided accounting treatment that often led to reduced valuations and diminished earnings for businesses holding cryptocurrencies. The highly volatile nature of crypto values further exacerbated the issue.

The FASB’s new rules address these concerns by mandating the recording of cryptocurrencies at fair value, a measurement technique aimed at reflecting the most up-to-date value of these assets. 

Changes in fair value will now be recorded in net income, allowing companies to account for fluctuations in the value of their crypto holdings more comprehensively.

The positive news for BTC lies in the fact that the new FASB rules provide greater transparency and accuracy in assessing the true value of cryptocurrency assets. By capturing fluctuations in fair value, companies will have a more realistic representation of their holdings, enabling better decision-making and financial reporting.

Bitcoin, being the most widely recognized and valuable cryptocurrency, stands to benefit significantly from these changes. The recognition of its fair value allows companies to showcase the true worth of their BTC holdings, potentially boosting investor confidence and attracting further institutional interest.

Turbulent Times Ahead For Bitcoin Price

Following these recent developments, the Bitcoin price has successfully rebounded to previously lost levels, demonstrating heightened volatility after a brief consolidation phase just below $42,000.

However, according to CoinGlass’ liquidation heatmap, Bitcoin’s price may be facing further volatility that could lead to a significant amount of liquidation of both long and short positions. 

Bitcoin price

The liquidation heatmap from CoinGlass highlights substantial indications of liquidation leverage exceeding $200 million both above and below the current Bitcoin price. 

Of particular concern is the thick liquidation leverage below $41,000, as seen in the chart above, which, combined with the prevailing trend, could become a probable target for the Bitcoin price in the coming days.

Conversely, following BTC’s correction, additional liquidation leverage has emerged in CoinGlass’s heatmap, particularly in the $42,000 and $43,000 range of short positions. This added selling pressure has contributed to the retracement of the Bitcoin price.

This potential scenario suggests a potential price swing up and down before a stable continuation of either the downward or upward momentum. The outcome remains uncertain as to which side will give way first and what prevailing trend will shape the latter part of the year.

Bitcoin price

Featured image from Shutterstock, chart from TradingView.com

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SEC’s “Crypto Asset Securities” Alert Boosts Spot Bitcoin ETF Prospects – Here’s Why

As anticipation builds for the long-awaited approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), an encouraging sign has emerged, further increasing the likelihood of approval. 

The SEC issued an investor alert regarding “crypto asset securities,” prompting speculation that the spot Bitcoin ETF may be closer than ever. 

Spot Bitcoin ETF Approval On The Horizon?

The recent investor alert issued by the SEC has garnered significant attention in the cryptocurrency community. While the alert does not explicitly mention the spot Bitcoin ETF, many market participants believe it is a positive indicator for its potential approval.

The parallel between the investor alert and the approval of Bitcoin Futures adds to the growing optimism surrounding the spot Bitcoin ETF. Before approving Bitcoin Futures, the SEC issued similar alerts and warnings, indicating their concern and engagement with the underlying asset class. 

Consequently, market observers, including Bloomberg’s ETF expert Erich Balchunas, are interpreting the investor alert on “crypto asset securities” as a potential precursor to the approval of a spot Bitcoin ETF. Balchunas stated: 

Oh snap, SEC tweeting out educational materials, warnings on crypto investing, which is something they also did ahead of $BITO

It is important to note that the SEC will evaluate various factors, including investor protection, market integrity, and compliance with existing regulations, before making a final determination on the spot Bitcoin ETF. 

However, given the increased attention and progress in cryptocurrency, the issuance of the investor alert signifies a step in the right direction.

Potential BTC Surge To $48,000 

Renowned crypto analyst, Crypto Con, has made interesting observations regarding BTC’s current market dynamics that shed light on the potential next steps for the largest cryptocurrency on the market.

According to Crypto Con, money has been pouring into BTC at a rate not witnessed since the last cycle’s peak, with historical data indicating similar patterns on only five prior occasions. 

This influx of funds has heightened the market’s sentiment and created anticipation for potential further price gains. Crypto Con highlights the significance of Bitcoin’s Money Flow Index (MFI), a technical indicator used to measure the strength and volume of funds flowing into or out of an asset, which reached a value of 91.57, historically indicating the presence of additional bullish momentum.

Bitcoin ETF

Furthermore, the analyst identifies the .618 cycle retrace of weekly candle bodies as a point of interest for potential target ranges. This level aligns with other significant price regions, further bolstering its importance. 

Crypto Con suggests that Bitcoin’s price could likely reach the range of $47,000-$48,000 based on these target ranges. However, the analyst also notes that significant price increases are often followed by retracements at this stage in the market cycle.

Crypto Con highlights the potential for a retracement after the completion of the current price rise. The analyst identifies the $31,000-$32,000 range as an area of interest for a potential retracement based on long-term data. 

Bitcoin ETF

As of the time of writing, Bitcoin (BTC) is being traded at $43,800, showcasing a noteworthy recovery within the past 24 hours following a retracement below $42,900 on Thursday. 

While this price rebound is encouraging, it remains uncertain whether the prevailing market dynamics possess sufficient strength to propel Bitcoin beyond its current yearly high of $44,500. There is a possibility that Bitcoin may experience another failed attempt to surpass this level, which could subsequently result in a deeper retracement before witnessing another upward movement.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Poised For December Surge As Historical Patterns Suggest Strong Upside Ahead

As the eagerly awaited Bitcoin (BTC) exchange-traded fund (ETF) verdict approaches, excitement and anticipation continue to grow in the cryptocurrency market. 

According to a report by K33 Research, the upcoming decision, expected between January 8 and January 10, has been a significant factor behind Bitcoin’s positive momentum since October. Institutional demand remains robust, with traditional investors strongly interested in adding long BTC exposure. 

Bitcoin Set For Bullish December? 

Bitcoin has displayed a notable tendency to surge higher in the lead-up to major events, creating a sense of enthusiasm and driving prices upward. This phenomenon has been observed across various significant milestones in the cryptocurrency’s history. 

According to the report, examples include Bitcoin’s peak coinciding with the launch of the Chicago Mercantile Exchange’s (CME) BTC futures in 2017, its spike coinciding with Coinbase’s public listing in April 2021, and its peak on the day El Salvador declared Bitcoin legal tender in September 2021.

Similarly, Bitcoin reached its peak on the date of VanEck’s spot ETF deadline in November 2021. These instances highlight the potential for Bitcoin to experience significant price movements as the ETF verdict draws near.

The report emphasizes the substantial demand from institutional investors seeking exposure to Bitcoin. BTC exchange-traded products (ETPs) witnessed inflows of nearly 40,000 BTC in November, while CME open interest reached and maintained all-time highs. Futures premiums have also surged to 20%, indicating the strong interest from institutional players. 

In contrast, retail participation has shown signs of stagnation. Offshore flows have remained shallow, and Bitcoin-denominated open interest in BTC perpetual contracts is currently at yearly lows. These factors suggest that institutional flows continue to be the driving force behind Bitcoin’s solid market strength.

Based on the historical pattern of event-driven price movements and the sustained institutional demand, the report maintains a positive outlook for Bitcoin in December. 

As the ETF verdict approaches, K33 Research’s report suggests that the narrowing time window is expected to fuel enthusiasm and drive prices higher. However, it is worth noting that once the event occurs, prices may experience a temporary surge before potentially stabilizing, according to the report. 

 BTC’s Bull Run Indicator

Renowned crypto analyst Ali Martinez has identified a significant development in the Bitcoin market that suggests a bullish outlook for the cryptocurrency. 

According to Martinez, the Realized Price of Bitcoin has surpassed the Long-Term Holder Realized Price, signaling an increase in market momentum and attracting new investors willing to purchase Bitcoin at higher prices. 

Martinez’s analysis highlights that similar occurrences in the past have preceded substantial price surges, further fueling optimism regarding Bitcoin’s future performance. 

Bitcoin

The Realized Price of Bitcoin refers to the average price at which all previously transacted coins were acquired. It considers the price at which each Bitcoin unit was last moved on the blockchain. 

On the other hand, the Long-Term Holder Realized Price focuses specifically on coins held by long-term investors, providing insights into their average acquisition price. When the Realized Price surpasses the Long-Term Holder’s Realized Price, it suggests that newer investors are entering the market and are willing to buy Bitcoin at higher valuations.

As seen in the above chart, Bitcoin experienced significant gains following this bullish signal on three separate occasions in the past. Specifically, the cryptocurrency surged 12,736%, 4,474%, and 819%, respectively, following similar events. 

Bitcoin

In addition to Martinez’s bullish outlook for BTC, the largest cryptocurrency on the market has demonstrated relatively stable price action above $44,000 in the past hour. 

This stability increases the potential for continued upside and consolidation above key levels, positioning Bitcoin for further gains and surges in the future. It remains to be seen if the cryptocurrency will see any corrections following its impressive 16% surge over the past few days. 

Featured image from Shutterstock, chart from TradingView.com 

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SEC Insider: Bitcoin ETF Approval Probability Surges Beyond 99% As BTC Hits Fresh Yearly High

In the countdown to the deadline for the long-awaited Bitcoin ETF applications by major asset managers worldwide, predictions regarding the rate of approval have significantly improved. 

Inside sources from the US Securities and Exchange Commission (SEC) indicate that Bloomberg’s initial 90% chance prediction of approval has now surged beyond 99%. 

This development has heightened the excitement surrounding this investment vehicle, which has the potential to bring substantial inflows of capital into the Bitcoin market and further amplify its year-to-date gains of over 153%.

Market Sentiment Soars As Bitcoin ETF Approval Probability Surpasses 99%

Andrew, an SEC insider, shared an update on X (formerly Twitter), stating that the 99% probability of a Spot Bitcoin ETF being approved is no longer deemed high enough. 

While acknowledging that nothing is ever certain, the source emphasized that the current likelihood of approval surpasses the 99% estimate from the previous week.

The sentiment in the market is clearly reflected in the price movement of Bitcoin, as it continues to establish new yearly highs and display unwavering bullish momentum. 

Currently trading at $42,900, Bitcoin recently reached a fresh annual peak of $43,400 on Tuesday. Over the past 24 hours, the largest cryptocurrency has surged by 4%, and it has witnessed a remarkable increase of over 14% in the past seven days.

Bitcoin ETF

It is worth noting that the prospect of a Bitcoin ETF being approved has captured the attention of investors and industry participants alike. If approved, the ETF would provide a regulated and accessible investment vehicle for institutional and retail investors, potentially bringing significant liquidity to the cryptocurrency market. 

The spike in approval forecasts to over 99% has further fueled optimism that this milestone decision is imminent. While nothing can be guaranteed, the growing confidence in Bitcoin ETF approval and the cryptocurrency’s impressive price performance underscores the potential for a significant positive impact on the market. 

As the final deadline approaches, market participants eagerly await the SEC’s decision, anticipating a potential game-changer for the Bitcoin ecosystem and its ongoing growth.

BTC Faces Crucial Range High Resistance

Renowned crypto analyst Rekt Capital has shed light on Bitcoin’s recent price action, emphasizing the significance of key support and resistance levels within a specific price range. 

In late November, Rekt Capital identified a range between $36,120 and $43,200, highlighting the importance of the lower boundary for a potential upward move.

Bitcoin successfully tested and held the range’s lower boundary as support, resulting in a substantial rally in recent days. The primary objective now, according to Rekt, is to revisit the upper boundary, known as the black $43,900 range high resistance, as seen in the chart below.

Bitcoin ETF

Rekt Capital underscores the importance of the black Range High resistance as a crucial reference point for Bitcoin’s price. During the parabolic phase of the 2021 Bull Market, Bitcoin managed to break above this level relatively easily. 

On two occasions, the cryptocurrency surged beyond the black level, with the first instance followed by a retest of the level as a new support, leading to further upward momentum. 

The second instance occurred later in the year when Bitcoin successfully retested the black level as short-term support before continuing its ascent.

However, late in 2021, Bitcoin lost the black level as support (first red circle from the left) and experienced a fake breakout above it, subsequently entering a multi-week downtrend. 

Rekt Capital highlights that Bitcoin’s historical performance suggests the cryptocurrency needs to successfully retest the black $43,900 level as support to pave the way for further upward movement.

Featured image from Shutterstock, chart from TradingView.com 

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Warning Signals Flash As Bitcoin Surges: Expert Spotlights Potential $25,000 Liquidity Sweep

Bitcoin (BTC), the world’s leading cryptocurrency, has recently witnessed a surge in price, reaching a new yearly high of $42,100 on Monday. However, this significant price increase has raised concerns among market participants about the possibility of a potential correction and a subsequent liquidation sweep, which could drive the price down to as low as $25,000.

Second Capitulation And Liquidity Sweep For Bitcoin?

Justin Bennett, a prominent technical analysis expert, acknowledges the remarkable performance of Bitcoin, stating, “It’s been a hell of a run from BTC, and it may very well continue without a significant correction in the short term.” 

However, Bennett highlights that the previous two bear markets concluded with a second capitulation, suggesting the possibility of a similar scenario occurring this time. Bennet cautions against ruling out a liquidity sweep that could drive the price down to $25,000.

To provide further context, liquidity sweep refers to a sudden and drastic move in price that aims to clear out excess leverage and trigger liquidations of overleveraged positions. 

Such a move could lead to a cascading effect, causing the price to drop further as more positions get forcefully closed. The occurrence of a liquidity sweep at the $25,000 level would not only test the resilience of Bitcoin but also serve as a crucial moment for market sentiment.

Bitcoin

As seen in the 2-week chart above shared by Bennet, despite the potential correction in BTC, this could be the last difficulty that Bitcoin bulls experience before the continuation of the bull run; this will be further fueled by the potential approval of Bitcoin spot exchange-traded funds (ETFs) applications by the US Securities and Exchange Commission (SEC), which is expected to push prices even higher. 

A boost from the halving of Bitcoin will further add to the bullish momentum and sentiment in the market, which could push the price of BTC to new all-time highs (ATH).

Additionally, historical trends indicate a promising outlook for Bitcoin. Analyst Ali Martinez points out that in the past, strong BTC performance during October and November has been followed by a bullish December. According to Martinez, market participants can anticipate a bullish December ahead if this pattern holds. 

El Salvador’s BTC Investments Prove Profitable

El Salvador’s President Nayib Bukele recently announced that the nation’s investments in Bitcoin have yielded significant profits, refuting previous claims of losses made by critics. 

President Bukele revealed that if El Salvador were to sell its Bitcoin holdings at the current market price, the country would not only fully recover its initial investment but also make a profit of $3,620,277.13.

Bitcoin

Addressing the numerous articles and hit pieces that had ridiculed El Salvador’s Bitcoin investment strategy, President Bukele emphasized that these assessments were based on the cryptocurrency’s market price at the time of evaluation. With Bitcoin’s recent surge in value, the country’s investment has turned profitable.

While acknowledging that the price of Bitcoin will continue to fluctuate, President Bukele reaffirmed that El Salvador remains committed to its long-term strategy and has no intention of selling its Bitcoin holdings. President Bukele stated: 

Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.

Bitcoin

At the time of writing, BTC is trading at $41,200, reflecting a notable price increase of 3.8% over the past 24 hours and 12% over the past seven days.

Featured image from Shutterstock, chart from TradingView.com 

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MicroStrategy Boosts Bitcoin Holdings With $590 Million Purchase, Totaling 174,530 BTC

In a testament to its unwavering confidence in Bitcoin (BTC), MicroStrategy, one of the largest Bitcoin holding companies, has once again expanded its cryptocurrency portfolio. 

The company’s former CEO, Michael Saylor, announced the acquisition of an additional 16,130 BTC, valued at approximately $593 million. This strategic move comes as Bitcoin enters a phase of accumulation above the $37,000 mark.

MicroStrategy Adds To Bitcoin Stash

As announced, MicroStrategy’s latest purchase was made at an average price of $36,700 per Bitcoin. With this acquisition, the company’s total Bitcoin holdings now stand at an impressive 174,530 BTC. 

Throughout 2023 and previous years, MicroStrategy has consistently demonstrated its commitment to BTC, accumulating a substantial amount of the cryptocurrency. 

The total cost of MicroStrategy’s Bitcoin investments exceeds $5.20 billion, with an average purchase price of $30,252 per Bitcoin. This significant investment reflects the company’s long-term bullish outlook on Bitcoin’s potential as a store of value and hedge against inflation.

As reported by NewsBTC, the company has reaped substantial gains from the recent uptrend in the overall cryptocurrency market and Bitcoin’s impressive price surge. With BTC experiencing a 36% increase since October, Microstrategy has now amassed over $1 billion in unrealized profits.

Bitcoin

Notably, Bitcoin’s positive performance has directly impacted Microstrategy’s stock, traded under the ticker name MSTR. The stock has witnessed a significant surge in value, closely tied to the ongoing bullish momentum of BTC. 

On November 9, as Bitcoin reached its previous yearly high of $38,000, the price of MSTR stock also soared to an all-time high (ATH) of $533 per share. This milestone further proves Microstrategy’s successful investment strategy over the past three years.

Michael Saylor, a prominent advocate for Bitcoin, has been a vocal proponent of the cryptocurrency, emphasizing its superior qualities compared to traditional fiat currencies. 

MicroStrategy’s continued accumulation of Bitcoin reinforces Saylor’s conviction in its long-term prospects and serves as a testament to the company’s belief in the digital asset’s store-of-value properties.

Potential For Short-Term Pullback Looms

In a recent market update by the CryptoQuant author IT Tech, short-term insights on the Bitcoin derivatives market shed light on the current upward momentum and the potential for a minor pullback. 

According to the analysis, the ongoing upward momentum in the Bitcoin market heavily relies on perpetual movement. The rising price of Bitcoin has been a key driving force, contributing to the bullish sentiment. 

However, the Crypto Volatility Divergence (CVD) Spot indicator suggests a relatively flat movement in spot demand. This indicates that a significant increase in immediate spot demand may not support the current price surge.

In the absence of strong spot demand materializing in the market, IT Tech suggests a possible minor pullback in the near term. 

This potential pullback could be attributed to several factors, including profit-taking by traders or a lack of sustained buying pressure from spot investors.

Bitcoin

The analysis also highlights the possibility of Bitcoin liquidations in the short term, which could indicate further upward movement to liquidate late short positions. 

This suggests that additional buying pressure may be from those who have taken short positions on Bitcoin. As these shorts are liquidated, it could continue the upward trend.

Bitcoin

As of the latest update, Bitcoin (BTC) is trading at $37,600, showing a slight decrease of 0.5% over the past 24 hours. However, it has maintained a gain of 1.5% over the past seven days, indicating a period of consolidation for the cryptocurrency

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Sees Influx Of Over $1.5 Billion In 2023: Price Surge Aims For $43,000

Amidst the regulatory scrutiny and enforcement actions faced by the cryptocurrency industry, Bitcoin (BTC), the leading cryptocurrency by trading volume, has remained resilient and maintained its consolidation level between $36,000 and $37,000. It reached a new record for the year, surging to a new yearly high of $38,390 on Friday.

$312 Million Inflows Amid Spot-Based ETF Expectations

The latest report from CoinShares provides further evidence of Bitcoin’s robustness. Despite concerns that the regulatory feud involving Binance might trigger a sell-off of BTC, the report reveals a significant influx of capital into digital asset investment products. 

Last week, these products witnessed a notable inflow of $346 million, marking the largest weekly inflows observed during a nine-week consecutive run.

The CoinShares report highlights that the surge in inflows can be attributed to the anticipation surrounding the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States, which has been eagerly awaited by investors but delayed by the US Securities and Exchange Commission (SEC).

Interestingly, this surge is the largest since the bull market of late 2021. CoinShares reports that the combination of rising prices and inflows has pushed total Assets Under Management (AuM) to $45.3 billion, the highest level seen in over a year and a half.

Bitcoin

Bitcoin’s inflows last week amounted to $312 million, bringing year-to-date inflows to just over $1.5 billion. Meanwhile, short-sellers are capitulating, with outflows totaling $0.9 million for the third consecutive week. 

Since the peak in April 2023, AuM has declined by 61%. The use of exchange-traded Products (ETPs) to gain exposure to the asset class remains significant, with ETP volumes representing 18% of total spot Bitcoin volumes last week.

Ethereum (ETH) also experienced a positive shift in sentiment, with inflows of $34 million last week and a four-week run of $103 million. This marks a turnaround from the outflows observed earlier this year. 

Furthermore, other cryptocurrencies such as Solana (SOL), Polkadot (DOT), and Chainlink (LINK) saw inflows totaling $3.5 million, $0.8 million, and $0.6 million, respectively.

Ichimoku Cloud Predicts Bitcoin Surge To $43,000

In a bold prediction backed by technical analysis, renowned crypto analyst “Crypto Con” suggests that Bitcoin (BTC) is poised for a significant surge in the coming weeks. 

Crypto Con claims to have accurately predicted BTC’s previous rise to $38,000 two months before it occurred, using the weekly Ichimoku cloud. Now all eyes are on the completion of the current upward move, with the initial target set at $43,000.

For further context, the Ichimoku cloud is a popular technical indicator used to gauge potential future price trends and identify key support and resistance levels. According to Crypto Con, the weekly Ichimoku cloud has projected a bullish cross shortly, indicating that Bitcoin’s upward trajectory is far from over.

Bitcoin

Based on historical data, Crypto Con notes that the completion of previous Bitcoin rallies following a similar cross has taken anywhere from 7 to 11 weeks, with an average duration of 10 weeks. Consequently, the analyst expects the current move to culminate in early January.

When the rise reaches its peak, Crypto Con suggests that the top of the red cloud, a key feature of the Ichimoku cloud, becomes the primary target. While the analyst identifies $43,200 as the most conservative level for this target, Crypto Con asserts that the red cloud’s true top could reach as high as $48,000.

Bitcoin

Featured image from Shutterstock, chart from TradingView.com 

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Crypto Market Cap Soars: $1.5 Trillion Milestone Achieved, Bitcoin Sets New Record

Bitcoin (BTC) and the cryptocurrency market have seen a significant uptrend, hitting a new annual high and surpassing $1.45 trillion, paving the way for potential gains in the final days of November.

Notably, BTC, the largest cryptocurrency in the market, has achieved a remarkable milestone, approaching the $40,000 level with a price surge to $38,400. 

The catalysts behind this recent surge include the anticipated acceptance of the BlackRock Bitcoin Spot exchange-traded fund (ETF) within the next 45 days and speculation that BlackRock itself may influence Bitcoin’s price through significant buying pressure on Coinbase.

BlackRock Driving BTC’s Recent Price Surge? 

According to CoinGecko, the global cryptocurrency market cap currently stands at $1.5 trillion, reflecting a 2.05% change in the last 24 hours and an impressive 72.26% change compared to the same period last year. 

This surge in market capitalization has not only boosted Bitcoin but has also contributed to gains in other major cryptocurrencies within the Top 100, such as Blur (BLUR), which soared a staggering 27%, Mina Protocol (MINA), which gained 9%, and Bittensor (TAO), which has seen a 14% surge in the last 24 hours, to name a few.

Regarding the recent surge of BTC to a new yearly high, crypto expert known by the pseudonym “Crypto Rover” has shed light on potential catalysts driving the recent surge. According to Rover, the BlackRock Bitcoin Spot ETF launch is expected to occur within the next 45 days.

In this regard, Rover’s analysis suggests that BlackRock, the world’s largest asset manager, may play a role in Bitcoin’s recent surge. The speculation is based on the observation that a significant amount of Bitcoin buying pressure appears to be coming from Coinbase, the largest cryptocurrency exchange in the United States, with the platform serving as BlackRock’s custodial partner. 

Promising Bitcoin Price Targets For Late 2025

Renowned crypto analyst Crypto Con has unveiled what he claims to be the most accurate Log Regression Curves for Bitcoin to date. These curves have provided insights into the future cycle top, an elusive aspect of Bitcoin analysis. 

According to projections derived from the curve matching technique, late 2025 could witness two potential price targets for Bitcoin: $130,000, referred to as Layer 6, and Layer 7, with a target price of $180,000.

Bitcoin

The analyst says several models and projections support the $130,000 target, adding to its credibility. According to Crypto Con, even the most conservative estimate, known as Layer 5 at $94,000, seems less likely. 

Based on historical trends, it is improbable that the entire red band, representing potential price ranges, would fail during this cycle. Therefore, one of the projected targets is expected to be accurate.

Based on the available information, Crypto Con favors layer 6 at $130,000 as the more likely target for Bitcoin’s late 2025 price surge. This projection aligns with the Halving Cycles Theory, suggesting a timeframe of approximately 21 days from November 28th, 2025.

Bitcoin

Bitcoin has undergone a recent pullback within the last hour following its attainment of a new yearly high. As of now, it is trading at $37,800.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Price Boost Ahead: CEO’s Bold Prediction Points To 10 US States Adopting Pro-BTC Laws In 2024

In a recent statement, Dennis Porter, the co-founder and CEO of Satoshi Action Fund, expressed his belief that the year 2024 will mark a crucial turning point in the history of Bitcoin. 

Porter’s remarks amidst growing anticipation surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) and the highly anticipated halving event scheduled for April 2024. 

According to Porter, these events, combined with the efforts of the Satoshi Action Fund, have the potential to impact the price and adoption of Bitcoin significantly.

Satoshi’s Plan To Establish The US As Global Bitcoin Leader

Satoshi Action Fund, a non-profit organization dedicated to informing policymakers and regulators about Bitcoin, has actively shifted the narrative surrounding the world’s leading cryptocurrency. 

The fund aims to promote “hyper-Bitcoinization,” a term coined to describe the widespread adoption of Bitcoin as a global currency.

One of the primary goals of the Satoshi Action Fund is to advocate for the passage of pro-Bitcoin legislation in 10 different US states by 2024. According to Porter, these proposed laws would protect individuals’ rights to self-hold and mine Bitcoin, positioning the United States as a global leader in Bitcoin adoption and mining.

Interestingly, Porter envisions a future where bipartisan legislation empowers Bitcoin and fosters the growth of an emerging digital asset industry.

Recent developments in the Bitcoin ecosystem further bolster Porter’s optimism. The halving event occurs approximately every four years and is anticipated to reduce the rate at which new Bitcoins are created, potentially leading to increased scarcity and upward price pressure. 

Additionally, the long-awaited approval of Bitcoin ETFs by the Securities and Exchange Commission (SEC) has the potential to attract institutional investors and facilitate mainstream adoption.

BTC’s Path To New Heights

Renowned crypto expert Charles Edwards has boldly proclaimed that the recent liquidation of fear, uncertainty, and doubt (FUD) surrounding the crypto market will pave the way for a significant price rebound. 

Edwards believes that the culmination of recent developments, particularly the Binance news, will eliminate sources of FUD accumulated over the past two years.

The market has been gripped by panic triggered by headlines associating the term “guilty” with cryptocurrencies. However, Edwards suggests that the recent news concerning Binance should be viewed more as a settlement rather than a detrimental event. 

Edwards points out that five years ago, exchanges were not compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations, whereas now, they have implemented these practices. Consequently, Edwards believes that the lingering FUD surrounding Binance can finally be restored.

Looking ahead, Edwards highlights several positive catalysts on the horizon for BTC. These include the potential approval of ETFs, the upcoming Bitcoin halving event, expectations of lower interest rates, and the possibility of a recession leading to increased quantitative easing (QE).

Edwards concludes by envisioning a “Bitcoin liquidity atomic bomb” waiting to explode. With the elimination of FUD and a series of positive triggers aligning, the market is poised for a substantial rebound. 

The convergence of ETF approvals, the halving event, accommodative monetary policies, and a potential recession are expected to propel Bitcoin to new heights.

Bitcoin

At the time of writing, Bitcoin (BTC) is trading at $36,500, experiencing a slight decline of 2.2% over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target

Bitcoin (BTC), the largest cryptocurrency on the market, has again failed to consolidate and reach the $38,000 level for the third time, as it is currently experiencing a 3% pullback. This has led the community to speculate that a significant retracement may occur before the bullish momentum resumes and the next uptrend begins. 

However, renowned crypto analyst Adrian Zduńczyk has recently shed light on Bitcoin’s potential next target of $50,000. Zduńczyk’s analysis considers several crucial factors, including the prevailing bullish market sentiment, the ongoing uptrend, the short-term outlook, miner sentiment, and seasonal trends. 

Evidence Of Dominant Bull Market

Zduńczyk notes that the cryptocurrency industry is in a bull market, with Bitcoin reaching a new 52-week high close and experiencing the third wave of the bullish cycle. The correlation between Bitcoin and the S&P 500 has risen, indicating a favorable environment for Bitcoin. High time frame trends are also rising.

Zduńczyk identifies key macro support levels for Bitcoin at $29,000 and $27,000, highlighting growing demand fueled by the anticipation of the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming halving event expected in April 2024.

Notably, the daily chart for BTC remains in an uptrend, according to Zduńczyk. He points to a target of $40,000, supported by the appearance of a “golden cross” pattern.

Furthermore, Zduńczyk believes that the rising Simple Moving Average (SMA) 200 serves as “irrefutable evidence” of a dominant bull market since January. These indicators suggest a continuation of the upward trajectory for Bitcoin.

Zduńczyk also identifies key support levels at $35,000 to $35,800, emphasizing that a bullish sentiment prevails as long as Bitcoin remains above these levels. 

Zduńczyk Eyes Bitcoin November Target Of $50,000

Currently, Bitcoin is ranging between $35,500 and $38,000, Zduńczyk notes that the momentum bands are widening, indicating an increase in volatility. The rising 50-day Average True Range (ATR) trend supports this observation.

Fear & Greed Index stands at 69, indicating a mixed sentiment among market participants. Miners, on average, are enjoying a profit increase of 23%. Zduńczyk maintains a positive outlook based on these factors. 

Regarding seasonal trends, October demonstrated a gain of 27%, exceeding the average performance. Historically, November has been the best month for Bitcoin, which has an average gain of 43%, with a target of around $50,000. Notably, December typically adds 7% to November’s closing price.

Bitcoin

Currently, BTC is trading at $36,400, reflecting a 5% and 22% profit over the past fourteen and thirty days, respectively. The focus now shifts to whether BTC’s price can maintain its crucial support levels and sustain its bullish uptrend, potentially reaching the $50,000 milestone supported by historical patterns.

Featured image from Shutterstock, chart from TradingView.com 

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CoinShares Predicts $141,000 Bitcoin Price, Forecasts $14.4 Billion Inflows From ETFs

In a recently published report by CoinShares, analyst James Butterfill delves into the relationship between inflows into Bitcoin exchange-traded funds (ETFs) and changes in the Bitcoin price. 

The report addresses the critical question of how much inflow into ETFs could be anticipated upon launching a Bitcoin spot ETF in the US and the potential impact of these flows on the Bitcoin Price.

Bitcoin ETFs Could Attract $14.4 Billion Inflows

Butterfill highlights Galaxy’s analysis, which estimates that the United States has approximately $14.4 trillion in addressable assets. Assuming a conservative scenario where 10% of these assets invest in a spot Bitcoin ETF with an average allocation of 1%, it could result in approximately $14.4 billion of inflows within the first year. 

Per the report, this would mark the largest inflows on record, surpassing 2021’s inflows of $7.24 billion, which accounted for 11.5% of assets under management (AuM). 

However, it is worth noting that in 2020, inflows reached $5.5 billion, representing a higher 21.6% of AuM, while Bitcoin’s price surged by 303% compared to 60% in 2021.

The report suggests a correlation between inflows as a percentage of AuM and price changes. Inflows coincide with rising prices, indicating that many ETF investors engage in momentum trading. Conversely, during periods of price stagnation, inflows have tended to moderate. 

However, it is important to note that exchange-traded product (ETP) investors do not necessarily lead price action, as evidenced by volume data indicating that ETP volumes represent an average of 3.5% of daily Bitcoin trading turnover on trusted exchanges since 2018.

Bitcoin Price Surge Predicted

By analyzing weekly ETP flows and their percentage of AuM, the report identifies a trend with a coefficient of determination (R2 ) value of 0.31, suggesting a discernible relationship between flows and price changes. 

Utilizing this trendline, the report estimates that the aforementioned $14.4 billion of inflows could potentially drive the price of Bitcoin up to $141,000 per coin.

Nevertheless, accurately predicting the precise level of inflows upon the launch of spot ETFs remains challenging. The report acknowledges the difficulty in determining the exact magnitude of inflows. 

It emphasizes that regulatory approval and corporate acceptance are gradual processes due to Bitcoin’s perceived complexity, which may require corporations and funds to build knowledge and confidence before committing to investment.

The potential wall of demand that could materialize following the introduction of a spot-based ETF is uncertain. While such ETFs offer portfolio diversification and enhanced Sharpe ratios, regulatory approval and corporate adoption may take time due to perceived complexities associated with Bitcoin. 

Ultimately, CoinShares believes that Corporations and funds may require an extended period to familiarize themselves with the asset class and gain confidence before entering the market.

All in all, the CoinShares report sheds light on the potential impact of Bitcoin ETFs on the price of BTC. While it is challenging to precisely determine the level of inflows and their subsequent effect on the market, the report suggests that launching a Bitcoin spot ETF in the US could potentially drive the price of Bitcoin to US$141,000 per coin. 

Bitcoin Price

Currently, Bitcoin (BTC) is consolidating above the significant psychological level of $36,000. Over the past 24 hours, it has experienced a minimal decrease of 0.2%, while showing a 1.3% increase within the 1-hour time frame.

Featured image from Shutterstock, chart from TradingView.com 

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Bearish Divergence? Bitcoin Price Rises, But Network Growth Sends Warning Signals

The recent Bitcoin (BTC) price surge has ignited renewed interest and confidence among investors, leading many to believe that the BTC bull run is accelerating. 

According to trader and crypto analyst Adrian Zduńczyk, Bitcoin has reached a new 52-week closing high and has maintained a close above the previous high of $32,000 for three consecutive weeks. 

This sustained upward momentum indicates a strong bullish trend sentiment and signals the beginning of the third wave of the Bitcoin bull run.

Analyst Highlights Key Trends

Zduńczyk points out several dominant trends that contribute to the positive outlook for Bitcoin. The rising 200-week and 50-week moving averages (MAs) highlight the long-term uptrend strength, with key support levels at $28,800 and $26,600. 

Additionally, there is a growing correlation with the S&P 500, as evidenced by the 7-week correlation coefficient of 0.34. This alignment with traditional markets suggests that Bitcoin increasingly trades similarly to the Nasdaq.

Fundamental drivers also play a significant role in Bitcoin’s upward trajectory. Traders eagerly anticipate the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming fourth halving event. 

Furthermore, according to Zduńczyk, the historical pattern of previous halvings indicates that Bitcoin has rallied significantly after each halving and has never retraced to pre-halving prices. 

Examining the daily trend, Zduńczyk highlights the technical strength demonstrated by Bitcoin’s reliable breakout above $32,000. Breakouts often lead to new trend formations that persist over time. 

Despite occasional volatility, the 50-day average true range (ATR) trend and the 50-day relative strength index (RSI) momentum trend are rising, indicating ongoing positive momentum.

Bitcoin’s future appears promising, supported by positive market trends, fundamental drivers, and technical indicators. However, warning signs cast doubt on Bitcoin’s favorable outlook, as renowned crypto analyst Ali Martinez pointed out. 

Bitcoin Bullish Momentum At Risk?

Martinez draws attention to the bearish divergence between Bitcoin’s price and network growth, indicating a potential lack of sustained momentum in the ongoing uptrend.

Bitcoin

The chart above shows a notable disparity between the exponential rise in Bitcoin’s price and the dramatic decline in new addresses over recent days. 

This bearish divergence raises concerns about the overall strength of the current uptrend. While Bitcoin’s value has experienced significant gains, the number of new addresses created has decreased significantly.

According to Martinez, this bearish divergence between Bitcoin’s price and network growth serves as an on-chain sell signal that traders should be aware of. The slowdown in network growth despite the price surge suggests that the current upward momentum may not have enough strength to sustain.

Bitcoin

At the time of writing, BTC is trading at $36,200, down 1.6% over the past 24 hours. However, it is still up a substantial 4.6% over the past 7 days. 

It remains to be seen if a surge in new addresses will be able to support BTC’s bullish momentum and break the current consolidation phase. Alternatively, the cryptocurrency could retest support levels in the coming days.

Featured image from Shutterstock, chart from TradingView.com