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Bitcoin Could Hit $86,000 If This Key Level Is Surpassed: Analyst

In a compelling forecast for Bitcoin, Ali Martinez, a well-known cryptocurrency expert and trader, has pointed out a possible development that could propel the crypto asset’s price to the $86,000 threshold in the foreseeable future.

Bitcoin Movement Determined By Key Levels

The analyst’s positive perspective highlights the possibility of a large upward shift in the price trend of Bitcoin, igniting interest and speculation in the cryptocurrency space.  Ali Martinez’s analysis primarily focuses on several key support and resistance levels, of which a break out from these levels will determine the future trajectory of Bitcoin. 

According to the expert, it appears the digital asset has been gathering momentum in a parallel channel. As a result, the $61,000 mark becomes the most significant support level, while the $72,400 mark becomes the most crucial resistance level.

Martinez affirms that Bitcoin might plummet toward the $56,200 and $51,600 range if it manages to surpass the aforementioned support level. However, should it break out from the $72,400 resistance zone, $79,000 and $86,000 are the next price targets to expect.

Bitcoin

Considering the UTXO Realized Price Distribution (URPD) chart, Martinez notes that $62,000 also proves to be an important support area for Bitcoin. If this level is lost, attention might move to the following significant demand region, which is situated around $51,500.

On the other hand, the likelihood of the bull run rekindling would be largely increased should there be a rise back above $66,250. This suggests a new wave of confidence and enthusiasm from market investors and players.

Martinez has also identified a notable shift in the accumulation trend score for Bitcoin lately. Specifically, the recent development marks the first time it has happened in six months, and it is now pegged at 0.27. This change suggests that BTC whales might be selling off their holdings rather than hoarding the crypto asset even more.

Interest From ETF Investors To Impact Price Substantially

Despite the negative performance of BTC lately, several analysts still believe the coin is headed for unprecedented heights. Crypto expert Willy Woo recently made a bold forecast, putting his price target at $650,000 at the bull market top and $91,000 at the bear market bottom.

Willy Woo expects the coin to top out at this level when ETF investors have completely deployed their capital based on asset manager recommendations. Furthermore, Woo stated that while these figures are quite cautious, Bitcoin will surpass the gold cap after ETFs have served their purpose. “Gold went on a 12-year bull run when its ETF was approved, now it is Bitcoin’s turn,” he added.

In the last day, the price of Bitcoin has fluctuated between a low of $62,000 and a high of $66,000, ultimately concluding around $63,000. Its daily trading volume has decreased by 20%, indicating a declining intreest from traders.

Bitcoin

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Skybridge CEO Says Bitcoin Can Reach Half Of Gold Market, How Much Will BTC Be?

The future price and valuation of Bitcoin is a hot topic of debate, with varying predictions from different camps. One sentiment is maintained by most, though, and that is the fact that the cryptocurrency is going to trade at a much higher valuation than it is currently. Skybridge Capital CEO Anthony Scaramucci shares this sentiment, predicting that the Bitcoin market cap will eventually reach half of the gold market cap.

Batting For Bitcoin To Capture 50% Of Gold Market Cap

Anthony Scaramucci has long been a proponent of Bitcoin and has been very vocal about his support for the coin. Once again, the Skybridge Capital CEO has come forward to reiterate his stance on Bitcoin, giving a prediction for where he expects the price to go in the future.

Scaramucci told CNBC in an interview that he expects the price of Bitcoin to eventually touch $170,000. Not only that, he said that he expects that the Bitcoin market cap will someday reach 50% of the gold valuation.

The CEO explains that Bitcoin has seen a positive upside as there has been more regulatory clarity surrounding the digital asset, as well as the approval of various Spot Bitcoin ETFs. And it is the success of these Spot Bitcoin ETFs that is driving Scaramucci’s belief that Bitcoin will reach half of gold’s valuation.

He explains that it took the Gold ETF a year to reach $10 billion in inflows. However, in the case of Bitcoin, it has done it in three months, meaning it took 25% of the time it took gold to achieve this. Then with the halving on the way, Scaramucci explains that supply is going to get even lower.

The CEO further explains that he expects Bitcoin to become a store of value, something that will push it up as a competitor for gold. In this case, its continuous growth will see it eventually around half of gold’s market cap.

Where Will BTC Trade At This Valuation?

The current gold market cap lies at approximately $15.7 trillion market cap and half of this would put the Bitcoin market cap at a high $7.85 trillion. The current BTC market cap is at $1.4 trillion, with a price of $72,000 per coin. This means that a market cap of $7.85 trillion would see the cryptocurrency trade much higher.

With a capped supply of 21 million coins, Bitcoin’s market cap of $7.85 trillion would put the price per BTC at a whopping $378,000. Such an increase would represent a 500% increase from the current price levels. And then, with Bitcoin controlling around half of the total crypto market cap and assuming altcoins continue to grow alongside it, this could easily see the entire crypto market reach a $14 trillion market cap, strengthening the competition with gold.

However, Scaramucci does not give a timeline for when he expects this to happen and he cautions investors to not expect it soon. “It’s not going to happen overnight, and there will be a lot of volatility,” the Skybridge Capital CEO warned.

Bitcoin price chart from Tradingview.com

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Bitcoin Suffers Massive Drop On BitMEX, Is The Rally Over?

Since Bitcoin (BTC) witnessed a crash this week to $64,000, the crypto asset has not been able to reclaim its momentum, with the price falling even lower. This has led to a general market decline that has affected altcoins.

Bitcoin Plummets To $8,900 On BitMEX Exchange

In a devastating turn of events, Bitcoin witnessed a steep decline on the Seycelles-based cryptocurrency exchange BitMEX on Monday. Reports from blockchain media, Wu Blockchain, revealed that Bitcoin fell to around $8,900, following a massive BTC sell-off on the platform.

Wu Blockchain reported that a user sold over 400 BTC, which led to the price of Bitcoin falling to the aforementioned figure. Over the space of two hours, the unidentified user sold the 400 BTC in groups of 10–50 BTC.

Consequently, BitMEX’s market stability was impacted since the user sold the assets for incredibly low prices. However, according to reports from Blockchain Daily, the event was short-lived as prices have now returned to the normal level.

In response to the development, BitMEX has assured the crypto community that it is “looking into odd behavior” involving users selling substantial orders on the spot market for BTC-USDT.

The crypto platform further stated that while the investigation is ongoing, “the derivatives market will still be operational, including the index price for its popular XBT derivatives contracts.” Furthermore, the exchange confirmed the safety of users’ funds and assets, and the platform is “running as usual.”

Given that the price of Bitcoin was situated at $68,000 before the incident, the drop indicates an over 87% decline. After falling to $8,900, Bitcoin recovered, but the abnormal price fluctuations lasted for an additional 30 minutes before things returned completely to normal.

The development has since stirred quite a frenzy within the cryptocurrency landscape, leaving the community to ponder on the reason behind the drop. Several crypto enthusiasts believe that the incident was a move orchestrated by BitMEX to manipulate prices to liquidate investors and end up making a lot of money.

Larger Crash Might Take Place

As Bitcoin continues to move downward, Gold advocate and crypto critic Peter Schiff has forecasted a larger crash for prices. At first, Peter Schiff drew the crypto community’s attention to the 2021 rally, in which BTC peaked at $69,000.

However, the largest cryptocurrency witnessed a collapse the next year, and by November 2022, it was already trading at $16,000. As a result, Schiff mocked Bitcoin enthusiasts, asking, “How many of them still have their laser eyes on their profiles.”

Thus, considering that the majority are presently more optimistic about BTC, Schiff anticipates a “bigger crash” is probably on the horizon.

As of the time of writing, the price of Bitcoin was trading at $62,943, indicating an over 7% decline in the past 24 hours. Its market cap is down more than 7%, while its trading volume holds steady increasing by 63% in the past day.

Bitcoin

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Renowned Economist Says Bitcoin Isn’t Digital Gold, Then What Is It?

Chief Economist and Bitcoin antagonist, Peter Schiff has made another controversial statement about BTC, comparing the world’s largest cryptocurrency to gold, while expressing skepticism about BTC being lauded as the “digital gold.”

Bitcoin Is “Digital Anti-Gold”

In a February 27 post on X (formerly Twitter), Schiff publicly criticized Bitcoin’s title as the digital gold, asserting that the cryptocurrency should be seen as a bet against gold instead of a digital counterpart of the precious metal. While the renowned economist has stated that “Bitcoin is not digital gold,” he has also provided his version of a more accurate description of Bitcoin, characterizing the cryptocurrency as a “digital anti-gold.”

Earlier in November 2023, ARK Invest CEO, Cathie Woods declared Bitcoin to be a digital gold, confidently stating that she would rather wager on Bitcoin than gold. Similarly, Chief Executive Officer (CEO) of MicroStrategy, Michael Saylor and CEO of VanEck, Jan van Eck, have confirmed BTC to be the ultimate store of value. 

These sentiments and statements from renowned BTC investors and leading cryptocurrency supporters clearly contrast Schiff’s perspective on BTC. The global strategist is well known for his opposing views against BTC and other cryptocurrencies, often criticizing the value of these digital assets and informing the broader crypto community of the risks associated with cryptocurrencies while glorifying gold’s value. 

The economist has remained critical of Bitcoin’s perceived role as a digital store of value, highlighting that BTC buyers should hope for the sustained control of inflationary pressures and the ongoing strength of the United States dollar (USD) against other fiat currencies.

Crypto Community In Opposition

The crypto community has swiftly offered their personal opinions on Schiff’s statement about Bitcoin, opposing the Bitcoin antagonist’s views and showcasing their relentless support for the cryptocurrency. 

One crypto community member has asserted that Schiff’s Bitcoin remarks lack theoretical validity, stemming from a fundamental misunderstanding and fear of BTC’s value and potential. Another member has highlighted the differences between gold and Bitcoin, describing the cryptocurrency as a “tech innovation” which has nothing to do with precious metals like gold. 

The majority of crypto members have shown unwavering support for BTC, with some even stating that Bitcoin could potentially surpass the value of gold in the future.

“Bitcoin is going to consume gold. It’s not a matter of if, it’s a matter of when,” a community member stated.

Bitcoin price chart from Tradingview.com

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Billionaire Tim Draper’s Forecast: Bitcoin To Hit $250,000 By 2025

Renowned billionaire investor Tim Draper has again captured the crypto community’s attention with his bullish stance on Bitcoin. Despite missing his previous forecast 2018, where he predicted Bitcoin would hit $250,000 by 2022, Draper remains steadfast in his belief in Bitcoin’s potential.

Bitcoin To Hit $250,000 By 2025

In a recent Bloomberg interview, Draper first humorously acknowledged his missed prediction, joking: “Well, I don’t know why anybody is still listening to me if I missed that one.” Yet, this missed forecast hasn’t dampened his optimism; Draper is doubling on his prediction, projecting that Bitcoin will reach the quarter-million mark by 2025.

Draper cites his misjudgment of the US government’s conservative stance on cryptocurrency regulation as the reason behind his previous prediction not materializing. However, he emphasizes the increasing adoption of Bitcoin in countries with unstable currencies.

Draper notes the growing preference for conducting business in Bitcoin over traditional currencies like the US dollar, especially in regions where the dollar is often associated with criminal activities. His vision for Bitcoin extends beyond a mere store of value; he anticipates a future where Bitcoin becomes a universally accepted currency, fundamentally transforming financial transactions.

Draper noted:

I actually think there will be a moment in time when I can buy my food, clothing, and shelter all in Bitcoin, and people won’t want dollars anymore.

It is worth noting that Tim Draper further foresees a “transformative shift” in the worldwide financial landscape, where Bitcoin’s limited supply and resistance to political interference render it a more dependable and stable currency choice.

Draper sees a parallel between Bitcoin’s growth trajectory and Microsoft’s initial stages, forecasting Bitcoin’s rise as a central platform for diverse financial innovations, notably in the realms of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), which he refers to as “organelles.”

Industry Titans BTC Forecast Align

Draper’s bold predictions echo those of other industry figures, like the founder of the hedge fund Skybridge, Anthony Scaramucci, who projects that Bitcoin could reach as high as $400,000, nearing half of gold’s market capitalization. This prediction suggests a potential tenfold increase, dramatically shifting the landscape of digital assets.

Meanwhile, Bitcoin’s influence is already being felt in traditional finance. Recent data from JP Morgan shows a significant inflow into Bitcoin funds. In contrast, gold exchange-traded funds (ETFs) experience a concurrent outflow, indicating a shift in investor preference from traditional to digital assets.

Amid these developments, Bitcoin’s market performance continues to exhibit resilience and growth. Over the past week, the cryptocurrency has seen a 6.1% increase, trading at around $43,056 at the time of writing.

Bitcoin (BTC) price chart on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Bitcoin Has Been In A Class Of Its Own For The Last 10 Years, Top Expert Says

Bitcoin has encountered a critical resistance level going into the weekend and could move sideways following a massive rally. According to an expert, the cryptocurrency has been breaching every major obstacle, making it one of the best-performing assets.

As of this writing, Bitcoin (BTC) trades at $43,600 with sideways movement in the last 24 hours. Over the previous seven days, BTC recorded a 14% increase, with Ethereum following its footsteps, recording a 13% rally.

Bitcoin BTC BTCUSDT Chart 1

Bitcoin vs. Gold: The Digital Currency’s Journey to $40,000

Jurrien Timmer, Director of Macro for Fidelity, offers insightful analysis of Bitcoin’s trajectory, likening it to “exponential gold.”

His thesis suggests that Bitcoin, much like its elder counterpart, gold, holds value in times of structural inflation, yet it boasts an added venture twist. In that sense, Timmer believes both assets are prime to capture attention from investors looking to protect themselves from “reckless monetary inflation.”

As seen in the chart below, if Bitcoin follows a similar trajectory to the previous, its price could target $100,000 and $1,000,000 by early 2025.

Bitcoin BTC BTCUSDT Chart 2

2020 was pivotal for Bitcoin and gold, with fiscal and monetary stimulus bolstering their appeal. However, Bitcoin differentiates itself with its capped supply of 21 million coins, contrasting gold’s continual but modest annual supply growth.

This limited supply has propelled Bitcoin’s “stock-to-flow” (S2F) ratio significantly higher than gold’s. Moreover, Bitcoin’s journey reflects the classic S-curve path of technological innovations. Its exponential growth trajectory mirrors historical trends in technology from railroads to cell phones.

However, predicting Bitcoin’s future based on these S-curves is complex, as slight deviations in these growth phases can “dramatically” alter outcomes, the expert claims.

SEC Deliberations And Institutional Interest Shape Bitcoin’s Future

Timmer’s observations include a potential impact of the SEC’s anticipated decisions on the Bitcoin spot Exchange Traded Fund (ETF). He theorizes that pending product applications could attract new investors, yet he remains cautious about whether this will trigger a “sell-the-news” event and a large drawdown.

Interestingly, a small percentage of Bitcoin is held for under three months, suggesting that the recent price surge is not merely “speculative,” offering support for a longer bullish trend.

The true believers in Bitcoin, as indicated by the growing percentage held for over five or ten years, are unlikely to be swayed by short-term news. However, there is notable activity in the Bitcoin futures market, particularly among asset managers, which could suggest anticipation of the SEC movement.

Bitcoin BTC BTCUSDT Chart 3

Any updates from the SEC would arrive in a transformed macroeconomic environment. Unlike the liquidity-rich period of 2020-21, the US Federal Reserve’s (Fed) recent policy shifts have reversed the surge in monetary inflation.

This shift aligns the current situation more with the post-World War II era than the inflationary 1970s, impacting the urgency of the value proposition for gold and Bitcoin.

As BTC matures, its relationship with traditional financial markets and global economic trends becomes increasingly intricate. With the SEC’s decision and a shift in the macro-arena, the coming months are poised to exercise influence over the premier cryptocurrency and the nascent sector.

Cover image from Unsplash, chart from Tradingview

Posted on

Bitcoin Has Been In A Class Of Its Own For The Last 10 Years, Top Expert Says

Bitcoin has encountered a critical resistance level going into the weekend and could move sideways following a massive rally. According to an expert, the cryptocurrency has been breaching every major obstacle, making it one of the best-performing assets.

As of this writing, Bitcoin (BTC) trades at $43,600 with sideways movement in the last 24 hours. Over the previous seven days, BTC recorded a 14% increase, with Ethereum following its footsteps, recording a 13% rally.

Bitcoin BTC BTCUSDT Chart 1

Bitcoin vs. Gold: The Digital Currency’s Journey to $40,000

Jurrien Timmer, Director of Macro for Fidelity, offers insightful analysis of Bitcoin’s trajectory, likening it to “exponential gold.”

His thesis suggests that Bitcoin, much like its elder counterpart, gold, holds value in times of structural inflation, yet it boasts an added venture twist. In that sense, Timmer believes both assets are prime to capture attention from investors looking to protect themselves from “reckless monetary inflation.”

As seen in the chart below, if Bitcoin follows a similar trajectory to the previous, its price could target $100,000 and $1,000,000 by early 2025.

Bitcoin BTC BTCUSDT Chart 2

2020 was pivotal for Bitcoin and gold, with fiscal and monetary stimulus bolstering their appeal. However, Bitcoin differentiates itself with its capped supply of 21 million coins, contrasting gold’s continual but modest annual supply growth.

This limited supply has propelled Bitcoin’s “stock-to-flow” (S2F) ratio significantly higher than gold’s. Moreover, Bitcoin’s journey reflects the classic S-curve path of technological innovations. Its exponential growth trajectory mirrors historical trends in technology from railroads to cell phones.

However, predicting Bitcoin’s future based on these S-curves is complex, as slight deviations in these growth phases can “dramatically” alter outcomes, the expert claims.

SEC Deliberations And Institutional Interest Shape Bitcoin’s Future

Timmer’s observations include a potential impact of the SEC’s anticipated decisions on the Bitcoin spot Exchange Traded Fund (ETF). He theorizes that pending product applications could attract new investors, yet he remains cautious about whether this will trigger a “sell-the-news” event and a large drawdown.

Interestingly, a small percentage of Bitcoin is held for under three months, suggesting that the recent price surge is not merely “speculative,” offering support for a longer bullish trend.

The true believers in Bitcoin, as indicated by the growing percentage held for over five or ten years, are unlikely to be swayed by short-term news. However, there is notable activity in the Bitcoin futures market, particularly among asset managers, which could suggest anticipation of the SEC movement.

Bitcoin BTC BTCUSDT Chart 3

Any updates from the SEC would arrive in a transformed macroeconomic environment. Unlike the liquidity-rich period of 2020-21, the US Federal Reserve’s (Fed) recent policy shifts have reversed the surge in monetary inflation.

This shift aligns the current situation more with the post-World War II era than the inflationary 1970s, impacting the urgency of the value proposition for gold and Bitcoin.

As BTC matures, its relationship with traditional financial markets and global economic trends becomes increasingly intricate. With the SEC’s decision and a shift in the macro-arena, the coming months are poised to exercise influence over the premier cryptocurrency and the nascent sector.

Cover image from Unsplash, chart from Tradingview

Posted on

Bitcoin Has Been In A Class Of Its Own For The Last 10 Years, Top Expert Says

Bitcoin has encountered a critical resistance level going into the weekend and could move sideways following a massive rally. According to an expert, the cryptocurrency has been breaching every major obstacle, making it one of the best-performing assets.

As of this writing, Bitcoin (BTC) trades at $43,600 with sideways movement in the last 24 hours. Over the previous seven days, BTC recorded a 14% increase, with Ethereum following its footsteps, recording a 13% rally.

Bitcoin BTC BTCUSDT Chart 1

Bitcoin vs. Gold: The Digital Currency’s Journey to $40,000

Jurrien Timmer, Director of Macro for Fidelity, offers insightful analysis of Bitcoin’s trajectory, likening it to “exponential gold.”

His thesis suggests that Bitcoin, much like its elder counterpart, gold, holds value in times of structural inflation, yet it boasts an added venture twist. In that sense, Timmer believes both assets are prime to capture attention from investors looking to protect themselves from “reckless monetary inflation.”

As seen in the chart below, if Bitcoin follows a similar trajectory to the previous, its price could target $100,000 and $1,000,000 by early 2025.

Bitcoin BTC BTCUSDT Chart 2

2020 was pivotal for Bitcoin and gold, with fiscal and monetary stimulus bolstering their appeal. However, Bitcoin differentiates itself with its capped supply of 21 million coins, contrasting gold’s continual but modest annual supply growth.

This limited supply has propelled Bitcoin’s “stock-to-flow” (S2F) ratio significantly higher than gold’s. Moreover, Bitcoin’s journey reflects the classic S-curve path of technological innovations. Its exponential growth trajectory mirrors historical trends in technology from railroads to cell phones.

However, predicting Bitcoin’s future based on these S-curves is complex, as slight deviations in these growth phases can “dramatically” alter outcomes, the expert claims.

SEC Deliberations And Institutional Interest Shape Bitcoin’s Future

Timmer’s observations include a potential impact of the SEC’s anticipated decisions on the Bitcoin spot Exchange Traded Fund (ETF). He theorizes that pending product applications could attract new investors, yet he remains cautious about whether this will trigger a “sell-the-news” event and a large drawdown.

Interestingly, a small percentage of Bitcoin is held for under three months, suggesting that the recent price surge is not merely “speculative,” offering support for a longer bullish trend.

The true believers in Bitcoin, as indicated by the growing percentage held for over five or ten years, are unlikely to be swayed by short-term news. However, there is notable activity in the Bitcoin futures market, particularly among asset managers, which could suggest anticipation of the SEC movement.

Bitcoin BTC BTCUSDT Chart 3

Any updates from the SEC would arrive in a transformed macroeconomic environment. Unlike the liquidity-rich period of 2020-21, the US Federal Reserve’s (Fed) recent policy shifts have reversed the surge in monetary inflation.

This shift aligns the current situation more with the post-World War II era than the inflationary 1970s, impacting the urgency of the value proposition for gold and Bitcoin.

As BTC matures, its relationship with traditional financial markets and global economic trends becomes increasingly intricate. With the SEC’s decision and a shift in the macro-arena, the coming months are poised to exercise influence over the premier cryptocurrency and the nascent sector.

Cover image from Unsplash, chart from Tradingview