As a seasoned crypto investor with a decade of experience under my belt, I find the recent surge in Bitcoin price to be both exciting and reassuring. Having witnessed the rollercoaster ride that is cryptocurrency, I’ve learned to read between the lines and interpret market trends effectively.
Initially experiencing turbulence at the start of the month, Bitcoin now appears poised to validate a fresh bullish trend over the next few weeks. As per the most recent market statistics, the price of Bitcoin surged approximately 3% in the last 24 hours, reaching around $63,500 during the early European trading session on Monday.
In day-to-day trading, the leading cryptocurrency managed to bounce back from its 50 Moving Average (MA) and roughly $60,500 support level. This recovery has led to the formation of the first instance of higher highs and higher lows in a daily context, suggesting a possible uptrend could be on the horizon in the short term.
To put it simply, for Bitcoin’s price to move closer to its record high, it should maintain regular closures above approximately $66,000, acting as a stepping stone towards reaching that milestone.
If Bitcoin’s price doesn’t manage to stay above its peak in July (around $70K), according to experienced trader Peter Brandt, the overall downward trend could continue. This might lead the Bitcoin price to fall again, possibly dropping below $60K and potentially even reaching $40K before experiencing a rise towards its all-time high (ATH).
Why is my TA instinct telling me that the most anticipated breakout is near? #Bitcoin
$71k is next, and $BTC is maintaining its bullish structure.
— Mikybull 🐂Crypto (@MikybullCrypto) October 7, 2024
Bitcoin (BTC) Whales Undeterred
Based on recent market statistics, the quantity of Bitcoin available on centralized exchanges decreased by approximately 3,000 units within the last day and over 48,800 units during the past week. Over the course of the last seven months, the supply of Bitcoin on these exchanges has reduced significantly, surpassing 340,000 units, primarily due to increased demand for US spot Bitcoin ETFs.
Currently, U.S. exchange-traded funds (ETFs) that focus on Bitcoin hold approximately $57 billion worth of the cryptocurrency. However, it’s important to note that there have been significant outflows from Grayscale’s GBTC. In the past week alone, these U.S. Bitcoin ETFs experienced a net cash outflow exceeding $301 million. This marked the end of a three-week streak where they collectively brought in almost $2 billion through cash inflows.
Last week’s underperformance of U.S. spot Bitcoin ETFs was notably affected by the volatile political climate, particularly in the Middle East and the tense relationship between Russia and NATO.
Despite all, significant Bitcoin backers such as BlackRock, MARA Holdings, MicroStrategy, Fidelity Investments, El Salvador, and others persistently maintain their holdings and continually increase them over time as a safeguard against future inflationary pressures worldwide.
Today, Metaplanet, a Japanese firm, disclosed its purchase of an extra 108 Bitcoins, valued at approximately 6.7 million dollars. This acquisition increases their Bitcoin holdings to more than 639 Bitcoins, which are currently worth over $40 million.
Metaplanet_JP has bought another 108.786 bitcoins for approximately 1 billion yen, with each bitcoin costing around 9,192,359 yen. Now, Metaplanet’s total bitcoin holdings amount to roughly 639.503 bitcoins, which were purchased for about 5.965 billion yen, with an average price of approximately 9,326,856 yen per bitcoin. #Metaplanet_JP_Holds_More_Bitcoin
— Simon Gerovich (@gerovich) October 7, 2024
Over time, the value of Bitcoin may mirror the rise of Gold and Silver prices during a strong upward trend. In the run-up to the 2024 U.S. presidential elections, Bitcoin could experience substantial growth due to heightened interest from investors, as they seek alternatives to the dollar amid continued monetary easing policies.
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2024-10-07 13:45