As a seasoned crypto investor who weathered through the crypto winter of 2018 and witnessed the meteoric rise of Bitcoin in 2021, I can confidently say that the recent bullish momentum of Bitcoin is not just another pump and dump. The technical analysis and on-chain activity suggest a major uproar beyond $70k in the coming weeks, if not days.
Bitcoin has shown continued bullish movement after breaching the resistance level at approximately $66,000 in the past two days. The leading cryptocurrency surged by over 2% in the last 24 hours to reach a high of around $67,803, before pulling back slightly towards $66,946 during the mid-London trading session on October 16.
Despite Bitcoin’s current price instability not indicating complete recovery, technical analysis hints at imminent significant bullish surges potentially exceeding $70,000. Notably, following the August 5 crypto plunge that drove BTC prices under $50,000, the market has shown a consistent pattern of reaching new highs and higher lows, a typical sign of an ascending trend.
In recent days, a significant increase in Bitcoin’s price has renewed optimism about cryptocurrencies overall, particularly meme coins like Dogecoin (DOGE). This surge has caused Bitcoin’s fear and greed index to jump to 73%, indicating an upward spike in investor enthusiasm, which hasn’t been seen for over three months.
Looking at technical analysis, it’s expected that the price of Bitcoin could reach new record highs within the next few weeks, based on the positive sentiment surrounding October. As per a well-known cryptocurrency analyst known as Captain Faibik, if the current bullish trend persists, Bitcoin’s price may climb to a range between $88,000 and $90,000 in the near future.
$BTC is testing a crucial resistance level for the 6th time (Resistance is weakening)
Should Bitcoin manage to break free from the Broadening Wedge pattern towards higher prices, a potential price range for its upward trajectory might extend to approximately 88,000 – 90,000 dollars.
Fingers Crossed 🤞 #Crypto #Bitcoin #BTC
— Captain Faibik 🐺 (@CryptoFaibik) October 16, 2024
In the midst of this, approximately $300 million worth of cryptocurrency positions with leverage were sold off, primarily affecting long-term traders. This happened due to a significant spike in market volatility.
Bitcoin Whales Bolsters Bullish Momentum
Lately, there’s been a surge of optimism towards cryptocurrencies, and this trend is reflected in the Bitcoin network as it experiences a significant rise in on-chain activity, primarily driven by large-scale investors known as “whales.” Over the past few days, as the price of Bitcoin climbed, the amount of Bitcoin held on centralized exchanges has dropped dramatically, indicating a growing interest from whale and institutional investors.
On October 15th (Tuesday), U.S. Bitcoin ETFs recorded a total cash injection of approximately $371 million. Among these, BlackRock’s IBIT saw the highest net cash inflow of roughly $288.84 million, now managing close to $22 billion in Bitcoin assets.
Over the last two days, United States Bitcoin ETFs have seen a massive net investment of approximately $1 billion, with purchases exceeding any sell-offs significantly. Interestingly, Grayscale’s GBTC, which had been losing money heavily, has recorded two consecutive days of investments for the first time since the US Securities and Exchange Commission’s historic approval, marking a significant turnaround.
Today, Metaplanet Inc (based in Tokyo and trading under the symbol 3350) revealed they’ve purchased an extra 5.9 Bitcoins. This brings their total Bitcoin holdings to more than 861 Bitcoins.
In the last 24 hours, Bitcoin’s influence over the cryptocurrency market significantly increased due to a surge in large-scale investor interest (whales), pushing its control up almost to 59%.
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2024-10-16 13:04