As a seasoned researcher with over two decades of experience in financial markets, I have witnessed numerous bull and bear cycles. The current Bitcoin (BTC) scenario presents an intriguing blend of traditional economic indicators and emerging trends in digital assets.
Bitcoin, represented by BTC and currently valued at approximately $66,824, saw a price rebound above $67,000 earlier today, October 24. The leading cryptocurrency is making an effort to regain bullish momentum on an hourly basis, having faced strong resistance around the $69,000 mark over the past two weeks. In the last 24 hours, its volatility stood at 0.5%, while its market capitalization was around $1.32 trillion, with a 24-hour trading volume of about $34.91 billion.
Since the turbulent crypto market crash on August 5, I’ve observed that the Bitcoin price has consistently reached new highs following its previous highs (higher highs) and also new lows preceding its previous lows (higher lows). This pattern indicates a persistent upward trend in the market.
Looking at the technical aspects, the price of Bitcoin might be poised to start an extended surge due to increased anticipation driven by institutional investors. Historically, Bitcoin’s price typically experiences a bullish trend following prolonged periods of consolidation, and such a scenario has materialized since March, having lasted over 30 weeks.
If Bitcoin’s price continues to close under the current support level (around $60K) in the upcoming days, a sense of pessimism about its value is likely to grow stronger over the following weeks.
Over time, the effect of Bitcoin’s halving, as digital assets become more widely accepted, is likely to foster optimistic feelings similar to past market upswings.
Whale Investors on a Bitcoin (BTC) Buying Spree
Over the last several months, there’s been a significant surge in interest for Bitcoin among institutional investors, surpassing any previous phase of its history. Not only are new major players entering the market, but long-term investors are also increasing their holdings to safeguard against economic uncertainties on a broader scale.
In the entire history of Bitcoin, there has never been such a noticeable surge in institutional and large-scale investors purchasing Bitcoin as we’re witnessing now.
— Quinten | 048.eth (@QuintenFrancois) October 23, 2024
Over the past seven days, I’ve observed a significant decrease in the total Bitcoin supply available on centralized exchanges, dropping below the 2.39 million unit mark for the first time in several years, now standing at approximately this level.
The significant decrease in available Bitcoin on CEXs (Cryptocurrency Exchanges) is primarily due to large purchases made by issuers of the U.S. spot BTC ETF, such as BlackRock’s IBIT. On a recent Wednesday, BlackRock’s IBIT saw $317 million in cash inflows, managing approximately $26.24 billion in assets.
Market Picture
In simpler terms, Bitcoin’s price has been trying to follow the positive trend seen in Gold prices and major stock markets lately. This upward trend is expected to continue as a result of interest rate reductions in many significant economies, which could boost Bitcoin and the broader cryptocurrency market.
On Wednesday, remarks from the Beige Book suggested a possible Federal Reserve rate reduction in early November following the U.S. election. It appears likely that the Federal Reserve will lower its key interest rate to strengthen the nation’s economic perspective, as other countries like Canada, China, and those within Europe have already implemented rate reductions.
In essence, many specialists predict a strong future for Bitcoin’s value over the long term, regardless of who becomes the next U.S. President. Nevertheless, it’s crucial to pay attention to who will be appointed as the next Chair of the SEC, the US Treasury, and other relevant bodies, as their decisions could have an impact on Bitcoin’s performance.
Read More
- DEXE PREDICTION. DEXE cryptocurrency
- ARB PREDICTION. ARB cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- From Season 4 Renewed With Release Date Window & Episode Count
- Why Is Randy Moss Wearing Glasses? Health Update
- XRD PREDICTION. XRD cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- RAY PREDICTION. RAY cryptocurrency
- Final Jeopardy Today December 5, 2024 – Question, Answer, Wages & Winner
2024-10-24 12:50