Bitcoin’s Wild Ride: Will It Soar to $120K or Just Take a Nap?

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Well now, as the tempest stirred up by DeepSeek has finally calmed down, we find our dear Bitcoin, that mischievous rascal, once again frolicking above the $102K mark. Just yesterday, it was flirting with the idea of dipping below $98K, but lo and behold, it sprang back like a jack-in-the-box, trading at a sprightly $102,826 as of this very moment. 🤑

After a rather dramatic close on Monday, resembling a dragonfly Doji candlestick (whatever that is), Bitcoin has managed to bounce back from the 50-day Moving Average like a cat with nine lives. The chances of a short-term reversal have dwindled faster than a politician’s promises, thanks to a potential double top and a bearish divergence of the daily Relative Strength Index (RSI). Who knew numbers could be so dramatic? 📉

Now, Bitcoin is strutting its stuff in the daily time frame, on the brink of entering the exhilarating phase of the 2024/2025 bull cycle. Our friend, the crypto analyst known as Captain Faibik (a name that sounds like a superhero), claims Bitcoin is forming a rising megaphone structure. Sounds fancy, doesn’t it? This means it’s aiming for a new all-time high of about $120K, which is just a hop, skip, and a jump away! 🎢

$BTC Another Bullish Rally incoming 🔜

Next Stop: 120k 🎯#Crypto #Bitcoin #BTC #BTCUSDT

— Captain Faibik 🐺 (@CryptoFaibik) January 28, 2025

Whale Investors: The Big Fish in a Small Pond

Now, let’s talk about the whale investors, those big fish in the crypto pond. Their appetite for Bitcoin has been growing faster than a rumor in a small town. The supply of Bitcoin on centralized exchanges is dwindling, currently hovering around 2.17 million, down from 2.72 million in January 2024. It’s like watching a buffet run out of food! 🍽️

Despite the lackluster performance of most US spot BTC ETFs, BlackRock’s IBIT is still gobbling up coins like a hungry bear in a honey factory. On Monday, it reported a net cash inflow of about $64 million, even while the daily net cash outflow was around $457 million. Talk about a rollercoaster! 🎢

Meanwhile, Metaplanet and MicroStrategy are sharpening their pencils and focusing on beefing up their Bitcoin reserves. MicroStrategy has announced a new convertible preferred stock offering to sell 2.5 million shares and buy more Bitcoins. Sounds like a plan, doesn’t it? 💼

Earlier today, Metaplanet declared its intention to sell 21 million shares to raise ¥116 billion, all in the name of accumulating 10K BTCs by the end of 2025 and 21K Bitcoins by 2026. Ambitious, aren’t we? 💰

The Bigger Picture: A Bitcoin Bonanza?

Looking ahead, the demand for Bitcoin is set to skyrocket, thanks to a strategic Bitcoin reserve being implemented in the good ol’ United States. Arizona has taken the lead, becoming the first state to pass a bill to create a strategic Bitcoin reserve. Who knew politics could be so exciting? 🏛️

This bill is now headed to the Senate for a floor vote, with Senator Wendy Rogers backing it. Meanwhile, Senator Cynthia Lummis has gathered a team of eight members to prepare for creating bipartisan crypto regulations. It’s like a political party, but with more Bitcoin! 🎉

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2025-01-28 14:19