Category Archives: Bitcoin
Michael Saylor Prediction: 3 Conditions For Bitcoin to Hit $5 Million – BeInCrypto
The cryptocurrency market is currently undergoing a downturn, and were on the verge of potential chaos caused by FTXs liquidators. However, Michael Saylor believes there are three factors that could soon drive Bitcoin (BTC) prices significantly higher.
This optimistic outlook comes from the MicroStrategys co-founder, who is an ardent supporter of Bitcoin. His recent remarks have rekindled hope among the community, suggesting that Bitcoin could potentially be worth $5 million one day.
As of writing, Bitcoin is trading at $26,617, up by 1.24% in the past 24 hours.
Saylors projection is a 50 times higher than the most optimistic expert forecasts to date. But is such a massive valuation for a digital asset even possible?
For this to happen, three conditions need to be fulfilled: the launch of spot Bitcoin ETFs, banks offering financial services using BTC, and the official regulation of cryptocurrencies in the United States.
Fortunately, two of these conditions are almost met.Many speculations say the first spot Bitcoin ETFs will be launched this fall.X (Twitter) account @BTC_Archive highlights this by quoting Michael Saylor.
MICHAEL SAYLOR: 3 catalysts will take Bitcoins to $5 Million:1. Spot ETF approval: Inevitable2. Banks custody and lend against Bitcoin as collateral coming soon.3. Fair value accounting rules from FASB Approved this week.
BeInCrypto reported earlier that the Financial Accounting Standards Board (FASB) is working on a new accounting standard for companies holding cryptocurrencies.Companies will have to report theirprofitsand losses immediately, rather than just once a year, increasing transparency for investors and the public.
Click here to learn how to buy Bitcoin with Google Pay.
Banks seem to be interested in Bitcoin, especially if they feel threatened by more efficient financial systems such asXRP.
Some banks, such as Deutsche Bank, have already started offering cryptocurrency services. Other competitors are also gearing up to do the same. The @WuBlockchain account cites the example of South Koreas Hana Bank:
KEB Hana Bank, one of South Koreas largest financial institutions, announced a partnership with cryptocurrency custody company BitGo Trust Company to provide digital asset custody services starting in the second half of 2024.
This is, for example, the case of the Korean bank Hana Bank, which, in cooperation with BitGo, is launching an asset storage service.However, as Michael Saylor points out, this condition will only be fulfilled if banks start lending money against Bitcoin as collateral.
Currently, this rule only applies to cryptocurrencies in companies, but if this continues, banks may soon feel that this is the way forward.
Click here to learn about the 13 best non-KYC crypto exchange for 2023.
Do you have anything to say about Michael Saylors Bitcoin prediction or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCryptos latest Bitcoin (BTC) analysis, click here.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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Michael Saylor Prediction: 3 Conditions For Bitcoin to Hit $5 Million - BeInCrypto
Bitcoin’s big boom has yet to begin – MoneyWeek
As long-time readers will know, I have been encouraging readers to buy bitcoin since 2013. I continue to do so. Everybody should own some bitcoin. Its potential is too enormous to ignore, and I feel a percentage of everybodys portfolio should be allocated to it. If I had a bitcoin for every person who has come up to me and said how they should have bought it when they first heard me talking about it, but didnt, Id be richer than bitcoins founders.
By owning bitcoin you are effectively owning shares in perhaps the most technologically brilliant system of money in history. The technology is already becoming the template for national currencies in the form of central bank digital currencies (CBDCs), but as a supranational money for the borderless mediumthat is the internet, and with its capacity for micropayments, bitcoins potential scalability dwarfs that of national currencies.
With its finite supply, it has the potential to become a widespread online-savings vehicle for both individuals and corporations. Bitcoin benefits from its incredibly robust blockchain (the digital ledger that underpins the cryptocurrency). It is well established as the first and foremost cryptocurrency, making it easier to expand its network. Bitcoins Lightning Network, a blockchain-based technology, makes bitcoin transactions incredibly quick.
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Given all this, in a world of artificial intelligence (AI) and automated payments, it has the potential to become the default cash system for the internet, the standard on which internet monies, from the M-Pesa to Air Miles, are based. Why not have a piece of that potential pie?
If I look at the combined average IQ of people in the bitcoin sector and compare it with, say, gold mining, there is no contest. Bitcoin abounds with brain boxes. By owning bitcoin, you are effectively leveraging this extraordinarily high combined IQ.
I dont think it is going to the moon tomorrow. Bitcoin tends to go through a cycle. The first phase I call quiet accumulation, which is followed by frenzy and a blow-off top. Thirdly, there is the monster correction. Finally, we reach a stage of frustrating consolidation.
Were somewhere in phase four or one, although such phases can last a long time. But news broke a fortnight ago of what could prove a landmark court ruling for bitcoin. The Financial Times, traditionally sceptical about bitcoin, called it a big win.
The decision concerned the Greyscale Bitcoin Trust, which listed in the US in 2013 and buys and holds bitcoin. So in buying the trust investors are, in effect, buying bitcoin, or at least getting exposure to the bitcoin price. Greyscale now has something like $17bn under management.
However, investors cannot sell their shares and redeem them for bitcoin. They can only sell them to someone else. This means in effect that the trust cannot sell its bitcoin: the amount of bitcoin in the trust can only increase (as it issues more shares). At first the trust traded at a considerable premium to the bitcoin price: it was the only way investors could own bitcoin via a broker. At times Greyscale traded at double the value of its bitcoin holdings. However, in recent years this reversed, so that by December last year the trust was trading at a 50% discount to the bitcoin price. What was the point of owning the trust then, if it doesnt track the bitcoin price?
Greyscale had a problem. The solution was to convert the trust into an exchange-traded fund, so it would be able to buy and sell bitcoin according to the markets demand, thus accurately tracking the price. For years Greyscale has been trying to get permission. But the US financial regulator, the Securities and Exchange Commission (SEC), rejected its application.
The SEC has repeatedly ruled against other bitcoin ETF applications too. There have been so many. The Winklevoss brothers tried to get one listed. So did Cathie Wood. They were all rejected. There are at least half a dozen other proposals under consideration from the likes of BlackRock, WisdomTree and Fidelity. But it is clear that the SEC, like the UKs City regulator, the FCA, does not like crypto. Gary Gensler, chair of the SEC, has issued a plethora of regulatory actions against the likes of Coinbase and Binance. The latter is the largest crypto exchange in the world.
To be balanced, the SEC has approved ETFs based on bitcoin futures. But it has argued, not so unreasonably given its remit, that bitcoin trades on unregulated exchanges and can be prone to market manipulation.
A fortnight ago, however, a federal appeal court in Washington ruled that the SEC was wrong to reject the bitcoin ETF application Greyscale brought last year. The denial of Grayscales proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products, said one of the three judges. The Grayscale appeal focused on one simple question: whether it could offer a spot bitcoin ETF that would expose retail investors to the real-time price of bitcoin.
The fact is that there is a lot of demand for a bitcoin spot ETF, not just in the US but worldwide. We shall see if the SEC now appeals, but the upshot is that a spot bitcoin ETF now looks a lot more likely. An ETF will open up entirely new markets for bitcoin both at the retail and the institutional level. It will bring a lot more money into bitcoin. With bitcoins limited supply, that has to be very bullish.
With a bitcoin ETF in the US, the FCA here in the UK will almost certainly have to reevaluate its anti-crypto stance, which has made it so difficult for UK investors to invest in this sector via traditional brokers. We shall see.
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Bitcoin's big boom has yet to begin - MoneyWeek
Is Bitcoin Forming A Double Bottom? Heres What Needs To Happen – NewsBTC
In recent days, Bitcoin has shown signs of a potential reversal, with the cryptocurrency charting three consecutive green daily candles. The last time such a pattern was observed was early July and between mid and late June, when Bitcoin rallied from just under $25,000 to over $31,000. This shift in price dynamics has led to a change in market sentiment, with the bearish outlook slowly giving way to a more bullish perspective.
While Bitcoin has successfully averted the confirmation of a double top on the 1-week chart fo the moment, this price action has fueled discussions among analysts about the possibility of Bitcoin forming a double bottom pattern, a significant technical indicator.
A double bottom is a classic technical analysis pattern that signifies a potential trend reversal from bearish to bullish in markets. It is characterized by two distinct troughs or lows in the price chart, separated by a peak or a minor high in between. The pattern resembles the letter W, with the first trough indicating a significant low, followed by a temporary rebound, and then a second trough, usually near the same price level as the first. A valid double bottom is confirmed when the price breaks above the peak or resistance level between the two troughs, signaling a potential upward trend reversal.
Rekt Capital, a renowned crypto analyst, recently shared his insights suggesting that Bitcoins current price pattern in the weekly chart resembles a double top, which typically indicates a bearish reversal. This pattern is characterized by an M shape. However, for this to be confirmed, the price would need to break down from the $26,000 support. At press time, Bitcoin was trading at $26,618, successfully fending off the double top validation at the moment.
On the flip side, a double bottom, which forms a W shape, would require Bitcoin to rebound from the $26,000 mark and tweeted today, Could this BTC Double Top actually be a Double Bottom? And the simple answer is technically, yes. [] But for BTC to form a Double Bottom, it would need to rebound from $26k and rally to $30.6k (which is its validation point).
He further highlighted the challenges Bitcoin faces, noting the uncertainty surrounding the $26k support level and the numerous confluent resistances ahead, which might hinder the completion of the double bottom formation. Rekt Capital elaborated on the significance of the $26,000 level, tweeting, It looks like BTC may be choosing the relief rally route first in an effort to potentially turn old support into new resistance. The black Monthly level (~$27,200) is approximately confluent with the Bull Market support band as well.
He also pointed to Bitcoins recent bearish monthly candle close for August, emphasizing that Bitcoin closed below approximately $27,150, thereby confirming it as a lost support. Therefore he warns that the current price move by Bitcoin could only be a relief rally to confirm $27,150 as new resistance before dropping into the $23,000 region.
Its possible BTC could rebound into ~$27,150, maybe even upside wick beyond it this September. [] $23,000 is the next major Monthly support now that ~$27150 has been lost, he remarked.
So its clear that BTC has a major resistance level of $27,150 to break before the bulls can even dream of confirming a double bottom pattern. But there are also other key resistances to overcome before $30,600 can be breached and the double bottom confirmed.
On-chain analysis firm CryptoQuant emphasized the role of short-term Bitcoin holders, who often provide the liquidity for significant price movements. According to their data, the break-even price for these holders lies between $27,500 and $29,000. If Bitcoin remains below these levels for an extended period, these holders might be incentivized to sell, potentially exerting downward pressure on the price:
The more time we spend below these price levels, the more incentive there will be to exit liquidity from the market, and the basis condition for the return of the upward trend of Bitcoin depends on the price jump above the short-term realized prices.
On the 4-hour time frame, BTC needs to overcome three major resistances: $26,857 (38.2% Fibonacci retracement level), $27,365 (23.6% Fibonacci retracement level) and $28,186 (post-Grayscale high from August 29th).
Featured image from iStock, chart from TradingView.com
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Is Bitcoin Forming A Double Bottom? Heres What Needs To Happen - NewsBTC
A key question as a true bitcoin ETF gets closer to reality: How much … – CNBC
As the chances for a bitcoin ETF appear to grow more likely, financial advisors and investors will need to dive into the details of the different proposed funds, including how much they cost. The Securities and Exchange Commission has long been opposed to an ETF that directly tracks the price of bitcoin, but a fund proposal from asset management giant BlackRock and a recent court ruling in favor of Grayscale suggest that could soon change. Many crypto and asset management industry professionals now expect the first so-called spot bitcoin funds to launch in 2024 . The number of firms jockeying for a spot bitcoin ETF has already broken into double digits, and it's still growing. Franklin Templeton jumped into the pool earlier this week. If the funds are eventually approved, a key variable for both these asset managers and investors is how high the management fees for the bitcoin ETFs will be. The current fund options for investors to bet on crypto are expensive. The Grayscale Bitcoin Trust (GBTC) has a 2% management fee. The largest bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO) , has an expense ratio of 0.95%. The biggest equity index funds, in contrast, can have expense ratios below 10 basis points, which is equal to 0.10%. The costs of equity funds have steadily fallen in recent decades as the ETF industry has matured and become more competitive. Steven McClurg, the chief investment officer at Valkyrie Investments, said he expects that the cost will be below the price of the futures funds because they should be cheaper to run for the asset managers. Valkyrie has a Bitcoin Strategy ETF (BTF) that holds futures and has also applied to launch a spot product. "I imagine 50 basis points is where it's going to shake out. We don't know yet, because we're still working on our own expenses and everyone else's too. But I think that's about where it is going to shake out," McClurg said. Similarly, Ric Edelman, founder of the Digital Assets Council of Financial Professionals, said in an August webinar that he expected the fees to fall between 50 and 100 basis points. Bryan Armour, director of passive strategies research for North America at Morningstar, said those estimates may prove to be too high. He pointed to a Roundhill Ether Futures ETF filing with a proposed 0.19% fee as a more realistic target. "I think that gives you a better indication of where you're going to see the most competitive fee," Armour said. If the funds are approved at roughly the same time, that would make it more difficult for one of the funds to gain a first-mover advantage and scale quickly, which could allow it to charge a premium, Armour said. "I'm guessing this will be effectively a commodity, sooner rather than later. Even if fees start off a bit higher, I don't think it will be long before they're compressed," Armour said. There could also be a situation where two groups of funds develop, with the larger firms that cater to institutional money pricing their funds below smaller firms that are focused on crypto and hope that their expertise in the area will win over investors despite a higher sticker price. BTC.CM= 3M mountain The Aug. 29 spike for bitcoin proved to be short-lived. "When I talk about the pools of competitors, the pool of BlackRock, Invesco, Fidelity will probably have lower fees, because they're going to be competing on a fee base with each other. The other pool of competitors, which will be like us and others, since we're going to be viewed more as experts, our fees will be a little bit higher, and people will pay for it," McClurg said. Correction: This article has been updated to reflect that Ric Edelman is founder of the Digital Assets Council of Financial Professionals. A previous version misspelled his name.
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A key question as a true bitcoin ETF gets closer to reality: How much ... - CNBC
Bitcoin open interest outperformed crypto markets amid BTC Spot ETF hype – FXStreet
Bitcoin (BTC) open interest outperformed the entire cryptocurrency market in August, amid hype relating to Bitcoin Spot Exchange-Traded Fund (ETF). The comparison follows a report by Bitfinex, noting that outflows reached $55 billion, with the liquidity crunch giving event-based volatility more influence on prices.
Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC grinds down despite surging open interest
A Bitfinex report indicates that Bitcoin open interest outperformed that of the entire cryptocurrency market, with the capital outflows in the crypto market hitting $55 billion in early August. This affected the price of Bitcoin and Ethereum, among other altcoins, with stablecoin liquidity dropping as crypto charts flashed red.
Based on the report, the last time such bearishness was indicated in the market was in November 2022, when Sam Bankman-Frieds FTX empire imploded.
Aggregate market realized value net position change
The capital outflow plunged the market into a liquidity crunch, as per the report, leaving Bitcoin price susceptible to event-based volatility. This means that isolated events could drive the market, evidenced by the August 17 incident that saw markets crash on speculation that Space X was selling its Bitcoin holdings.
It was also the time when Chinas second-most prominent real estate giant, Evergrande, filed for Chapter 15 Bankruptcy protection in New York. At the time, up to $820 million long positions were liquidated across the market.
Another event that drove the market wild was the August 29 victory for Grayscale in its longstanding case against the US Securities and Exchange Commission (SEC), giving a standing chance in court for its GBTC to ETF request.
Citing an excerpt from the report:
We believe that while volatility metrics continue to be low, the liquidity crunch in the market has allowed isolated events to have a bigger impact on market movements.
Bitcoin price remained bearish for most part of August amid surging open interest and subsequent increases in liquidations. Ethereum price recorded a similar market outlook, causing investors to wonder whether it was the work of manipulators.
As it stands, the trend continues to prevail, with Bitcoin price still moving within a small range; volatility remains low. This has investors exercising excessive caution even as the market craves for impulse.
Liquid supply corresponds to short-term holders who are at the forefront of market movements, actively responding to price fluctuations. In the same way, illiquid supply reserves correspond to the long-term custodians (holders).
The stance of these stakeholders towards Bitcoin is one of unwavering allegiance, with their strategy being to gradually accumulate during times of market downturns and take partial profits or none at all during market tops.
The August 17 crash and August 29 Greyscale victory remain evidence that event-based volatility has returned to crypto. While volatility metrics continue to be low, the liquidity crunch in the market has allowed isolated events to have a bigger impact on market movements.
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoins price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulators permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale whose application for a Bitcoin spot ETF was initially rejected by the SEC got a victory in court, forcing the US regulator to review its proposal again. The SECs loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
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Bitcoin open interest outperformed crypto markets amid BTC Spot ETF hype - FXStreet
Bitcoin extends recovery: Can it reclaim $27k? – AMBCrypto News
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writers opinion.
Bitcoin [BTC] closed on 13 and 14 September in green after the US CPI (Consumer Price Index) data for August indicated a moderate consumer price increase.
Is your portfolio green? Check out the BTC Profit Calculator
The data cemented a likely Fed rate pause at the 20 September FOMC Meeting, as 97% of Interest rate traders were inclined towards maintaining the current 5.25% 5.50% target range.
The expectation of a likely Fed rate pause in September tipped BTC to mount above the previous high of $26.4k on the H4 chart, effectively flipping the market structure to bullish.
In addition, price action was above H4 50-EMA (Exponential Moving Average) of $26.48k at press time. Despite the retracement at the time of writing, BTC could target the mid-range level near $27k or range-high.
But sellers could take advantage of a price rejection at the mid-range or drop below $26.48k and the H4 50-EMA. If so, the weakening could extend a reversal to the range-low again near $25.8k.
Meanwhile, the RSI faced rejection at the overbought area but was still in the upper range, indicating that buying pressure eased slightly. On the other hand, the CMF crossed zero, underscoring improved capital inflows in the past few hours before press time.
The Open Interest rates surged from $7.5 billion on 11 September to >$8 billion at press time (afternoon Asian trading session on 15 September). It shows demand for BTC increased over the same period.
How much are 1,10,100 BTCs worth today?
But the CVD (Cumulative Volume Delta) Spot improved only from 13 September, indicating thats when bulls gain market leverage.
Nevertheless, the funding rate fluctuations seen from 14 September could curtail further substantial upside into the weekend. So, a reversal near the mid-range couldnt be overruled.
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Bitcoin extends recovery: Can it reclaim $27k? - AMBCrypto News
Bitcoin remains buoyant as crypto trader Genesis closes shop – Proactive Investors USA
Bitcoin (BTC) posted another green candlestick on Thursday, with the BTC/USDT pair closing above $26,500, or up around 1.15% on the previous days closing price.
It brought the worlds largest cryptocurrency to its highest price point this month, lifting hopes that the September (or Septembear) curse may not chip away at bitcoins strong year-to-date performance after all.
Bitcoin remained buoyant this morning, with a quarter percentage point bump bringing it to $26,568 at the time of writing.
Bulls will be looking toward $27,000 at the next target, though Binances order book shows a strong sell wall here, which could make it difficult to break through resistance.
BTC/USDT is around 1.5% lower over six months Source: tradingview.com
On the support side, Binances order book shows solid buy-side orders at the flat US$26,000 price point.
Bitcoin appears unphased by hotter-than-expected inflation data emerging from the US this week.
On Wednesday, the consumer price index posted its biggest monthly gain of the year by rising 0.6% in August, while the year-on-year inflation rate as a whole overshot market forecasts by 0.1 percentage points.
In wider cryptocurrency news, Genesis, once one of the largest crypto trading desks in the business, has officially ceased any and all trading services, whether spot or derivates products, through all of its international business entities.
Earlier this month, Genesis announced that its US operations were closing, though the Digital Currency Group-owned firm has evidently decided to close shop entirely.
Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI), read an email statement. This decision was made voluntarily and for business reasons. With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities.
Genesis blamed the 2022 collapse of crypto-focused hedge find Three Arrows Capital, and subsequent market turmoil, on its decision to fold.
Back to the markets, Ethereum (ETH) added 1.2% on Thursday to bring its spot price to $1,626 against the US dollar.
The ETH/USDT pair stayed essentially flat this morning, having knocked slightly higher to $1,628.
Week on week, bitcoin remains 1.2% higher while ether is around 1.1% lower, thus increasing bitcoin dominance a measure of its market cap against the entire crypto markets back above 50%.
In the wider altcoin space, BNB, Ripple (XRP), Cardano (ADA) and Dogecoin (DOGE) are down in the low single digits week on week.
Tron (TRX) and Toncoin (TON) remain the outperformers among the top-20 set, adding 5.9% and 7.5% respectively.
Global cryptocurrency market cap currently stands at $1.05 trillion, having added a little over 1% overnight.
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Bitcoin remains buoyant as crypto trader Genesis closes shop - Proactive Investors USA
Cryptocurrencies Price Prediction: Ethereum, Bitcoin & Binance European Wrap 15 September – FXStreet
The great Ethereum Merge completes its first anniversary on Friday, September 15. The networks energy usage has dropped drastically over the past year since Ethereums transition away from proof-of-work to proof-of-stake.
The blockchain networks core developers concluded their all core devs call early on Friday, with some key changes like the inclusion of a new Ethereum Improvement Proposal, EIP-7514.The Ethereum Merge, the transition from proof-of-work to proof-of-stake, reduced energy usage by 99.9% on the blockchain.
Bitcoin price remains unfazed by the US CPI announcement on September 13 and continues to move in a range. The weekly chart, however, shows a potential short-term recovery rally that could set the stage for a steep correction.
Bitcoin price action holds the potential for history to repeat or at least rhyme. On the daily chart, BTC currently trades at $26,257 and is supported by the Momentum Reversal Indicators (MRI) support level depicted in green dots at $25,188.
The Securities & Exchange Commission (SEC) has accused Binance US of violation of a prior consent order. According to a court filing released Thursday, the US securities regulator argues that the crypto trading platform has failed to cooperate with the ongoing probe over alleged unregistered securities offerings.
Binances native token, BNBs price remained unaffected by the development in the lawsuit.In June, the US securities regulator filed a lawsuit against Binance entities and founder Changpeng Zhao (CZ) with 13 charges. These include operating unregistered exchanges, broker-dealers and clearing agencies, misrepresenting trading controls and oversight on the Binance US platform and the unregistered offer and sale of securities.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
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Cryptocurrencies Price Prediction: Ethereum, Bitcoin & Binance European Wrap 15 September - FXStreet
Bullish Indicators Stack Up for Bitcoin (BTC) Ahead of a Potential Q4 … – Captain Altcoin
Home Journal Bullish Indicators Stack Up for Bitcoin (BTC) Ahead of a Potential Q4 Rally: This Pattern Suggests $64K Price Target Expert
Bitcoin remains a subject of intense scrutiny and speculation. One of the most compelling narratives currently unfolding is Bitcoins formation of a massive Cup & Handle pattern on its price chart. For those unfamiliar, the Cup & Handle is a bullish technical indicator, often signaling a potential breakout to higher price levels. According to crypto analyst Jelle (@CryptoJelleNL), the target price for this breakout is around $64,000.
While short-term fluctuations can be unpredictable, higher timeframe charts offer a more stable view of market trends. In Bitcoins case, these charts are increasingly aligning with the bullish narrative, painting a picture of a market poised for upward movement.
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Statistical analysis of Bitcoins performance in the fourth quarter of previous years lends further credence to the bullish outlook. On average, Q4 has been a period of positive price action for Bitcoin, often setting the stage for substantial gains in the following year.
Despite the optimistic indicators, its worth noting that markets rarely move in a straight line. Jelle suggests that we might witness a flush this montha short-term price drop that shakes out weak hands before the asset continues its upward trajectory. However, even with this potential setback, Jelle remains confident that Bitcoin could break the $30,000 mark before years end.
While no one can predict the future with absolute certainty, multiple indicators suggest that Bitcoin is gearing up for a bullish end to 2023. The Cup & Handle pattern, higher timeframe charts, and historical Q4 performance all point towards potential gains. As always, investors should exercise caution and conduct their own research, but for those who align with this bullish sentiment, the last quarter of the year could prove to be a rewarding period.
Join us on Twitter and Facebook for the latest insights and discussions in the world of crypto.
Explore our news section and stay ahead of the curve with our expert price predictions.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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Bullish Indicators Stack Up for Bitcoin (BTC) Ahead of a Potential Q4 ... - Captain Altcoin
What to expect from Bitcoin price as $3.4 trillion stock options set to expire on Friday – FXStreet
Market participants gear up for volatility-filled weeks ahead with a record stock expiry on Friday. $3.4 trillion stock options expire on September 15, days away from the US central banks policy announcement next week.
Also read: SEC accuses Binance US of failure to support probe, shifts focus to exchanges custody arm
The expiry of $3.4 trillion worth of stock options marks a historic day in the market. Fridays options expiry is significant for two key reasons: it is the highest dollar value expiry for September, and the month has been typically a negative one in terms of returns for both the S&P 500 and Bitcoin.
S&P 500 has closed lower than its opening price 10 out of the past 11 trading days in September. Bitcoin price has climbed 2.2% this month the asset opened September at $25,942 and is currently trading at $26,517. Based on data from Coinglass, in the past three years, Bitcoin price yielded 3.12% (2022), 7.03% (2021) and 7.51% (2020) monthly losses in September, respectively.
Akash Girimath, technical analyst at FXStreet shared Bitcoin price performance in September in a recent tweet:
Bitcoins one-year correlation with the S&P 500 is 0.27 and this supports the thesis of similar reaction in both the index and the cryptocurrency.
BTC Pearson Correlation (30D)
Traditionally, options expiry coincides with choppy conditions in markets, and in Bitcoins case, it is likely that the event will trigger downside volatility in the price, marking another red September for the largest cryptocurrency.
There may be some residual weakness in the weeks following the expiry event, when market participants closely watch the US Federal Reserves policy announcement on September 19-20.
According to the CMEs FedWatch tool, the market has priced in a 97% chance that the central bank will keep rates at their current level, 525-550 basis points. The number grew 5% from Tuesday, marking confidence among market participants.
Target rate probabilities for Feds September 20 meeting on CME FedWatch
If the Federal Reserve surprises markets by raising interest rates on September 20 an improbable outcome it is likely to put pressure on Bitcoin price and catch BTC holders off guard, as borrowing gets expensive and BTC price rallies are typically fueled by leverage.
Bitcoin price is holding steady, close to the $26,500 level on Binance, at the time of writing.
Interest rates are charged by financial institutions on loans to borrowers and are paid as interest to savers and depositors. They are influenced by base lending rates, which are set by central banks in response to changes in the economy. Central banks normally have a mandate to ensure price stability, which in most cases means targeting a core inflation rate of around 2%.If inflation falls below target the central bank may cut base lending rates, with a view to stimulating lending and boosting the economy. If inflation rises substantially above 2% it normally results in the central bank raising base lending rates in an attempt to lower inflation.
Higher interest rates generally help strengthen a countrys currency as they make it a more attractive place for global investors to park their money.
Higher interest rates overall weigh on the price of Gold because they increase the opportunity cost of holding Gold instead of investing in an interest-bearing asset or placing cash in the bank.If interest rates are high that usually pushes up the price of the US Dollar (USD), and since Gold is priced in Dollars, this has the effect of lowering the price of Gold.
The Fed funds rate is the overnight rate at which US banks lend to each other. It is the oft-quoted headline rate set by the Federal Reserve at its FOMC meetings. It is set as a range, for example 4.75%-5.00%, though the upper limit (in that case 5.00%) is the quoted figure.Market expectations for future Fed funds rate are tracked by the CME FedWatch tool, which shapes how many financial markets behave in anticipation of future Federal Reserve monetary policy decisions.
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