Bitcoin is again in a very decisive position, showing both promising and cautionary signals on the eve of the U.S. election. Recall that a surge last week saw Bitcoin jump to $73,600 on Oct. 29, marking a seven-month peak before a swift correction pulled it down below $68,000 by Nov. 3. Despite the decline, major market indicators point to ongoing interest and potential volatility.Bitcoin Market Healthy Amid Whale Buys and LTH SalesIn the derivatives markets, there are encouraging signs of stability. Traders are holding their positions, steering clear of excessive leverage , which suggests a healthier, more sustainable trajectory for Bitcoin compared to past speculative booms. A notable metric, the 25% delta skew, remains stable. This figure typically rises sharply above 7% in times of market panic, indicating that, as of now, options traders are not bracing for a major price drop. Meanwhile, activity from large Bitcoin Whales continues to shape market sentiment. According to CryptoQuant data , whale holdings have risen, increasing from 3.889 million BTC on Oct. 20 to 3.915 million BTC currently. This uptick suggests confidence even amid recent market fluctuations. Bitcoin 1 Year Change in Whales Holdings of Bitcoin Bitcoin Whale Holdings | CryptoQuant While whales accumulate , long-term holders (LTHs) are taking a different approach, showing a noticeable uptick in selling. Over the past week, LTHs have offloaded around 177,617 BTC, according to CryptoQuant analyst JA Maartun. https://twitter.com/JA_Maartun/status/1853393806583861340This behavior syncs with a historical trend where LTHs tend to sell when prices rise, possibly hinting that these holders see current price levels as an opportunity to realize profits. This selling trend mirrors patterns observed in previous bull markets, including those in 2018, 2021, and 2024, where long-term holders distributed more Bitcoin during price rallies.Macro FactorsBitcoin’s recent price movements have also closely followed trends in the S&P 500 , suggesting that macro factors are influencing its price. The upcoming U.S. elections and a potential interest rate cut by the Federal Reserve—forecasted at 0.25%—are possible catalysts for further market shifts. A Federal Reserve rate cut could boost Bitcoin’s appeal, as lower interest rates often lead to a search for alternative stores of value, driving investment in assets like Bitcoin.Bitcoin Shows Mixed Signals as US Election LoomsAdding to the anticipation, some market experts predict Bitcoin could reach new highs following the U.S. elections. Analyst Moustache noted on X that Bitcoin historically has surged after past elections in 2012, 2016, and 2020, speculating that 2024 could follow a similar trend.https://twitter.com/el_crypto_prof/status/1853370462803267757However, as reported earlier today by The Crypto Basic, Aksel Kibar, a Chartered Market Technician, highlighted a potentially bearish formation in Bitcoin’s chart, referred to as a Gravestone Doji. If confirmed, this pattern could signal a further pullback. Whether this pattern materializes depends on how Bitcoin closes the current week. A weak close would confirm the doji, but a strong finish could invalidate it, opening the door for further gains.Despite recent price volatility, some analysts believe Bitcoin is building a solid base around the $69,000 level. They argue that this correction is part of a healthy market cycle and could serve as a foundation for a more significant breakout. The idea is that this consolidation phase may prime Bitcoin to surpass its all-time high if buying pressure resumes. BTC currently changes hands at $68,913 as of press time, looking to reclaim and sustain the $69,000 territory before the U.S. presidential election tomorrow.
2024-11-04 16:05
Former United States President and GOP presidential nominee Donald Trump believes Bitcoin does not pose a threat to the dollar. This sparked widespread optimism in the community on the asset’s mainstream adoption. The crypto market leader has grown into a hedge against inflation for many investors as macroeconomic factors cripple the hold on fiat currencies. Days leading up to the U.S. Presidential elections have seen candidate campaigns on crypto circulate social media spaces. Trump: Bitcoin Does Not Threaten the DollarA speech made by Trump at the Bitcoin Conference 2024 has regained popularity with users pointing to the growth over the years. At the conference, Trump noted that Bitcoin is not threatening the dollar as claimed by many policy makers. Over the years, global authorities have criticized the top digital asset for affecting fiscal policies and driving investment abroad. This has also coincided with the creation of Central Bank Digital Currencies ( CBDCs ) in several jurisdictions. The global adoption of Bitcoin and the surge in the decentralized finance (DeFi) scene rattled central banks with several holders moving away from fiat.Meanwhile, according to the Republican candidate, the behavior of the current US government is what poses a threat to the dollar. This is due to increased spending coupled with inflation and a rising debt profile. As a result, several crypto enthusiasts have turned to Bitcoin as a haven to preserve currency values. “ Bitcoin is not threatening the dollar, the behavior of the current US President is threatening the dollar,” Trump argued.Recently, US billionaire, Paul Tudor hinted that all roads lead to inflation, adding that he is going long on Bitcoin and gold. Trump to Fire Gary Gensler Another part of the widely circulated clip shows Trump promising to fire Gary Gensler if he wins the upcoming elections. The Securities and Exchange Commission (SEC) chairman has become less popular among crypto enthusiasts following a series of tough regulatory decisions. First, the US space lacks clear rules, creating a gap in the system. This drives developers to other rule-making jurisdictions. The Markets in Crypto Assets (MiCA) rules have attracted participants to Europe with executives hailing the landmark law. Secondly, the Gensler-led SEC has filed a plethora of lawsuits against firms and project leaders in the United States. Tight regulation creates fear in the market and further bolster selling pressure. This tanks asset prices and limits investment in the sector.
2024-11-04 15:06
Pseudonymous pundit Master Kenobi has lauded Shiba Inu’s perfectly crafted technology, stating that the chances of finding such caliber projects are one in a few hundred times. In a November 3 post, Kenobi insisted that Shiba Inu has been dynamic and continues to outperform his expectations in its four years of existence. He stressed how hard it is to come by a project with similar exceptional innovation.Furthermore, Kenobi lauded Shiba Inu’s pseudonymous founders, who launched the meme coin with a “meticulously planned and engineered” purpose that is rare among today’s projects. He noted that the precision of creation and capital deployment shows that the creators fully understood blockchain technology and how to use it to effectively create financial freedom.Analyst Says Shiba Inu Surge Will Happen SoonWhile applauding Shiba Inu’s rare technology, Kenobi asserted that he sees a repeat of the famous January 2021 rally. For context, SHIB resumed an explosive rally that month, with the bullish momentum driving the meme coin to extraordinary highs.Shiba Inu surged 89,030% in 280 days from January 25, 2021 , peaking at its current all-time of $0.0000845 nine months later. The explosive run pushed SHIB into the top 10 ranking by market cap, with the token accruing a $38 billion valuation.Kenobi expects a similar surge in the Shiba Inu price, projecting it might “even happen sooner.” While he does not present a particular price target, he remains bullish on an uptrend. However, in the unlikely event that the 89,030% rally fully repeats, this will push the second-largest meme coin to $0.0149 and its market cap to $8.8 trillion.Furthermore, the market expert asserted that Shiba Inu surpassing the $100 billion market cap by the end of this bull cycle is a possibility. He added that the meme coin will reenter the top 10 crypto market cap ranking, projecting at least a two-step move from 12th place in the current market.Notably, a prediction of a possible SHIB surge to above $0.01 is not new. Shiba Inu’s marketing lead, Lucie, asserted that the leading meme coin will eventually reach the price mark sometime in the future.Analyst Asserts Shiba Inu Will Rival DogecoinMeanwhile, Kenobi has predicted a hotly contested top slot in the meme coin sector this bull cycle. The analyst believes that Shiba Inu is a real competitor for Dogecoin and expects a keenly-competed battle.However, the pseudonymous expert insisted that the chances of Shiba Inu outperforming Dogecoin in this bull cycle remain even. He asserted that Shiba Inu has an equal chance of outdoing Dogecoin.In the meantime, Dogecoin’s 38% upsurge in the past 30 days has seen it occupy the 8th slot, with a market cap of $22 billion, more than double Shiba Inu’s current valuation. SHIB has corrected 6.65% in the same timeframe, capped at $9.8 billion .
2024-11-04 14:45
Veteran trader Peter Brandt has noted that Bitcoin recently broke out of a triangle pattern, highlighting a bullish prospect with a target above $97,000. Despite experiencing a notable price dip below the $68,500 mark, Bitcoin's broader bullish structure, which has been forming since September, remains intact. In a recent analysis, Brandt identified potential targets for Bitcoin as the market progresses.For context, between March and September 2024, Bitcoin's price chart revealed an inverted triangle pattern characterized by converging trendlines of lower highs and higher lows. This often indicates consolidation before a breakout.Bitcoin Breaks Out Remarkably, a market chart shared by Brandt shows that Bitcoin recently broke out of this triangle pattern precisely last week when Bitcoin surpassed $73,500. This move above the upper trendline resistance suggests a significant bullish shift.Following this breakout, Bitcoin signals a potential upward trend, with a target price of $97,056, according to Brandt. However, the seasoned analyst emphasized that specific criteria must be met to validate a breakout.https://twitter.com/PeterLBrandt/status/1852354366499332292 Criteria for Confirming BreakoutsBrandt has pointed out that not all breaches of trendlines qualify as genuine breakouts. According to his analysis, price action must satisfy defined conditions. Specifically, on the daily chart, Bitcoin's price must close above $76,000 to confirm the breakout above the March high.Brandt noted that this confirmation should occur at midnight on Sunday to validate the move. However, on Sunday, November 3, Bitcoin did not achieve a daily close above $76,000, as required to confirm the breakout above the March high. Instead, Bitcoin's price experienced a slight decline, closing at $68,741 after it had dipped to $67,482.Meanwhile, Brandt noted that diagonal patterns with slanted boundary lines can be tricky to trade, as slight touches to the boundary lines do not automatically constitute breakouts. While Bitcoin's recent breakout is promising, Brandt observed that additional effort is required to maintain bullish momentum.Brandt Bitcoin Price Targets from Previous AnalysesIn his previous market assessments, Brandt outlined three distinct price targets for Bitcoin based on various analytical approaches. He first noted a target of $94,000, stemming from an inverted expanding triangle pattern analyzed on a semi-logarithmic scale.Initially perceived as bearish, this pattern has shifted to present a bullish outlook. The $94,000 projection is derived by measuring the triangle's height and applying it from the breakout level. If Bitcoin holds above $70,000, this price could serve as a new support zone.The second, more ambitious target is $230,000. This was calculated by projecting price movements from the low in November 2022 to the high in March 2024 and then applying that range starting from August 2024.Although this outlook is considered more aspirational, Brandt highlighted that focusing on one target at a time is best. His third target is $160,000, based on the recurring cycle symmetry in Bitcoin's historical market patterns.
2024-11-04 14:39