Tag: btc news

Is The Bitcoin Price Bottom In? Here’s What Social Sentiment Says

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On-chain analytics platform Santiment has weighed in on whether the Bitcoin price has reached its bottom, following its drop to the $108,000 range. The platform alluded to the current social sentiment, suggesting that a further drawdown may be looming.

Bitcoin Price Bottom Not Yet In Amid Spike In Social Dominance

In a research report, Santiment indicated that the Bitcoin price bottom may not yet be in, considering the surge in the social dominance of ‘buy the dip’ mentions. The platform explained that a true bottom is often marked not by price but by a shift in social narrative from ‘buy the dip’ optimism to widespread fear. This creates a strong bearish case that discourages buying.

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Santiment suggested that the Bitcoin price typically rebounds when the sentiment is bearish and when investors least expect an uptrend. However, for now, market participants are still getting “antsy and trying to find some entry spots now that prices have cooled down a bit, Santiment analyst Brian Quinlivan explained.

The analyst opined that the cooldown in the Bitcoin price so far is not a huge one, while noting that BTC has detached from the S&P 500. Quinlivan predicted that BTC and other crypto assets could play catch-up to the stock market when the crowd stops getting too optimistic about buying the dip. He added that the true ‘buy the dip’ opportunities happen when the crowd stops believing there is an opportunity.

Source: Chart from Santiment

In the research report, Santiment noted that the current ‘buy the dip’ chatter needs to be suddenly replaced by discussion of the narrative that supports the bearish case. In line with this, the platform advised market participants to pay close attention to the dominant social narrative. According to the report, when the conversation shifts from hopeful buying to widespread fear, it can be a stronger bottom signal than the Bitcoin price alone.

Another Metric To Keep An Eye On

The Santiment report indicated that BTC whale transfers are another key metric to watch for, as they can help determine if the Bitcoin price has reached its bottom. These whales, wallets holding 10 to 10,000 BTC, have not been selling off in any significant way despite the market dip.

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According to Maksim, who joined Santiment analyst Brian on the podcast, whenever these wallets do decrease their holdings, it can lead to “postponed price suppression weeks thereafter.” Therefore, Santiment advised market participants to monitor the holdings of large Bitcoin wallets. A lack of selling from whales could indicate underlying strength, while a significant drop can be a warning of future price weakness.

At the time of writing, the Bitcoin price is trading at around $107,800, down in the last 24 hours, according to data from CoinMarketCap.

BTC trading at $109,600 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

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Scott Matherson

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September 1, 2025
Pundit Calls Bitcoin Price Crash Below $93,000, Reveals Bear Targets From Here

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After hitting a new all-time high last month, the Bitcoin price has since retraced by more than 10%, crashing below $110,000 once again. This bearish pressure has continued into the new month, with sell-offs being the order of the day, especially as investors move to secure their profits. Despite calls for a possible bottom, a crypto analyst has suggested that the Bitcoin crash is far from over. In fact, going by the analysis, the decline may just be starting as Bitcoin is expected to tumble further.

Why A Crash To $93,000 Is Imminent

In the analysis, crypto analyst MMBTtrader acknowledges the fact that the Bitcoin price is already under immense pressure. This is shown by the fact that the cryptocurrency has been rejected from $120,000 and has now fallen back to the next major support zone.

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So far, the $108,000 level has acted as a support, preventing further decline. However, with sellers still being in charge of the market, it is possible that this level does not hold for long. Looking at the broader picture, the crypto analyst calls for further price decline, and this could trigger a cascading effect.

As the analyst explains, this is happening because the market needs some rest. There is also the trendline that began back in 2024, shown by the line in green, suggesting where the Bitcoin price could fall next. A retest of this trendline suggests that Bitcoin could dump back to $93,000, where the trendline makes its next contact.

Naturally, the next retest of the trendline in this case would mean that it is hitting support. But there is also the fact that momentum doesn’t point to a possible Bitcoin price recovery. Even after hitting $93,000, the analyst expects a further breakdown and a move to as low as $70,000.

Source: TradingView

Why Bitcoin Price Could Still Jump

In the case of bulls being able to maintain support and triggering a bounce, the crypto analyst shows there is still a possibility of a price jump. Here, the price would have to reclaim the trendline above $117,000 to complete the upward continuation.

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A price jump from this support level could end in another 30% price increase, pushing the price above the $137,000 level. However, the analyst remains adamant that there is more possibility of a breakdown. “I am thinking of breakout to the downside and more dump after that like red arrows maybe now with higher possibility,” MMBTtrader stated.

BTC pushes down toward $100,000 | Source: BTCUSD on TradingView.com

Featured image from Dall.E, chart from TradingView.com

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Scott Matherson

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August 31, 2025
Bitcoin Daily Close Spurs Caution – $110,500 Breakdown Could Shift Momentum

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Cryptowzrd, in a fresh update on Bitcoin’s daily technical outlook, noted that the market closed bearish, leaving room for further downside. A decisive close below the $110,500 support could mark a key shift, making lower levels worth watching.

Daily Candle Signals Bearish Pressure For Bitcoin

Cryptowzrd expanded on his outlook by pointing out that Bitcoin’s daily candle closed bearish, with price now trading beneath the $110,500 support zone. This breakdown is significant and could invite further selling pressure in the sessions ahead if buyers fail to reclaim the level.

He emphasized that holding below this support opens the door for a potential move toward the $100,000 mark. However, a strong bullish candle and a swift recovery could invalidate the bearish setup, restoring confidence for buyers.

In the analysis, he also highlighted the performance of Bitcoin Dominance (BTC.D), which closed indecisively while displaying weakness. This weakness in dominance is often viewed as a positive signal for altcoins, as it suggests capital is flowing away from Bitcoin and into alternative assets.

Such a shift in market dominance reflects growing market confidence in altcoins. When Bitcoin dominance stalls or declines, it tends to fuel altcoin rallies, allowing traders to diversify into promising setups across the market.

Finally, he noted that markets are heading into the monthly transition period, a time often associated with increased volatility and mixed sentiment. Going into the weekend, he emphasized the importance of staying rational and avoiding overextending in either direction, maintaining measured strategies while waiting for clearer confirmation signals.

BTC Volatility Dominates Intraday Trading

Cryptowzrd highlighted that today’s intraday chart displayed sharp volatility with a clear bearish tone, as Bitcoin slipped and is currently holding below the $110,400 intraday support. This level has now become critical, as losing it signals weakening buyer strength and raises the risk of further downside pressure.

He explained that if Bitcoin retests $110,400 and fails to reclaim it, the level could flip into resistance. Such a scenario would likely trigger a short setup, with price action targeting the $105,500 support area or even extending lower if bearish momentum accelerates. This makes the $110,400 region a decisive battleground for traders closely watching intraday setups.

On the other hand, Cryptowzrd pointed out that a strong reclaim and hold above $110,400 could shift momentum back in favor of the bulls, opening the door for further upside pressure. However, the crypto analyst emphasized that the market currently lacks clarity, and traders should exercise caution before rushing in.

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Godspower Owie

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August 30, 2025
Analyst Forecasts Bitcoin Price Will Break This Support Level, Can $100,000 Hold?

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The Bitcoin price is once again under heavy pressure in the market. An analyst has warned that the coin shows strong bearish signs after being rejected at a resistance level. The price has now fallen to a critical support area, where buyers are trying to hold the line. According to the analyst, if the level fails, the price could drop even lower, raising doubts about whether the key levels will remain safe.

Analyst Says Bitcoin Price Turned Bearish After $121,000 Rejection

The analyst explained that the bearish trend began when Bitcoin strongly rejected the $121,000 resistance level. According to the analyst, that rejection forced the coin to break down from its earlier upward channel, which had guided the price during its last rally. Once this breakdown happened, the mood in the market shifted, and a new bearish phase took hold.

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The analyst added that Bitcoin first moved within a downward channel, but even that structure could not hold. As selling pressure increased, the coin also broke below the support level of this channel. The downward move marked a shift in sentiment, as buyers could not keep the price stable. According to the analyst, Bitcoin’s fall may now follow a steep local trend line, which could cause the coin to decline faster.

This kind of move shows that sellers are firmly in control for now. The analyst’s view is that the rejection at $121,000 was a turning point, and the coin has been unable to regain strength since then. For many traders, this level has become a clear resistance that won’t break again without strong demand.

Source: TradingView

$109,700 Support Under Pressure, Analyst Targets $104,000 Next

The analyst also pointed out that Bitcoin is now directly testing the key buyer zone at $109,700. The level acts as a horizontal support, and the analyst says that if it fails, the bearish case could only grow stronger. While there may be a short period of sideways movement or a minor retest of the nearby trend line, the analyst believes the dominant force in the market remains downward pressure.

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In simple terms, the analyst expects the weight of selling to break the $109,700 level. If that happens, the path to $104,000 becomes the next logical target. The analyst explained that this lower zone could be the next support area where buyers might try to fight back.

However, if $109,700 does not hold, the move to $104,000 could come quickly. Beyond that, the market will begin to ask a bigger question — can Bitcoin hold the critical $100,000 level? Traders are watching closely, because a break below that level would mark a significant shift in the broader trend.

BTC holds tentatively to $108,000 support | Source: BTCUSD on TradingView.com

Featured image from DALL.E, chart from TradingView.com

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Sandra White

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August 30, 2025
Eric Trump Explains Why Bitcoin Is Destined For $1 Million: ‘No Question About It’

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Eric Trump laid out a bluntly bullish, supply-and-demand case for why Bitcoin can reach $1 million, arguing that accelerating institutional access collides with Bitcoin’s fixed 21 million-coin cap, during a “Bitcoin Takes Over the World” session with David Bailey at the Bitcoin Asia conference in Hong Kong on August 29.

Bitcoin’s Path To $1 Million Is ‘No Question’

“Everybody wants Bitcoin. Everybody is buying Bitcoin. And that’s uh that’s an incredible thing. And that’s why I’ve always said that I really believe that in the next several years, Bitcoin will hit a million dollars. There’s no question Bitcoin hits a million dollars,” Trump told the audience, adding that “every person who wants an asset class and you have a very limited supply… it doesn’t take a genius to figure out where that goes.” He urged long-term accumulation over timing: “Buy right now. Shut your eyes. Hold it for the next five years and you are going to do terrifically well.”

Trump also recounted his private discussions with high-level investors in the lead-up to the conference: “When you’re in the room with certain people and and I had breakfast this morning with, you know, a couple of the most powerful people in the region and the hospitality space and you’re literally sitting there trying to explain to them what digital currency is, you realize how early we all are to this race […] I hear from people all the time, you know, should I get into cryptocurrency? Did I miss it? Am I too late? And I literally start laughing at them. I go, we haven’t even scratched the surface of what Bitcoin is going to be.”

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Trump’s core thesis combined two pillars: finite issuance and broadening distribution rails. He repeatedly emphasized Bitcoin’s provable scarcity—“There’s only 21 million coins… It’s finite. And that’s what makes it so damn powerful”—while asserting that channels for ownership have widened to large pools of capital. “In America, people are buying it for their retirement plans for the first time… you’ve got trillions of dollars of liquidity that’s opening up,” he said, citing custody at “major financial institutions,” as well as uptake by “the biggest banks,” “the biggest families,” “Fortune 500 companies,” and “sovereign wealth funds.” According to Trump, those cohorts are long-term holders: “Those retirement accounts are not letting Bitcoin go. Those companies are not letting Bitcoin go. Those sovereign wealth funds are not letting Bitcoin go.”

Pressed on what he is hearing in high-level rooms globally, Trump offered another anecdote—without naming the country—about a leader who “literally [takes] the entire energy supply of a major city in the middle of a winter and uses it to mine Bitcoin because that’s how much they believe in the asset.” He added, “You realize how early we all are […] more and more people are finding their inroads,” pointing to improving exchange usability and new consumer on-ramps. “We’re literally trying to get cryptocurrency to the masses,” he said about World Liberty Financial.

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Trump also highlighted his own commercial exposure to the sector. He described American Bitcoin as “one of the biggest Bitcoin mining companies on Earth,” claiming it produces “about 3% of the world’s Bitcoin every single day,” operates from “some of the cheapest energy in the world… in Texas,” and targets a “rough cost per… mining of Bitcoin… about $37,000,” with plans to list on Nasdaq “very soon.” Beyond mining, he praised his involvement with MetaPlanet alongside Simon Gerovich—whom he dubbed “the Michael Saylor of Asia”—saying the company had “single-handedly changed… the way [Japan and] a lot of Asia” view Bitcoin.

The conversation returned repeatedly to Bitcoin’s evolving utility narrative. While calling Bitcoin “digital gold” and “the greatest store of value that’s arguably ever been created,” Trump argued its use cases are broadening: “Every single day they’re figuring out new ways to kind of stake it, to get yield on it, to use it for everyday purchases […] you’re taking this digital gold […] and you’re putting massive utility behind Bitcoin.” He framed volatility as an ally for long-term buyers—“Volatility is our friend”—and, with a wink to Michael Saylor’s famous extremism, quipped, “I know obviously he jokes when he says that, but he’s right. Buy it, hold it, and I think you’re going to do extremely well.”

At press time, BTC traded at $110,149.

BTC falls below the EMA100, 1-day chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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Jake Simmons

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August 29, 2025
What’s Next For Bitcoin? Key Developments After Falling To $112,000

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The market’s leading cryptocurrency, Bitcoin (BTC), has recently attempted to stabilize around $112,000 after experiencing a sharp decline to $110,000 on Sunday, meaning a 10% drop from all-time high (ATH) levels.

Ahead of the Federal Reserve’s (Fed) September meeting, market expert Doctor Profit highlighted on X (formerly Twitter) the upcoming implications and the most important technical indicators that paint a bleak picture for Bitcoin (BTC) and the broader market.

Fed Rate Cut To Trigger A New Market Correction?

Doctor Profit emphasized that the current market environment is markedly different from previous cycles. He believes that the anticipated rate cut by the Fed next month could initiate a robust correction in both stocks and cryptocurrencies.

According to him, the first significant cut typically brings uncertainty, leading to divergent opinions among investors, and he predicts that this time will be no exception.

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Turning to Bitcoin’s technical indicators, the outlook appears bearish. The expert noted a substantial Chicago Mercantile Exchange (CME) gap around the $93,000 mark that needs addressing, with most liquidity concentrated in the $90,000 to $95,000 range.

Key levels for Bitcoin in case of a new correction below $100,000. Source: DoctorProfit on X

The charts indicate a potential correction, highlighted by a double top formation and declining trading volume. Notably, Doctor Profit has asserted that the last price surge that saw BTC reach $124,000, was largely driven by futures rather than spot market activity, reinforcing the bearish sentiment.

Bitcoin Price Forecast

Market psychology plays a crucial role in this analysis. On-chain metrics and sentiment indicators reveal that retail investors often buy high and sell low.

The expert disclosed that during Bitcoin’s last dip from $110,000 to $98,000 between May and June of this year, it was primarily institutional investors who capitalized on the lower prices, while retail buyers missed out.

As prices climbed, retail investors entered the market at higher levels, Doctor Profit added, which could lead to a shakeout as Bitcoin approaches the critical liquidation zone of $90,000 to $95,000.

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Beyond Bitcoin’s price action, Doctor Profit warns that the current market sentiment reflects a false sense of optimism, suggesting that the prevalent belief in a sustained altcoin season is misguided. He cautions that as enthusiasm grows, larger players may begin to offload their positions, leaving retail investors exposed.

Looking ahead, he forecasts a potential surge in Bitcoin prices towards $145,000 to $150,000, which could potentially mean a 34% increase from current levels. The expert also expects Ethereum (ETH) to reach between $7,000 and $8,000 following the September correction.

The daily chart shows BTC’s 10% price retrace. Source: BTCUSDT on TradingView.com

When writing, Bitcoin trades at $112,560, recording a 6% drop in the fourteen-days time frame. Ethereum on the other hand, has continuously positioned among the market’s top performers with a 5% surge during the same period.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez

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August 25, 2025
Crypto Founder Predicts The Collapse Of Bitcoin In This Timeframe

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Justin Bons, the founder and CIO of Cyber Capital, has issued a stark warning about Bitcoin’s (BTC) future, predicting that the world’s largest cryptocurrency could collapse in the coming years. The crypto founder has cited Bitcoin’s declining security model and shrinking block rewards as some of the indicators of this seemingly inevitable crash.

Bitcoin Forecasted To Collapse Within 7-11 Years

This week, the crypto community was shaken by a striking prediction from Bons, who warned that Bitcoin could face a catastrophic collapse within the next decade. According to an X social media post released by the Cyber Capital founder, the foundations of Bitcoin’s security model are fundamentally broken, and the decline of mining revenue will eventually leave the network increasingly vulnerable to attacks.

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Bons projected that Bitcoin’s downfall could occur precisely between 7 and 11 years, when the block rewards diminish to levels that can no longer sustain miner incentives. His reasoning is rooted in the economics of the Bitcoin protocol, which relies on a declining block subsidy over time. By 11 years from now, the reward is expected to fall to just 0.39 BTC per block, translating to roughly $2.3 billion annually at current prices. This figure, the crypto founder argues, is nowhere near enough to protect Bitcoin’s multi-trillion-dollar market capitalization.

Bons also shared two charts to reinforce his claims. The first shows mining revenue in sharp decline relative to previous years, demonstrating Bitcoin’s reliance on subsidy rather than transaction fees. The second chart reveals how the annual security budget as a percentage of market cap has fallen consistently over the years, shrinking from over 8% in 2015 to barely above 1% in 2025.

Source: Justin Bons on X

The Cyber Capital CIO also pointed out that while other chains like Ethereum have successfully transitioned toward greater fee-based security, Bitcoin has failed to adapt, leaving its miners increasingly dependent on dwindling rewards. According to his post, the consequences of this are dire. As mining becomes unprofitable, he predicts that the network’s security could simultaneously decline, opening the door to censorship, 51% attacks, and eventual chain splits.

If core developers respond by raising the supply cap beyond 21 million, Bons forecasts that this could fracture the community and destroy Bitcoin’s narrative of digital scarcity. He warned that relying on a system that demands perpetual price doubling to maintain its security forever is nothing short of “madness.”

Community Pushes Back Against BTC Crash Claims

Unsurprisingly, Bon’s foreboding forecast has sparked intense debate and contrasting views throughout the crypto community. Many members pushed back, acknowledging the concerns about a shrinking security budget but challenging the inevitability of a Bitcoin collapse.

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Some argued that BTC has historically adapted to challenges and that transaction fees, along with scaling solutions, could still provide sustainable long-term security. Others suggested alternative mechanisms, such as MEV capture, sidechain fees, or even institutional miners operating at a loss to keep the network alive.

One community member raised the possibility of emergency measures like tail emissions or block size increases, citing Monero’s ongoing debate about similar solutions. Bons conceded that a tail emission might keep the chain alive but insisted it would come at the cost of Bitcoin’s core value proposition, which is fixed scarcity. In his view, such a compromise would leave BTC unable to compete against more adaptive blockchains.

BTC trading at $115,318 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

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Scott Matherson

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August 19, 2025
Bitcoin Price Slides Below $70,000: These Are The Key Reasons

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Este artículo también está disponible en español.

The Bitcoin (BTC) price has experienced a significant downturn over the past 24 hours, falling below the critical $70,000 threshold. After reaching a peak of $73,620 on Tuesday, the cryptocurrency has declined by approximately 5.7%, hitting a low of $68,830 on Friday. Analysts point to several key factors behind this decline:

#1 Risk-Off Sentiment Ahead of US Election

The timing of Bitcoin’s price drop coincides with a narrowing lead for former President Donald Trump over Democratic candidate Vice President Kamala Harris in prediction markets such as Polymarket and Kalshi, where users bet on election outcomes. Bitcoin has been considered a “Trump hedge” due to the former president’s strong advocacy for the cryptocurrency sector.

Donald Trump has proposed establishing a “strategic Bitcoin reserve” in the United States if re-elected. Speaking at the Bitcoin 2024 Conference, he outlined plans to retain all Bitcoin currently held or acquired by the US government as part of this reserve. This initiative is a core element of his campaign to strengthen the US as a leader, aiming to make the country the “crypto capital of the planet.”

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Earlier in the week, when Trump’s lead over Harris was more substantial, Bitcoin neared its all-time high of $73,777. The shrinking of Trump’s lead appears to have prompted investors to adopt a risk-off stance, contributing to the price decline.

Crypto analyst HornHairs noted that derisking before elections has precedent. “Derisking into the election 5-6 days before it takes place happened in both 2020 and 2016. Price then went on to never retest the lows set the week before the election ever again. Be careful what you sell here,” he remarked via X.

#2 S&P 500 Loses 3-Month Trendline

The correlation between Bitcoin and traditional financial markets may have also influenced BTC’s price movement. The S&P 500 has fallen to its lowest level since October 9, potentially affecting investor sentiment in the crypto space.

Analysts from The Kobeissi Letter observed that despite major tech companies like Apple reporting strong earnings, their stock prices have declined. “Yet another tech giant to beat earnings but trade lower,” they noted, adding that technology stocks faced widespread selling even as Meta, Amazon, and Apple exceeded earnings expectations. They added, It appears that markets are de-risking ahead of the election next week. Brace for volatility.”

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Crypto trader Marco Johanning highlighted concerns about the S&P 500 losing its three-month trendline. “Given that the S&P 500 lost the 3-months trendline yesterday, it looks more like a potential selloff before the US election on Tuesday and lower prices in the short term. The perfect bounce level is the 7-month trendline (blue). I don’t want to see prices below the POC/key level around 63k (red),” he wrote via X.

#3 Leverage Flush Out

A significant unwinding of leveraged positions in the markets has also contributed to Bitcoin’s price decline. The market correction appears to be a healthy response to an overextension driven by leverage.

Renowned crypto analyst Miles Deutscher noted: “This pullback is normal (and expected). Market was looking overextended the last few days, and largely driven by leverage. Still not buying heavy as it isn’t a full cascade yet—will wait for one of those days around the election. Not a bad DCA day for certain coins tho.”

Austin Reid, Global Head of Revenue & Business at crypto prime brokerage firm FalconX, pointed out that the crypto derivatives market was “on fire” ahead of the election, with futures open interest for BTC, ETH, and SOL crossing the $50 billion mark for the first time.

On-chain analyst Axel Adler Jr reported that open interest was reduced by $2.1 billion, implying a significant leverage flush out.

Bitcoin leverage flush out | Source: X @AxelAdlerJr

According to data from Coinglass, over the past 24 hours, 93,864 traders were liquidated, with total liquidations amounting to $286.73 million. The largest single liquidation order occurred on Binance’s BTCUSDT pair, valued at $11.26 million. For Bitcoin alone, $81.38 million in long positions were liquidated—the largest amount since October 1.

At press time, BTC traded at $69,446.

Bitcoin price, 1-day chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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Jake Simmons

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November 1, 2024
Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern

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The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new Cup and Handle pattern. While the pioneer cryptocurrency has been slowly recovering from bearish trends to reach the $70,000 mark, a rally to $200,000 would mark a historical milestone and a new All-Time-High (ATH) for BTC.

Technical Pattern Signals $200,000 Rally Ahead

Popular crypto analyst, Mags has unveiled a new technical pattern in the Bitcoin price chart. According to his post on X (formerly Twitter), Bitcoin is currently forming “a massive cup and handle pattern,” indicating a potential for a major rally.

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Mags revealed that the Bitcoin price has just moved past the handle portion in the technical pattern, indicating a positive signal for a breakout that could start a bullish phase. As its name suggests, a Cup and Handle pattern is a key technical chart pattern that resembles a cup and handle. In this chart pattern, the cup is in the shape of a U and is considered a bullish signal, while the handle represents a slight downward drift, which indicates a potential buying opportunity to go long.

Source: X

Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the “neckline” which serves as a resistance point. If Bitcoin can break through the neckline, it’s price could surge dramatically or like the analyst says “go vertical.” This bull rally could see Bitcoin’s price driving towards $200,000, marking a new all time high for the cryptocurrency.

Currently, the price of Bitcoin is trading at $66,972, reflecting a slight 2.02% decrease in the past seven days, according to CoinMarketCap. While Mags has projected a $200,000 price increase for Bitcoin, the analyst has also forecasted even higher price targets in previous X posts, suggesting that a $200,000 price level may be conservative for the world’s first and largest cryptocurrency.

Bitcoin Price Peak Set At $300,000

In another X post on October 24, Mags disclosed that Bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels. Price discovery is the process by which an asset’s true market value is determined, and for Bitcoin, it suggests when its price could reach fresh highs.

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Sharing a historical Bitcoin price chart, the analyst pinpointed instances where the cryptocurrency entered a price discovery before reaching a peak. In 2014, BTC hit a peak, then bottomed out in 2015 before reaching another price high in 2018. A similar price action occurred between 2019 and 2024, with BTC achieving a bottom in 2019 and peaking in 2021.

Source: X

Following this historical price trend, Mags indicated that Bitcoin hit its bottom in 2023 and is now about to enter its price discovery. Once the cryptocurrency does, it could signal a surge to a new all-time high, which Mags has set at an impressive $300,000.

BTC price struggles to hold $67,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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Scott Matherson

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October 26, 2024
Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

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A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

Bitcoin Cup And Handle Cascade

According to a technical analysis, Bitcoin appears to be forming a textbook cup and handle pattern on the largest timeframe, which is a bullish continuation pattern that often leads to a major price rally. This formation typically indicates a period of consolidation followed by a breakout to the upside, and if the pattern fully plays out, Bitcoin could surge to new heights.

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In a recent analysis shared on the social media platform X, technical analyst Gert van Lagen compared Bitcoin’s ongoing cup and handle formation to similar patterns observed in Gold and the S&P 500. Van Lagen pointed out that Gold experienced a comparable setup of the formation of the cup and handle, which ultimately led to a full-scale bull rally in 2023. This breakout pushed Gold to new highs which has continued up until the time of writing, with Gold now trading above $2,730 in its history.

Similarly, the analyst highlighted a similar cup and handle pattern in the SP500, which eventually led to a rally that kickstarted in late 2023 and culminated in new peaks for the index.

Van Lagen emphasized that Bitcoin has been tracing out a similar pattern since the 2022 bear market. The “cup” portion of the formation was completed when Bitcoin reached its all-time high back in March. Now, Bitcoin is in the process of forming the “handle” part of the pattern, as the cryptocurrency has yet to revisit its all-time high over the past seven months.

Should the handle formation conclude and a breakout occur, Bitcoin could be on the verge of a strong rally, much like Gold and the S&P 500 experienced during their respective runs.

BTC To $230,000

According to van Lagen, Bitcoin is “poised to follow the structural path of SP500 & Gold.” In terms of a price target, he predicted a target of $230,000 for Bitcoin.

At the time of writing, Bitcoin is trading at $67,350. Reaching the $230,000 price level would necessitate a 197% price increase from the current price.

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Interestingly, van Lagen’s forecast is just one of several bullish outlooks resurfacing as Bitcoin’s price has shown positive momentum since the second week of October. Bitcoin is up by about 13.5% from $59,500 on October 10, which has prompted a return of bullish sentiment.

According to a report, this has caused a rise in Bitcoin accumulation by long-term holders, who now hold about 2.9 million BTC. Another analyst noted that Bitcoin is on track to double in value and reach $130,000 by January 2025

BTC bears still pushing for control | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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Scott Matherson

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October 22, 2024
Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows

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The Bitcoin price is still recovering from a major dip to $60,000 in the first three days of October. As the bulls and long-term holders continue to capitalize on the dip, analysis of on-chain data has revealed that the selling pressure has been eased massively as the majority of short-term holders have exited the market. Interestingly, these short-term holders are accountable for the drop to $60,000, as the data shows many of them exiting the market during the initial decline, further exacerbating the price drop.

Short-Term Holders Exit The Market

According to an analysis of Bitcoin holder cohorts using data from the CryptoQuant platform, the supply of Bitcoin held by short-term holders has declined substantially since the beginning of the month. Although this contributed to a Bitcoin price decline during this timeframe, it is not necessarily bad for the crypto moving forward. This notable decline is visible in purple bars in the chat below, with every period of price downturns highlighted by an increase in short-term holder selloffs.

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The Bitcoin price, which ended September around $65,000, kicked off October with a price dip amidst broader market tensions. This, in turn, led to a 7.5% Bitcoin price dip until it bottomed at $60,100. Notably, the chart highlights that this most recent decline to the $60,000 level coincided with the emergence of more purple bars, revealing that the selloff by short-term holders played a significant role in the price decline.

What Does This Mean For Bitcoin?

Moving forward, the selloff from short-term holders and the price decline has given rise to more accumulation by long-term holders. This, in turn, gives rise to the creation of a price floor around $60,000 in the coming weeks and months. It also marks the shift of more bitcoins to stronger hands who would rather hold than sell.

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Notably, the exit of many short-term holders has given rise to a better average cost for the cohort. According to on-chain metrics revealed by a verified CryptoQuant analyst, the average cost of one to three-month holders is now around $61,633, and the average cost of three to six-month holders is around $64,459.

At the time of writing, Bitcoin is trading at $62,130, which positions it right in the middle of these two key holder cohorts. According to analyst Burak Kesmeci, a decisive close above the $64,500 level would significantly strengthen the bullish momentum, giving both short and long-term holders more confidence to continue holding. On the other hand, if Bitcoin falls below $61,600, it could trigger a wave of additional selling pressure from more short-term holders, potentially leading to further price declines to revisit $60,000 again.

BTC price drops below $62,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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October 9, 2024
Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long?

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Popular crypto analyst Il Capo of Crypto has returned to social media platform X after over two months of hiatus to drop an interesting outlook for Bitcoin and Ethereum in the coming months in light of the recent correction since the beginning of October. The analyst, which has been so big on a looming altseason since the beginning of the year, has revealed a bearish outlook for Bitcoin and even Ethereum (king of altcoins) in the short term.

Known for his sometimes controversial and often contrarian predictions, Capo returned just as the market experienced a notable correction in October, sharing his bearish outlook for both Bitcoin and Ethereum. His latest prediction is that Ethereum could plummet as low as $1,800 before seeing any substantial recovery.

ETH’s Predicted Decline

Ethereum has already dropped by 10% in the past seven days and is currently trading around around $2,330, but according to Capo, this decline could worsen. He predicted that ETH might fall further into the $1,800 to $2,000 range, which is a possible 23% dip from its current price, before eventually rebounding. However, he believes an altcoin season will still materialize.

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Quick update:

There’s a possibility of one last shakeout, with $BTC testing the $48k-50k zone and $ETH $1.8k-2k, before the real altseason begins.

If that happens, I’ll be adding more to my altcoin bags. https://t.co/sx6u8wPNrK

— il Capo Of Crypto (@CryptoCapo_) October 2, 2024

Capo’s track record of analysis since the beginning of the year shows a consistent belief in the upcoming dominance of altcoins. Throughout 2024, he has repeatedly emphasized the potential for altcoins, particularly Ethereum, to outperform Bitcoin as profits generated from BTC flow into smaller assets. However, the altcoin season has yet to materialize, and Bitcoin has continued to dominate the crypto investment scene.

Time To Go Long On Ethereum?

It’s worth noting that Crypto Capo’s predictions often have a certain lore attached to them. There is a running joke among some investors that whenever Capo makes a prediction, the market tends to do the opposite. This goes as far back as his prediction of Bitcoin falling to $12,000 last year, but the crypto eventually broke past resistance levels. Now, with Capo predicting the possibility of continued decline for Ethereum and Bitcoin amid October’s bullish market sentiment (often dubbed “Uptober”), it raises the question from many investors if his bearish call is far-fetched.

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Only time will tell if the market plays out according to Capo’s analysis. However, given the current inflow of investments and the crypto market, which has mostly rallied in October, it wouldn’t be surprising if Ethereum rebounds rather than experiences the significant drop Capo is forecasting.

Naturally, many savvy whales and traders have seen the current decline as an opportunity to “go long” and accumulate more Ethereum in expectation of the resumption of inflows. This sentiment is reflected through the US Spot Ethereum ETFs, which witnessed $14.45 million in inflows yesterday despite the price correction.

Interestingly, it is important to note that Capo’s analysis is only talking about a possible case and remains bullish for Ethereum in the long term.

ETH price drops sharply | Source: ETHUSDT on Tradingview.com

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October 3, 2024
Bitcoin Crash Over? Veteran Trader Predicts Rebound To $90,000

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The Bitcoin crash may be over, as a crypto trader has predicted a significant rebound for the pioneer cryptocurrency, foreseeing Bitcoin soaring to new all-time highs of $90,000. This bullish projection comes amid the recent downtrend in the price of Bitcoin, which saw a dramatic crash below $50,000 at some point over the past few weeks.

$90,000 Rebound Target Set For BTC

In an X (formerly Twitter) post on August 5, crypto analyst, Peter Brandt made a bold prediction, suggesting that Bitcoin could witness a significant rebound to $90,000 this bull cycle. Sharing a price chart depicting a series of pumps and dumps in Bitcoin’s value since the beginning of the year, Brandt foresees the pioneer cryptocurrency hitting $90,000 before the end of 2024.

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Source: X

During his post, Brandt emphasized the importance of focusing on what could potentially happen (possibilities), rather than what is likely to happen (probabilities) or what is believed to be certain (certainties). This unique approach to analyzing the market avoids over-dependence on assumptions and remains flexible to various market results.

Seeking Brandt’s opinion on the current state of the market, a crypto community member shared that they have been forecasting a bull flag for Bitcoin over the past few months. They inquired if Brandt concurred with this prediction and if a Bitcoin has reached a golden pocket, a key Fibonacci retracement level that often signals the next potential resistance level.

Responding to the crypto community member, Brandt negated the possibility of a Bitcoin bull flag, citing various technical analytical authorities such as Schabacker, Edwards, and Magee, who state that bull flags should not last longer than two months. This ultimately suggests that if a supposed bull flag pattern has persisted for more than two months, then it does not meet the criteria for a bull flag.

Additionally, when asked by another crypto member if a possibility was just a type of probability, Brandt clarified that possibilities could not be described as a probability because probabilities involve assigning numbers and making assumptions. Brandt has disclosed that he strictly avoids trades based on assumptions to remain open to all possible outcomes without bias.

Bitcoin Regains Strength After 23% Market Crash

Before Brandt predicted a rebound to $90,000 for Bitcoin, the cryptocurrency had experienced a sharp decline in its price. Over the past week, Bitcoin’s price had fallen to around $52,000, marking a significant drop of more than 23%, according to CoinMarketCap.

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Despite the recent price crash, Bitcoin has seemingly regained positive momentum, recording a price increase of 11.77% in just 24 hours. Based on CoinMarketCap’s reports, Bitcoin’s daily trading volume has also surged by 30.65%.

The cryptocurrency appears to be breaking out of its previous bearish trends, steadily approaching previous price highs around the $60,000 mark. At the time of writing, Bitcoin is trading at $55,903.

BTC price reverses gains from $56,000 | Source: BTCUSD on Tradingview.com

Featured image from Skilling.com, chart from Tradingview.com

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August 6, 2024
Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?

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The Relative Strength Index (RSI) is an important indicator for any cryptocurrency, and Bitcoin is no different. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline from here.

Analyst Says RSI Is Turning Bearish For Bitcoin

Crypto analyst Alan Santana took to the TradingView website to share a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further.

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The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline over the the year 2024 after reaching a local peak at the start of the year.

Bitcoin’s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator.

This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year.

How Low Will The BTC Price Drop?

At the time of the analysis, the Bitcoin price had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline.

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Going by the chart, Alan Santana expects that the Bitcoin price will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000.

Source: Tradingview.com

If this forecast were to materialize, it would mean the price would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that “This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.”

BTC tug of war continues | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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August 5, 2024
Wondering When To Buy Bitcoin? Here Are The Levels To Watch

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Due to market volatility and Bitcoin (BTC) price fluctuations, identifying the best times to buy the pioneer cryptocurrency can be challenging. Taking this into consideration, a crypto analyst has pinpointed key price levels for investors to monitor for potential buying opportunities.

Buy Levels To Watch For The Bitcoin Price

A crypto analyst identified as ‘Stockmoney Lizards’ took to X (formerly Twitter) on August 1 to discuss Bitcoin’s recent price movements, highlighting key buy levels and the cryptocurrency’s propensity for a price increase. The analyst notes that Bitcoin’s current price actions indicate a classic 5-wave uptrend followed by an ABC correction with an overarching wave B.

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An ABC correction is a continuous pattern that occurs during uptrends or downtrends. It is a pattern within the Elliott Wave Theory that reflects a three wave correction and helps identify a trend continuation.

Sharing a Bitcoin price chart illustrating each wave (A, B, and C), the analyst disclosed that Wave B ended at the Value Area High (VAH) around the $69,885 mark. According to the analyst, this price level historically acted as a resistance. This means that Bitcoin’s price may face difficulty moving above this point.

Source: X

The analyst further revealed that the $66,745 price point also acted as a resistance level for Bitcoin. He highlighted this critical level on the BTC price chart, emphasizing that the red line represents a Point Of Control (POC) for the cryptocurrency.

Moreover, the 1.618 Fibonacci extension level for Bitcoin is identified as a potential support area for a new uptrend. The analyst disclosed that this crucial level coincides with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), which are all important support levels.

Concluding his analysis, the crypto analyst suggested that the support area between $61,800 and $62,300 was an important buying level to watch out for. He noted that on the higher timeframe, Bitcoin’s potential uptrend was still intact, adding that if the cryptocurrency’s price breaks below the $61,800 mark, then a further decline to test the 2.618 Fibonacci extension at $56,800 should be expected.

Overall, the crypto analyst is leaning towards a bullish outlook for the short term and mid term timeframes in Bitcoin’s price. At the time of writing, Bitcoin is trading at $61,594, reflecting a 4.21% decline in the last 24 hours, according to CoinMarketCap.

BTC Poised To Breakout In September

Other analysts have also remained relatively bullish on Bitcoin’s price, predicting rallies to new all-time highs for the pioneer cryptocurrency. According to a crypto analyst identified as ‘TOBTC’ on X, Bitcoin experienced a significant decline in its price, falling below the $63,000 price mark.

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Source: X

The analyst revealed that despite Bitcoin getting rejected at the $70,000 resistance, a potential breakout is expected by September. This bullish sentiment is shared by a different crypto analyst, Michael van de Poppe, who predicts that if Bitcoin holds above $60,000 to $61,000, the cryptocurrency could witness an upward movement to new all time highs in September or October 2024.

BTC price drops below $62,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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August 3, 2024
Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?

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On-chain data shows a particular Bitcoin whale who accumulated almost $400 million between July 30 and 31. This whale is believed to have purchased the flagship crypto, having seen an opportunity to profit massively thanks to Bitcoin’s recent price action.

Bitcoin Whale Purchases Almost $400 Million Worth Of BTC

On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance in the past two days. This purchase suggests the whale anticipates higher prices from the flagship crypto soon enough and is looking to profit from such a price rally when the time comes.

Interestingly, this purchase comes amid a decline in Bitcoin’s price, meaning that the whale sees this as a ‘buy the dip’ opportunity. Bitcoin dropped to as low as $63,500 on July 31, having rebounded to almost $70,000 days ago. This price drop can be attributed to several factors, including concerns over reports that Iran had ordered a retaliatory attack against Israel for killing Hamas leader Ismail Haniyeh in Tehran.

The Federal Open Market Committee (FOMC) meeting was held on July 31, and the Federal Reserve left interest rates unchanged. Fed Chair Jerome Powell also said little to suggest that an interest rate cut could come in September, another factor contributing to Bitcoin’s recent decline.

Despite its recent decline, Bitcoin is expected to enjoy another rebound soon enough and possibly break above the $70,000 range on its next leg up and rise to an all-time high (ATH). Crypto analyst Michael van de Poppe recently mentioned that Bitcoin looks good to continue toward a new ATH next month as long as the flagship crypto stays above $60,000 to $62,000.

Whales Heavily Accumulated BTC In July

Data from the market intelligence platform IntoTheBlock shows that Bitcoin whales, holding at least 0.1% of BTC’s circulating supply, bought over 84,000 BTC in July. This represents these whales’ largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the price dips that Bitcoin suffered in July.

Bitcoin’s price crashes in June extended into the beginning of July, as the flagship crypto dropped to as low as $55,000. However, this BTC accumulation from these whales paid off, as the crypto token enjoyed a massive rebound in the latter parts of July and a monthly close in the green.

These whales will still hope Bitcoin can record more impressive gains in August. Data from Cryptorank shows that Bitcoin has historically not enjoyed the best price action in August, ending the month in the red on eight occasions since 2011.

At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the last 24 hours, according to data from CoinMarketCap.

BTC price falls below $65,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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August 1, 2024
Crypto Analyst Charts Bitcoin Course To New $77,604 All-Time High

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After hitting an all-time high of $73,400 in March 2024, the Bitcoin price has since retraced, remaining below its all-time high for the last four months. Nevertheless, expectations remain high that the Bitcoin price will eventually recover and hit a new all-time high, with crypto analyst “Melikatrader94” on TradingView predicting another run to $77,600.

Bitcoin Turns Bullish On The Charts

In the analysis that was shared on the TradingView website, crypto analyst Melikeatrader94 revealed her thesis for why the Bitcoin price could be headed to a new all-time high. The major reason behind the prediction is bullish chart patterns.

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The crypto analyst pointed out that the Bitcoin price had successfully broken out of a descending trend line. This is important because such a break indicates a return of bullish pressure, causing the price to go up. From here, Bitcoin could push toward its current all-time high price.

Furthermore, there have been multiple confirmations on the chart, suggesting that the resulting rally from this descending trend line break could be incredibly strong. The crypto analyst points out that there will be corrections along the way. But ultimately, the direction for the Bitcoin price from here is up.

Targets For The BTC Price

With the Bitcoin breakout from the descending trend line, the crypto analyst believes that the price will rise to a new all-time high of $77,604. However, this is not going to be a completely easy path for Bitcoin as major resistance levels lie ahead.

For starters, the crypto analyst believes that the BTC price risks a downward correction when it eventually gets to $70,000. This makes it the first major level to clear in the road to a new all-time high before encountering another resistance.

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If Bitcoin is able to beat $70,000, then it is expected to reclaim its current all-time high above $73,400. However, it faces major resistance just a short distance away. The analyst’s next resistance level lies at $73,612. Due to this, the analyst believes that both $70,000 and $73,612 could serve as possible re-entry points.

Going by the crypto analyst’s prediction, the Bitcoin price could see a notable 15% jump in price from its current level. Furthermore, the BTC price hitting a new all-time high would be positive for the crypto market given that the pioneer cryptocurrency is the established market mover and altcoins follow its path.

BTC price recovers from lows | Source: BTCUSD on Tradingview.com

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July 29, 2024
Crypto Analyst Says Bitcoin Could Reach $100,000, But What About Altcoins?

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A crypto analyst has predicted that Bitcoin (BTC) will surge to $100,000 in a few years. At the same time, he has expressed skepticism about the potential for altcoins to embark on a similar bullish trajectory to new highs.

Bitcoin Anticipated To Hit $100,000

In an X (formerly Twitter) post on June 8, a crypto analyst identified as ‘DonAlt,’ disclosed that he was more pessimistic on altcoins than Bitcoin, the world’s largest cryptocurrency. DonAlt believes that Bitcoin could witness a mega rally, pushing its price to trade at $100,000 in the coming years.

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Considering the inflows into Spot Bitcoin ETFs and numerous forecasts of an upcoming bull run, a $100,000 price target for Bitcoin seems increasingly plausible. Moreover, numerous market experts, including DonAlt, have maintained an optimistic outlook for Bitcoin, predicting major bull rallies for the cryptocurrency. Specifically, Standard Chartered has projected a price increase to $250,000 and Bernstein analysts anticipate a surge to $200,000 for Bitcoin.

In contrast, altcoins have been underperforming significantly, influenced by broader market trends and bearish sentiment. Due to the declining price of these cryptocurrencies, DonAlt has highlighted a possible future where Bitcoin dominates the crypto market while many altcoins trade 90% lower than their current valuations.

Sharing a similar sentiment, a crypto community member disclosed that other than meme coins and a few random altcoins, many cryptocurrencies have failed to outperform Bitcoin in this current market cycle. He revealed that all the altcoins which previously witnessed gains on par with Bitcoin have declined significantly, while BTC has remained slightly below its previous all-time high.

Furthermore, a few community members have questioned whether Ethereum (ETH) and Solana (SOL) were among the altcoins predicted to decline as Bitcoin price increases. This concern arises because, despite slight declines and market volatility, Ethereum and Solana have witnessed massive gains since the beginning of the year.

Solana, in particular, surged significantly following the launch of a Spot Solana ETF filing, whereas Ethereum has been subtly following Bitcoin’s price movements, surging upwards during favorable market conditions and declining severely amidst volatility.

Will Altcoins Follow Bitcoin’s Rise To New Highs?

A crypto analyst identified as ‘Doctor Profit’ on X released a detailed report on altcoins for the third quarter (Q3) of 2024. According to the analyst, altcoins are poised to witness a massive pump following the release of the official launch date for Ethereum Spot ETFs. This implies that altcoins could potentially exit bearish trends and align with Bitcoin’s bullish trajectory if it witnesses a price reversal.

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Source: X

The crypto analyst believes that the recent decline in altcoins presents a great buying opportunity for investors. He asserts that the altcoin market’s recent 35% downturn is a healthy correction that potentially signals a surge to new highs as market conditions stabilize.

Furthermore, the crypto expert has predicted a new valuation target for the altcoin market, anticipating its market capitalization to exceed $1 trillion by the end of the year.

BTC price falls to $57,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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July 10, 2024
Bitcoin Crash: Here’s What The Data Says About Buying The Dip

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The on-chain analytics platform Santiment has provided useful insights for investors considering buying the Bitcoin dip. The platform suggested that the worst might not be over as the flagship crypto could still experience further dips from its current price range.

To Buy Or Not To Buy The Bitcoin Dip?

In an X (formerly Twitter) post, Santiment mentioned to those considering buying the dip that market participants also anticipate a rebound. They added that these dramatic dips, like the one Bitcoin recently experienced, are usually met with FUD (Fear, Uncertainty, and Doubt).

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Source: Santiment

This suggests that those looking to buy the Bitcoin dip may have to be careful as Bitcoin could dip further due to those waiting to offload their holdings out of panic once the flagship crypto recovers. Regarding FUD, there have also been calls that Bitcoin could still drop to the $40,000 range. As such, such statements could prove bearish for Bitcoin’s price, causing it to further decline.

Meanwhile, Santiment noted that Bitcoin usually recovers from such dramatic dips after the average trader has given up hope on crypto. Crypto analyst CrediBULL Crypto also had some words for those looking to buy the dip at Bitcoin’s current price range. He mentioned in an X post that anyone looking to buy at these current price levels must be okay with being “underwater” for a while.

He added that anyone uncomfortable with being underwater for a while should wait until some positive price action develops. He noted that this positive price action could ideally come in the “form of a major liquidation flush (open interest reset) or some LTF impulsive price action.”

The crypto analyst also addressed spot Bitcoin buyers. He assured them that they need not worry about this current price range, claiming that Bitcoin could drop lower on the higher time frame (HTF) without invalidating the HTF bullish structure. Based on Bitcoin’s bullish structure, he mentioned that the price correction following this downtrend will send the flagship crypto to $100,000.

Institutional Investors Are Buying The Dip

Recent data from Farside investors shows that institutional investors are buying the Bitcoin dip. On July 8, the Spot Bitcoin ETFs recorded total net inflows of $294.8 million. BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s GBTC all recorded impressive net inflows of $187.2 million, $61.5 million, and $25.1 million, respectively.

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These Spot Bitcoin ETFs also recorded net inflows of $143 million on July 5, which marked a turnaround considering that they had experienced two consecutive days of outflows before then. These inflows into Bitcoin have contributed to the recent price rebound that the flagship crypto has witnessed.

At the time of writing, Bitcoin is trading at around $57,100, up over 2% in the last 24 hours, according to data from CoinMarketCap.

BTC price drops toward $57,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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July 9, 2024
Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus

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Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge.

Bitcoin To Hit $200,000 And Then $1 Million

Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of $200,000 by 2025 and that the flagship crypto will reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights.

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The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach $190 billion by 2025, a significant increase from the $60 billion in BTC that funds issuers already have under management.

In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting $1 million.

MicroStrategy To Benefit From BTC’s Growth

These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to $2,890 thanks to its BTC exposure. A rise to $2,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around $1,500.

The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC).

MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around $14.5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer $500 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC.

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Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.”

“We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added.

BTC price falls to $66,000 | Source: BTCUSD on Tradingview.com

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June 15, 2024