As bitcoin continues to lead the cryptocurrency market, its notable climb beyond previous peaks has drawn the interest of investors and supporters alike. The dominant cryptocurrency’s latest performance suggests it might approach a triple top, potentially exceeding ,000. However, reaching the six-figure mark will be a significant psychological challenge, and it may fall short of […]
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Standard Chartered Predicts Bitcoin to Hit $100K Pre-Election, $150K if Trump Wins
Standard Chartered expects bitcoin to climb to 0,000 as the U.S. presidential election approaches and potentially reach 0,000 if former U.S. President Donald Trump wins. The bank’s head of digital asset research cites Trump’s perceived crypto-friendly stance as key for this bullish outlook for bitcoin. Trump’s administration is seen as fostering a supportive regulatory environment, […]
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Bitcoin’s Stubborn Stand Below $100K: What’s Holding It Back?
Bitcoin continues to be the market leader. However, despite significant developments, such as the introduction of spot Bitcoin Exchange-Traded Funds (ETFs), the anticipated price surge to 0,000 remains ‘unrealized.’
Charles Edwards, founder of Capriole Investments, commented on this and took to Elon Musk’s social media platform X to explain the hurdles preventing Bitcoin from achieving this milestone.
Examining Bitcoin’s Stagnation Below 0k
According to Edwards, one of the primary factors is the sale of Bitcoin by long-term holders. His analysis shows a decline in wallets holding Bitcoin for over two years, from an all-time high of 57% in December 2023 to 54%.
Although this 3% drop might seem minor, it represents about 630,000 BTC—far exceeding the quantity purchased by US Bitcoin ETFs since January. This sell-off by long-standing investors is exerting downward pressure on the price.
Edwards also pointed out that the market has yet to fully feel the impact of Bitcoin’s halving event in April, which reduced the daily issuance of Bitcoin by 50%.
We haven’t seen the impacts of the Halving yet.
With the daily Bitcoin issuance dropping by 50% in April, we will likely see the delta between ETF consumption and Bitcoin mined widen a lot over the next year. It also takes full quarters for institutions to review, sign-off and… pic.twitter.com/bAxfFzv6L8
— Charles Edwards (@caprioleio) June 7, 2024
He believes that the gap between the amount of Bitcoin purchased by spot ETFs and the reduced output from mining will widen significantly, underscoring the need for financial institutions to adjust their strategies and continue leading in Bitcoin acquisitions.
Meanwhile, Edwards identified three key factors that he believes are essential for a sharp rise in Bitcoin’s price: increased daily ETF purchases, reduced selling by long-term holders, and an expansion in U.S. market liquidity.
BTC Price Slow Amid Record ETF Inflows
Bitcoin trades at ,926, showing modest movements as it struggles to mark any price increase over the past 24 hours, despite a 4.9% rise in the last 7 days.
While Charles Edwards has detailed reasons behind Bitcoin not reaching the 0,000 milestone, other experts are analyzing why substantial inflows into spot BTC ETFs have not translated into a corresponding price surge.
Experts believe that various factors muffle ETFs’ influence on Bitcoin’s price. Seasoned crypto trader Christopher Inks points out that a complex interplay of spot trading, futures, options, and ETFs influences the Bitcoin market.
Inks stresses that an exclusive focus on ETF activities does not provide a complete view of the market dynamics. Responding to a user query on X about the stagnant price despite ETF purchases, Inks remarked, “You do realize the market is made up of spot, futures, ETFs, and options, right? Price at any point in time is a product of all of these, not just one of them..”
Further discussions among financial experts illuminate the multifaceted nature of the BTC market. Analyst Eric Balchunas suggests that the lack of price movement despite ETF purchases might be due to existing Bitcoin holders selling their holdings, which balances out the buying pressure from ETFs.
I’ve said it before and I’ll say it again, the call is coming from inside the house holmes. This is not ETFs doing, obv bc they buying like crazy lately, it’s bitcoin holders selling or leveraged flushers or whatever. Time and again ETFs go on flow-a-thons and its met with… https://t.co/iuGNayrLgd
— Eric Balchunas (@EricBalchunas) June 6, 2024
Another expert, Jimie, explains that while ETFs contribute to market activity, they represent a small portion of the total Bitcoin circulation.
Jimie added that the majority is controlled by large holders (“whales”), whose trading activities could overpower the influence of ETF buying. This dynamic indicates that significant buying by ETFs often meets with heavy selling, maintaining price equilibrium.
Featured image created with DALL-E, Chart from TradingView
Is $100K Bitcoin Inevitable? This Expert Say ‘Yes’—Find Out When
As Bitcoin teeters close to its previous peak, discussions about its next big price targets have reignited. Among the voices contributing to this conversation is Samson Mow, the CEO of Jan3 and a prominent Bitcoin advocate.
Recently, on X (formerly Twitter), Mow expressed his belief in Bitcoin’s imminent rise to 0,000, a milestone he sees as a stepping stone toward an eventual value of million. His forecast is based on events triggered by breaking past the all-time high of ,750 in March.
Critical Factors To Drive Bitcoin Price To 0k Target
Mow outlines a cause-and-effect scenario that could catapult Bitcoin to these new heights.
First, surpassing the previous all-time high would initiate a “recursive Bitcoin demand shock,” as increased demand and limited supply drive prices upward rapidly. According to Mow, this chain reaction could swiftly elevate Bitcoin to the 0,000 mark.
Once we surpass the previous #Bitcoin ATH, recursive demand shock kicks in and it’s up all the way to .1M.
— Samson Mow (@Excellion) June 5, 2024
His confidence is mirrored in the recent market behavior. Despite a minor pullback from its 24-hour peak of ,312, Bitcoin has maintained an upward trajectory, gaining 1.7% in the past 24 hours and nearly 5% over the past week.
Supporting Mow’s optimistic outlook, Chris Vermeulen, Chief Market Strategist of The Technical Traders.com, shares a technical perspective that aligns with Mow’s predictions.
In a detailed analysis, Vermeulen pointed out a cup and handle formation on the chart, a bullish signal suggesting significant potential for an upward breakout. He uses Fibonacci extensions to project that Bitcoin could soon reach targets of ,000 to ,000, possibly climbing as high as 6,000.
Market Dynamics And Long-Term Prospects
Both experts view the current market dynamics as a prelude to more substantial gains. Vermeulen’s analysis not only supports Mow’s prediction but extends it by suggesting that Bitcoin could encounter resistance around 0,000, a psychological barrier likely to prompt significant market reactions.
Beyond this point, a consolidation phase might occur, but the long-term trajectory remains overwhelmingly positive. The broader financial context also plays a critical role in these forecasts.
With growing concerns about the stability of traditional assets like the dollar and the stock market, investors are increasingly turning to alternatives like BTC and gold. This shift indicates a deeper financial narrative where Bitcoin is not just seen as a speculative asset but as a viable hedge against economic uncertainty.
Featured image created with DALL-E, Chart from TradingView
Mike Novogratz Expects Bitcoin to Hit $100K by Year-End as US Political Support for Crypto Grows
Galaxy Digital CEO Mike Novogratz predicts bitcoin could hit 0,000 by year-end, citing a positive U.S. political environment for digital assets. He highlighted growing optimism for cryptocurrencies and progress on SEC approval of spot ethereum ETFs. However, the industry recently faced a setback when President Joe Biden vetoed a resolution to overturn the controversial crypto […]
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Bitcoin’s Bold Bet: Options Traders Eye $100K Surge By September
The crypto market is currently buzzing with anticipation as Bitcoin options traders position themselves for what they foresee as a “substantial price rally” in September.
Particularly, the derivatives market is expressing confidence, with a significant number of traders betting on Bitcoin surpassing the 0,000 mark.
Bitcoin Market Optimism Amidst Whale Movements
Recent analysis from industry experts highlights a significant trend in Bitcoin options that points to growing optimism among traders. According to insights from QCP Capital, a noticeable shift has occurred in the risk reversals landscape, with calls (options to buy) now priced higher than puts (options to sell).
QCP Capital noted that this change underscores a “stronger demand” for potential price increases rather than hedges against declines.
The preference for call options, particularly those pegged at ambitious strike prices of ,000 and 0,000 for September, underscores the bullish sentiment permeating through the market.
Data from the Deribit derivatives exchange corroborates this trend, revealing that call options with a strike price of 0,000 for the end of September are currently seeing the highest volume.
This enthusiasm in the options market is a strong indicator of the traders’ bullish outlook for Bitcoin, suggesting that many are betting on a significant price uptick by the end of the third quarter.
However, the skies are not clear. Bitfinex analysts have pointed out actions by Bitcoin whales that might signal potential short-term volatility. The whale ratio on exchanges—a metric indicating the amount of Bitcoin large holders are moving to exchanges—has seen an uptick.
This could typically suggest that these major players are considering selling, which could introduce increased sell pressure in the market.
Bitfinex’s recent Alpha report revealed that while the short-term holders of Bitcoin seem to be at a pivot point with a realized price of ,700 acting as an “important support level,” the increased activity by whales on exchanges might lead to heightened price fluctuations.
Long-Term Perspectives And Market Recoveries
Despite these potential short-term pressures, the broader Bitcoin market has shown signs of recovery. After a drop from its peak above ,000 in March, Bitcoin has demonstrated resilience with a 5.8% increase over the past week and a 2.8% rise in the last 24 hours alone. This recovery has brought its trading price to around ,791 at the time of writing.
Adding to the long-term confidence in Bitcoin, Michael Saylor of MicroStrategy shared his views on the future catalysts for Bitcoin’s price.
In his perspective, regulatory decisions, particularly those rejecting spot exchange-traded funds (ETF) applications for other cryptocurrencies, will further solidify Bitcoin’s standing as an unmatched digital asset.
Saylor disclosed that this regulatory moat could potentially steer more institutional investments towards Bitcoin, as it remains the ‘steel’ of the cryptocurrency world—unparalleled and indispensable.
Featured image from Unsplash, Chart from TradingView
Robert Kiyosaki Predicts Bitcoin Hitting $100K by September — Plans to Buy BTC This Week as Halving Nears
Rich Dad Poor Dad author Robert Kiyosaki has updated his bitcoin price prediction. He now anticipates the cryptocurrency reaching 0K by September. The famous author also announced his intention to purchase more bitcoin this week, citing the approaching halving event. He encouraged investors to consider adding bitcoin to their portfolios if they haven’t already done […]
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$100K to $150K — Traders Target Six-Figure Heights With Long-Dated Bitcoin Call Options
Recent data reveals a significant uptick in open interest for bitcoin futures and options across various trading platforms in recent weeks. On Monday, insights from QCP Capital indicated a notable interest in long-term September and December bitcoin calls, aiming for the lofty six-figure price brackets. Confidence Soars With Bets on Bitcoin Exceeding 0K Just last […]
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Galaxy Digital CEO Anticipates BTC Reaching $100K This Year Citing ‘Runaway Momentum’ in Spot Bitcoin ETFs
Galaxy Digital CEO Mike Novogratz firmly believes that bitcoin will reach 0K this year. “Right now there are more buyers and sellers,” he explained, adding that there is “runaway momentum” in bitcoin exchange-traded funds (ETFs). In addition, he pointed to a “new phase of bitcoin” as the asset class welcomes baby boomers. He further asserted […]
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Market Optimism Peaks as Bitcoin Call Options Aim for $100K Milestone
Following bitcoin’s significant market activity this week, conversations around the bull market have hit a high pitch, with numerous predictions of substantial increases in the leading crypto asset’s price cycle. Evidence indicates that call options, with strike prices ranging from ,000 to 0,000, are now in the mix, as speculators exhibit strong optimism. Bitcoin Bull […]
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