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Bitcoin News
Bitcoin Expected To Mirror Historical Trends: Glassnode Sets $120K Price Prediction For 2024
Bitcoin (BTC), the largest cryptocurrency in the market, has encountered a significant downturn following the waning hype around exchange-traded funds (ETFs), resulting in a 9% decline over the past fourteen days.
However, Glassnode co-founders remain optimistic, asserting that the recent price corrections align with historical patterns and could propel Bitcoin to new heights, nearly doubling its current all-time high (ATH) of ,000.
Healthy Market Correction?
In their latest analysis, the co-founders of the blockchain analytics firm posted on X (formerly Twitter), highlighting Bitcoin’s movement to the 6.618 Fibonacci Extension after a Bull Flag Correction.
They draw parallels between the current correction and similar market conditions observed in late 2017 and 2020. The question arises: Will history repeat itself in 2024, and will Bitcoin reach its 6.618 Fibonacci Extension during this bullish market, setting a target of approximately 0K?
Examining the chart above, the analysis by the Glassnode co-founders reveals a comparable price correction following Bitcoin’s breakout above the ,000 price level, which initiated the bull trend that propelled the cryptocurrency to a ,000 increase before reaching its current ATH of ,000.
Likewise, Bitcoin exhibited a similar bull flag pattern after surpassing the ,000 price level, leading to a 22-month high of ,900 on January 11. Notably, this surge occurred shortly after the approval of Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC).
Considering these developments, the key to Bitcoin’s future trajectory lies in maintaining support around the ,000 level and further consolidation above it. If these conditions are met in the coming months, Bitcoin has the potential to reach the 6.618 Fibonacci extension, pushing its price as high as 0,000.
New All-Time Highs Expected For Bitcoin
Like Glassnode co-founder’s recent price analysis, crypto analyst Crypto Con also relies on historical patterns to gauge the future price action of BTC. According to Crypto Con, the mid-top of this Bitcoin price cycle occurred slightly faster than previous cycles but slower than the third cycle.
Notably, this mid-top represents the only instance where it occurred outside of an early top, as indicated by the purple and yellow dots on the chart provided by the analyst.
Despite the 2019 mid-top occurring a year earlier than expected, the cycle top still manifested within the usual timeframe, plus or minus 21 days from November 28th, 2021.
Crypto Con stresses that there is currently no evidence apart from complex theories to support the notion of an accelerated cycle. The analyst cautions against assuming that ETFs prevent potential Bitcoin price corrections.
After November 28th, 2024, Crypto Con predicts the emergence of new all-time highs for the Bitcoin price of ,000 or 0,000 and significant growth for the cryptocurrency market.
At the time of writing, BTC is trading at ,590, down 2.5% in the past 24 hours. If this level is breached, Bitcoin could drop towards the ,650 level as it is the next major support for the cryptocurrency.
Featured image from Shutterstock, chart from TradingView.com
SEC Expected to Approve ‘a Handful’ of Spot Bitcoin ETFs on Wednesday, Report
The U.S. Securities and Exchange Commission (SEC) is expected to green-light “a handful” of spot bitcoin exchange-traded funds (ETFs) on Wednesday, potentially unleashing a wave of trading this week. On Monday, 10 applicants submitted their final amendments, including Blackrock, which also filed to register its Ishares Bitcoin Trust as a security.
SEC Expected to Green-Light Spot Bitcoin ETFs on Wednesday
Monday was filled with anticipation in the spot bitcoin exchange-traded fund (ETF) race as 10 applicants filed final amendments with the U.S. Securities and Exchange Commission (SEC), meeting the regulator’s 8 a.m. deadline. Market expectations of potential approvals sent BTC soaring past ,000.
As investors eagerly await the SEC decision on spot bitcoin ETFs, CNBC reported Monday that the securities regulator could unlock the gates for several applicants on Wednesday. Reporter Kate Rooney detailed:
Bitcoin ETF is now widely expected to get the green light this week. Two sources close to the process are now telling me it’s looking like Wednesday … The SEC is expected to approve a handful of applications at once.
She noted that Wednesday is also the deadline for the proposed spot bitcoin ETF from Cathie Wood’s Ark Invest and 21shares. If approval does happen, “I’m told potential trading would happen Thursday or Friday,” she added.
The Wednesday prediction aligns with Blackrock’s own expectations. The world’s largest asset manager expects the SEC to approve its Ishares Bitcoin Trust on Wednesday. Notably, Blackrock also filed Form 8-A on Monday afternoon, officially registering the Trust as a security with the SEC. The asset manager has reportedly lined up more than billion for the launch of its spot bitcoin ETF.
Many people believe that the SEC will approve spot bitcoin ETFs, including former SEC Chairman Jay Clayton. He said on CNBC Monday: “I think approval is inevitable, and I think there is nothing left to decide.”
The amendments filed on Monday revealed a fee war among spot bitcoin ETF issuers. Crypto asset manager Grayscale Investments has set the highest fee of 1.5% while Bitwise offers the lowest fee of 0.24% with a fee waiver for 6 months on the first billion of trust assets. The firms acting as authorized participants named in the filings are Jane Street, Virtu, JPMorgan, ABN AMRO, Macquarie, Cantor Fitzgerald, and Marex Capital.
Do you think the SEC will approve multiple spot bitcoin ETFs on Wednesday? Let us know in the comments section below.
3 Under The Radar Altcoins Expected To Hit $100 Before The Bitcoin Halving
With the Bitcoin halving expected to happen today, crypto enthusiasts are already starting to take positions in various altcoins. Among these, there are a number of coins that have shown a lot of promise when it comes to reaching the 0 price mark and this report takes a look at three.
MoonRiver (MOVR) Tops Lists Of Altcoins To Reach 0
The MoonRiver (MOVR) token has been one that has flown under the radar for quite a while now. This has to do with the fact that the price of the altcoin fell from its all-time high of 5 to as low as earlier in 2023. However, this has not eradicated the bullish narrative for the asset.
So far, as the crypto market has recovered, the MOVR token has seen one of the most significant rallies. In the days leading up to Christmas, the price would go from around to as high as in a couple of days, notching 700% gains during this time.
Since then, the price has since retraced and fallen around 50%. But with the price still holding above , it shows a lot of promise for the coin. Given its low supply of around 11 million coins and a tendency to rise quickly in a short time, MoonRiver is one of the coins poised to break the 0 mark.
Litecoin (LTC) Slow Movement Coming To An End
The Litecoin price rallied tremendously in 2023 leading up to its halving and was among some of the best-performing altcoins. However, once the halving was completed, the LTC price would crumble and fall into a slow and steady decline. However, this has changed as the coin’s price has begun to pick up steam once again.
With the Bitcoin reversal, the Litecoin price is on the up once again, briefly crossing in the early house of Tuesday. The altcoin, which is often referred to as the digital silver, could be poised to see firmer rallies, especially as the Bitcoin halving draws closer, which is often a catalyst for the bull market. If this continues, then LTC could easily cross 0.
Avalanche (AVAX) Sees An Awakening
Just like Solana (SOL), the Avalanche network has undergone an awakening that has brought investors back to the chain. As a result, the AVAX price has rallied, going from its 2023 low of around to as high as in December 2023.
As the new year rolled around, the Avalanche network has continued to enjoy attention from crypto investors and this has helped it maintain its bullish momentum. Just like MoonRiver (MOVR) and Litceoin (LTC), Avalanche (AVAX) is another token expected to cross the 0 mark.
SEC Expected to Approve Multiple Spot Bitcoin ETFs in One Day, Says Vanceck CEO
The CEO of asset management firm Vaneck expects the U.S. Securities and Exchange Commission (SEC) to approve multiple spot bitcoin exchange-traded fund (ETF) applications in one day. “I very much expect it will be all in one day because that’s what happened with the ethereum futures,” he explained.
Vaneck’s CEO on Spot Bitcoin ETF Approvals
Jan van Eck, the CEO of asset management firm Vaneck, shared his bitcoin outlook and expectations around spot bitcoin exchange-traded funds (ETFs) in an interview with CNBC on Friday. Vaneck is among the asset managers that have applied to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
“I think bitcoin is the obvious asset that is growing up in front of our eyes,” the executive began, adding: “There are 50 million users of bitcoin so it’s got the network effect.” He emphasized:
I think it’s impossible for me to imagine some other, what I call, internet store of value that’s going to leapfrog bitcoin.
The executive expects bitcoin to outperform gold, fueled by their shared sensitivity to interest rates. “Interest rates are headed down directionally speaking so the macro behind bitcoin and gold are very strong,” he opined, adding that gold and bitcoin perform similarly. “They both peaked in 2021. They’ve both been rallying this year. Obviously, bitcoin way more than gold for different reasons,” he said.
The Vaneck boss also noted that the upcoming halving in April is “great for bitcoin,” emphasizing that he expects the cryptocurrency to hit all-time highs in the next 12 months. His firm also recently released its 15 crypto predictions for 2024, highlighting that BTC should reach an all-time high after Donald Trump wins the U.S. presidency.
Regarding whether the SEC will approve one spot bitcoin ETF at a time or whether the regulator will approve multiple applications in a batch, the Vaneck CEO said:
I very much expect it will be all in one day because that’s what happend with the ethereum futures.
He believes that the SEC does not want one company to “have an unfair advantage,” so it will likely “let everyone start at the same time.”
Several others share similar expectations. The analysts at JPMorgan Chase, for example, said in September that they expect the SEC to approve multiple spot bitcoin ETFs at once. However, the investment bank warned that spot bitcoin ETFs could put severe downward pressure on the price of bitcoin. There are currently 13 spot bitcoin ETF applications pending at the SEC. The chairman of the securities regulator, Gary Gensler, stated last week that the agency is taking a new look at these filings.
Do you agree with the Vaneck CEO? Let us know in the comments section below.
Bitcoin ETF Approval Date Hinted By Expert: SEC Decision Expected January 5th – 10th, 2024
Anticipation is building as major asset managers’ predicted approval date for Bitcoin ETF applications approaches 2024. Experts have now issued bold predictions, with Bloomberg exchange-traded fund (ETF) expert James Seyffart pinpointing the potential approval window from January 5th to January 10th.
The significance of this timeframe has sparked excitement within the cryptocurrency community, as the approval could mark a major milestone for the industry. However, experts emphasize that failure to approve during this window could have significant implications for the SEC and potential ETF applicants.
Bitcoin ETF Approval Expected On January 8th
According to James Seyffart, any potential approval orders for the Bitcoin (BTC) ETF are likely to occur on Monday, January 8th, Tuesday, January 9th, or Wednesday, January 10th. Seyffart and expert Eric Balchunas estimate a 10% chance or less that the approval will fall outside this window.
Furthermore, Seyffart believes that failure to approve the ETF during the predicted window could indicate a significant shift in the SEC’s stance on cryptocurrency-related financial products.
This would suggest that either SEC Chairman Gary Gensler and the regulator have taken an aggressive approach or believe the market is not ready for a spot Bitcoin ETF. In the latter scenario, it is possible that ETF applicants such as ARK Invest and 21Shares have voluntarily withdrawn their applications with assurances of future consideration.
Caitlin Long, founder and CEO of Custodia Bank, believes that if the predicted approval window holds true, there will be an intense marketing battle among Bitcoin spot ETF issuers.
Long highlights that the spotlight will be on these issuers as they compete for investors’ attention and navigate the post-approval landscape. This development is expected to generate excitement among mainstream investors, with many expressing curiosity about Bitcoin’s resurgence following previous periods of doubt.
The potential approval timing aligns with the April halving event and the US presidential election, adding further intrigue to the market dynamics.
BTC Hits New Yearly High Amidst High Probability Of Approval
According to insider sources, the SEC has conducted extensive meetings with Bitcoin spot ETF issuers. These discussions have indicated a high probability of approval, with a reported 99% confidence level.
The SEC is said to meticulously review all applications, ensuring that every detail is thoroughly examined and all necessary requirements are met. In the meantime, Grayscale, a prominent cryptocurrency asset management firm, is actively pursuing the possibility of being the first to offer a conversion-based ETF, contingent on a court decision.
Moreover, Bitcoin has recently achieved a new yearly high, solidifying its position as the leading cryptocurrency in the market. The cryptocurrency has been consistently gaining ground, forming higher lows and demonstrating an upward trend, as evidenced by the 1-day chart below.
Presently, BTC has surpassed the ,800 mark, surpassing its previous milestone by over 0. The next target in sight is the ,000 level, which has not been reached since April 2022.
Over the past 24 hours, the bullish momentum has remained strong, with BTC extending its gains by 2.9%, and over the past 7 days, it has seen a 1.7% increase.
As the date of the ETF approvals approaches, it remains to be seen how Bitcoin’s price will respond. Additionally, market participants are eagerly observing how the cryptocurrency will perform during the final stretch of the year.
Featured image from Shutterstock, chart from TradingView.com
Standard Chartered Anticipates Bitcoin Reaching $100,000 Sooner Than Expected
Standard Chartered Bank has doubled down on its bitcoin price forecast of 0,000 next year with increased optimism on the timing. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs,” the bank’s analyst described.
Standard Chartered’s Bitcoin Price Prediction
Standard Chartered Bank has reiterated its bitcoin price forecast of 0,000 with more price upside happening sooner than it previously predicted. In a note published Tuesday, Standard Chartered’s head of crypto research and Western emerging markets FX, Geoff Kendrick, wrote that “crypto spring has sprung.”
The analyst explained that bitcoin’s unwavering dominance in the cryptocurrency space and heightened token hoarding by miners continue to drive the asset’s upward trajectory. Bitcoin’s share of the crypto market cap rose from 45% in April to approximately 50% while its value surged by over ,000. The price upswing has sparked renewed interest in the cryptocurrency space. Kendrick shared:
Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space.
As bitcoin’s price escalates, miners are increasingly holding onto their BTC, leading to a sharp decline in mined bitcoin sales to around 80% in the fourth quarter. The upcoming Bitcoin halving in April will further reduce the supply of new bitcoin. Kendrick noted that historically, bitcoin prices peaked 12-18 months after a halving.
The bank initially forecasted a bitcoin price of 0,000 back in April, declaring that crypto winter is over and anticipating that the price could reach 0,000 by the end of 2024. In July, the bank adjusted its prediction, stating that BTC could reach 0,000 next year while emphasizing that crypto winter has ended.
The Standard Chartered analyst further explained that an unexpected positive development is unfolding on the demand side, with an increasing probability of spot bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC). Kendrick detailed:
We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.
Many analysts expect the SEC to approve multiple spot bitcoin ETFs next year, including one from Blackrock, the world’s largest asset manager. SEC Chairman Gary Gensler recently stated that the securities regulator is considering between eight and 10 spot bitcoin ETF applications.
What do you think about Standard Chartered Bank’s bitcoin price forecast? Let us know in the comments section below.
Dogecoin Is Literally Going To The Moon: 100% DOGE Price Blast Expected
‘Dogecoin to the moon’ is a saying that anyone in the crypto community is familiar with. This is usually said figuratively in relation to the DOGE price actually surging. But Dogecoin is now actually headed to the moon – literally – after the official account confirmed the first DOGE space mission.
Strap In: Dogecoin Is Headed To The Moon
On Thursday, November 16, the official Dogecoin account on X (formerly Twitter, confirmed that a mission that will be taking the meme coin to the moon has now been confirmed. The mission is being orchestrated by Astrobotic Technology, a robotics company headquartered in Pennsylvania.
The details of the mission included in the post include the fact that a physical Dogecoin is being included in the DHL Moonbox via ULA’s Vulcan Centaur Rocket which is set to take off on December 24, 2023. The DHL Moonbox is a memento box that carries different keepsakes to take to the moon.
More info, with the physical dogecoin travelling in the “MoonBox” https://t.co/aS1zGvb0if pic.twitter.com/L7WUhg3aIj
— Dogecoin (@dogecoin) November 16, 2023
According to data from Astrobotic Technology, the DHL Moonbox headed to the moon in December has been filled with items from all around the world, including the United States, Germany, Canada, etc. Upon the completion of the mission, DOGE will be the first cryptocurrency to be sent to the moon, marking an important milestone for the meme coin.
DOGE Price Ready To Double
The Dogecoin price is already in a position where it is expected to surge. But the confirmation of the Dogecoin on the moon mission has added fuel to the fire. Following the announcement, the DOGE price jumped above .83 for the first time in four years.
Crypto analyst Crypto Kaleo earlier shared an analysis of the Dogecoin price that puts it above .15. According to Kaleo, DOGE is expected to move very fast and will hit .09 to .1 first, before continuing on to the .15 target.
Kaleo bases his analysis on the DOGE/BTC chart where he says; “I’m just looking for a touch of HTF resistance on the BTC pair around 550 sats.” This is apparently the confirmation of the rally that the crypto analyst thinks could possibly push the price to .2.
Here’s my playbook for $DOGE:
Sometime in the next week or two, Dogecoin finally starts to move.
When DOGE starts moving higher, it usually moves pretty fast. I wouldn’t be surprised to see a daily from here to somewhere in the 9 – 10 cents range, chop there for a bit, then… pic.twitter.com/BN1AqSe8d2
— K A L E O (@CryptoKaleo) November 9, 2023
Dogeocoin’s daily volume is already up more than 50% in the last day alone, suggesting a higher level of interest from investors. Once sellers’ fatigue kicks in and demand rises, DOGE could clear the .09 level before the end of the day.
At the time of this writing, the DOGE price is sitting at .0804, with 7.86% gains in the last day. It is the 9th-largest cryptocurrency in the market with a market cap of .4 billion.
Analyst Predicts Bitcoin Price Rising to $150,000 by 2025 — ‘Imminent’ Approval of Spot Bitcoin ETFs Expected
Global asset management firm Alliance Bernstein expects the price of bitcoin to reach 0,000 by 2025. The firm’s analyst has predicted “imminent” approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), including those by leading asset management companies like Blackrock and Fidelity.
Alliance Bernstein: Bitcoin Could Hit 0K in 2025
Global asset management firm Alliance Bernstein expects the price of bitcoin to reach 0,000 by 2025, the firm’s senior analyst specializing in digital assets, Gautam Chhugani, wrote in a note Tuesday. This prediction is driven by optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve spot bitcoin exchange-traded funds (ETFs).
“You may not like bitcoin as much as we do, but a dispassionate view of bitcoin as a commodity suggests a turn of the cycle,” the Bernstein analyst stated, elaborating:
A good idea is only as good as its timing — SEC approved ETFs by world’s top asset managers (Blackrock, Fidelity et al), seems imminent.
Chhugani further explained that after the upcoming bitcoin halving in April of next year, “losing miners” will be “washed out,” creating favorable conditions for significant profits among the remaining participants.
Moreover, the asset management firm predicts that spot bitcoin ETF approvals would move up to 10% of bitcoin’s circulating supply into ETFs. Chhugani noted that currently, the only similar product is Grayscale’s Bitcoin Trust (GBTC). However, the crypto asset manager has filed with the SEC to convert GBTC to a spot bitcoin ETF. The SEC initially rejected the proposal but a court later ruled in favor of the crypto firm and ordered the securities regulator to reevaluate the firm’s application.
Last week, Bernstein said a spot bitcoin ETF in January next year looks like “a done deal.” Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once. Last week, the price of bitcoin surged on speculation that Blackrock, the world’s largest asset manager, is close to launching its spot bitcoin ETF.
According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. Applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter.
Do you think the price of bitcoin will hit 0,000 in 2025? Let us know in the comments section below.
Coinbase Bullish: Bitcoin ETF Approval Expected After SEC’s Defeat
In a recent CNBC report, Coinbase, the largest cryptocurrency exchange in the United States, expressed confidence in the approval of a US-based Bitcoin (BTC) exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).
Paul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s recent court setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for a potential approval in the coming months.
Coinbase Eyes Bitcoin ETF Approval
Grewal emphasized that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing laws governing financial services. Grewal noted that prominent financial institutions have submitted robust proposals, indicating progress in the regulatory landscape.
The recent court ruling against the SEC stated that the regulator lacked a valid basis to deny Grayscale’s request to convert its GBTC Bitcoin fund into an ETF.
The SEC chose not to appeal the ruling within the specified deadline, further increasing the likelihood of a BTC-related ETF gaining approval shortly.
However, Grewal acknowledged that the ultimate decision rests with the SEC, and he refrained from providing a specific timeline for the approval process.
Nevertheless, Grewal expressed confidence in the SEC’s obligation to fulfill its responsibilities, particularly in light of the court’s decision and the requirement to apply the law impartially.
The introduction of a Bitcoin ETF would offer investors an alternative means to gain exposure to BTC without directly purchasing the cryptocurrency from an exchange.
This could be particularly attractive to retail investors seeking Bitcoin exposure without the complexities of owning the underlying asset.
Per the report, Coinbase, being the largest crypto exchange in the United States, stands to benefit from the potential approval of a BTC ETF. The company’s common stock is held in portfolios designed to provide investors with crypto exposure.
Legal Troubles Mount For Grayscale’s Parent Company
While the recent court ruling has bolstered prospects for a BTC ETF, it is important to note that Grayscale’s bid to convert GBTC into an ETF is not without its challenges.
Digital Currency Group (DCG), Grayscale’s parent company, along with crypto exchange Gemini and DCG subsidiary Genesis, face a lawsuit from the New York Attorney General, accusing them of defrauding investors of over billion.
Despite the ongoing legal issues, Grewal remained positive about the approval of additional Bitcoin ETFs in the future as the SEC adheres to the law and evaluates pending applications neutrally.
The report also touched upon the recent performance of BTC, which has experienced a resurgence in 2023. With a 72% year-to-date increase, Bitcoin has rebounded from significant declines in 2022.
Factors such as anticipation surrounding the upcoming BTC halving event and investor reactions to the Federal Reserve’s potential interest rate policy changes have contributed to increased demand for the digital currency.
Ultimately while trading volumes have declined recently, attributed partly to retail investors’ reduced engagement in response to low volatility and industry players’ challenges, Grewal expressed optimism that various developments, including criminal trials and rigorous regulatory actions, will restore investor and consumer interest in the crypto market.
As the landscape for Bitcoin ETFs evolves, market participants will closely monitor the SEC’s stance and any potential regulatory developments that shape the future of cryptocurrency investment products.
Featured image from Shutterstock, chart from TradingView.com