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Will Bitcoin Beat The Odds And Fly To $300,000 By 2025?
At press time, Bitcoin is within a bullish formation and firm, rejecting attempts for lower lows despite slumping by roughly 20% in June.
Though there is hope that prices will trend higher in June, one analyst thinks BTC is walking on a tightrope. For buyers to take over, it means BTC will defy its historical trends observed in the last five years by printing green by September.
Will Bitcoin Beat The Odds?
Price data aggregated over the past five years paints a concerning picture for Q3 2023. In a post shared by one analyst, historical data shows that Bitcoin often dips in Q3, posting an average return on investment (ROI) of -5.21%.
If this sets precedence, then it means that though BTC is firm when writing, the coin will most likely end up in losses below current rates.
Looking at price charts, it is evident that buyers are in control, primarily because of Q1 2024 gains. Then, prices soared to all-time highs before correcting, dropping to ,800.
Even though this line has not been broken, bulls have been struggling for momentum as bears have been unrelenting, forcing prices lower on numerous occasions.
BTC To 0,000? On-chain Activity And Institutional Adoption Rising
Despite the historical bearish trend in Q3, some analysts remain optimistic. Considering X, one analyst thinks BTC will fly to as high as 0,000 by 2025 based on the “power law” theory. This prediction is almost 5X from spot rates, an overly optimistic prediction.
Under the “power law” theory, the analyst said fundamentals play a crucial role. When a predictable growth pattern for Bitcoin based on its network activity is factored in, then the only way forward, the analyst said, is up.
To further support this outlook, the analyst said Bitcoin prices have followed the power law for over a decade. It means the coin’s intrinsic value is independent of market hype.
Beyond this, several other metrics support the potential for continued growth. For instance, IntoTheBlock data reveals that the number of active Bitcoin addresses continues to rise, reaching levels not seen since mid-April.
An ETF analyst, Eric Balchunas, said inflows to spot Bitcoin exchange-traded funds (ETFs) remain strong despite recent price dips. This means that investors expect prices to trend higher despite short-term price fluctuations.
As institutions pour in on spot Bitcoin ETFs, other data also show that the top 25 hedge funds in the United States now hold BTC in their portfolios.
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Donald Trump’s VP Contenders: A Look at Polymarket Odds and Favorites
With the 2024 election set for November, there’s growing curiosity about whom former President Donald Trump will select as his vice-presidential candidate. Currently, the decentralized prediction market Polymarket is featuring bets on a wide array of potential candidates, with this weekend showing a mystery candidate and Republican Senator J.D. Vance of Ohio as the frontrunners. […]
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Betting Odds Odds Suggest 24% Chance Joe Biden Will Exit 2024 Election Race
According to a bet on Polymarket, a decentralized predictions platform powered by Polygon, there’s a wager on whether current U.S. President Joe Biden will exit the 2024 election race. Currently, the likelihood of Biden stepping down has grown over the past few months to a 24% probability, as indicated by Polymarket bettors. Political Futures in […]
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Conviction Fails to Deter Donald Trump’s 2024 Election Odds, According to Polymarket Bets
Following the landmark news of former President Donald Trump’s conviction on 34 counts related to a hush-money scheme allegedly influencing the 2016 election, data from the Polygon-powered prediction market Polymarket shows Trump still leading in forecast bets for the 2024 election. Convicted But Leading: Trump Tops 2024 Election Predictions on Polymarket According to Polymarket, Donald […]
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Analysts Boost Odds for Ethereum ETF Approval to 75% Amid SEC Chatter
On May 20, 2024, Bloomberg Intelligence exchange-traded fund (ETF) senior analyst Eric Balchunas informed his 274,000 X followers that he and his colleague James Seyffart had increased their expectations for the approval of a spot-based ethereum ETF. “Update: [James Seyffart] and I are increasing our odds of spot Ether ETF approval to 75% (up from […]
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Presidential Election Betting Surges as Odds Tighten on Polymarket
The competition has notably intensified in recent months for the 2024 U.S. presidential election, as indicated by the prediction market platform Polymarket. Just two months ago, former President Donald Trump was ahead with a 52% lead, while incumbent Joe Biden was at 33%. Current figures from Polymarket still place Trump in the lead, albeit by […]
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Are The Odds In Bitcoin Bulls Favor? These Analysts Forecast BTC’s Future
As the Bitcoin (BTC) “Halving” approaches, expectations increase about how the flagship cryptocurrency will perform. Bitcoin (BTC) is recovering momentum after facing a significant correction in the first few days of Q2, and some analysts are forecasting new heights for the number one cryptocurrency soon.
Are The Odds In The Bulls Or Bears Favor?
Bitcoin had its best quarterly close during Q1, 2024. Despite BTC’s stellar performance, as Q2 started, the market was dragged by the leading cryptocurrency’s price correction.
Since then, Bitcoin has been steadily recovering, testing the ,000 resistance level over the weekend. As the week started, BTC appeared to have regained support above the ,000 level.
Crypto analyst Ali Martinez seems to think that Bitcoin’s performance so far reflects a positive sentiment from investors. In an X post, Martinez shared a chart that paints an optimistic picture, at least for now.
When you compare support (1.4 million addresses holding 893,000 $BTC between ,220 and ,325) with resistance (474,000 addresses holding 285,000 #BTC between ,760 and ,200), the odds appear to favor the #Bitcoin bulls! pic.twitter.com/pceCyGa8mb
— Ali (@ali_charts) April 9, 2024
According to Martinez’s post, the In/Out of the Money Around Price (IOMAP) indicator seems favorable to the bulls. Per the chart, the addresses holding BTC at the support level massively outnumber those holding Bitcoin at the resistance level.
The chart suggests that Bitcoin is at “stable support” as 474,000 addresses hold 285,000 BTC between ,760 and ,200. Meanwhile, 1.4 million addresses hold the flagship cryptocurrency between ,220 and ,325.
When compared, the addresses and BTC held at the support level nearly triple those in the resistance zone. To the analyst, bulls are the current victors as “odds appear to favor” them.
Analyst Forecast Bitcoin To 90,000 Soon
Captain Faibik, another crypto analyst, also seems to perceive more bullish momentum for Bitcoin. In an X post, the analyst suggests that BTC’s “bullish pennant upside break is confirmed on the daily chart.”
Per the chart, the flagship cryptocurrency’s price started a consolidation period in early March, forming a pennant pattern. This pattern saw an upside breakout after Monday’s daily candle closed above the ,000 price range.
Due to this breakout, the analyst forecasts a surge to the ,000-,000 price range this month.
$BTC Bullish Pennant Upside Breakout is Confirmed on the Daily timeframe Chart..
Now, Send Bitcoin to the 88-90k this Month. #Crypto #BTC #Bitcoin pic.twitter.com/ok2DGPXsAb
— Captain Faibik (@CryptoFaibik) April 9, 2024
At the time of writing, Bitcoin remains above the ,000 support level, only 5% below its most recent all-time high (ATH) price of ,373. Despite the positive resistance, BTC’s price performance shows a slight decrease of 2.3% from yesterday.
Similarly, its daily trading volume and market capitalization have mildly dropped. According to CoinMarketCap data, BTC’s daily trading volume is down by 6%, while its market cap of .38 trillion represents a 2.1% decrease.
Nonetheless, Bitcoin remains 8.4% above its price seven days ago, trading at ,378. Further bullish sentiment, fueled by the upcoming “Halving” event, could help the largest cryptocurrency by market capitalization consolidate its support above the current levels.
Underdogs Defy Odds, Shaking up NCAA Tournament Brackets
With the dust settling from Thursday’s upsets, attention shifts to an equally promising lineup of games in the South and Midwest Regions, where teams like Marquette, NC State, Houston, and Duke vie for dominance in their quest for the Final Four. March Madness Delivers Rising Underdogs and Steadfast Favorites Statistically, this tournament has been one […]
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