The cryptocurrency market is off to a fantastic start in the new month. After the values of Bitcoin and a slew of other altcoins climbed during the last few hours, the overall cryptocurrency market cap has reclaimed the $2 trillion threshold.
Bitcoin’s price has risen by more than 10% in the last 24 hours. As the adverse trend in the market deepens, the leading cryptocurrency was battling to trade over the $40k barrier earlier this week. Bitcoin, on the other hand, has performed admirably over the last 48 hours, exceeding the $45k milestone and now trading above $47k.
If Bitcoin and the cryptocurrency market as a whole can maintain their current momentum, BTC might be trading above $50,000 in the coming hours or days. It would be less than a third of the way down from its all-time high of about $65,000.
Despite the recent gloomy sentiment in the market, several analysts were optimistic that Bitcoin’s climb will return before the end of the year. BTC’s price could reach $100k in the next 2-3 months, according to certain analysts. Bitcoin’s price must double from its current trading value to reach $100,000.
Supply Shocktober is here!
Popular Analyst Will Clemente in a recent tweet mentions that $47,000,000 of BTC shorts has been liquidated in an hour. Thus indicating at a supply shock.
Analyst Simon Dedic too made a bullish case for BTC. In his recent tweet he says, Q4 2021 is going to be epic for Bitcoin and Ethereum.
Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash
Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021
Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.
What do Binance and Binance.US have in common?
First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.
1. What is exact corp. relationship @binance w/ @BinanceUS
2. Will firm release T&S with all trades/volume/price?
3. Did firm take opposite side of client fills
4. Will firm change low to reflect actual fills
cc: @GaryGensler @CFTC @SECGov @cz_binance @IBKR pic.twitter.com/huqzZbSGIt— Peter Brandt (@PeterLBrandt) October 24, 2021
Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.
Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.
Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.
Most expensive “trading algorithm bug” ever?
Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.
Finally, Mr. Brandt added that he never used Binance for trading.
As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.
A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.
Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett
Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.
The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.
“DOGE looks ready (as long as $BTC cooperates).
Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”
In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.
Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.
“Although the BTC weekly candle might not look great, it still held above $60k.
That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.
Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.
“BTC.D is bouncing from 44.5% support.
While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.
“This isn’t necessarily a bad thing for altcoins.
Will they suffer if BTC.D heats up again?
In the short term and against BTC, yes.
But Bitcoin strength now is massively bullish for alts over the next few months.
Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci
Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying
Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.
He named several billionaires who used to be skeptical on BTC but have been into it since 2020.
Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin
According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.
He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.
Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.
Here’s how much Bitcoin Scaramucci holds
As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.
As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.
He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.