After two weeks of strong rallies and investors’ joy, Bitcoin has come back to a standstill and is now struggling to break out of the $60 – $65,000 region while many sell at a profit during this price stop.
Let’s start by looking at the weekly chart where we can project the current move into the future giving us a target at $100k if bitcoin manages to surpass the previous historical high.
On the daily chart we see the price making rising tops and bottoms and this shows an uptrend in the short term.
Although the moment looks positive, we are currently having large bitcoin sales taking place at a profit. In addition to the big profit achievements we also have portfolios with more than one thousand and ten thousand bitcoins falling over the last few days.
Does this data mean that Bitcoin will go down hard tomorrow? No, no one can predict the future but it’s worth keeping an eye out for short-term corrections.
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Popular Analyst Sets Price Targets for Bitcoin, Ethereum, and Solana
The crypto market has been wobbly over the last 24 hours. Despite mild volatility, Bitcoin has held above $60K, ETH has been trading above the $3700 level after a slight dip. BNB despite the coin burn is still thriving at the $480 level.
Amidst this market action, Three price prediction charts for Bitcoin, Ethereum, and Solana are working like “pure magic,” according to macro specialist Raoul Pal, and they give positive predictions for the tokens. He speaks of which in the new Crypto banter podcast.
The Real Vision’s co-founder and CEO compare Bitcoin’s current market cycle to that of 2012-13, predicting a price goal of more than $250,000 at the end of this bull run.
He says he has been using the chart for over a year and it’s been nothing short of miraculous. It provides a very clear aim, and it’s worked wonders.
” It Gave Me The Courage To Keep Adding During The Bear Market, Knowing That “We Know How This Plays Out.” He Added.
At the time of writing Ethereum Price is trading at $3812 up by 1.9% in the last 24 hours.
The former Goldman Sachs executive then puts up another graph that compares the price trajectory of Ethereum from 2016 to that of Bitcoin from 2011 to 2019.
He further shows how Ethereum stacks up against Bitcoin in 2017. It’s been a lot of fun. In fact, I have this as a real-time chart on Bloomberg, and it’s virtually accurate to the day right now [because] it’s so close he says.
At the time of writing, BTC is trading at $62317 up by 1.9% in the last 24 hours.
Finally, Pal provides a graph that illustrates how Solana (SOL), a smart contract platform, is following the same path that Ethereum did in 2016-2017, which, if it continues, will put SOL above $800 in April 2022.
He explains that at the moment, the price of Ethereum is nearly the same as the price of Bitcoin in 2017. and here’s Solana at the same price as ETH, expanding quicker as a network, but with the same chart. It’s insane.
At the time of writing, Solana is trading at $157.72 up by 0.1% in the last 24 hours.
China’s Last Goodbye to Bitcoin? Now Bitcoin is Preparing for $100,000
Just when you think China’s crackdown on cryptocurrencies couldn’t go any harsher, the country surprises you again. This week, Binance announced that it is taking more measures to comply with the government, by delisting the Chinese yuan from its peer-to-peer trading platform on December 13.
The announcement hit Chinese traders hard, as Binance is one of the main three crypto exchanges for Chinese traders. And just a month ago, another exchange Huobi turned its back on Chinese users. Now only leaves OKEx, without which Chinese users will have nearly nowhere to turn to.
Chinese miners and traders used to be a superpower in the bitcoin market. Is China leaving a funeral bell then? Well, this could be good news in the long-term, as investors need not to constantly worry about when the other shoe will drop. Without interference from China, bitcoin’s price could be less volatile.
Bitcoin responded to this latest news with a 2% plunge, a sign indicating that the Chinese effect had waned. China’s crackdown has been going on for years. In July, Beijing banned all the mining activity in the country and caused a 28% mining difficulty drop. But the US quickly filled in. Now the US is the largest miner in the world, contributing over 30% of the hash rate.
Jurrien Timmer, Fidelity’s director of global macro, now eyes $100,000 for bitcoin by 2023. Timber said that was just a conservative estimate based on his supply model and demand model. He also commented that he believed the regulation on cryptocurrency would be resolved over time and the market would be legitimized.
Recently, global markets are suffering due to the coming inflation and energy crisis. More and more investors turn to bitcoin in hope of hedging against inflation. In a note to investors, JP Morgan said that bitcoin could be a better hedge than gold. According to data from a crypto quant, investors are accumulating more bitcoin. On October 11 alone, more than 7000 bitcoin left exchanges. The bitcoin net flow indicator is used to measure the net number of coins leaving or being deposited into exchanges. A negative trend usually indicates that investors are bullish on cryptocurrency.
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Invesco Pulls Back Its Decision to Launch A Futures-backed Bitcoin ETF
We are just a few hours away from the launch of the first Bitcoin ETF from ProShares, but there’s a new twist in the tale. Financial giant Invesco has decided to be out of the race while deciding it will not pursue it anymore. In a statement, the firm said:
“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF”.
Invesco had been one of the forerunners in applying for a Bitcoin ETF with the U.S. SEC. Thus, the last-minute decision coming from the financial giant comes as a surprise to the bitcoin community. Along with Invesco, the SEC is facing the deadline for Bitcoin ETF applications from VanEck and Valkyrie this month.
Later today, October 19, the ProShares Bitcoin ETF will debut at the NYSE Arca Exchange. The BTC price has already rallied 40% this month of October amid strong anticipation of the first Bitcoin ETF in the U.S. As of press time, Bitcoin is trading at $62,434 with a market cap of $1.181 billion.
Grayscale Preparing for a Spot Bitcoin ETF
World’s largest digital asset manager Grayscale also announced that it will convert its GBTC Bitcoin fund into a Bitcoin ETF. Grayscale founder and CEO Barry Silbert confirmed the same.
Following a “clear, formal indication” from the U.S. Securities and Exchange Commission (SEC), Grayscale shall be filing for a spot ETF.
Silbert also aired his criticism to the futures-back Bitcoin ETF from ProShares and Valkyrie. It seems that Grayscale won’t be giving up to the SEC’s whims and will continue to aggressively pursue a spot Bitcoin ETF directly tracking the underlying asset.