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BTC price ‘on the way to $90K’ – Five things to watch in Bitcoin this week

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Bitcoin (BTC) launches into a new week determined to keep $60,000 as support — despite new all-time highs failing to last.

After a classic Sunday dip, bulls regained control and have managed to keep BTC/USD clear of sub-$60,000 lows.

With neither the April nor October all-time highs seeing a retest so far, however, investors are eager to see where Bitcoin is capable of going.

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Expectations remain sky high — as much as $300,000 in the coming months, and even a continuation of the bull run well into 2022.

Cointelegraph takes a look at five factors to consider when charting BTC price action in the coming days.

Bitcoin’s “relentless spot bid”

A cool picture on global markets as U.S. stocks futures remain unmoved prior to the open.

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Inflation continues to bite, and even the Federal Reserve admits that it could stay higher for longer. A separate row over taxing unrealized gains is also coming in for intense debate among crypto circles.

Beyond soaring commodities, however, the picture is cooler when it comes to Bitcoin price triggers, as a decoupling from macro moves has already long characterized BTC/USD.

Ahead of the launch of the third Bitcoin futures exchange-traded fund (ETF) Monday, more attention is being paid to gold — and traditional ETFs — and the threat that Bitcoin poses to them.

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“If CME open interest jumping several places to number 1 globally in a matter of days this week is not a barometer for massive institutional interest, I don’t know what is,” Charles Edwards, CEO of investment firm Capriole, commented last week.

“This is a changing of the guard.”

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Bitcoin futures open interest chart. Source: Charles Edwards/ Twitter

Edwards previously said that the futures-based ETFs would provide a “relentless spot bid” on Bitcoin, countering concerns about the instrument’s overall potency.

Looking at the futures volumes, large buy-ins accompanied each challenge of $60,000, Ki Young Ju, CEO of on-chain analytics firm CryptoQuant added.

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Tracking the 2017 bull run

In classic fashion, a weak Sunday has turned into a bullish Monday this week as Bitcoin climbs above $62,000.

Last week saw a 10% dip from new all-time highs of $67,100, and April’s $64,900 peak provided barely any support.

As bearish calls began to surface, however, Bitcoin was in no mood for abandoning its new trading zone — even as analysis argued that even $50,000 would still constitute solid price action.

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The weekly close failed to challenge a large buy wall which lies just under $60,000, providing further relief.

“So far, so good,” Cointelegraph contributor Michaël van de Poppe summarized in his latest update Monday morning.

“Bitcoin on the way to $90K.”

The schedule for such a target has lengthened this month — for Van de Poppe, this should come only later in Q1 next year, contrasting with six-figure estimates with a much lower timeframe.

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October is forecast to end at around $63,000, meanwhile, leaving uncharted territory for the last two months of 2021.

For popular analyst TechDev, Bitcoin is still replaying 2017 price action with almost uncanny accuracy. This, too, would suggest much higher price levels before the year is out — in line with December 2017’s blow-off top.

VanEck ETF prepares for Monday launch

Another week, another reason to get bullish on institutional investment as Bitcoin sees another exchange-traded fund (ETF) go live.

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This Monday, it’s the turn of VanEck, almost a household name in cryptocurrency circles thanks to its years of attempting to get a Bitcoin ETF product to market.

Like last week’s offerings, VanEck’s Bitcoin Strategy ETF (XBTF) will have Bitcoin futures underlying, adding to the competition in advance of an initial regulatory decision on physical ETFs next month.

XBTF will have a 0.65% management fee, and will start trading as the third Bitcoin futures ETF on the U.S. market.

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VanEck also plans to launch a physical ETF, with the Securities and Exchange Commission (SEC) due to decide on its fate on Nov. 14.

As Cointelegraph reported, despite mixed opinions of the overall utility of futures-based ETFs, ProShares’ pioneering U.S. debut saw almost unprecedented uptake last week.

The second, from Valkyrie, was more subdued.

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“We see Bitcoin on track to trade like gold,” a still-bullish Bloomberg senior commodity strategist Mike McGlone commented on the latter’s launch day.

He referenced the rags-to-riches transformation that accompanied gold in the early 2000s when it first attracted its own U.S. ETFs.

At the time, like ProShares, the first gold ETF, the SPDR Gold Trust (GLD), gathered over $1 billion in its first three days’ trading in November 2004.

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Bitcoin ETF approval timeline. Source: Arcane Research

No major exchange sell-offs

As Cointelegraph reported, exchanges are a key focus under current market conditions as a macro trend of decreasing Bitcoin supply slows.

During bull runs, mass inflows of BTC to exchanges tends to signal the price point at which the masses plan to sell — and hence the likely price top.

More broadly, however, the amount of Bitcoin held on exchanges has been falling — and this accelerated since the May price crash.

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According to the latest data, it now seems that Binance has diverged from other major platforms this month, seeing inflows of BTC to its orderbook while most of the rest continue shedding reserves.

The run to new all-time highs for BTC/USD overall produced a slight uptick in exchange BTC levels, but this is negligible when viewed against the overall downtrend.

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Exchange BTC reserves chart. Source: Bybt

Hodlers are already known to have little interest in selling such a short way past previous all-time highs, and institutional buyers are assumed not to be planning snap sales just after gaining exposure.

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Derivative exchanges have seen particularly active buying over the past week.

Sentiment gets a welcome cleanout

Change is once again afoot in crypto market sentiment, but unlike earlier in the month, investors are getting wary.

According to the Crypto Fear & Greed Index, unsustainable optimism in “Uptober” is no longer the mood when it comes to Bitcoin or altcoins.

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Having hit “extreme greed” last week, the Index has deflated in line with BTC price action, as of Monday lying at 72/100 — simply denoting “greed.”

That level has formed a cluster at various times over the past three months, reinforcing the feeling that a “reset” has occurred for sentiment with Bitcoin still at $60,000.

Given that the classic cycle top corresponds with a Fear & Greed score of 95/100 or more, the implication is that further price upside — if slow enough — could carry on much longer.

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Crypto Fear & Greed Index as of Oct. 25. Source: TradingView

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Mike Novogratz Expects Bitcoin to Stay Above $42,000

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Mike Novogratz says that it would be surprising to see Bitcoin below $40,000

Galaxy Digital CEO Mike Novogratz believes that the price of Bitcoin is not going to fall below $40,000.

The crypto mogul told CNBC host Joe Kernen earlier today that he would be surprised to see the biggest cryptocurrency revisiting the aforementioned price level.

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Novogratz is convinced that $42,000 will remain at the bottom of the ongoing correction.
 

I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000.
 

Bitcoin suddenly collapsed 21% on Dec. 4, making crypto traders dust off their $20,000 charts.

The cryptocurrency managed to recover to $52,000 on Dec. 8, but it was rejected there.

At press time, Bitcoin is trading down 2.7%, slightly above the $49,000 level on cryptocurrency exchange Bitstamp.

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Novogratz claims that Bitcoin going below $40,000 would result in a significant sentiment shift, adding that such a dramatic drop would make him scratch his head.

The crypto boss remains optimistic due to the increasing number of people participating in the industry:

There’s so many more people participating on it. It’s hard for me to see if going below.

However, as reported by U.Today, growth investor Louis Navellier recently said that Bitcoin could drop to $10,000 if it were to lose the do-or-die $28,500 support level that managed to hold during a dramatic correction in summer.

After a streak of unsuccessful predictions in 2018, the hedge fund veteran made a prescient call about Bitcoin reclaiming its previous record high of $20,000 by the end of 2020.

Bitcoin is now up 73% in 2021, significantly underperforming some of the top altcoins.

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Top Trader Says Ethereum Looks Exceptionally Bullish, Unveils Targets for Bitcoin and Explosive Altcoin Terra

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A popular crypto analyst believes Ethereum (ETH), Bitcoin (BTC) and one altcoin are about to blast off and leave the recent market-wide slump in the dust.

The pseudonymous crypto strategist and trader Kaleo tells his 454,000 Twitter followers that ETH’s time to shine has arrived as the “king” of the layer-1 blockchain protocols.

The analyst says,

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“ETH is so bullish after the most recent flush it’s not even funny.

We’ve seen a major rotation play among the alt [Layer-1s] the past few months.

It only makes sense that the king of the L1s finally has a chance to suck liquidity from the rest of the market and have a run of its own.”

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Ethereum is about even on the day, trading for $4,346 at time of writing.

Kaleo next looks at Bitcoin and says he still believes the top crypto will reach at least $100,000 during the current cycle.

“I’ve said it before and I’ll say it again – I still expect to see Bitcoin have a parabolic move to top out at $100K+ this cycle.

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I’ll gladly start scaling out around $150K. I expect it to go higher, but I’m not concerned with nailing the top. Until then, just keep stacking.”

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Source: Kaleo/Twitter

BTC currently sits at $50,900 after having battled back from a flash-crash low around the $43,500 level on December 3rd.

Lastly, the crypto analyst lays out his price prediction for the Terra (LUNA) protocol, whose native token LUNA underpins a suite of decentralized stablecoins.

Kaleo tells his followers that Terra reaching the $100 threshold is inevitable.

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“LUNA going to $100 from here is only a matter of time.”

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Source: Kaleo/Twitter

LUNA has seen some wild price action in recent days, with the altcoin tumbling from $69.66 to $53.64 late last week before surging to $77.37 on Sunday.

The 10th-ranked crypto has since corrected but is back up 5% on the day to $70.74.

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Bitcoin SV Coin Struggling Near Vital DMA lines, In Sideways Consolidation

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  • Bitcoin SV coin is trading sideways over the larger time frame, with a substantial consolidation over the past few months. 
  • The crypto asset is currently placed under the narrow range of $100 to $200 while trying to suppress its 20, 50, 100, and 200-day lines.
  • The pair of BTC/BTC is trading at 0.003027 BTC with an intraday gain of +3.21%, and the ratio of BTC/ETH is CMP at 0.03489 ETH with a minor 24-hour change of +1.91%.  
Chart of BSV/USD by Tradingview

Bitcoin SV coin at the monthly chart is trading sideways, with solid consolidation. Currently, the coin is trying to suppress its all vital moving averages of 20, 50, 100, and 200-day lines. The overall short to long-term trend is still neutral, as it is struggling near all vital moving averages. Volume activity over the chart increases and needs to grow strongly for the breakout from the sideways pattern. The breakout from the sideways pattern will create a substantial upside in upcoming trading sessions, which needs supportive volume activity to grow. The sustainability above the breakout level of $200, with supportive volume activity, will boost more upside to $240 to $270. Support on the lower side is $125 and $100, whereas resistance on the higher side is $180 and $200.

Bitcoin SV coin is trading under the roller coaster at the 4-hour time frame

Chart of BSV/USD by Tradingview

Bitcoin SV coin is trading under the roller coaster at the 4-hour time frame. Meanwhile, the technical parameters presently showcase substantial volatility, with good volume activity. Volume activity at the weekly chart is higher and needs to maintain above its average volume activity. BSV price is trading at $149 with an intraday drop of -1.84%, and the volume to market cap ratio is 0.2866.

relative Strength Index (CAUTION): Bitcoin SV coin RSI is heading lower, after testing the overbought zone. The coin moves lower with a substantial upsurge from the lower levels and RSI at 54. 

Moving Average Convergence Divergence (CAUTION): The daily chart projects a caution trend with a bearish crossover at the 4-hour time frame. The buyer’s signal line (green) is heading towards the seller’s line (red) for the upcoming negative crossover.  

Support levels: $125 and $100

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Resistance levels: $180 and $200.

DISCLAIMER

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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