Bitcoin
Bitcoin hits new all-time high: How long until $300,000?
Published
2 days agoon
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adminFueled by President-elect Trump’s victory and the stock market’s upward momentum, Bitcoin surpassed $80,000 on Sunday — a new all-time high.
Investors expect the cryptocurrency to reach six-figures sooner rather than later.
VanEck CEO Jan van Eck, in a TV appearance, predicted Bitcoin (BTC) could be valued as half of all the gold outstanding.
“I think Bitcoin will hit all-time highs today, and I think it will go further. Ultimately, I think bitcoin’s value will be half of all the gold outstanding, so you’re talking about around $300,000 for Bitcoin.”
Why only half?
Because it’s a “reasonable base assumption,” Van Eck added. Van Eck made the comment when Bitcoin surpassed $77,700 just days after the U.S. presidential election. See below.
Bitcoin bull run
Investors have been piling into ETFs, sending Bitcoin and Ethereum (ETH) on an upward momentum.
Then there was crypto’s role in the 2024 U.S. presidential election, which went from cameo to scene-stealer.
In the months leading up to Election Day, the mass media published one neck-and-neck poll after another. But Polymarket — a crypto-betting site — proved to be the more accurate gauge for which candidate voters preferred.
For what it’s worth, Vice President Kamala Harris’ pledged to embrace digital assets as an emerging technology. Ultimately, it was Donald Trump’s pandering that ultimately won over a majority of this particular slice of the electorate — a group that had made their frustrations toward the Biden administration and the SEC known.
Recall his previous administration. Trump disavowed Bitcoin at the time. But after losing the 2020 election and being saddled with legal fees, cash was needed for a re-election campaign. The then-Republican candidate saw an opportunity: capitalize on the crypto hype.
Trump sold non-fungible tokens (NFTs); hawked Bitcoin-themed sneakers; made a guest appearance at a Bitcoin conference; and promised to make the U.S. a crypto mining capital (the U.S. already does the most mining).
He and his eldest sons even launched their own coin, World Liberty Fi.
In the weeks leading up to Nov. 5, crypto analysts predicted that a Trump win would yield crypto-friendly policies and send the price of Bitcoin soaring to $80,000, or perhaps $100,000.
As this week tees off, with clarity on who will be sworn into the White House come January, it appears that Bitcoin is indeed on that trajectory.
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Proposed soft forks percolate up from the bitcoiner community. They undergo study and debate, and if they find sufficient interest, get a Bitcoin Improvement Proposal (BIP) number. From there, they face more debates, security reviews, debates, and also debates. BIPs that win community consensus (whatever that means) must then be activated as a soft fork – a mechanism that itself is up for debate.
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Analyst
Analyst Sets $320,000 Target As Wave 5 Begins
Published
8 hours agoon
November 12, 2024By
adminThe Bitcoin price has finally broken out of resistance and is on a journey to the $320,000 threshold, according to a crypto analyst. Notably, the Bitcoin price has now returned into a full bullish sentiment, with the crypto fear and greed index now pointing to extreme greed.
In a recent technical analysis, crypto analyst Gert van Lagen identified a bullish pattern in Bitcoin’s price chart, specifically pointing to a confirmed breakout of the classic ‘cup-and-handle’ pattern formation that has essentially kicked off a bullish Wave 5 run.
Bitcoin Price Sets Sights On $320,000 As Wave 5 Begins
Bitcoin’s price action has been nothing short of impressive in the past few days. Notably, the Bitcoin price has created multiple all-time highs in quick succession, as many investors start to pour in. This sustained demand has created successive bullish candles on both the daily and weekly charts, illustrating a continued strong upward momentum.
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Interestingly, these bullish candle formations have validated what crypto analyst Gert van Lagen called the start of a sub-wave 5 formation. This wave, which is known to be bullish, is expected to be the final sub-wave formation in a larger Elliot wave uptrend that has been in play since January 2023.
Supporting the possibility of the wave 5 formation, technical analysis of the Bitcoin price formation shows that the recent price rally has seen Bitcoin breaking out of a cup-and-handle formation. This pattern, which is known to be bullish, has been in formation since 2022. The ‘cup’ portion of this pattern began forming in early 2022 and eventually ended with Bitcoin’s peak above $73,700 in March 2024. The subsequent consolidation phase, which lasted until October, represents the ‘handle’ segment of the pattern.
In addition to this, Bitcoin has managed to break free from what van Lagen described as a ‘base 4 step-wise formation,’ effectively shaking off a bear trap. With this breakout now confirmed, van Lagen’s analysis points to a projected target range between $220,000 and $320,000. This range marks what he considers a ‘major sell line,’ which is a zone where profit-taking might intensify as Bitcoin reaches these upper limits.
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Current State Of BTC
At the time of writing, Bitcoin is trading at $89,500 with a market cap of $1.77 trillion and an all-time high of $89,864, having increased by about 10.5% in the past 24 hours. However, given this trend, this all-time high might not last long. The bullish sentiment and inflow surrounding Bitcoin has been so massive that investors don’t know when to take profit at the moment. The RSI is above 70 on every single timeframe from the daily to the yearly. This shows how strong the buying momentum is at the moment.
Nevertheless, the momentum is expected to continue, with the next target at $90,000 and another at $100,000. A move to Gert van Lagen’s target of $220,000 to $320,000 will represent a 145% and 255% increase, respectively, from the current price.
Featured image created with Dall.E, chart from Tradingview.com
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Adoption
AI startup Genius Group picks Bitcoin as main treasury asset
Published
13 hours agoon
November 12, 2024By
adminBitcoin as an institutional reserve asset gained more traction as a Singapore-based AI company took a page from MicroStrategy’s book.
Per a press statement, publicly-traded artificial intelligence firm Genius Group will onboard Bitcoin (BTC) as its main treasury holding and immediately purchase $120 million worth of the world’s leading cryptocurrency.
Genius Group also said it would hold 90% of its current and future treasury value in Bitcoin, adding to its initial 1,380 token buy plan disclosed on Nov. 12. The startup’s GNS shares surged 50% during pre-market trading, according to Yahoo Finance. GNS prices shook off gains by publishing time, but the shares still traded higher than their previous close.
At least three institutional players have now adopted the BTC accumulation strategy pioneered by Michael Saylor’s software behemoth MicroStrategy. Firms like Tokyo’s Metaplanet, medical tech provider Semler Scientific, and now Genius announced BTC purchasing plans inspired by Saylor’s company.
All three companies hold over 1,000 BTC. The trio were leagues away from MicroStrategy’s 279,420 Bitcoin trove valued at over $24 billion due to recent highs.
We believe that with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace Microstrategy’s Bitcoin strategy for the benefit of our shareholders.
Thomas Power, Genius Group director
Stocking most of its treasury with BTC was also revealed shortly after Genius reshuffled its top decision-makers. Genius added multiple crypto-savvy board members as the firm paid more attention to web3 and blockchain technology.
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