Bitcoin
Bitcoin price charts point to explosive gains in the long term
Published
3 hours agoon
By
adminBitcoin and other cryptocurrencies started the week well, buoyed by ongoing stimulus discussions in China, the world’s second-largest economy.
Bitcoin (BTC) crossed the important resistance point of $65,000 for the first time since Sept. 30. It has risen by over 10% from its lowest level this month and by 32% from its August low, signaling that it is in a bull market.
Bitcoin’s surge coincided with a strong rally in the global equity market after Chinese officials unveiled a series of stimulus measures.
The Shanghai Composite Index rose by 2%, while the Shenzhen index increased by 2.65%. A similar trend occurred in other Asian and European markets. In the U.S., futures tied to the Nasdaq 100 and Dow Jones continued to rise.
Bitcoin’s rally also followed increased institutional interest, with investors continuing to buy spot Bitcoin ETFs. Data from SoSoValue that ETFs saw net inflows of $308 million last week.
BTC monthly chart points to more gains
The monthly chart suggests that Bitcoin may experience more long-term gains. It shows that the BTC price has been forming a cup-and-handle pattern since peaking at $68,856 in 2021. It retested that level again this year and formed a rounded bottom.
The recent consolidation has been part of the handle section, which typically precedes a major bullish breakout.
This consolidation is also part of a bullish flag pattern, characterized by a long flagpole followed by rectangular consolidation.
Additionally, the chart shows that Bitcoin formed a hammer candlestick pattern in August. This pattern, characterized by a long lower shadow and a large body, is one of the most bullish signs.
Therefore, more gains will be confirmed if Bitcoin rises above the year-to-date high of $73,800. However, these patterns, especially on the monthly chart, can take time to fully play out.
Bitcoin daily chart catalysts
The daily chart also indicates potential near-term gains. Bitcoin has remained solidly above the 50-day and 200-day Exponential Moving Averages. It has also avoided forming a death cross pattern, which often signals further downside.
Bitcoin has also been forming a broadening wedge pattern since March, characterized by a series of higher lows and lower highs. In this case, its higher lows were at $73,800, $72,000, and $70,000.
A break above the descending trendline and the all-time high at $73,800 will confirm a bullish breakout and likely lead to further gains. The odds of Bitcoin reaching a record high this year are increasing.
According to Polymarket, there is a 62% chance that Bitcoin will rise to $63,800 this year, the highest odds since Sept. 29 and significantly higher than this month’s low of 32%.
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Bitcoin
Top Analyst Unveils Level Where Bitcoin Finally Escapes ‘Endless Chop’ – Here’s His Forecast
Published
8 hours agoon
October 14, 2024By
adminA top crypto strategist known for making timely Bitcoin calls is outlining a price level where he thinks BTC’s eight-month consolidation could come to a close.
Pseudonymous analyst DonAlt tells his 589,100 followers on the social media platform X that he believes Bitcoin will gather more bullish momentum if it clears a crucial resistance area.
The trader also notes that it would be healthy for BTC to retest its immediate support before moving higher.
“>$65,000 and I’d wager we’ve finally escaped the endless chop
<$58,000 and sadness awaits
>$61,700 is a good first step towards $65,000 being broken
I’m hopeful we’ll go up after all this chop has ended.”
At time of writing, Bitcoin is trading for $62,663.
DonAlt is also keeping a close watch on the top smart contract protocol Ethereum (ETH). According to the analyst, ETH appears to be forming an ascending triangle pattern – a bullish reversal structure if an asset takes out its horizontal resistance.
“I shall name it the triangle of cope.”
In a video update, DonAlt says that ETH will start to look bullish if it soars above its horizontal resistance.
“Above $2,700 is already enough, like above $2,700 ETH starts looking really attractive. If not, even $2,500 if you want to be really, really aggressive.”
At time of writing, Ethereum is worth $2,458.
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Amidst the slumpy market conditions, StakeLayer has surged by over 250% alongside Thala, Dream Machine Token, which surged by double digits.
The crypto market cap has dropped by over 1.5% in the last 24 hours. As per CoinMarketCap data, it currently stands at $2.17 trillion.
Bitcoin (BTC) is bleeding alongside Ethereum (ETH) in single digits. However, the Stakelayer token is up by over 250% during the same period.
Stakelayer market cap eyes $50 million with the pump
Data from CoinGecko reveals interesting price movement for the cross-chain staking and restaking platform’s token. The token has pumped from a 24 hour low of $0.00344 to a high of $0.001489.
The rally has however cooled down as the token is trading at $0.01299 at press time. StakeLayer also touched an all time high today and is down by over 27% from that high.
The token has also earned its spot as the largest gainer on CoinGecko in the last 24 hours. A look at their X account reveals that the team had announced a buyback and burn initiative, which could be one reason for its price surge.
Thala and Dream Machine Token surge double digits
Interestingly, during the same timeframe, Thala (THL) and Dream Machine Token (DMT) surged by double digits. As per CoinGecko data, THL price is up by over 18.5%, while DMT has pumped by 20%.
Even though the exact reason for the surge in DMT’s price is unclear, THL’s price surge can be attributed to the price pump of Aptos (APT). Thala Labs is an ecosystem protocol that aids in borrowing, lending, trading, staking and validating APT.
The recent surge in APT’s price, which saw it touch as high as $10.27 from a weekly low of $7.87, is likely the primary catalyst for the surge in its price. THL is up by over 71% in the last 30 days.
The token has also shown a decent surge in the last week, with its price touching as high as $0.6354 from a low of $0.4228.
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Bitcoin
Protocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
Published
1 day agoon
October 13, 2024By
adminProtocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
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