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Bitcoin Price Dips to $67K Despite Pro-Crypto Remarks from Trump, More Correction Ahead?

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The pioneer cryptocurrency Bitcoin records a 1.13% drop in the last 24 hours to trade at $67400. Despite a strong pro-crypto stance from U.S. Presidential candidate Donald Trump at the Bitcoin 2024 conference, this sell-off creates market concern for the asset’s sustainability for a higher price. However, considering the recent three-week rally, a minor pullback on the weekend is justifiable and needed to recuperate the exhausted bullish momentum.

Bitcoin Price Flag Formation Hints Breakout Opportunity past $80K

The mid-term trend in Bitcoin price remains a sideways trend amid the formation of a bull flag pattern. This chart setup is defined by two downsloping lines that are currently shaping the price trajectory by providing dynamic resistance and support

On July 5th, the BTC witnessed a bullish reversal from the flag pattern at $53485, uplifting its asset 29.75% to hit a high of $69400. This recent peak followed the positive market sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.

BINANCE:BTCUSDT Chart BINANCE:BTCUSDT Chart
Bitcoin Price| Tradingview

In his speech, Trump outlined several pro-crypto initiatives: he vowed to replace SEC Chairman Gary Gensler on his first day in office, establish a strategic national Bitcoin reserve if elected, ensure that the U.S. Government retains all its Bitcoin holdings, and block any attempts to create a central bank digital currency (CBDC) during his presidency. 

He also asserted that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.

Despite Donald Trump’s optimistic promises, the BTC price fell short of reaching $70,000 and is currently trading at $67,400 Consecutively, the Bitcoin market cap plunged slightly to waver at $1.335 Trillion.

However, this pullback is justifiable, as Bitcoin price has recently seen significant growth over the past three weeks, which has greatly elevated market sentiment. Thus, the price action over the weekend could replenish the exhausted bullish momentum, potentially bolstering a breakout attempt from the flag pattern at $70,130.

A successful breach will signal the uptrend continuation and extend the BTC price forecast target to $78000, followed by $84000.

On a contrary note, if the supply pressure at the overhead trendline persists, the asset price may spark fresh corrections for a couple of weeks or months.

Technical Indicator: 

  • Pivot Levels: The traditional pivot indicator hints the price pullback could witness immediate support at $64400, followed by a correction floor at $56700.
  • Moving Average Convergence Divergence: A bullish crossover state between the MACD (blue) and signal (orange) assures the recovery momentum is intact.

Frequently Asked Questions (FAQs)

A CBDC is a digital form of fiat money that is issued and regulated by a country’s central bank. It is intended to provide a digital alternative to traditional banknotes.

Proposing a strategic national Bitcoin reserve is a major endorsement for Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin similarly to gold potentially stabilizing its price and encouraging other nations to adopt similar strategies.

Conferences like Bitcoin 2024 serve as pivotal platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency sector.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dormant Bitcoin Wallet From 2012 Awakens, Moving Millions—BTC Price To Dip?

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Este artículo también está disponible en español.

A Bitcoin wallet containing around 749 BTC, equivalent to roughly $53.2 million, has been reactivated after nearly 12 years of inactivity.

This sudden move in funds was detected in the early hours of Tuesday, as blockchain tracking platforms such as Mempool and Whale Alert recorded a transfer of approximately 159.2 BTC, valued at $11.3 million, from this long-dormant wallet.

The last known transaction from this address was back in November 2012, when Bitcoin’s price was around $10, making the wallet’s balance worth below $9,000.

Details Of The Moved Millions

Data from on-chain monitoring platform Mempool, shows that the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender’s address, labeled as “change” by blockchain analytics firm Blockchair.

The remaining 35 BTC, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet’s owner and their intentions remain unidentified, leaving the crypto community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.

However, the timing of the awakening of this dormant wallet is quite noteworthy. It comes at a time when Bitcoin has been seeing consistent increases in price in recent weeks. Particularly, the asset has finally broken above the $70,000 resistance with a current trading price of $72,638 up by 5.3% in the past day.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Notably, movements from long-inactive wallets have historically generated intrigue, with crypto enthusiasts theorizing that these could be the actions of early adopters, lost-and-found wallets, or entities choosing strategic timing to engage with the market.

Although the reason behind this wallet move of its BTC isn’t certain, reactivating wallets like this one especially as Bitcoin continues to surge in price might indicate shifts in holders’ strategies, driven by favorable market conditions or other personal financial objectives.

Bitcoin Onchain Performance

Awakening of wallet aside, Bitcoin has been seeing quite an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several BTC metrics that are now flashing a positive momentum for the asset, suggesting further price increases.

For instance, yesterday, a CryptoQuant analyst known as Darkfost disclosed that Bitcoin hash ribbons have flashed a buy signal. Darkfost noted:

Historically, purchasing Bitcoin during a Hash Ribbons signal has aligned with strong long-term returns. Recently, we saw another signal following the major one this past summer.

Another metric suggesting price increase for Bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent post, this metric has bottomed to levels not seen in 2022. A move that preceded a rally.

Notably, the Stablecoin Supply Ratio Oscillator provides insights into Bitcoin market demand by analyzing Bitcoin’s market cap against that of major stablecoins.

The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. A low value of the metric signals more stablecoins are being converted to Bitcoin, therefore suggesting increasing demand.

Featured image created with DALL-E, Chart from TradingView





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Why Max Keiser Predicts Bitcoin Price Will Hit $220,000 Soon

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Max Keiser, a renowned Bitcoin maximalist, doubled down on his Bitcoin price bet with a recent bullish forecast posted to X (formerly Twitter). According to this prediction, Bitcoin will skyrocket to $220,000, and gold will play a crucial role in this move. This optimistic call from Keiser comes as BTC tagged the $69,000 level on Friday.

Max Keiser’s $220,000 Bitcoin Price Bet

Max Keiser’s love for BTC explains his optimism around his recent Bitcoin price prediction of $220,000. The recent tweet also considers gold’s influence on Bitcoin, which makes sens considering the high correlation between Bitcoin and gold.

He expects gold hitting a new all-time high of $2,722.54 per ounce as of October 19 could fuel the largest crypto asset’s rally as well. This optimism makes sense, considering Bitcoin’s ATH has historically preceded substantial rallies in gold.

BTC vs. Gold CorrelationBTC vs. Gold Correlation
BTC vs. Gold Correlation

This prediction is not Keiser’s first rodeo, he has been forecasting BTC’s future since 2013. In 2014, it was “Bitcoin will replace fiat currencies,” and during the 2017 bull run, Keiser expected BTC price to hit $5,000.

The year-to-date performance shows Bitcoin is up 61%. To make things more interesting, BTC has shot up by 40% in the past 75 days.

BTC Price Year-to-Date PerformanceBTC Price Year-to-Date Performance
BTC Price Year-to-Date Performance

While the prediction is optimistic, BTC needs to rally more than triple from the current level of $69K to hit Keiser’s target. Will Bitcoin price hit $220,000?

Will Bitcoin Hit $220,000?

Here are three reasons why it is likely for Bitcoin price to hit $220,000 this cycle.

  1. Clear regulation surrounding Bitcoin: The regulation surrounding Bitcoin has become clear after BlackRock filed for ETF. Moreover, the US SEC also approved Bitcoin options on Friday, October 18, 2024. All of these developments only increase the adoption of BTC, making it fundamentally strong and ready to push higher.
  2. Favorable macroeconomic conditions: The US Federal Reserve’s dovish pivot, marked by interest rate cuts and cooling inflation only adds fuel to Keiser’s forecast. The shift in monetary policy from quantitative tightening to easing has a bullish effect on risk-on assets like Bitcoin. Although Keiser’s prediction may seem far-fetched, it does seem likely if the Fed continues on this path.
  3. Breakout from seven-month consolidation: The past seven months have seen BTC consolidate in a downtrending structure. But BTC’s recent uptick to $69,000 supports the resurgence of bulls and a potential start to the bull run.

Experts Echo Max Keiser’s Optimistic BTC Price Prediction

Here are some expert predictions that support Max Keiser’s forecast of Bitcoin reaching $200,000:

  1. Renowned trader Peter Brandt predicts Bitcoin will reach $120,000 to $200,000 by September 2025. He revised his forecast with a higher target after Bitcoin’s strong performance.
  2. Venture capitalist Chamath Palihapitiya forecasts that Bitcoin will hit $500,000 by October 2025 and $1 million by 2040-2042. He views Bitcoin as a potential global reserve currency with unique attributes.
  3. Fidelity’s Director of Global Macro, Jurrien Timmer, anticipates Bitcoin to hit $1 billion by 2038-2040.

As the cryptocurrency landscape evolves, Keiser’s $220,000 forecast will be closely watched. Will Bitcoin deliver another unprecedented surge or face rejection at $70,000? Only time will tell.

Frequently Asked Questions (FAQs)

Max Keiser predicts Bitcoin will skyrocket to $220,000, citing gold’s influence and favorable macroeconomic conditions.

Keiser expects gold to hit a new all-time high, fueling Bitcoin’s rally due to their high correlation.

Clear regulation, favorable macroeconomic conditions, and Bitcoin’s breakout from seven-month consolidation support Keiser’s forecast.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Points To Key Bitcoin Metric Indicating A Strong Uptrend—$90K in Sight?

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Bitcoin (BTC) has been on an upward trend in recent weeks, showing positive price movements that appear quite appealing to investors.

According to a recent CryptoQuant analysis, a key metric, “active address momentum,” paints a bullish picture for the cryptocurrency.

Active Address Momentum Signals Upward Market Structure

Active addresses represent the number of unique addresses conducting transactions on the Bitcoin network, providing insights into network activity and investor engagement.

By applying a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to this indicator, the CryptoQuant analyst could assess the network’s growing momentum.

Bitcoin active addresses.

The analyst emphasized that the 30DMA has sharply risen recently and is closing in on the 365DMA. If a “golden cross” occurs, where the 30DMA surpasses the 365DMA, it could signal a further bullish trend for Bitcoin, dent reveals.

The CryptoQuant analyst added that Bitcoin has seen high transaction volumes since the second half of the year, supporting increased network activity.

While the current upward momentum is encouraging, the analyst also warned of potential volatility due to a “rising wedge” formation in Bitcoin’s price chart—a pattern that could lead to significant price swings if the wedge continues to tighten.

Bitcoin Rally To $90,000 In Sight?

Bitcoin’s recent price performance has added to the optimism among investors. Over the past week, the cryptocurrency has surged by over 10%, and it has continued its upward trajectory, rising by an additional 1.98% in the past 24 hours to trade at $68,708 at the time of writing.

Bitcoin (BTC) price chart on TradingView

This upward movement has helped Bitcoin break through a major resistance zone on its daily chart, sparking predictions of even higher prices.

One notable prediction came from crypto analyst Javon Marks, who recently shared his outlook on X. Marks highlighted that Bitcoin has broken out of a “descending broadening wedge” pattern. Statistically, this pattern suggests that when the resisting line is broken, the price objective is reached in 81% of cases.

In Bitcoin’s case, Marks believes that this breakout could push the price of Bitcoin to a range between $90,000 and even more than $96,000.

Featured image created with DALL-E, Chart from TradingView





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