Bitcoin
Blue Skies Up Ahead for Bitcoin, According to Trader Who Caught 2022 BTC Bottom – Here’s His Outlook
Published
4 months agoon
By
adminA top analyst who nailed the 2022 Bitcoin bottom believes that BTC bears have already surrendered their last line of defense.
Pseudonymous analyst DonAlt tells his 571,800 followers on the social media platform X that blue skies are up ahead for BTC, meaning there’s no resistance left to stop Bitcoin from soaring to greater heights.
“As I said coins good again. The only thing that could stop bulls would be a nuke this weekend.
That’s highly unlikely given the previous weekend’s track record and just the general lack of trading activity. I don’t believe in any of the other lines, so coins remain good unless sub $63,000.”
Looking at the trader’s chart, he seems to suggest that the $70,000 level is a “made-up resistance at this point.”
In a video update, DonAlt explains why he no longer expects BTC bears to mount any resistance at the $70,000 area – a level that has kept Bitcoin range-bound for months.
“I don’t really see good resistances. I think these highs ($70,000) have been tested too many times. So you have four tests here, you come back toward $70,000, I wouldn’t want to bet against that…
The only bearish case that I can make out right now would be a close below $63,000, as in a weekend dump, which like I said is very unlikely.”
In technical analysis, a resistance level tends to lose strength the more times it is tested as sellers run out of supply to unload on the open market.
At time of writing, Bitcoin is trading for $67,342.
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Analyst Sets $320,000 Target As Wave 5 Begins
Published
3 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
8 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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Ether (ETH) ETF Inflows Hit Record, Bitcoin ETF Inflows Soar as BTC Price Eyes $90K
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