Polkadot (DOT) has seen a price increase in the daily timeframe as the crypto market soars. Some market watchers suggested the cryptocurrency is gearing up for a breakout, setting new targets for the short and mid-term timeframes.

Polkadot Breaks Out Of Falling Wedge Pattern

Polkadot has registered a 10.9% increase in the last week following the market’s performance. DOT jumped from the $4.32 support zone to the $4.53 mark before retracing, registering a 4.8% daily surge in the early hours of Tuesday.

The cryptocurrency also saw a 56% rise in market activity, recording a $259.3 million daily trading volume. This increase has made DOT retest the upper trendline of a falling wedge pattern.

Market analyst CryptoBull360 stated that Polkadot is “getting ready for a massive breakout” from the bullish pattern after a long consolidation period. DOT has been moving within the falling wedge for the past seven months, consolidating between $4-$4.8 since August’s Black Monday.

The analyst noted that the token had a strong bounce from the Point of Control (PoC) value zone, surging 11% in the last three days. Today’s jump saw the token break above the pattern’s upper trendline, momentarily sitting above it.

CryptoBull360 expects a retest of March highs if the token successfully breaks out of the falling wedge. To him, a 160% surge for the midterm is imminent, which would target the $11.46 yearly high.

Is DOT Preparing To Reclaim $20?

Crypto analyst Ali Martinez suggested that Polkadot could “be following Fantom’s footsteps.” Per the post, DOT’s chart looks similar to Fantom’s before its March performance.

Ahead of the Q1 rally, FTM rose two times to the upper range of its accumulation zone and retraced before its 263% bullish run toward its yearly high. If Polkadot were to follow, and its current pattern holds, DOT’s price could rise to $9.7 in Q4.

Following the surge, the cryptocurrency would face a pullback to the $6.5-$6.7 support zone before skyrocketing to $20 by Q1 2025, a level not seen since April 2022.

Despite the bullish forecasts, some investors remain cautious about Polkadot. A crypto trader noted that DOT followed Bitcoin’s lead like most of the market. The cryptocurrency surged to its daily high of $4.53 as BTC retested the $67,000 resistance level.

However, DOT quickly fell to Monday’s levels as BTC was rejected from its resistance zone. The trader questioned DOT’s 24-hour trend, stating, “BTC stops pumping, DOT rises a few percent, while most things don’t rise, as soon as it gets going, the entire market falls and DOT immediately loses everything it had previously gained.”

As of this writing, DOT is trading at $4.42, a 2.2% increase in the daily timeframe.

I’ll admit – just a few years ago, I’d be shocked to hear myself say that the CEO of BlackRock is making good points about Bitcoin.

As head of the world’s largest asset manager, I assumed Larry Fink would be Bitcoin’s biggest critic. But compared to dismissive remarks on Bitcoin from other Wall Street leaders like Jamie Dimon, Fink’s perspective is a refreshing change.

If you think otherwise, yesterday’s earnings call proves it.

There, Fink declared, “I’m not sure if either president would make a difference” on Bitcoin’s growth,” adding “I don’t believe [Bitcoin’s rise] is a function of regulation.”

He went on to compare Bitcoin’s growth to much larger markets like mortgages, noting liquidity and transparency drives adoption more than rules.

Here's full Larry Fink quote on bitcoin/digital assets from the Q3 earnings call, he says bitcoin asset class in itself, they talking with institutions worldwide about allocation, dig assets remind him of the early days of the mortgage market (now $11T) and POTUS won't make dif pic.twitter.com/McvpW7cCnB

— Eric Balchunas (@EricBalchunas) October 14, 2024

It’s wild that the CEO of an $11 trillion company is not just embracing Bitcoin, but that he gets that Bitcoin thrives because it is an apolitical, decentralized, global money.

Regulation aside, Bitcoin marches on indifferently. Fink seems to grasp what many Bitcoiners don’t – that political winds don’t sway Bitcoin’s course long-term. Neither Donald Trump or Kamala Harris can stop Bitcoin from setting new all-time highs.

Bitcoin thrives on its own technical merits, not regulatory benevolence.

This independence was always its promise. Now, the world’s financial giants aren’t fighting it, but joining in. Bullish.

At face value, the statement “Bitcoin can reduce racism” seems silly, if not downright offensive to those who have been the victims of racism. And it presupposes that an open-source protocol, which is completely indifferent to the whims of human emotions, can have any impact whatsoever on reducing racism, one of the most vile expressions of human emotions.

I get that (as much as I can as a white dude), but follow me for a moment. While Bitcoin itself may not be able to reduce racism, what about the concept of being a “Bitcoiner”? Can identifying as a Bitcoiner reduce racism?

The work of Harvard political science professor Robert Putnam suggests that this could actually be the case.

When Putnam set out to write his now best selling book Bowling Alone: The Collapse and Revival of American Community, he aimed to prove the point that diversity is inherently a good thing.

His research proved otherwise, though.

The data showed that diversity hurts civic life, as it can lead to distrust between groups of different ethnicities and races. Putnam explained that humans are programmed with ingroup and outgroup bias, which makes us favor those with whom we identify and remain wary of those with whom we don’t.

His research showed that it’s not until we find we have something in common with someone beyond our race, ethnicity or even gender that we begin to associate them with our ingroup and that once we find that something we have in common, diversity becomes a strength. That something could be anything from being a part of the same religion to playing on the same softball team to liking the same music.

So, what are the implications of this for people who identify as Bitcoiners? Can being a Bitcoiner help people overlook racial differences?

While the answer to this question differs on a case-by-case basis, it’s hard to imagine it wouldn’t have some impact. After all, Bitcoiners have aligned incentives, right?

We’re all working towards hyperbitcoinization, or, at the very least, we share some of the same values: faith in hard money, belief in the right to transact permissionlessly, belief in the right to be financially self-sovereign.

Knowing that we have these things in common creates a bond between us, and it helps us to trust one another more. When we trust one another more, we’re more apt to work together. And it is in collaborating with one another that diversity becomes a strength.

This isn’t to say that some who identify as Bitcoiners don’t still have racist inclinations. But there is something to be said about the idea that the things that unite us are stronger than those that divide us, and when you look at the idea of being a Bitcoiner through that lens, it’s hard to deny that the association won’t have some impact on reducing racism.