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Is the Bitcoin Bull Running Back?
Bitcoin is at an important point right now. Recently, its price reached $66,000, the highest in weeks, which has caught a lot of attention, as it has broken out upward past the 200-day moving average. Investors also watch crypto-related stocks to see if they can benefit from the trend.
When Bitcoin goes above its 200-day moving average, the current trading activity is better than normal over the past 200 days. This is a key point for deciding if people feel positive (bullish) or negative (bearish) about Bitcoin's future.
Ali Martinez, a crypto analyst, has pointed out that in the past, when Bitcoin's price broke above the 200-day moving average, it usually started a big upward trend. In the last three times this happened, Bitcoin saw a strong price increase afterward. 2016 Bitcoin's price soared by 7,513% over nearly two years. 2021 it increased by 705%, hitting an all-time high in April. Similarly, in 2023, there was a 275% increase after another breakout.
Right now, Bitcoin's price is just above the 200-day M.A., around $67,709. This price level is crucial for traders. If Bitcoin can stay above $66,000 and break through the 200-day M.A., it could start a new upward trend. However, the market has shown that recovery periods are getting shorter, which adds some uncertainty about future price movements.
In addition, It's been almost six months since Bitcoin's fourth halving. History says the price could start to go up after a long period of little change, according to Hashdex Research. By the end of the third quarter, the crypto market was fairly stable, with Bitcoin's price not changing much. Its volatility was under 50%, and Ethereum and Solana were also at similar levels.
Now that we are in the fourth quarter of 2024, we expect the overall volatility in the crypto market will increase, especially if prices rise. Hashdex Research mentions that Bitcoin investors are still buying more Bitcoin, and the price was between $54,000 and $69,000 in the third quarter. By the end of the year,
Bitcoin's share of the digital asset market had increased to 54%.
Moreover, the upcoming U.S. presidential election could significantly affect Bitcoin's price. Geoff Kendrick, the bank's Global Head of Digital Assets Research, anticipates that Bitcoin could near its record high of $73,800 in the weeks preceding the election. This expectation is based on rising U.S. bond yields and increasing interest in riskier investments.
Moreover, the upcoming U.S. presidential election could significantly affect Bitcoin's price. Geoff Kendrick, the bank's Global Head of Digital Assets Research, anticipates that Bitcoin could near its record high of $73,800 in the weeks preceding the election. This expectation is based on rising U.S. bond yields and increasing interest in riskier investments.
Polymarket says Trump's chances of winning have increased to 56.3%. If he wins, there is a 70% chance that the Republican Party will control the House and Senate, which could benefit riskier investments like Bitcoin. Analysts believe that Bitcoin could rise to $125,000 if Trump is elected. On the other hand, if
Harris wins, Bitcoin might drop in the short term but could eventually recover to $75,000.
Kendrick pointed out that institutional investors are becoming more active, with large amounts of money flowing into spot Bitcoin ETFs and growing interest in call options. On the Deribit exchange, traders focus on call options with a strike price of $80,000, set to expire on December 27.
Kendrick pointed out that institutional investors are becoming more active, with large amounts of money flowing into spot Bitcoin ETFs and growing interest in call options. On the Deribit exchange, traders focus on call options with a strike price of $80,000, set to expire on December 27.
"In the last week, open interest in these $80,000 call options increased by 1,500 Bitcoin," he explained, indicating stronger confidence in a significant price rise.
Citibank's analysts also note that as interest in Bitcoin grows, more people are likely to invest. They say, "Market interest in riskier assets is increasing, especially with loose monetary policies, making Bitcoin more attractive." Similarly, JPMorgan analysts are optimistic about Bitcoin, suggesting that the economic recovery could push prices higher.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Ben P : f
Daily Investors : So this whole past several years BITF has been selling a flat rate of $60000. Then Michael Saylor wants to bull up his money. He borrowed so much money, to purchase at lower rates around 35-40000. But supply and demand. He now controls it. So of course, its going to go up. So he can make bank, and his shares go up as well. In turn bringing more revenue. My opinion, it will hit 70,000 again frfr, but next day it will drop to 50
Lets Gamble : Possibly...
Joseph’ : I still don't understand the value of Bitcoin. Can anyone who knows tell me about it? Thank you!
Volne Innocent : up we go
Joey Bagadonuts : ok
Octavio GC :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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Sherice Lindsay : Just wish I had invested when it first came
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