Bitcoin
It will soon be ‘do or die’ for Bitcoin price, says analyst
Josh Olszewicz, a renowned crypto analyst, recently shared criticism insights in the immediate future of the Bitcoin price, employing two technical analysis frameworks: the Ichimoku Cloud and the Bollinger Bands. These tools suggest pivotal moments that could shape Bitcoin’s price trajectory in the short and medium term.
Bitcoin Analysis Using the Ichimoku Cloud
In the first daily Ichimoku Cloud chart, Olszewicz highlights a critical moment for Bitcoin as it navigates this complex indicator. The Ichimoku Cloud, known for providing support and resistance levels as well as momentum and trend direction, shows Bitcoin trading near the edge of the cloud. This is significant because a break above the cloud could suggest a optimistic outlookwhile falling below the cloud often signals bearish momentum.
Bitcoin Analysis Using the Ichimoku Cloud | Source: X @CarpeNoctom
Here, Olszewicz emphasizes a “do or die” scenario for Bitcoin. The price of Bitcoin, last recorded on the chart at $64,570, is approaching the edge of the cloud. “Nobody likes ultimatums, but here it’s all or die very soon on the daily BTC cloud,” he warned.
A significant aspect of the Ichimoku Cloud chart is the relationship between the Tenkan-Sen (red line) and the Kijun-Sen (blue line). The Tenkan-Sen, which is a short-term moving average, remains above the Kijun-Sen, a long-term moving average, indicating positive momentum in the short term.
Weekly Bollinger Bands Analysis
Moving to the weekly chart equipped with Bollinger Bands, Olszewicz discusses another potential inflection point. Bollinger Bands serve as a measure of volatility – narrow bands suggest low volatility, while wider bands indicate higher volatility. The Bitcoin chart shows a narrowing of these bands around the current price level, which may precede a significant price movement, often referred to as “Bollinger band compression”.
Bitcoin Bollinger Band Analysis | Source: X @CarpeNoctom
The fact that Bitcoin is hovering just above the midline (the 20-period moving average) of the Bollinger Bands at $64,238 points to a tenuous balance between buying and selling forces. However, the narrowing of the bands is particularly notable because it can lead to a decisive breakout or breakout, depending on other market factors and traders’ sentiment.
If Bitcoin breaks below the midline, the next support could be found at the lower Bollinger Band, currently positioned around $51,792, which could represent a significant drop in price. On the other hand, if Bitcoin breaks out of the midline and gains upward momentum, it could reach the upper part of the Bollinger Band, situated at approximately $76,684, indicating a potential recovery.
The analyst points out that understanding the implications of a Bollinger band squeeze can be crucial for traders, as such periods of low volatility often end in sharp price movements. “If you didn’t like the cloud ultimatum, here are the weekly BBands,” commented Olszewicz.
Both charts, although they use different analytical tools, converge on a similar narrative: Bitcoin has potential inflection point which could define its price action in the coming days or weeks. Current levels near the upper limits of the Ichimoku Cloud and Bollinger Bands underline the tension in the market.
At press time, BTC traded at $65,494.
BTC Price, 1 Week Chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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