Bitcoin
Bitcoin’s Four-Year Cycle Shows Signs of Possible Narrative Shift; $100K Soon?
Can Bitcoin do it? Can Bitcoin reclaim the $60k level as a strong support? We have been witnessing descending wicks for the past few weeks, including last week, but now we are seeing solid candle formations as reported by several analysts.
Current Price Movements and Resistance Levels
Analyst and investor Davinci Jeremie said that for 14 years, Bitcoin’s four-year pattern remained unchanged until March 2024, when the price started showing signs of deviation. He noted that a similar instance occurred in November 2022, when Bitcoin broke below its previous all-time high, marking a significant change. Despite this, Bitcoin saw a run to new all-time highs in February and March, just before the halving event.
Looking ahead to 2025, he remains cautiously optimistic about Bitcoin, suggesting a potential maximum price of around $100,000. He said market manipulation could impact price movements, pointing to issues such as Consumer Price Index (IPC) adjustments and geopolitical tensions that affect sentiment.
Comparing historical downturn cycles
However, analyst Rekt Capital wrote, “Not only is Bitcoin rejecting daily resistance at $58,350 (black), but a new lower high (orange) may also be developing. This isn’t conclusive, but if Bitcoin is to rally to $60,600 (blue) over the weekend, Bitcoin will need to close daily above black resistance to invalidate the initial lower high and set the price for that rally to $60,600.”
Previously, Rekt Capital had said that in January 2023, we saw the largest pullback in that cycle at 23%. A year later, it took that long to surpass that pullback record, reaching 23.8%. Now, just two and a half months later, we are breaking that record again with the largest pullback in the current cycle at 25.6%.
We are currently at 46 days, indicating that this retracement is also lasting longer than usual. Considering historical data, while some retracements have been as short as 3 weeks and others as long as 63 days, our current retracement is gradually becoming one of the longest observed.
Read too: Cryptocurrency Market Analysis: Is the Bear Market Coming to an End?
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
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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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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