Category: Bitcoin Analysis

Bitcoin just broke above a key resistance level. Here’s what chart analysts say happens next

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At last, bitcoin has broken out of a tight trading range, potentially heralding greater highs from here. After oscillating between $25,000 and $30,000 for most of the year, touching the top end several times and stepping out of it briefly at one point in July, the flagship cryptocurrency shot up to $35,000 late Monday . Bitcoin sat just below that threshold for much of the trading day Tuesday. Investors should expect higher lows and higher highs in the bitcoin price over the next few months, chart analysts say. “The strong…

Bitcoin is rising again. Why Warren Buffett remains a crypto hater

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Cryptocurrencies are on the rise again, helped by optimism surrounding the possible introduction of a spot bitcoin ETF. But no matter how strong this rally gets, it won’t convince one of the industry’s biggest critics — Warren Buffett. Bitcoin surged 10% over the past week, at one point briefly topping $30,000, as hopes grew that a spot bitcoin ETF will soon be approved. The idea among boosters is that such a vehicle would further legitimize the digital token and attract a wave of investment dollars, pushing the price of bitcoin…

What’s in store for crypto and bitcoin with 10-year Treasury near 5%

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High interest rates have not been bitcoin’s friend in the past, and the benchmark 10-year U.S. Treasury yield recently reaching new generational highs comes at an especially inconvenient time for the cryptocurrency. Bitcoin’s price has held up in this year’s rising rate environment, but it’s also struggled to reach new highs, as investors seeking regulatory certainty in crypto remain on the sidelines. But it’s also primed to rip higher as crypto investors await the outcome of two key events – the approval of a bitcoin ETF and the Bitcoin halving…

Mike Novogratz thinks the SEC will approve a bitcoin ETF as early as this year

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The crypto market has effectively been on pause – aside from a quick and short-lived spike this week – as investors wait for the SEC to give the green light to a bitcoin ETF. Mike Novogratz says that could come as soon as this year. The CEO of Galaxy Investment Partners, which has its own application for a spot bitcoin ETF in partnership with Invesco in the SEC’s queue, told CNBC Wednesday that the tone has shifted and things are looking up for crypto investors. “It’s going to get approved,…

The bitcoin safe haven trade is back on, says Bernstein

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With recession fears swelling again, investors seeking a safe place to put their assets should be interested in bitcoin , says Bernstein. The cryptocurrency, which has grown in popularity among institutions for its “digital gold” qualities, has an “enviable return record” versus physical gold, Bernstein analyst Gautam Chhugani said in a note Monday. “Bitcoin’s hard money properties makes it an attractive ‘safe haven’ asset. Since its inception, bitcoin has consistently outperfomed gold,” he wrote. “Bitcoin’s inflation today at 1.8% is similar to Gold’s inflation, but what bitcoin skeptics miss is…

Bitcoin Price Holds Ground But Upsides Turned Attractive To Bears

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Bitcoin price is consolidating above the $26,550 level. BTC could correct higher, but upsides might be capped near the $27,400 and $27,500 resistance levels. Bitcoin is finding bids near the $26,550 level. The price is trading below $27,200 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but the bears might remain active near the $27,500 zone. Bitcoin Price Holds Support Bitcoin price…

Why Paul Tudor Jones is still bullish on bitcoin

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Paul Tudor Jones says bitcoin along with gold are looking more attractive these days given the “cataclysmic” fiscal situation in the U.S., likelihood of a recession and new geopolitical turmoil abroad. The legendary hedge fund manager and founder of Tudor Investment told CNBC both assets could take on a bigger role in investors’ portfolios given not only recent events like the war in Israel but also as a result of the Federal Reserve’s inflation-fighting rate hikes, which could tip the economy into a recession, potentially sending the stock down 12%…

Bitcoin is a ‘critical hedge’ against currency debasement and return of inflation, Jefferies says

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Bitcoin and gold are “critical hedges” against the potential for monetary policy that reduces the value of currency, as well as the return of inflation, Jefferies says. Although investors have “effectively given up” on the U.S. recession forecast, macro signals are still suggesting a coming downturn in the United States, and monetary tightening will work with a bigger-than-usual lag this cycle, thanks to an explosion of money supply growth dating back to 2020, the firm said in a note to investors Wednesday. “G7 central banks, including most importantly the Federal…

Quarterly Investment Guide 4Q 2023: Bitcoin outlook

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Patient bitcoin investors may have to hold their composure for at least another quarter as the Federal Reserve’s outlook on interest rate policy dampens what might have been an even stronger month for the cryptocurrency. Bitcoin has had a difficult but decent year so far. The flagship cryptocurrency is up more than 60% for the year, according to Coin Metrics, thanks to a big run up in the first quarter. Not much has happened since, however. Bitcoin is down about 5% since April 1, and subsequent gains from any of…

Bitcoin, XRP Price Receive Boost After Coinbase Announcement

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The Bitcoin and XRP price are showing some green on low-timeframes as certain narratives around the crypto space gain momentum. The cryptocurrencies stayed about two critical levels and could be poised to extend the trend in the coming days. As of this writing, the XRP price trades at $0.50 with a 1% profit in the last 24 hours. In the meantime, Bitcoin recorded a 2.4% profit over a similar period, but the number one cryptocurrency by market cap could underperform XRP and other altcoins. XRP’s price trades to the upside…