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Bitcoin Miners Sell-Off $70M BTC in 3 Days —Here’s the Price Forecast for Next Week
By:Ibrahim Ajibade
Published: Nov 4, 2023, 16:22 GMT•3min read
www.fxempire.com

What Next for Bitcoin Price as Miners Sell-Off $70M BTC in 3 Days?

On-chain data has shown that Bitcoin miners capitalized on last week's price rally to offload over 2,190 BTC. Here's how Bitcoin price could react in the coming week.
www.fxempire.com

Bitcoin price broke above $35,500 on Thursday, November 2, 2023, as the bulls further pushed the BTC yearly peak closer to the $36,000 mark.
On-chain data has revealed that BTC miners took advantage of that rally to sell over 2,000 BTC.
Despite the Miners’ sell-off still in motion, technical indicators indicate that the BTC price rally is not over yet.
 
Exploring The Two 'Overlooked' Bullish Tailwinds for Bitcoin.

As the spot ETF narrative hogs the limelight, the U.S. Treasury's recent decision to slow the pace of bond sales and worsening economic and geopolitical issues silently support the bullish case in bitcoin.
By Omkar Godbole
Updated Nov 9, 2023 at 11:11 a.m. GMT​
Https://www.coindesk.com/markets/2023/11/09/exploring-the-two-overlooked-bullish-tailwinds-for-bitcoin/

 
Bitcoin Price Prediction: Max Keiser Forecasts $1M Surge
TLDR Max Keiser predicts that Bitcoin will reach $1,000,000 per coin, outperforming all other assets and leading to the impoverishment of those holding fiat, stocks, bonds, gold, or other cryptocurrencies.
Https://eightify.app/summary/blockchain-and-cryptocurrency/bitcoin-price-prediction-max-keiser-forecasts-1m-surge

El Salvador’s first volcano-powered Bitcoin mining project goes live
October 5, 2023.
El Salvador marks the launch of Lava Pool today, the country’s first Bitcoin mining pool powered by renewable geothermal energy.
Https://cryptoslate.com/el-salvadors-first-volcano-powered-bitcoin-mining-project-goes-live/​
 
Https://cointelegraph.com/news/why-is-bitcoin-price-down-today

The upside sentiment improves further due to the formation of two lower long candlestick wicks on the Dec. 8 and 11 candlesticks, indicating bullish rejection. Nonetheless, bad fundamentals, such as a potential spot Bitcoin ETF rejection or delay, could invalidate the upside scenario.

In that case, Bitcoin will risk breaking below its pennant support of around $42,000, qualifying for a further dive toward its 50-day exponential moving average (50-day EMA; the red wave) at around $37,480.​
 

Why is Bitcoin price stuck?​

Bitcoin is stuck in a rangebound construction as expectations of BTC price upside meet broader market fatigue.
December 28, 2023
cointelegraph.com

Why is Bitcoin price stuck?

Bitcoin is range-bound ahead of key US data, with technicals suggesting a potential drop below $56,000.
cointelegraph.com cointelegraph.com
 
noirua said:

Why is Bitcoin price stuck?​

Bitcoin is stuck in a rangebound construction as expectations of BTC price upside meet broader market fatigue.
December 28, 2023
cointelegraph.com

Why is Bitcoin price stuck?

Bitcoin is range-bound ahead of key US data, with technicals suggesting a potential drop below $56,000.
cointelegraph.com cointelegraph.com
Click to expand...
Why is the price stuck? Clearly resistance on the chart, that's all. Same with Ethereum. Ignore the 'news' and the 'hype'.
 
IvoryWolf said:
Why is the price stuck? Clearly resistance on the chart, that's all. Same with Ethereum. Ignore the 'news' and the 'hype'.
Click to expand...
Thanks @IvoryWolf for the post and the YouTube.

Who do you reckon were the initial buyers on the 2 burst ups with volume in mid to late November and in early December. Coin funds/investors-traders or mainstream funds for want of a better word. In other words was it true believers or manipulators on price who may dump down to one of the lower resistance points in January.

Was there much talk in the bitcoin world in August/September prior to the breakout?

gg
 
Garpal Gumnut said:
Thanks @IvoryWolf for the post and the YouTube.

Who do you reckon were the initial buyers on the 2 burst ups with volume in mid to late November and in early December. Coin funds/investors-traders or mainstream funds for want of a better word. In other words was it true believers or manipulators on price who may dump down to one of the lower resistance points in January.

Was there much talk in the bitcoin world in August/September prior to the breakout?

gg
Click to expand...
Tough to say exactly WHO were the initial buyers on those two burst ups where the volume occurred that you identified, but it certainly appears that it was technically related, as you can see in the chart below. In both instances before the volume kicked in (highlighted by the green boxes for each instance), price action was supported by the rising 10 day moving average (blue line), as well as a horizontal resistance line which then turned into a support level after the resistance line was overcome.

In response to your last question, there's ALWAYS chatter in the bitcoin world, a lot of it's merely noise... ;)


1704264354084.png
 
noirua said:
Bitcoin has collapsed and is down 7.5% at the moment as the Whales unload and run for cover. Fell below $41,000 but rallied over $42,000. Struggling to hold as bears once again point to $38,000.
Chart:
Live chart:
Click to expand...


Would exactly say "collapsed"... it's still stuck in a range really... we've got resistance above and support below... bounced right off that support level of 40642 below with the latest candlestick wick too - it just can't get out of it's own way. Holders/HODL'ers must be getting frustrated.

1704318825943.png
 

Bitcoin to soar as ETFs on cusp of approval​

The price of Bitcoin is spiking and one analyst predicts it could more than triple in value and hit $300,000 by the end of 2025.

Michelle Bowes
January 9, 2024 -

Bitcoin has risen above $US47,000 (A$70,000) for the first time since April 2022 and one analyst is predicting it could more than triple in value to be worth US$200,000 (A$298,000) by the end of 2025.

The prediction comes after news that US regulators appear ready to finally approve Bitcoin exchange-traded funds (ETFs).

In a note, Standard Chartered head of crypto research Geoff Kendrick wrote: “If ETF-related inflows materialise as we expect, we think an end-2025 level closer to US$200,000 is possible.”

Bitcoin could be on the cusp of a major rally. Picture: BitQuant/X.

It has been over a decade since the first applications for ETFs that invest directly in the digital currency were filed with the US Securities and Exchange Commission (SEC).

Prospective ETF issuers BlackRock, Fidelity, Invesco, Ark, Galaxy Digital and WisdomTree filed amended forms on Monday in what is seen by analysts as a final push to offer the investment products.

The regulator has until Wednesday to make a decision on the applications, which could result in an investment product tracking the daily price of the most popular digital currency traded on a stock market for the first time.

If approved, the advent of Bitcoin ETFs is expected to drive up Bitcoin’s price due to increased accessibility and liquidity of the digital currency.

The rise in Bitcoin also flowed through to a surge in the price of other cryptocurrencies, such as Ethereum, Cardano, SOL and Polkadot, while the share prices of listed crypto exchanges and miners such as Coinbase Global, Riot Platforms and Marathon Digital also rose.

Bitcoin’s previous all-time high of almost $US69,000 (A$103,000) was reached in November 2021.

Originally published as Bitcoin to soar as ETFs on cusp of approval
 
IvoryWolf said:
Hi @verce, a weekly update is provided should you be interested. Latest update is available here - hope it helps:

Click to expand...


Thanks mate! I only just noticed your post now. I'm so sorry to be months late in responding. Love your work - please keep it up!

People think gold is the only store of value out there. But people also use fancy artwork, real estate, cars and collectibles to store value - that's a hundred trillion+ market for the primary purpose of parking money. If Bitcoin ends up being just 1% of the global store of value market, that's potentially $150,000 per coin.

♦ It is scarce like gold, but much more preferred by the millennial generation who are entering their prime income earning years, and set to also inherent massive amounts of wealth from their parents. Millennials are also increasingly critical of central bank interventionism. In just a decade, the millennial generation is projected to have the highest earning power of all generations.

♦ Incorporating Bitcoin in a modern portfolio can provide an unprecedented level of alpha to give you the investment 'edge'.

♦ Bitcoin has attributes superior to gold including its portability, divisibility, seizure resistance, liquidity, and verifiability. Try sending gold halfway around the world and assaying its purity within minutes, a practice Bitcoin enables with ease.

Will it be a currency? Doubtful. Will it emerge as a digital gold/store of value? Probably, given time.

From a mile away I can see the value transfer towards Bitcoin happening as digital native millennials grow up and inherit wealth. Will they buy more gold like the boomers, or will they prefer something that speaks to their generation personally? Time will tell.

Also prudent to keep in mind that gold has thousands of years of history and consensus behind it. Bitcoin is less than 15 years old. It's doing very well as an emerging asset class.

Ask yourself this: in a world where every developed nation on earth is cutting rates, creating massive stimulus packages and undertaking quantitative easing - where do you park your money? 100% equities? Or 99% equities and 1% Bitcoin? There's no right or wrong answer. It's all down to risk preference.

I see BTC as either going to zero, or going much much higher than current levels. If it succeeds, then it could approach a market capitalisation similar to gold.

Just my $0.02
 
verce said:
Thanks mate! I only just noticed your post now. I'm so sorry to be months late in responding. Love your work - please keep it up!

People think gold is the only store of value out there. But people also use fancy artwork, real estate, cars and collectibles to store value - that's a hundred trillion+ market for the primary purpose of parking money. If Bitcoin ends up being just 1% of the global store of value market, that's potentially $150,000 per coin.

♦ It is scarce like gold, but much more preferred by the millennial generation who are entering their prime income earning years, and set to also inherent massive amounts of wealth from their parents. Millennials are also increasingly critical of central bank interventionism. In just a decade, the millennial generation is projected to have the highest earning power of all generations.

♦ Incorporating Bitcoin in a modern portfolio can provide an unprecedented level of alpha to give you the investment 'edge'.

♦ Bitcoin has attributes superior to gold including its portability, divisibility, seizure resistance, liquidity, and verifiability. Try sending gold halfway around the world and assaying its purity within minutes, a practice Bitcoin enables with ease.

Will it be a currency? Doubtful. Will it emerge as a digital gold/store of value? Probably, given time.

From a mile away I can see the value transfer towards Bitcoin happening as digital native millennials grow up and inherit wealth. Will they buy more gold like the boomers, or will they prefer something that speaks to their generation personally? Time will tell.

Also prudent to keep in mind that gold has thousands of years of history and consensus behind it. Bitcoin is less than 15 years old. It's doing very well as an emerging asset class.

Ask yourself this: in a world where every developed nation on earth is cutting rates, creating massive stimulus packages and undertaking quantitative easing - where do you park your money? 100% equities? Or 99% equities and 1% Bitcoin? There's no right or wrong answer. It's all down to risk preference.

I see BTC as either going to zero, or going much much higher than current levels. If it succeeds, then it could approach a market capitalisation similar to gold.

Just my $0.02
Click to expand...
Just to add my 0.01 cents worth also.
On the TV news last night looks as if trading Bitcoin on the ASX iscoming or going to be easier.
I wouldn't know really as I wouldn't go near it.
Too old school for this sort of stuff.
Now real money, coin, cash, moolah call it what you will, I do understand.
 
verce said:
Thanks mate! I only just noticed your post now. I'm so sorry to be months late in responding. Love your work - please keep it up!

People think gold is the only store of value out there. But people also use fancy artwork, real estate, cars and collectibles to store value - that's a hundred trillion+ market for the primary purpose of parking money. If Bitcoin ends up being just 1% of the global store of value market, that's potentially $150,000 per coin.

♦ It is scarce like gold, but much more preferred by the millennial generation who are entering their prime income earning years, and set to also inherent massive amounts of wealth from their parents. Millennials are also increasingly critical of central bank interventionism. In just a decade, the millennial generation is projected to have the highest earning power of all generations.

♦ Incorporating Bitcoin in a modern portfolio can provide an unprecedented level of alpha to give you the investment 'edge'.

♦ Bitcoin has attributes superior to gold including its portability, divisibility, seizure resistance, liquidity, and verifiability. Try sending gold halfway around the world and assaying its purity within minutes, a practice Bitcoin enables with ease.

Will it be a currency? Doubtful. Will it emerge as a digital gold/store of value? Probably, given time.

From a mile away I can see the value transfer towards Bitcoin happening as digital native millennials grow up and inherit wealth. Will they buy more gold like the boomers, or will they prefer something that speaks to their generation personally? Time will tell.

Also prudent to keep in mind that gold has thousands of years of history and consensus behind it. Bitcoin is less than 15 years old. It's doing very well as an emerging asset class.

Ask yourself this: in a world where every developed nation on earth is cutting rates, creating massive stimulus packages and undertaking quantitative easing - where do you park your money? 100% equities? Or 99% equities and 1% Bitcoin? There's no right or wrong answer. It's all down to risk preference.

I see BTC as either going to zero, or going much much higher than current levels. If it succeeds, then it could approach a market capitalisation similar to gold.

Just my $0.02
Click to expand...
Thanks for your comments and encouragement @verce - shall definitely keep up the regularly updates, glad that you find the info useful. :) Your comment about risk preference is certainly a valid one - Bitcoin and cryptocurrencies overall is not for everyone - it all comes down to timing and acceptability. Ok to draw your line in the sand, as @farmerge has done - if not comfortable, steer clear - absolutely nothing wrong with that. If interested, treat in the same fashion as any other investment by formulating a plan beforehand and work within those guidelines.
 
verce said:
verce said:
Thanks mate! I only just noticed your post now. I'm so sorry to be months late in responding. Love your work - please keep it up!

People think gold is the only store of value out there. But people also use fancy artwork, real estate, cars and collectibles to store value - that's a hundred trillion+ market for the primary purpose of parking money. If Bitcoin ends up being just 1% of the global store of value market, that's potentially $150,000 per coin.
Click to expand...
Click to expand...

In my opinion the big difference is that all those other things you list have a use that gives them a real world value, that allows them to be used as a store of value. Bitcoin doesn’t really have a use.

for example fancy art is attractive to some people, So you can buy it knowing that there is a chance that you can sell it to some one else in the future that finds it attractiv.

Same with real estate, it will earn you income while you hold it, so it’s actually an investment in its own right, but knowing that some one else in the future will be attracted to its income potential means you can use it as a store of value.

cars and collectables I put in the same category as art, not a real investment but can be a store of value.

However, bitcoin doesn‘t have those traits.

its not pretty or entertaining, it doesn’t earn an income, it doesn’t have an industrial use, you can’t eat it. So there is nothing really backing its ability to be a store of value except fashion, which might change, there is nothing stopping Bitcoin going to zero.
 

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