Bitcoin
Bitcoin’s Roadmap to $75K – Why This Pattern Is Critical for BTC Price
- BTC price appreciated more than 6% as it approached US$63 thousand on the charts
- Most metrics and indicators also flashed green
Bitcoins [BTC] price action once again turned volatile, quickly approaching $63K on the charts. Meanwhile, however, a pattern appeared to be forming on the cryptocurrency’s price chart – a sign that BTC’s price could reach $75,000 in the coming weeks.
Bitcoin Price Action Looks Promising
According to CoinMarketCap, BTC gained more than 6% last week, appreciating 3% in the last 24 hours alone. At the time of writing, BTC is trading at $62,998.95, with a market capitalization of over $1.24 trillion.
Despite the drop from its ATH, however, most market analysts remain positive about the crypto’s price action. In fact, AMBCrypto had already reported that Ki Young Ju, CEO of analytics firm CryptoQuant, stated that the fundamentals of the Bitcoin network could support a market valuation “three times its current size.”
Although BTC price action has turned bullish, Titan of Cryptos, a popular crypto analyst, pointed out in a tweet that an inverse head and shoulders pattern was forming on the BTC price chart. According to the tweet, the pattern suggested that BTC price could soon surpass its all-time high (ATH) and reach $75K in the coming weeks.
However, the tweet also mentioned the adverse scenario. If everything doesn’t work out, BTC could fall to $56,000 again. Therefore, it is worth taking a closer look at the state of cryptocurrency to see which outcome is most likely.
What to expect from Bitcoin?
AMBCrypto Review of CryptoQuant data revealed that Bitcoin’s foreign exchange reserves are falling. This clearly meant that buying pressure was high, which can be inferred as a bullish signal.
Its binary CDD suggested that long-term holders’ movements over the last 7 days were lower than average, meaning they have a reason to hold their coins. Additionally, BTC’s NVT index fell last week, meaning it was undervalued. These metrics supported the possibility of BTC touching or surpassing its ATH.
However, their aSORP gave opposite signals.
At press time, BTC’s aSORP was red, indicating that more investors were selling at a profit. In the middle of a bull market, this could indicate a market top.
To check whether the market has reached the top, AMBCrypto then analyzed the daily BTC chart. According to our analysis, BTC was testing its 20-day exponential moving average (EMA) at the time. A successful breakout above would guarantee a sustained rally.
To read Bitcoins [BTC] Price prediction 2024-25
Its Money Flow Index (MFI) also registered a sharp increase.
On the contrary, Chaikin Money Flow (CMF) looked bearish. This was a sign that the price of BTC may start to fall, which could push its value towards $56K on the charts.
Bitcoin
What to watch for in the markets
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin
Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
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Bitcoin
Here’s the next target for BTC before bulls can hold out for $70K
Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
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