As a seasoned trader with years of experience under my belt, I must say that this week has been quite the rollercoaster for altcoins. The altcoin we started with, INJ, showed some promising signs at the beginning of the week but faced some turbulent waters mid-week. However, it’s always intriguing to see how a digital asset can bounce back as swiftly as a cat on a hot tin roof, and INJ did just that, making a strong recovery towards the end of the week.
Over the past 24 hours, Bitcoin (BTC) climbed higher, moving closer to $68,000, representing an increase of 0.65%. The broader crypto market saw a mix of results, with Bitcoin, Ethereum (ETH), Shiba Inu (SHIB), Dogecoin (DOGE), and Litecoin (LTC) all experiencing growth. However, the majority of other cryptocurrencies, or altcoins, experienced declines, ranging from small to significant drops.
Despite a minor 0.23% rise in the total cryptocurrency market cap, now valued at approximately $2.33 trillion, Bitcoin’s positive momentum continues to grow. Analysts are hopeful that this upward trend could propel BTC towards $70,000 and potentially establish a new record high. This optimism has also boosted the inflow of funds into Bitcoin ETFs.
Bitcoin (BTC) ’s Next Move Depends On US Election Results
According to QCP Capital’s latest findings, the outcome of the upcoming U.S. Presidential election might have a substantial effect on Bitcoin’s (BTC) price fluctuations and potentially trigger a strong bull market. Yet, there remains some ambiguity regarding the post-election scenario. Options contracts approaching the election date are currently trading at a higher value than other dates, suggesting increased market sensitivity to political events. Analysts suggest that even minor adjustments in polls or candidates’ campaign narratives could influence Bitcoin’s spot prices.
At present, Bitcoin is slightly over $68,000, gradually moving upward towards $70,000. The ascent may be gradual, but it’s consistent. Notably, while Donald Trump has consistently shown positive sentiments towards cryptocurrencies, the rise in the markets has also been influenced by Kamala Harris’s backing of digital assets.
Due to favorable opinions about Bitcoin (BTC), Bitcoin Spot ETFs have received substantial investments recently. On October 16th, these investment vehicles recorded inflows totaling $456 million, and during a one-week period, they attracted over a billion dollars in total.
JPMorgan Bullish On Digital Assets
According to a recent report from JPMorgan, their analysts have become very optimistic about cryptocurrency. They’ve taken into account changes in regulations, the results of the presidential election, and international conflicts before reaching this conclusion. The detailed analysis can be found in the Alternative Investments Outlook and Strategy report, which is headed by managing director Nikolaos Panigirtzoglou.
One important factor emphasized by JPMorgan is the potential re-election of Donald Trump, which might be advantageous for cryptocurrencies due to more favorable regulatory frameworks. This situation could also fuel the trend known as “debasement trade,” where investors seek safe haven assets like gold and cryptocurrencies during financial uncertainties. JPMorgan further mentioned recent advancements in traditional finance, with Morgan Stanley now advising its clients to invest in Bitcoin ETFs directly.
Montenegro To Finalize Do Kwon Extradition This Month
Based on various local news sources, it appears that Montenegro’s government is planning to conclude Do Kwon’s extradition by October 20th. Minister of Justice Bozan Bozovic has indicated to the media that the necessary documents for Kwon’s extradition will be signed by this weekend. At present, it remains uncertain where Kwon will be sent following his extradition. Kwon was a highly influential figure in the industry and responsible for launching the Terra blockchain network, as well as its associated tokens, Terra Luna and TerraUSD.
Can MicroStrategy Do More Harm Than Good?
Following his comments regarding MicroStrategy, entrepreneur and financier Vinny Lingham has stirred up debate. Known for its vast Bitcoin holdings – approximately 250,000 BTC – MicroStrategy is one of the largest Bitcoin custodians. Michael Saylor, the founder of MicroStrategy, recently claimed that the company had surpassed the overall performance of the S&P 500. Nevertheless, Lingham questions whether MicroStrategy’s Bitcoin strategy is sound and warns that the firm’s approach may potentially endanger Bitcoin itself.
A less commonly held viewpoint: In the long run, Microstrategy may cause more negative impact on Bitcoin (and cryptocurrency in general) compared to the effects of FTX.
Several users seemed to agree with Lingham’s assessment, with one responding,
Overreliance on borrowed funds, with an ambition to transform MSTR into a ‘Bitcoin banking institution.’ However, some ardent supporters may overlook potential issues due to their excessive enthusiasm or blind faith.
Employing high levels of debt by MicroStrategy carries certain risks. Similar to holding leveraged positions, the more exposure you have, the greater the possible loss if the market reverses. Lingham underlines this weakness, pointing out that in case Bitcoin experiences a substantial decline, MicroStrategy might be compelled to sell off its reserves. This could potentially cause turbulence within the cryptocurrency market.
Bitcoin (BTC) Price Analysis
Currently, Bitcoin (BTC) is hovering slightly below $68,000, with anticipation building for potential surges beyond this point towards $70,000. Analysts are optimistic that BTC has found its footing after experiencing high volatility in the recent past. However, indications suggest that the bulls might be regaining control as sellers seem to be running out of steam. This trend is noticeable through decreasing sell orders across various exchanges, which could potentially trigger a recovery. Furthermore, the uptick in inflows into spot Bitcoin ETFs is another encouraging sign. These ETFs have surpassed $20 billion in accumulated inflows, underscoring robust institutional interest and strengthening expectations for further price growth.
BlackRock’s IBIT continues to lead the charge, having amassed over $22 billion in inflows.
In recent times, Fidelity’s FBTC fund has attracted more than $10 billion in investments, and the ARK 21Shares ETF has also garnered considerable attention. On the other hand, not every ETF has experienced an increase in investment; instead, The Hashdex Bitcoin ETF and Grayscale’s GBTC have seen a decrease in investments.
For the first time ever, the combined net inflows of Bitcoin ETFs surpassed $20 billion following a substantial week with $1.5 billion added. This significant figure, which is challenging to expand in the ETF sector, took gold ETFs approximately 5 years to achieve. Now, the total assets under management stand at an all-time high of $65 billion.
Furthermore, Arthur Hayes, a co-founder of BitMEX, expressed his belief that Bitcoin’s price might escalate should geopolitical tensions in the Middle East result in a rise in oil and energy costs.
The Bitcoin price chart shows that it has been extremely bullish over the week despite finishing the previous week in the red. BTC ended Sunday on a negative note, dropping by 0.67% and falling to a low of $61,787 before settling at $62,653. However, markets shed bearish sentiment on Monday and BTC registered a jump of 5.36% to surge past the 20 and 200-day SMAs and the crucial $65,000 price level to settle at $65,992. Prices experienced significant volatility on Tuesday, with BTC dropping to a low of $64,779 and a high of $67,881 before settling at $67,000 after an increase of 1.53%.
Yesterday, I witnessed an attempt by buyers to break through the $68,000 mark as Bitcoin peaked at $68,379. However, this surge was short-lived and the price dipped back down to $67,519, representing a 0.77% increase. Sellers were active around $68,000, preventing any further upward momentum on Thursday, causing Bitcoin to dip slightly to $67,302. At present, I’m observing a nearly 1% rise as buyers are aiming to push Bitcoin above the $68,000 threshold. The MACD and RSI both suggest robust bullish energy. Experts predict that Bitcoin could climb from $68,000 to as high as $70,000, but whether it will set a new record high is yet to be determined.
Ethereum (ETH) Price Analysis
Since its unsuccessful attempt to break above $2,700 earlier this week, Ethereum (ETH) has shown limited movement in price action. By the close of the previous week, ETH had dipped slightly by 0.37% to $2,468. However, as broader markets rebounded on Monday, so did ETH, surging by 6.54% and breaching both its 20-day and 50-day moving averages to reach $2,630. The price also exceeded the milestones of $2,500 and $2,600 during this upward trend. Yet, volatility escalated on Tuesday as both buyers and sellers vied for control over the market. This struggle led ETH to reach a high of $2,684, with bulls attempting to push past $2,700, before dropping to a daily low of $2,539 as sellers tried to pull ETH below $2,500. Ultimately, ETH ended the day with a 0.84% decline and settled at $2,607.
ETH struggled to break past $2,700 on Wednesday despite attempts by buyers to push it there. However, it saw only a slight increase and ended at $2,611. The persistent strong resistance at $2,700 caused ETH to retreat on Thursday, resulting in a minor decrease to $2,604. As of the current session, ETH stands at $2,622, showing a rise of 0.68%. Since Tuesday, ETH has been fluctuating between $2,600 and $2,700 as neither buyers nor sellers have managed to build enough momentum to impact the price significantly.
If ETH surpasses $2,700, it might rise to around $2,850. Conversely, if sellers push ETH below $2,600, it may fall to $2,500, and potentially as low as $2,300 if this support is broken. The MACD indicates that bulls are currently in control, but this could shift if the price fails to exceed $2,700.
Solana (SOL) Price Analysis
Over the past few days, Solana (SOL) has been making efforts to recover from its recent dip. Investors are trying to keep the price above the $150 mark and aim for another push towards $160. This week saw a significant drop in SOL’s value as it failed to surpass $160. However, on Friday, the price started climbing upwards when it surpassed its 50-day Simple Moving Average (SMA) and ended at $145. Although the momentum decreased over the weekend, SOL continued to show gains, rising by 0.66% on Saturday and 0.91% on Sunday, thus moving above its 20-day SMA and settling at $147.
On Monday, Solana (SOL) experienced a notable surge, climbing approximately 7% and surpassing the 200-day Simple Moving Average (SMA) and the $150 mark to reach $157. Tuesday saw an uptick in market volatility as buyers aimed for $160, but strong resistance caused them to falter, allowing sellers to take over and drive SOL down to a daily low of $150 before recovering slightly to close at $154, marking a nearly 2% drop. Attempts to reach $160 were made again on Wednesday, yet they were unsuccessful as SOL recorded a minor decrease instead.
On Thursday, the price of SOL hit its daily low of $147 due to heightened bearish feelings. Yet, it recovered from this point, and thanks to the 20-day Simple Moving Average serving as a supportive barrier, it ended up at $150. Currently in this session, SOL is nearly 2% higher, trading at $153, with buyers planning another push towards breaking the $160 barrier. The bulls have been maintaining SOL above $150, suggesting a robust support level at that price. If SOL manages to gather momentum and surpass $160, we may witness a potential move towards $180-$190. For this scenario to unfold, buyers must ensure SOL remains above $150.
Ripple (XRP) Price Analysis
Despite a robust performance on Thursday that momentarily lifted Ripple (XRP) to $0.566 and exceeding both its 20 and 50-day moving averages, XRP’s price has since retreated back under $0.55. A close look at the price chart reveals a rather subdued trend for XRP since it dipped to a daily low of $0.50 on October 3. Since then, the cryptocurrency has been moving between $0.50 and $0.55, with neither bulls nor bears managing to break out from this price range. However, the trading range appears to have contracted further following XRP’s ascent above its 200-day moving average earlier this week. To start the week, XRP experienced a surge of 3.10%, propelling it over the 200-day moving average to $0.548.
On Tuesday, XRP faced substantial resistance at $0.55 and dipped by 1.22%, showing significant volatility. Despite this, it stayed above its 200-day Simple Moving Average (SMA), ending the day at $0.541. A recovery occurred on Wednesday, with XRP rising by 1.09% to $0.547, but still failing to surpass $0.50. Thursday saw a considerable increase for XRP, reaching a peak of $0.566 and moving past both its 20-day and 50-day SMAs. However, it lost momentum, allowing sellers to regain control, pushing it below the moving average and $0.55, ending at $0.544, a decrease of 0.66%. Currently, buyers are making another effort to push XRP above $0.55 in the ongoing session.
Injective (INJ) Price Analysis
The cryptocurrency INJ aims to surpass its 200-day Simple Moving Average (SMA), aiming for an optimistic conclusion at the end of the week. This digital currency began the week robustly, recording a nearly 7% rise to exceed the 20-day SMA and reach $21.71. However, it dipped into the negative territory on Tuesday due to heightened market volatility, declining by 1.49% to $21.39. The downward trend continued on Wednesday as INJ dropped further by 2.29%, reaching $20.90. Despite this selling pressure, the 20-day SMA served as a crucial support level that prevented any further price decline.
On Thursdays trading day, INJ experienced a robust rebound that surpassed its 200-day Simple Moving Average (SMA), peaking at $25.65. Yet, the bullish trend began to wane due to intense selling pressure which caused the price to fall below the moving average again. By the end of trading, INJ closed at $21.83, registering a gain of more than 2%. Currently in the ongoing session, INJ is up by 2.25%, aiming to reclaim the 200-day SMA once more.
Render (RNDR) Price Analysis
As an analyst, I’ve observed a significant dip in Render (RNDR)’s performance this week following its failure to surpass the 20-day Simple Moving Average (SMA). After concluding the previous week with losses, RNDR kicked off the current week on a positive note, climbing nearly 4% and breaching the 50-day SMA, reaching $5.57. However, subsequent attempts by buyers to break above the 20-day SMA lost steam, causing the price to plummet from a daily high of $5.72. Buyers made another effort to surpass the 20-day SMA on Tuesday, pushing RNDR to a new high of $5.77, but sellers regained control, driving the price down nearly 2% and settling it at $5.47.
On Wednesday, there was continued selling of RNDR, causing it to fall below its 50-day Simple Moving Average (SMA) after a 2.08% drop to close at $5.36. The next day saw another decline of 2.69%, dropping the price to $5.21. However, in today’s session, buyers are trying to lift RNDR back above its 50-day SMA. Currently, RNDR has risen by 2.52% and is trading near $5.34. Buyers aim to push the price above both $5.50 and its 20-day SMA. If successful, this could potentially drive RNDR up to $6.
Dogwifhat (WIF) Price Analysis
Dogewhizz (WIZZ), a meme token built on Solana, has bounced back from a price point of around $2.50, with investors aiming to stabilize above this mark and attempt another challenge at the resistance level of $3. In the beginning of the week, WIZZ experienced a spike reaching a daily peak of $2.97, signaling a robust push by bulls to surpass $3. Yet, due to sellers being active at this price point, WIZZ dropped and ended up at $2.82 following a 6.09% increase. On Tuesday, WIZZ dipped again, reaching a low of $2.54 during the day. However, it managed to recover from this level and closed at $2.64, marking a substantial drop of 6.26%.
On Wednesday, WIF saw considerable fluctuations as sellers aimed to push WIF below $2.50. This led to a dip in its value to $2.49, but buyers stepped in at this point, causing it to rebound and close at $2.63, showing only a minimal decrease. The next day, selling pressure escalated, causing WIF to drop to $2.54 following a 3.37% descent. Once more, sellers tried to force WIF below $2.50, but they failed. Instead, the price fell to $2.44 and then rebounded. In the current trading session, WIF has demonstrated a robust recovery, with its value increasing by 3.36% and hovering around the $2.63 price mark.
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2024-10-18 11:41