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Category Archives: Bitcoin
Top Analyst Says 600 Days of Bullish Momentum Still Ahead for Bitcoin – The Crypto Basic
Posted: January 25, 2024 at 11:23 am
Citing historical data, prominent Bitcoin and crypto analyst Ali Martinez predicts that there are more than 20 months of bullish price action still ahead for BTC.
The price of Bitcoin has struggled in the days following the approval of spot Bitcoin ETFs in the United States. The leading cryptocurrency shed more than 20% of its value from the recent highs, dropping to as low as $38,500 earlier this week.
However, this bearish price action could be short-lived, according to Ali Martinez. In a recent update, the prominent analyst pointed to historical charts as evidence that Bitcoins best days are yet ahead.
The analysis made comparisons between Bitcoins current price and its performance in the previous four-year cycles.
It forecasts that if Bitcoin follows the pattern set in the past bull run and the duration between market bottoms, then there are still 600 days of bullish momentum ahead.
Notably, Bitcoin saw market bottoms between 2015 and 2018 at $185 and $3,200 respectively. Similarly, the market set hit its lowest point in four years in 2022, when Bitcoin traded close to $16,000 off the back of the FTX collapse.
By considering the average period that elapsed between the markets, setting a new lowest point, Ali Charts notes that Bitcoins next market peak should come in October 2025 (or more than 20 months from now). At that point, the market will witness a sell-off that sets it on course for a new bottom.
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Bitcoins price action over the past 48 hours tends to support the thesis that its best months are yet ahead. Since hitting a new monthly low of around $38,500, the leading cryptocurrency has bounced back, reclaiming the $40,000 mark several times within the period under consideration.
At the time of writing, Bitcoin is trading at $39,962, representing a less than 0.1% decline in the past 24 hours. Bullish investors remain hopeful that BTC will continue its fightback and recover lost ground in the days ahead.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Bitcoin Funds Are Here. But You Probably Dont Need Them. – The New York Times
Posted: at 11:23 am
Exchange-traded funds come in many shapes and sizes. Some are plain vanilla, diversified index funds that let you invest in the entire stock and bond markets, and are excellent core holdings for the great majority of people.
Then there are the quirky, narrowly focused E.T.F.s like the Inverse Cramer Tracker, which enables you to bet against the stock picks of the CNBC television host Jim Cramer. The fund is legal, approved by the Securities and Exchange Commission and a money-loser since its inception last year. Betting against Jim Cramer just isnt a great investing strategy.
Neither is fear of missing out. Yet FOMO is the main reason for putting money into Bitcoin, which remains highly speculative, difficult to categorize and without an immediately identifiable economic function.
The S.E.C. this month approved 11 new E.T.F.s that track the price of Bitcoin, and the decision has been heralded by promoters of Bitcoin and of the new funds as an important event, legitimizing Bitcoin as an asset class.
I dont think so.
The S.E.C.s action, in itself, doesnt give Bitcoin any new stature. It merely adds Bitcoin funds to a long list of E.T.F.s that are perfectly legal and simple to buy, but that dont belong in anybodys core portfolio. Id put the Inverse Cramer Tracker in this category, as well as E.T.F.s that track a single stock like Tesla, PayPal or Nvidia, or that use leverage to triple a bet on energy prices or quadruple one on the S&P 500. I could go on and on.
Simply being legal doesnt make a strategy sensible for most investors. In fact, while approving the Bitcoin E.T.F.s, the agency also issued an explicit warning against FOMO investing in so-called digital assets as it has done many times before.
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Bitcoin Funds Are Here. But You Probably Dont Need Them. - The New York Times
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Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims – CoinDesk
Posted: at 11:23 am
Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims CoinDesk
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Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims - CoinDesk
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Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says – Yahoo Finance
Posted: at 11:23 am
Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says Yahoo Finance
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Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says - Yahoo Finance
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Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch – NewsBTC
Posted: at 11:23 am
Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch NewsBTC
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Bitcoin Mid-Cycle Top? Benjamin Cowen Says One Indicator Suggesting BTC Headed for Downtrend – The Daily Hodl
Posted: at 11:23 am
Bitcoin Mid-Cycle Top? Benjamin Cowen Says One Indicator Suggesting BTC Headed for Downtrend The Daily Hodl
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Bitcoin Mid-Cycle Top? Benjamin Cowen Says One Indicator Suggesting BTC Headed for Downtrend - The Daily Hodl
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Franklin Templeton expects its spot bitcoin ETF to gain traction as financial advisors become more familiar with product – The Block
Posted: at 11:23 am
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Bitcoin ETFs: The Good, the Bad and the Ugly – RealMoney
Posted: at 11:23 am
Bitcoin ETFs: The Good, the Bad and the Ugly RealMoney
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Bitcoin ETFs: The Good, the Bad and the Ugly - RealMoney
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