🚨 URGENT! MUST READ.🚨 ~ 🚨#Bitcoin is about to PUMP to $117K. 🚨 ~ 🚨CYCLE TOP PREDICTION!🚨 ~ In this post, I'll cover the potential cycle top for #BTC is using historical data and past trends. ~ Let me start by giving a brief overview of the fib levels:
Fib retracement levels are horizontal lines indicating potential support and resistance areas, based on key percentages of the prior move. They suggest how much of a previous trend has been retraced and imply the trend may continue.
The most important fib levels while charting for a longer time frame are: 1.272; 1.618; & 2.272 ~ Now Let's go back to 2013, refer to the first chart attached. By laying down the fib levels from the 2013 cycle peak and the bear market low, we get a 2.272 level of 15k, and in the next cycle (2017), $BTC reached a high of 19.9k, which was a blow-off top target met. ~ Now if we lay down the fibs from the 2017 cycle top and the bear market low, we get a 1.618 technical target of 61.7k and in 2021 we reached 64k, which is also a blow-off top target met. ~ So judging from this trend, as you guys can see, we are getting a diminishing return with every cycle, so if the same trend continues, we'll see a cycle top of either 96k, which is the 1.272 fib level or 117k, which is the 1.414 fib level.
As I have mentioned earlier, the most important fib below 1.618 is the 1.272 fib level, so we may get a cycle top of 96k. Personally, I'm betting on 117k for this cycle because I'm hoping for a blow-off top end to this cycle as well and with bigger players in the market, i believe we will achieve the 117k ATH for bitcoin this cycle. ~ I've also attached a zoomed-in version of all 3 cycles below and have drawn the potential 5 wave count for this cycle. ~ Thanks for reading, stay safe.🤝🏻 ~ AD: If you're interested in learning technical analysis like I do, comment "Teach Me" also mention your email for me to reach you, and I'll personally reach out to guide you on your journey with my one-on-one coaching sessions.
🚨Major warning.🚨 . If you're involved in the crypto market, then don't skip this. . I believe the September correction is already priced in and in the worst case scenario we'll get a dump to 55-56k level and then continue.
Everyone this cycle is talking about a September dump, this wasn't the case in previous cycles. So it is only logical that we don't see a major dump.
Calling for a bullish September.
There are 2 scenarios I have in my head:
18th September is the day we'll get the rate cut by feds. So my analysis is based on that. ~ 1. We continue to go sideways and eventually even we come closer to 10-12 September we eventually start to pump, people in anticipation of the rate cut starts to buy BTC.
Then when the actual rate cut happens we dump, kind of like a sell the news event then continue with the uptrend going into October. - 2. In this scenario, we continue to chop in the current range and then when the rate cut is live we gradually start to pump going into October, starting the uptrend. - Whatever happens, be careful, even though I don't think we'll dump in September, we can't overlook the fact that we're in the worst month for crypto. If we actually have a dip, make sure you're ready to buy it. ~ Thanks for reading, take care. . $BTC $ETH $SOL #BNBChainMemecoins #bitcoin☀️ #BTC☀ #BinanceBlockchainWeek #btcupdates2024
🚨Major warning.🚨 . If you're involved in the crypto market, then don't skip this. . As we enter September, it is important to note that this month has historically been challenging for the cryptocurrency market, often experiencing a dip of 5-8%. Given this trend, there is a possibility that we could see a dump to test the 53k low once again. This scenario is the worst-case expectation, assuming no significant bearish news impacts the global economy.
In a neutral scenario, I'm anticipating a price pump leading up to 18th September. Following the rate cut announcement, a subsequent dip is expected, kind of like a sell the news event. Then a gradual recovery going into October.
Regardless of market movements, it is crucial to remain resilient. This is likely the final month of such unpredictable price action. A more stable, upward trend is just around the corner. Stay strong and stay focused.
We're in the last month of this bearish price action and it will soon be over by October.
When we examine past #Bitcoin halvings and compare the current cycle to the previous one, it’s evident that we’re in a similar phase to late September 2020.
At that time, Bitcoin’s price was around $10.5K. Remarkably, over the next five months, it surged to over $56K.
While history doesn’t exactly repeat itself, it often offers valuable patterns or insights. This comparison suggests that we could be on the brink of a significant price movement.
Although no two cycles are identical, the underlying market dynamics and investor behavior can lead to similar outcomes.
Just in: 🇺🇲 Kamala Harris plans to back measures to support the growth of digital assets, as per her campaign policy adviser.
Brian Nelson, senior campaign adviser for policy to the campaign, said:
“She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow”
when asked about the vice president’s efforts to engage the crypto community during a Bloomberg News roundtable at the Democratic National Convention on Wednesday.
My opinion? I think this is a calculated bid to secure votes rather than a genuine commitment to innovation.
JUST IN: 🇺🇸 Kamala Harris backs President Biden's 44.6% capital gains tax proposal, the highest in history.
The proposal also includes a 25% tax on unrealized gains for high-net-worth individuals. ~ In other words, if you buy a #Bitcoin at $50,000 and it goes up to $70,000 but you don’t cash out the Bitcoin… you still owe tax on the $20,000 capital gains.
This is INSANITY. She cannot win. There will be no country left.
➡️Powell is scheduled to speak at Jackson Hole this Friday and may indicate that the Fed is prepared to cut rates by 50 basis points. ~ If Jerome Powell does announce the Fed’s readiness to lower interest rates by 50 basis points, it could lead to significant movements in the crypto market. Here are some possible outcomes: ~ Cryptocurrency Growth⬆️: Lower rates could increase interest in riskier assets, including cryptocurrencies. As rates decrease, access to cheaper money becomes available, potentially leading to more investments in volatile assets like Bitcoin and altcoins.
Weaker US Dollar📉: A rate cut typically results in a weaker national currency. If the dollar declines, cryptocurrencies may become more attractive as an alternative store of value.
Increased Liquidity 📈: A more accommodative monetary policy could boost market liquidity, resulting in higher trading volumes and rising crypto prices. ~ ➡️However, the impact will depend on how market participants interpret Powell's statement, along with other macroeconomic factors and overall market sentiment. If this insider information turns out to be accurate, the crypto market could experience a sharp rise in the short term.
Over the last six weeks, crypto whales🐋 have accumulated more than 94,700 #BTC, valued at approximately $5.5 billion, according to data from Sentiment . ~ Still scared to buy? $BTC #BTC☀ #bitcoin☀️
Increased demand for Bitcoin signals market consolidation finale: ~ After Bitcoin reached the $57,000 mark, we observed an increase in the average daily token transfer volume from $650K to $765K. This change coincides with Bitcoin's price stabilization within the local consolidation range of $57K-$68K.
Market Reaction: The increase in transfer volume is primarily due to panic selling by holders. Despite this, Bitcoin's price shows resilience, suggesting that the market has absorbed the selling pressure without significant declines.
Demand for "Once Expensive" Coins: The consistent price range during the increase in transfer volume indicates stable demand for Bitcoin, suggesting that investors are keen to acquire these once-expensive coins at what they now perceive as attractive prices.
Conclusions:
The observed increase in token transfer volume at the $57K level serves as an indicator of sustained demand for the coins. This demand points to a bullish outlook among many market participants. I believe we are approaching the final phase of market consolidation, which typically involves narrowing price movements and decreased volatility as the market agrees on Bitcoin's value.
PS: Thanks to other creators I was able to present this on chain data to you guys.
Hash Ribbons signals the end of miner capitulation ~ Hash Ribbons is a popular indicator that highlights periods of stress in the mining market. It uses the 30- and 60-day moving averages of the Hash Rate and has just signaled the end of miner capitulation. ~ This is logical given that the Hash Rate has just reached a new all-time high of 638 EH/s. #Miners are beginning to use more efficient equipment, turning their machines back on and becoming less likely to sell. ~ It's the first time this has happened since the halving, when the block reward for miners was reduced to 3.125 BTC (~$185k), making it a significant and healthy signal. ~ Although the indicator isn't meant to pinpoint the exact price bottom, it often precedes higher prices by signaling a reduction in selling pressure from miners. ~ PS: Thanks to other creators, I was able to post this on chain data.
🔥Hackers have breached a wallet containing $238 million in BTC — Expert
Analyst ZachXBT noted a suspicious transfer of 4,064 BTC (around $238 million). The funds were directed to ThorChain, eXch, Avalanche Bridge, ChangeNow, Kucoin, and Railgun.
Details of the attack are unknown at the time of writing.
Journalist Colin Wu reported that funds had previously been received from Genesis Trading at the victim's address.
Fear of Missing Out (FOMO) is the anxiety of potentially missing a profitable opportunity, commonly felt by traders and investors in the cryptocurrency market.
This concept refers to the psychological pressure individuals experience when they see asset prices rising and worry they might miss out on gains if they don't enter the market quickly.
How does FOMO appear in the cryptocurrency market?
🔵 Impulsive buying: When the value of a cryptocurrency is rapidly climbing, people may hurriedly purchase assets out of fear that prices will continue to rise, and they will miss their chance to profit.
🔵 Unplanned decisions: Driven by FOMO, investors might abandon their original strategies and invest in assets without conducting thorough analysis, which increases the likelihood of financial losses.
🔵 Social pressure: The impact of social media and online forums, where discussions often highlight "missed" opportunities, can encourage individuals to take hasty actions.
South Korea's National Pension Fund Acquires $33.7 Million Worth of MicroStrategy Shares in Q2 2024
Introduction
In a significant strategic move, South Korea's National Pension Service (NPS) has acquired $33.7 million worth of shares in MicroStrategy Inc. during the second quarter of 2024. This purchase is notable as it underscores the fund’s growing interest in technology investments, particularly in companies with substantial cryptocurrency exposure. #MicroStrategy" , known for its aggressive Bitcoin accumulation strategy, has been a focal point for investors seeking indirect exposure to th
Is a New Crypto Crash on the Horizon Due to Monkeypox?
With the WHO declaring Monkeypox a global emergency, concerns are rising about a possible repeat of the 2020 crypto crash. 🦠💸 As cases increase, many are wondering if we're on the verge of another market plunge driven by lockdowns.
Crypto Market Sentiment: Social media is buzzing with a mix of skepticism and concern. Some speculate it could trigger the rise of a new global currency or the implementation of digital IDs. 🗳️💳
Economic Impact: Will this situation lead to another economic shutdown, impacting crypto as it did before? Or is it just fear mongering?
Crypto's Resilience: Despite past turbulence, crypto has shown resilience. Will it withstand this potential challenge differently?