$BTC $BNB

conference call on Wednesday.
Previous attempts by other nations to tax cryptocurrency trading have not always been successful in boosting government revenue. For example, India’s introduction of heavy taxes on digital assets two years ago led to a sharp decline in trading volumes, as investors shifted to offshore platforms to avoid the taxes.

The announcement of Italy comes as the European Union prepares to implement its comprehensive crypto regulations, known as MiCA, by the end of the year. Despite the tax hike news, Bitcoin saw a 1.8% increase by 12 p.m. in London on Wednesday, continuing its upward trend with a 17% gain over the past month.
The post Italy to Increase Bitcoin Capital Gains Tax to 42% Amid Crypto Growth appeared first on UNLOCK Blockchain.
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Just now, the Bitcoin market has broken above the crucial resistance of $67,400. Many predicted that if the market climbed above the said level, it would take the market to new highs. Naturally, confidence in the market has reached a new high. However, a report by Santiment suggests that the upward momentum of the market has slowed down despite this growing optimism. Why? To know, let’s analyze the Santiment report in detail. Ready?
Bitcoin Rally Hits a Pause: Why?
The report points to a burst of bullish sentiment in the Bitcoin market on Tuesday. Its primary view is that the newly gained hype has slowed the pace of the present upward momentum in the market. On Monday, the opening price was $65,853. By the time of closing, it rose to $66,079. Yesterday, it could not maintain the same momentum, although by the time of closing the price reached $67,066. Currently, the price stands at $67,522.
Data Shows Bottoms and Top Forming
The Santiment data reveals an interesting pattern: bottoms are forming in the $50K - $59K range based on high social media mentions, while tops are appearing in the $70K - $79K range. What this suggests is that prices may fluctuate based on public sentiment, with higher mentions indicating potential tops.
Market Moves Opposite to Crowd Predictions
Santiment states that markets tend to move in the opposite direction of crowd predictions. What this means is that when the crowd expects prices to rise or fall, the opposite often happens.

In conclusion, the Santiment report highlights the importance of staying away from the ‘Crowd Think’ trap. It emphasizes indirectly the significance of developing an independent mindset for traders.

With the crypto market capitalization reaching 2.25 trillion dollars, the bullish week witnessed Bitcoin surpassing the $67,000 mark. Since July 29, this is the first time the price of BTC has crossed $67,000.
As the recovery rally in BTC price gains momentum, the chances of a new all-time high are increasing in this October rally. Amid such hype and bullish sentiments, here are the five things you should know about Bitcoin as it aims for a new all-time high.
Bitcoin Price Breaks the Channel
In the daily chart, the BTC price action reveals a breakout of a high-supply resistance trend line. With the preparation of a third Bullish candle, the biggest crypto has increased by 7.03%. Meanwhile, the weekly gains for Bitcoin stand at $14.33 from the 7-day low of $58,867.
Taking a double-bottom reversal from the 200-day EMA, the recovery run in Bitcoin marks a channel breakout that formed a larger Bullish pattern. As the recovery rally heads towards the 78.60% Fibonacci level at $69,471, the Bullish momentum is on the rise.

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With an uptick in the 50-day EMA and the RSI reaching the 70% overbought boundary line, the chances of an uptrend continuation are higher. However, a minor pullback to retest the broken trend line is possible.
Based on the Fibonacci level, the upside potential stands to reach the previous all-time high at $73,794. With a potential breakout, the upcoming price targets for the largest cryptocurrency stand at $79,028 and $85,832. 
Bitcoin ETFs Witness $926M Net Inflow in 3 Days
As the Bullish trend in Bitcoin gains momentum, the Bitcoin ETF market in the U.S. witnesses a third consecutive day of inflows, with $253 million worth of net total inflow on Monday, followed by $555 million on Tuesday. Thus, the ETFs have accounted for a net inflow of ~$926M in three days.

On October 15, Bitcoin's spot ETF recorded an inflow of $371 million. Currently, the U.S. spot Bitcoin ETFs hold a total net asset of $63.13 billion or 4.80% of the total Bitcoin supply. Among the top performers, BlackRock's IBIT market witnessed an inflow of $288.84 million yesterday. 
IBIT currently holds $25.06 billion worth of Bitcoin, making it the largest U.S. spot ETF for Bitcoin. This is followed by Grayscale's $14.74 billion worth of holdings and Fidelity's $12.31 billion holdings.
Bitcoin Whales Continue to Buy
The whales continue accumulating as the bullish sentiments around Bitcoin continue to rise. Over the last week, the institutional wallets, excluding miners and exchanges, bought over 67,000 coins in the past 30-day window, surpassing more than 3.9 billion Bitcoin.

Based on the data from CryptoQuant, as whales accumulate over Coinbase and Bitfinex, Binance and Bybit continue to be predominantly short. The disparity reflects a dynamic where large investors continue to absorb coins while retail investors are exhausted.
As the whales continue to buy back, the BTC price is expected to rise with the support of institutional players building their positions.
Bullish Speculations Rise in Derivatives Market
As the BTC price is coming back in the derivatives market, the Bitcoin open interest stands at $38.45 billion. With $77.19 million positions liquidated in the last 24 hours, $52.61 million were liquidated from the short side. 

Hence, the selling side takes a setback with Binance. Furthermore, Binance's top traders reflect a long-to-short ratio based on positions crossing the 1.18 mark, reflecting the top traders speculating a bullish move ahead.
Analyst Targets BTC Price To Hit $86,600
Supporting the bullish trend in Bitcoin ahead, Martinez Ali, a crypto analyst, has recently shared that the BTC price will likely create a local top of $86,600.
However, the prerequisite for this new all-time high will require Bitcoin to surpass the $67,400 mark. Currently, the Bitcoin price is trading at $67,238.

Curious to know if Bitcoin will hit $100k in 2024? Find a technically and logically driven answer in BTC price prediction for 2024 to 2030!