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ANALYST PREDICTS BITCOIN SURGE TO 109 BY DECEMBER 2024
Analyst Predicts Bitcoin Surge to $109K by December 2024 Based on Fibonacci Levels, Bullish Indicators
Analyst Predicts Bitcoin Surge to $109K by December 2024 Based on Fibonacci Levels, Bullish Indicators
Fibonacci levels suggest Bitcoin could see a 52% increase, reaching $109,236 by year-end if the trend holds.
Bitcoin's price has consistently aligned with Fibonacci levels, indicating potential bullish momentum through 2024.
RSI recovery and MACD bullish crossover point to possible continued upward momentum for Bitcoin in the near term.
According to @CryptoCon_, "This #Bitcoin Fibonacci extension has accurately found each local high of this cycle. The next 52% increase and .618 extension is set to push over the legendary $100,000 threshold at $109,236."
https://twitter.com/CryptoCon_/status/1821951850121179380
This prediction, based on Fibonacci extension levels, outlines a bullish trend for Bitcoin, potentially culminating in a price of $109,236 by the end of 2024. This projection is rooted in previous price patterns, where each high has aligned closely with Fibonacci levels, creating a speculative yet intriguing forecast for the cryptocurrency.
Fibonacci Extension Levels and Key Price Milestones
The Fibonacci extension levels indicate notable price points. The 1.618 level was marked near $30,362 in April and July 2023, signaling local highs. The next key level, 2.618, stands at approximately $46,831, with Bitcoin expected to reach this level by January 2024.
The subsequent levels, 3.618 and 4.618, are projected to be near $71,591 and $109,236, respectively. These levels suggest a potential 52% increase between each stage, indicating a progressive rise in Bitcoin's value.
Historical Price Action and Future Projections
The chart highlights two retracement points that serve as the foundation for these projections. Notably, Bitcoin's price has shown a pattern of retracement followed by substantial gains, aligning with the Fibonacci extensions.
If this trend persists, the price could reach $109,236 by December 2024. However, this projection remains speculative, with market conditions playing a crucial role in determining the actual outcome.
Technical Indicators #Point to Bullish Momentum
Supporting the Fibonacci-based analysis, technical indicators suggest a bullish momentum for Bitcoin. The Relative Strength Index (RSI) currently sits at a neutral level of 57.71, having recovered from an oversold position.
Source: Cmc#MarketDownturn #bitcoinâïž #BlackRockETHOptions #XRPVictory
Analyst Predicts Bitcoin Surge to $109K by December 2024 Based on Fibonacci Levels, Bullish Indicators
Fibonacci levels suggest Bitcoin could see a 52% increase, reaching $109,236 by year-end if the trend holds.
Bitcoin's price has consistently aligned with Fibonacci levels, indicating potential bullish momentum through 2024.
RSI recovery and MACD bullish crossover point to possible continued upward momentum for Bitcoin in the near term.
According to @CryptoCon_, "This #Bitcoin Fibonacci extension has accurately found each local high of this cycle. The next 52% increase and .618 extension is set to push over the legendary $100,000 threshold at $109,236."
https://twitter.com/CryptoCon_/status/1821951850121179380
This prediction, based on Fibonacci extension levels, outlines a bullish trend for Bitcoin, potentially culminating in a price of $109,236 by the end of 2024. This projection is rooted in previous price patterns, where each high has aligned closely with Fibonacci levels, creating a speculative yet intriguing forecast for the cryptocurrency.
Fibonacci Extension Levels and Key Price Milestones
The Fibonacci extension levels indicate notable price points. The 1.618 level was marked near $30,362 in April and July 2023, signaling local highs. The next key level, 2.618, stands at approximately $46,831, with Bitcoin expected to reach this level by January 2024.
The subsequent levels, 3.618 and 4.618, are projected to be near $71,591 and $109,236, respectively. These levels suggest a potential 52% increase between each stage, indicating a progressive rise in Bitcoin's value.
Historical Price Action and Future Projections
The chart highlights two retracement points that serve as the foundation for these projections. Notably, Bitcoin's price has shown a pattern of retracement followed by substantial gains, aligning with the Fibonacci extensions.
If this trend persists, the price could reach $109,236 by December 2024. However, this projection remains speculative, with market conditions playing a crucial role in determining the actual outcome.
Technical Indicators #Point to Bullish Momentum
Supporting the Fibonacci-based analysis, technical indicators suggest a bullish momentum for Bitcoin. The Relative Strength Index (RSI) currently sits at a neutral level of 57.71, having recovered from an oversold position.
Source: Cmc#MarketDownturn #bitcoinâïž #BlackRockETHOptions #XRPVictory
BYBIT SET TO EXIT FRANCE
$BTC #
Bybit, has announced the cessation of its operations in France due to increasing regulatory pressures from the AutoritĂ© des MarchĂ©s Financiers (AMF), the nationâs financial regulator. This move marks a significant shift for Bybit and its French clientele, signaling a critical juncture for the exchange.
The restrictions imposed are notably stringent. Bybit has set all existing accounts to âclose-onlyâ status, prohibiting users from opening new positions or making purchases. This directive extends to the discontinuation of several services including One-click buy, peer-to-peer (P2P) transactions, spot dealing, and derivative trading. Additionally, the platform will no longer accept deposits, although transfers will still be permitted.
More comprehensive measures will take effect on August 13, when Bybit plans to automatically close any remaining open accounts related to spot trading, trading bots, or derivatives. Furthermore, all associated card services will be terminated. Affected users are encouraged to submit help tickets for assistance regarding these impending changes.
This regulatory tightening is not unique to Bybit; the broader French cryptocurrency market faces similar challenges. In a parallel development, Binance, another crypto heavyweight, experienced comparable issues.
In December 2023, Changpeng Zhao, founder of Binance, stepped down from his role at Binance France following pressure from the AMF. These instances illustrate the increasingly regulated environment governing cryptocurrencies in France.
Bybitâs decision to halt operations reflects a broader trend of regulatory scrutiny within the crypto industry, as authorities aim to establish more controlled and secure trading environments. This regulatory stance, while protective, poses significant operational hurdles for crypto exchanges operating within French jurisdictions
#
#BitcoinBeliever
#BinanceEarnProgram
#Write2Earn!
$BTC #
Bybit, has announced the cessation of its operations in France due to increasing regulatory pressures from the AutoritĂ© des MarchĂ©s Financiers (AMF), the nationâs financial regulator. This move marks a significant shift for Bybit and its French clientele, signaling a critical juncture for the exchange.
The restrictions imposed are notably stringent. Bybit has set all existing accounts to âclose-onlyâ status, prohibiting users from opening new positions or making purchases. This directive extends to the discontinuation of several services including One-click buy, peer-to-peer (P2P) transactions, spot dealing, and derivative trading. Additionally, the platform will no longer accept deposits, although transfers will still be permitted.
More comprehensive measures will take effect on August 13, when Bybit plans to automatically close any remaining open accounts related to spot trading, trading bots, or derivatives. Furthermore, all associated card services will be terminated. Affected users are encouraged to submit help tickets for assistance regarding these impending changes.
This regulatory tightening is not unique to Bybit; the broader French cryptocurrency market faces similar challenges. In a parallel development, Binance, another crypto heavyweight, experienced comparable issues.
In December 2023, Changpeng Zhao, founder of Binance, stepped down from his role at Binance France following pressure from the AMF. These instances illustrate the increasingly regulated environment governing cryptocurrencies in France.
Bybitâs decision to halt operations reflects a broader trend of regulatory scrutiny within the crypto industry, as authorities aim to establish more controlled and secure trading environments. This regulatory stance, while protective, poses significant operational hurdles for crypto exchanges operating within French jurisdictions
#
#BitcoinBeliever
#BinanceEarnProgram
#Write2Earn!
BITCOIN MINING BECOMES EVEN MORE DIFFICULT AS PRICES FALLS.
Bitcoinâs price might have taken a hit as of late, but there is one metric that is still impressive: mining difficulty. Data from BTC.com shows that Bitcoin difficulty hit a new all-time high on Wednesday at 90.67 trillion hashes.
Hashing is a mathematical function performed by Bitcoin miners as part of the process of securing the blockchain. The higher the difficulty, the more computing powerâand energyâneeded to do the work.
The record-high difficulty has âsignificantly reduced margins for publicly traded mining companies,â Nishant Sharma, founder of BlocksBridge Consulting, a communications and research firm for the bitcoin mining industry, told Decrypt.
â[The difficulty level] is forcing them to either diversify into new revenue streams or double down on Bitcoin in hopes of a bull market,â he said.
âThose diversifying are repurposing their mining infrastructure for [high-performance computing] applications like AI,â Sharma added. âMeanwhile, those doubling down are hodling or buying more Bitcoin, following MicroStrategyâs example, which essentially acts as a Bitcoin ETF.â
Bitcoin miners are typically large operations that keep the network running by processing new transactions, enlisting large warehouses full of computers. Miners are rewarded for each block they process with Bitcoin. But with mining difficulty at a new high, they have to work harder to stay in business. In fact, some miners are having to close up shop altogether because the process has become so expensive.
In April, the Bitcoin network underwent an event called the halving. The updateâwhich occurs every four yearsâcut miner rewards in half from 6.25 BTC for each block they process to 3.125 BTC.
The event naturally forces miners to work harder, meaning that eventually, only the most efficient operations in the industry stay in the game to keep the network going.
Bitcoinâs price currently stands at $63,188, a seven-day dip of over 6%. The asset hit a new all-time high in March of $73,737
$BTC
#Write2Earn! #BinanceSquareFamily #MiningNews
Hashing is a mathematical function performed by Bitcoin miners as part of the process of securing the blockchain. The higher the difficulty, the more computing powerâand energyâneeded to do the work.
The record-high difficulty has âsignificantly reduced margins for publicly traded mining companies,â Nishant Sharma, founder of BlocksBridge Consulting, a communications and research firm for the bitcoin mining industry, told Decrypt.
â[The difficulty level] is forcing them to either diversify into new revenue streams or double down on Bitcoin in hopes of a bull market,â he said.
âThose diversifying are repurposing their mining infrastructure for [high-performance computing] applications like AI,â Sharma added. âMeanwhile, those doubling down are hodling or buying more Bitcoin, following MicroStrategyâs example, which essentially acts as a Bitcoin ETF.â
Bitcoin miners are typically large operations that keep the network running by processing new transactions, enlisting large warehouses full of computers. Miners are rewarded for each block they process with Bitcoin. But with mining difficulty at a new high, they have to work harder to stay in business. In fact, some miners are having to close up shop altogether because the process has become so expensive.
In April, the Bitcoin network underwent an event called the halving. The updateâwhich occurs every four yearsâcut miner rewards in half from 6.25 BTC for each block they process to 3.125 BTC.
The event naturally forces miners to work harder, meaning that eventually, only the most efficient operations in the industry stay in the game to keep the network going.
Bitcoinâs price currently stands at $63,188, a seven-day dip of over 6%. The asset hit a new all-time high in March of $73,737
$BTC
#Write2Earn! #BinanceSquareFamily #MiningNews
After so much bearish trend early yesterday, Bitcoin tried to surprise me with another bullish trend just before the end of the same day, it's really crazy but let's keep our fingers crossed, however this bullish trend has seen rejection 3 times between the range of 65,000 and 65,600 which makes that region a region to really note......what next should we expect?$BTC
#BitcoinTherapist #bullrun2024đđ #BinanceEarnProgram #Write2Earn!
#BitcoinTherapist #bullrun2024đđ #BinanceEarnProgram #Write2Earn!
Bitcoin Faces Challenges in Breaking Key Resistance Levels
Bitcoin price is significantly higher than in November 2022, but the same canât be said for many altcoins. Investors who bought near the peaks this year are facing losses exceeding 50%, turning the process into a nightmare for them. Bitcoin attempted to break the $70,000 resistance six times but fell back to $60,000. When will this nightmare end?
When Will Bitcoin Rise?
BTC needs to break its all-time high and move upward for altcoins to rise. Historical data suggests this is possible after reaching six-figure levels. BTC is experiencing a phase similar to when it hovered around the previous bull cycleâs $20,000 peak.
On April 20, the fourth Bitcoin halving occurred, and since then, BTC has fluctuated between $58,000 and $72,000. According to popular crypto analyst Rekt Capital, August offers no hope. The analyst, known for predicting major breaks, wrote that a break could occur in September.
Halving should lead BTC out of the accumulation range within 100 days, but this hasnât happened. According to him, BTC is trading within a descending parallel channel, and if it can permanently reclaim $65,000, the upward momentum may continue.
Another popular analyst named Jelle believes that BTC price could reach $100,000 âin the coming monthsâ based on the technical model he examined.
$BTC #Write&Earn #Write2Earn! #bitciondown #bitcoinâïž
Bitcoin price is significantly higher than in November 2022, but the same canât be said for many altcoins. Investors who bought near the peaks this year are facing losses exceeding 50%, turning the process into a nightmare for them. Bitcoin attempted to break the $70,000 resistance six times but fell back to $60,000. When will this nightmare end?
When Will Bitcoin Rise?
BTC needs to break its all-time high and move upward for altcoins to rise. Historical data suggests this is possible after reaching six-figure levels. BTC is experiencing a phase similar to when it hovered around the previous bull cycleâs $20,000 peak.
On April 20, the fourth Bitcoin halving occurred, and since then, BTC has fluctuated between $58,000 and $72,000. According to popular crypto analyst Rekt Capital, August offers no hope. The analyst, known for predicting major breaks, wrote that a break could occur in September.
Halving should lead BTC out of the accumulation range within 100 days, but this hasnât happened. According to him, BTC is trading within a descending parallel channel, and if it can permanently reclaim $65,000, the upward momentum may continue.
Another popular analyst named Jelle believes that BTC price could reach $100,000 âin the coming monthsâ based on the technical model he examined.
$BTC #Write&Earn #Write2Earn! #bitciondown #bitcoinâïž
Senator Cynthia Lummis Unveils Bitcoin Reserve to Fight National Debt
The legislation was revealed on Wednesday at the Bitcoin 2024 event in Washington, D.C., to create a reserve backing the U.S. dollar with Bitcoin, now under greater and increasing fiscal pressures.
This new legislation would mean adding Bitcoin to the balance sheet of the Federal Reserve as a strategic reserve asset. The Bitcoin buying program over five years, similar to the strategic petroleum reserve, will likely be led by the U.S. Treasury. According to Lummis, this will further stabilize and solidify the dollar across the world and might also permanently alter the course of the economy.
Wyoming Senator Cynthia Lummis said the role of Bitcoin would be somewhat akin to a strategic reserve aimed at shoring up the dollar and fending off inflation. The government would hold this bitcoin â the way it does gold at various secure locations â and would use it to pay down debt but would hold each Bitcoin dormant for no fewer than 20 years.
$BTC
#Write2Earn! #bitcoinnewsupdate #BinanceTurns7
The legislation was revealed on Wednesday at the Bitcoin 2024 event in Washington, D.C., to create a reserve backing the U.S. dollar with Bitcoin, now under greater and increasing fiscal pressures.
This new legislation would mean adding Bitcoin to the balance sheet of the Federal Reserve as a strategic reserve asset. The Bitcoin buying program over five years, similar to the strategic petroleum reserve, will likely be led by the U.S. Treasury. According to Lummis, this will further stabilize and solidify the dollar across the world and might also permanently alter the course of the economy.
Wyoming Senator Cynthia Lummis said the role of Bitcoin would be somewhat akin to a strategic reserve aimed at shoring up the dollar and fending off inflation. The government would hold this bitcoin â the way it does gold at various secure locations â and would use it to pay down debt but would hold each Bitcoin dormant for no fewer than 20 years.
$BTC
#Write2Earn! #bitcoinnewsupdate #BinanceTurns7
Crypto Market Decline Following FOMC Meeting
The total cryptocurrency market cap fell by over $60 billion in the last 24 hours after the Federal Open Market Committee (FOMC) displayed a hawkish tone regarding potential rate cuts in September. Although interest rates were held steady between 5.25% and 5.50%, there was no clarity on future moves.
Brian Quinlivan, Lead Analyst at Santiment, commented on the market reaction, saying, âItâs all about the FOMC and Jerome Powellâs decision to keep interest rates steady. There has definitely been a noticeable letdown from the crowd, who were hoping this would be the first time we would see rate cuts since March 2020.â
As a result, the total crypto market cap dropped below $2.25 trillion, losing support at $2.30 trillion for the first time in two weeks. The market cap is now approaching the support level of $2.20 trillion.
For a potential recovery, the $2.30 trillion level would need to be regained as support, which could push the market cap back towards $2.40 trillion.$BNB
#BitcoinTherapist #BinanceTurns7 $BNB
The total cryptocurrency market cap fell by over $60 billion in the last 24 hours after the Federal Open Market Committee (FOMC) displayed a hawkish tone regarding potential rate cuts in September. Although interest rates were held steady between 5.25% and 5.50%, there was no clarity on future moves.
Brian Quinlivan, Lead Analyst at Santiment, commented on the market reaction, saying, âItâs all about the FOMC and Jerome Powellâs decision to keep interest rates steady. There has definitely been a noticeable letdown from the crowd, who were hoping this would be the first time we would see rate cuts since March 2020.â
As a result, the total crypto market cap dropped below $2.25 trillion, losing support at $2.30 trillion for the first time in two weeks. The market cap is now approaching the support level of $2.20 trillion.
For a potential recovery, the $2.30 trillion level would need to be regained as support, which could push the market cap back towards $2.40 trillion.$BNB
#BitcoinTherapist #BinanceTurns7 $BNB
Fedâs lean toward September rate cut bullish for Bitcoin
$BNB
The likelihood of the U.S. Federal Reserve cutting rates in September looks bullish for Bitcoin and crypto investors, QCP Capital analysts wrote in an Aug. 1 report.On July 31, minutes from the Federal Open Market Committee meeting revealed that Fed chair Jerome Powell and other officials at the American apex bank decided to leave interest rates unchanged.Powell and the Fed maintained tighter monetary policies for another month, keeping rates between 5-5.5% as the regulator held out for more positive economic data.According to QCP Capital, the FOMC minutes suggest that the Fed leans toward dovish policies as the year inches toward its final quarters. âA September cut has been fully priced in,â QCP analysts wrote in an Aug. 1 note.Jag Kooner, head of derivatives at Bitfinex, echoed QCPâs sentiment, adding that a September rate cut would bolster bullish momentum and improve market liquidity. Bitcoin (BTC) and other cryptocurrencies regarded as risk assets would benefit from more capital inflows as investors seek higher returns from outside the stock market. Kooner said: âThere is a lot of confidence in the market at the moment, particularly as even potentially negative news like the Mt. Gox Distribution, German Government selling, and many recent significant Chain movements have not been able to impact the Bitcoin price to the downside substantially.â
$BNB
The likelihood of the U.S. Federal Reserve cutting rates in September looks bullish for Bitcoin and crypto investors, QCP Capital analysts wrote in an Aug. 1 report.On July 31, minutes from the Federal Open Market Committee meeting revealed that Fed chair Jerome Powell and other officials at the American apex bank decided to leave interest rates unchanged.Powell and the Fed maintained tighter monetary policies for another month, keeping rates between 5-5.5% as the regulator held out for more positive economic data.According to QCP Capital, the FOMC minutes suggest that the Fed leans toward dovish policies as the year inches toward its final quarters. âA September cut has been fully priced in,â QCP analysts wrote in an Aug. 1 note.Jag Kooner, head of derivatives at Bitfinex, echoed QCPâs sentiment, adding that a September rate cut would bolster bullish momentum and improve market liquidity. Bitcoin (BTC) and other cryptocurrencies regarded as risk assets would benefit from more capital inflows as investors seek higher returns from outside the stock market. Kooner said: âThere is a lot of confidence in the market at the moment, particularly as even potentially negative news like the Mt. Gox Distribution, German Government selling, and many recent significant Chain movements have not been able to impact the Bitcoin price to the downside substantially.â
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