Standard Chartered Bank has reiterated its bitcoin price forecast of $100,000 with more price increases coming sooner than previously expected. In a note published on Tuesday, Standard Chartered's head of crypto research and Western emerging markets FX, Geoff Kendrick, wrote that “crypto spring has sprung.”The analyst explained that bitcoin's unwavering dominance in the cryptocurrency space and rising hoarding of tokens by miners continues to drive the asset's rise. Bitcoin's share in crypto market capitalization increased from 45% in April to around 50% while its value soared over $10,000. The price increase has sparked renewed interest in the world of cryptocurrencies. Kendrick shared: "Therefore, going forward, we expect the increase in overall digital asset market capitalization to be a larger driver of BTC price increases than BTC's continued increasing dominance in that market." retained their BTC, which led to a sharp decline in sales of mined bitcoins to around 80% in the fourth quarter. The Bitcoin halving that will occur in April will further reduce the supply of new bitcoins. Kendrick noted that historically, bitcoin prices peak 12-18 months after the halving. The bank initially predicted a bitcoin price of $100,000 in April, stating that the crypto winter was over and anticipating that the price could reach $100,000 by the end of 2024. In July, the bank adjusted its predictions, stating that BTC could reach $120,000 next year while emphasizing that the crypto winter is over. The Standard Chartered analyst further explained that unexpected positive developments are taking place on the demand side, with the increasing likelihood of exchange-traded fund approvals on bitcoin exchanges (ETFs) by the US Securities and Exchange Commission (SEC). Kendrick detailed:"We now expect more pre-halving price increases than previously, particularly through the earlier-than-expected introduction of US spot ETFs. This suggests there is a risk that the USD 100,000 level could be reached before the end of 2024."Many analysts predict The SEC will approve several spot bitcoin ETFs next year, including one from Blackrock, the world's largest asset manager. SEC Chairman Gary Gensler recently stated that the securities regulator is considering between eight and 10 spot bitcoin ETF applications.

BitcoinOn November 27, 2023, the price of bitcoin was at $36,951, marking a notable move in the 24-hour range from $36,899 to $37,748. The market capitalization currently stands at $725 billion, with a trading volume of $16.79 billion. The oscillator, a leading indicator of market momentum, presents a mixed outlook for bitcoin on Monday. The relative strength index (RSI) at 57 indicates a neutral to near bearish stance, indicating neither overbought nor oversold conditions. Similarly, Stochastic and commodity channel index (CCI) are at 71 and 51 respectively, both in line with neutral sentiment. This collectively indicates the market is in balance, with no obvious excessive expansion in either direction. Moving averages show a different and unique picture. The short-term exponential (EMA) and 10-day simple moving average (SMA) signal a bearish outlook. However, as the timeframe lengthens, the EMA and SMA from 20 to 200 days gradually switch from neutral to bullish signals. This shows that while short-term sentiment is cautious, the long-term outlook remains positive. The daily chart shows a bullish trend since early October, characterized by higher lows and higher highs. Despite recent volatility, as evidenced by the larger candle wicks, the market has shown resilience. Support was identified near the $33,000 range, with significant resistance around the $38,437 peak reached two days ago. However, volume analysis shows inconsistencies, indicating a lack of firm confidence in the price direction, adding an element of uncertainty to future trading sessions. At a more granular level, the four-hour chart shows a short-term downtrend, with lower highs and lows since the peak two days ago. The current bearish candle indicates this downtrend may continue further. The next support level is around $35,651, with resistance at the recent peak. Trading volume was lower on Monday, with a decline of 1.89% since Sunday.Bull Verdict:In short, the technical analysis of bitcoin as of November 27, 2023, is trending towards a bullish outlook. Despite short-term sell signals and immediate volatility, the long-term moving averages and overall market trend point in a positive direction. Bear Verdict: On the contrary, the bearish perspective on bitcoin technical analysis currently suggests caution. An immediate sell signal from the short-term moving average, coupled with a downtrend on the four-hour chart, indicates a potential short-term price decline.

At the end of the first week of November, the ordi (ORDI) BRC20 token built on the Bitcoin blockchain skyrocketed in value after Binance announced it would list the coin. But this week, ORDI's value has fallen 10% over the last seven days and over the last 24 hours, its value has fallen 2.2%. ORDI's market valuation as of November 25, 2023 is just under half a billion or $446 million. This places ORDI in the 115th ranking position among more than 10,000 crypto assets listed on 935 exchanges. Over the past few days, ORDI has recorded $99 million in global trades, and interestingly, statistics from cryptocompare.com show ORDI had a lot of trades tied to the Turkish lira, and even more than its USDT counterpart. Although ORDI fell 2, 2% and over 10% in the past week, ORDI has risen very close to the high it reached seven months ago on May 8, 2023. At that time, ORDI was trading for $28.52 per coin, and today, it is exchanging hands for $21.04 per unit. Additionally, over the last 30 days, ORDI has gained 319% against the greenback. Wallet statistics or the rich list of the top ten ORDI wallets show that crypto exchange Okx is one of the largest holders. Centralized exchanges own a large number of ORDI tokens at the following addresses “ bc1q8 ,” “ bc1qg ,” “ bc1qz ,” “ bc1qn ,” and “ bc1qq ,” among others. The largest ORDI holder currently is wallet “ bc1qh ” which commands 2,231,755 ORDI. The address is not marked so the owner is unknown.#ordinals #bitcoin