News Article:
$100,000 may just be a matter of time.
By BitpushNews
On Tuesday, gold continued its upward trend, while the US stock market and the cryptocurrency market consolidated.
According to Bitpush data, Bitcoin bulls continue to face resistance between $68,000 and $70,000. As of the time of writing, the trading price of Bitcoin is $67,672, with a 24-hour volatility of less than 1%.
Over the past 24 hours, altcoins have shown weak upward momentum, with tokens ranked in the top 200 by market capitalization experiencing more losses than gains. The top gainers were Popcat (POPCAT) up 9.8%, Ponke (PONKE) up 9.4%, Uniswap (UNI) up 4.7%. The biggest loser was ApeCoin (APE) down 17.4%, followed by Scroll (SCR) down 13.3%, and dYdX (DYDX) down 10%.
The overall market capitalization of cryptocurrencies is currently $2.33 trillion, with Bitcoin’s market dominance at 57.3%.
As for the US stock market, the S&P 500 and Dow Jones indices closed relatively flat, while the Nasdaq index rose by 0.18%. Spot gold reached a new high of over $2,748 per ounce during intraday trading.
Bitcoin options OI concentrated at $80,000, $100,000 just a matter of time in November
According to data from cryptocurrency exchange Deribit, the open interest (OI) of Bitcoin call options expiring at the end of November is concentrated around $80,000.
Despite many analysts linking Bitcoin’s trend to the increased probability of a Trump victory, David Lawant, Head of Research at FalconX, stated in an interview with Bloomberg that Bitcoin “may perform well regardless of the election outcome.”
Joel Kruger, Market Strategist at LMAX Group, stated in a report, “It feels inevitable that Bitcoin will break to new all-time highs and the time to that is getting closer. Recent market performance has been very strong, in line with seasonal trend analysis, which predicts strong performance in October.”
He added, “The next major hurdle is $70,000, which coincides with the high point in July 2024 and is close to the all-time high of $73,835 set in March. So far, options and strike prices have been struggling to maintain the market cap. But it seems that the pressure to break the $70,000 resistance level is increasing, which could lay the foundation for breaking the all-time high based on our technical analysis.”
Regarding the Bitcoin price on the eve of the election, John Glover, Chief Investment Officer at Ledn, pointed out that “the current support level is $65,000, and I believe that in the days leading up to the election, the BTC price will test the previous high of $73,000.”
Analysts generally believe that the upcoming US election is a major influencing factor in the current cryptocurrency market. However, according to TradingShot analyst, TradingView, the four-year cycle of Bitcoin will soon become the main driving force in the cryptocurrency market.
In their Tuesday update, they wrote, “It has been a while since we last used the Mayer Multiple Bands (MMB) to analyze Bitcoin, but now is the best time to release the latest dynamics, as we are only two weeks away from the US presidential election, and the market is about to enter a bull market breakout, this time, observing the price movements of this date every 4 years.”
TradingShot explained, “The trading cycle of BTC is roughly 4 years, maintaining a high degree of symmetry, and the trend is highly likely to repeat itself each time. Currently, close to the end of October (2024), the price is trading within the average MM (black trend line) and the first SD above (gray trend line). It has started to rise from the average MM.”
They pointed out, “According to the 4-year cycle theory, the trends in October 2020, October 2016, and October 2012 are in a highly similar range, with a significant degree of symmetry, which this indicator once again proves. We can also see that every 4 years at this time, the price has started to rise from the average MM, just like now. The green rectangle in the chart shows the date range between the 4-year interval and the peak of the bull market cycle. In October 2012, it took 58 weeks (406 days) to reach the peak, in October 2016 it was 60 weeks (420 days), and in October 2020 it was 55 days (385 days). Therefore, in terms of time, the cycle tends to reach its peak at roughly the same period.”
TradingShot believes, “Assuming again that the ‘worst-case scenario’ only touches the ‘2 SD’ trend line, we can set the target range at $190,000 – $250,000, depending on whether the price touches this range midway through the 55-week interval or close to the end. Nonetheless, Bitcoin seems to be starting an exciting rebound.”
