Bitcoin
Bitcoin Dominance Chart Forms Bearish Wedge Pattern, Altcoin Season On The Horizon
Crypto analyst Titan of Crypto has highlighted a bearish pattern on Bitcoin’s dominance chart, suggesting that altcoin season might be on the horizon. The analyst expects these altcoins to make massive moves soon enough, having experienced significant declines for some time now.
Bitcoin Dominance Chart Forms Bearish Pattern
Titan of Crypto mentioned in an X (formerly Twitter) post that the breakout on the rising wedge on Bitcoin’s dominance has been confirmed. As such, Bitcoin’s dominance is expected to experience a decline to the downside. The crypto analyst added that this could be a good time for altcoins to recover after weeks of corrections.
A drop in Bitcoin’s dominance is usually bullish for altcoins. Such development could usher in the altcoin season when these crypto tokens are known to decouple from the flagship crypto and outperform it.
Data from the Blockchain Center suggests that the altcoin season might be on the horizon, as there has recently been an increase in the number of altcoins outperforming Bitcoin. Altcoin season is confirmed when 75% of the top 50 coins by market cap have outperformed Bitcoin over the last 90 days.
Crypto experts like Michaël van de Poppe had previously suggested that the launch of the Spot Ethereum ETFs might be the catalyst to kickstart the altcoin season. These funds are expected to spark a significant rally for Ethereum (ETH), which could lead to massive moves for other altcoins.
Ethereum is known to usually lead other altcoins into this altcoin, especially as its dominance against Bitcoin begins to rise. Titan of Crypto predicted that ETH’s dominance against BTC could significantly increase in the coming weeks and months, which he stated could lead altcoins to surge.
“Face-Melting” Altcoin Season Is On The Way
Crypto analyst Lark Davis recently claimed that a “face-melting” altcoin season is on the way and that all the crypto community needs to do is to be patient. The analyst also alluded to a recent analysis by crypto analyst Mikybull Crypto. Mikybull Crypto stated that the macro short-term correction for altcoins is about to end. He told the crypto community to prepare for the upcoming markup phase as the altcoin season for this cycle is still in play.
In a recent X post, Mikybull Crypto stated that this cycle’s altcoin season will be “glorious.” He made this statement while revealing that the ETH/BTC pair is preparing to leave its 3-year Wyckoff re-accumulation range. He added that a bullish divergence is currently playing out as it did in 2020.
While the altcoin season may be on the horizon, crypto analyst Andrew Kang has warned that most altcoins have topped out in this cycle and are likely to re-record new highs. As such, crypto investors might have to be very selective in what altcoins they invest in.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin
Bitcoin New All-Time High Sparks $400 Million Market Rout
Bitcoin soared to a historic high of nearly $80,000 on Sunday, fueled by renewed optimism within the crypto community following Donald Trump’s reelection as US president.
This support has powered Bitcoin’s upward momentum, with its rally appearing unstoppable for the time being.
Bitcoin’s Latest ATH Drives $400 Million Market Liquidation
On November 10, Bitcoin reached an unprecedented peak of $79,600, surpassing its prior all-time high (ATH) of more than $77,000, according to BeInCrypto data. Though it has slightly receded to $79,326 at press time, the leading digital asset’s price has still experienced a notable increase of over 3% in the past 24 hours.
“$79k bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight. No rash action is needed, HODLing does the work for you,” Bitcoin investor Tuur Demeester said.
Analysts credit a major portion of this growth to the optimism surrounding Trump’s return to office. Many speculate his administration may take a favorable approach to crypto regulation, adding further momentum. Trump himself has shown support for crypto, participating in several industry events, including the Bitcoin2024 Conference, and has pledged to foster a pro-crypto environment.
Similarly, the recent cuts in global interest rates have also fueled Bitcoin’s recent price action. Both the US Federal Reserve and the Bank of England recently cut rates by 25 basis points, a move that typically boosts liquidity while softening the dollar. These conditions historically favor risk assets like Bitcoin, making it an appealing option for investors amid a relaxed monetary policy.
Meanwhile, Bitcoin’s price new record high has also positively affected the broader crypto market, with several leading assets riding the wave. In the past 24 hours, Ethereum rose 5.4%, Solana gained 3.2%, and Dogecoin experienced an 11% jump.
Yet, this bullish market performance has led to significant losses for traders speculating on the prices of these digital assets. According to Coinglass data, over 132,000 traders were liquidated for nearly $400 million during the market uptrend.
Short sellers — who had been betting on a market decline — saw the biggest losses, totaling approximately $288.46 million. Long traders faced smaller setbacks, with total losses of around $105.6 million. Bitcoin traders accounted for around 30% of the liquidations at $105 million, followed by Ethereum traders at $65 million.
Across exchanges, Binance experienced the highest volume of liquidations, representing 46.76% of the total, or about $180 million. Other exchanges, such as OKX and Bybit, also recorded significant losses, with $79.6 million and $65.4 million, respectively.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Bitcoin Analyst Sets $88,800 Target As BTC Breaks ATH 3 Days In A Row – Details
Bitcoin is on a record-breaking run, reaching new all-time highs for three consecutive days following Donald Trump’s victory in the US election and a recent 25 basis point rate cut by the Federal Reserve. This combination of political and economic shifts has fueled a renewed wave of investor interest in BTC, driving prices into uncharted territory.
Top crypto analyst and investor Daan has shared an optimistic outlook, highlighting that BTC is now in price discovery mode with the potential for significant further upside to the $88,800 mark.
As Bitcoin rallies to new highs, the current bull trend appears to be in its early stages. Analysts and investors are closely watching BTC’s price action, with many expecting strong momentum as institutional demand surges. With key macroeconomic shifts favoring alternative assets, BTC is uniquely positioned to benefit, further supported by increasing volumes and heightened demand in U.S. markets.
The next few weeks will be crucial as Bitcoin tests new price levels and traders gauge just how far this bull run can go. As BTC enters price discovery, breaking prior resistance levels, the stage is set for a potentially transformative period, fueling optimism for both seasoned investors and newcomers to the crypto space.
Bitcoin Enters Price Discovery
Bitcoin has entered a new bullish phase, marking the start of a price discovery period after three consecutive days of consistently breaking all-time highs. This move has set a bullish tone not just for BTC but for the entire crypto market. As BTC pushes higher, it reinforces its position as the market leader, driving optimism and interest in altcoins as well.
Top analyst Daan recently shared a technical analysis on X, suggesting that Bitcoin’s next target in its price discovery phase is $88,888. He emphasized that while Bitcoin is unlikely to reach this target in a straight line, the bigger trend remains bullish, and the market has been waiting for this breakout for eight months. Daan cautioned that the journey to these higher levels will be bumpy, with volatility expected as the market works through this new phase.
The coming months are likely to see significant volatility as Bitcoin tests new resistance levels and investors digest the implications of a broader bull market. However, the underlying sentiment is overwhelmingly positive, fueled by strong demand from institutional investors and continued macroeconomic support.
As Bitcoin breaks through key price barriers, it will continue to drive the narrative for the entire crypto market, with many analysts predicting further upside if the current momentum is maintained. The road ahead may be volatile, but the long-term outlook remains extremely bullish for Bitcoin.
BTC Testing Uncharted Territory
Bitcoin is currently consolidating at the $76,400 mark after an aggressive surge over the past week, with bulls firmly in control. The price has managed to break above previous all-time highs, pushing past the key resistance at $73,800. This level is now crucial, as it could turn into a strong demand zone following its breakout. If BTC manages to stay above $73,800 in the coming days, it will signal continued bullish momentum, potentially pushing the price higher.
However, if BTC struggles to break above the $77,000 mark, a healthy retrace to lower demand levels around $72,500 is likely. This pullback would allow the market to find support before pushing higher. A retrace would also provide a much-needed reset for the market, clearing out weak positions and allowing for more sustainable growth.
In the short term, the $73,800 level is critical for maintaining bullish sentiment. If BTC holds above this area, it is likely to continue its upward trend. But, should the price fail to maintain this support, traders will be watching for signs of a deeper correction. Overall, the market sentiment remains positive, and Bitcoin has the potential to continue its bullish trajectory if key levels hold.
Featured image from Dall-E, chart from TradingView
Bitcoin
Top 10 Crypto Promises from President-Elect Donald Trump
Donald Trump convincingly won the US Presidential election and will assume office in January. He ran as a pro-crypto candidate on the campaign trail and is now empowered to enact sweeping, friendlier policies.
Trump will focus on halting anti-crypto actions from federal regulators and the legislature and passing comprehensive new laws for the industry.
Donald Trump’s Total Blowout
In a surprising upset, Donald Trump significantly overperformed in last night’s US Presidential election, coasting to a confident victory. Polling beforehand suggested a tossup election; however, Trump made substantial gains across nearly the entire map. He made crypto advocacy a cornerstone of his campaign, and now the industry must assess the benefits of his win.
Read More: Crypto Regulation: What Are the Benefits and Drawbacks?
President Trump made a vast array of pro-crypto campaign promises, supporting Bitcoin in particular. For example, he vowed to create a Bitcoin reserve and halt attempts to sell off the US government’s holdings.
However, he also lambasted the notion of supporting an official “digital dollar” CBDC. In other words, it looks like he will focus more on existing crypto assets.
Other than this, his promises have generally included the broader industry. In August, he vowed to make the US a “crypto capital,” offering to enact a suite of friendlier regulations. A cornerstone of this new strategy is his promise at Nashville’s Bitcoin Conference to fire SEC Chair Gary Gensler. This pledge drew raucous applause, and he seems very likely to enact it.
“I didn’t know he was that unpopular! I didn’t know he was THAT unpopular. Let me say it again: on day one, I will fire Gary Gensler!” Trump claimed in July, reacting to the crowd’s outsized approval.
A New Legal Paradigm for Crypto
Once Gensler is out of office, Trump plans to enact a series of productive crypto policies. First and foremost, he promised to stop the SEC and other regulators from continuing their crackdown on exchanges and other businesses. Several crypto opponents also lost their races, which will help blunt the momentum of hostile legislation.
Read More: Who Is Gary Gensler? Everything To Know About the SEC Chairman
As a final symbol of his plan to end crypto hostility, Donald Trump also pledged to free Silk Road founder Ross Ulbricht. This non-violent offender and early Bitcoin adopter has spent ten years in prison since his arrest and has become a cause célèbre in the community. If Ulbricht is released under Trump’s authority, it will be a real milestone for government reconciliation.
Critically, however, Trump has vowed to make positive impacts on the industry, not just reverse negative ones. Policy advisors are creating a comprehensive list of executive actions he could take once in office, as well as a strategy for a comprehensive new regulation for the space. Trump has also explored more novel use cases, such as crypto’s role in alleviating national debt.
Overall, Trump campaigned on a certifiable bonanza of possible benefits to the space. If even half of these promises get fulfilled, it could permanently alter the industry’s mercurial relationship with the federal government.
“The GOP’s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we’ve always believed that when America steps up in crypto adoption, it’ll do so with gusto—and ultimately take the lead globally. Now, we’re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” Jean-Marie Mognetti, CEO of CoinShares, told BeInCrypto.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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