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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Expectations that Bitcoin will reach a new record. Will it exceed $70,000?

    Rocky
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    Expectations that Bitcoin will reach a new record. Will it exceed $70,000? Empty Expectations that Bitcoin will reach a new record. Will it exceed $70,000?

    Post by Rocky Tue 20 Feb 2024, 6:54 am

    Expectations that Bitcoin will reach a new record. Will it exceed $70,000?

    Expectations that Bitcoin will reach a new record. Will it exceed $70,000? 42203



    money and business
       


    Economy News - follow up
    A year ago, the cryptocurrency market was in a slump, and the idea that Bitcoin might retest a record high of around $69,000 was ridiculous. Twelve months later, some studies now point to this possibility.
    Technical analysis compares the largest rally that took the digital asset to the $52,000 level with previous highs, which suggests expectations for further gains in the coming weeks. Here are some of these studies, according to Bloomberg, with the caveat that the past is not always a reliable guide to the future, especially for emerging and frenetic assets like Bitcoin.
    The Four-Week Signal
    The price of Bitcoin has tripled since the start of 2023 amid optimism about US spot exchange-traded funds as well as an imminent decline in the cryptocurrency's supply growth known as levying.
    The currency rose for four consecutive weeks until February 18. In the past five years, the cryptocurrency has risen by an average of 49% over the three months after 4 weeks of ascent, according to data compiled by Bloomberg. This would take Bitcoin to around $78,000.
    “The market setup for Bitcoin remains very strong,” said Richard Galvin, founder of cryptocurrency-focused investment firm DACM.
    hard road
    Elliott wave studies assume that markets are susceptible to repeating wave patterns. Applying this technique to Bitcoin suggests a pullback towards the $40,000 level before advancing to around $70,000. This compares to Bitcoin's all-time peak of $68,992 in November 2021, when the world was full of stimulus.
    The financial derivatives market
    , while speculators use options contracts for a variety of trading methods. Data from Deribit, the largest cryptocurrency options exchange, shows that Bitcoin options spreads are among the most popular strategies currently. This suggests that investors see the potential for further gains in Bitcoin, but not necessarily significant increases. Derivatives contracts for put options on the side include a specified sell price that is higher than the current trading prices.
    The options market as a whole is “currently pricing the potential for a new all-time high before halving at around 20% to 25%, which is an estimate that seems roughly fair to us,” said Orbit Markets digital asset co-founder Carolyn Morrone.
    Bitcoin was little changed at $51,956 as of 6:30 a.m. Tuesday in Singapore, near the highest level in more than two years. Among smaller coins, Worldcoin token from a project co-founded by OpenAI's Sam Altman was the standout, rising nearly 32 percent in the past 24 hours, according to CoinGecko data.


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    Added 02/20/2024 - 9:03 AM
    https://economy-news.net/content.php?id=40664

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