Bitcoin’s recent rise has been nothing short of meteoric. Institutional involvement in Bitcoin is becoming increasingly evident, and the resurgence of that interest, alongside historical trends analysis, suggests a 60 percent probability that positive momentum from October will persist through November, according to Bitfinex analysts.
(Source: The Block)
Also of note, as per Glassnode’s latest weekly report, is the strong performance of BTC and the broader crypto against traditional asset classes such as commodities, precious metals, stocks, and bonds. Amidst increasing global uncertainty, this robust performance is poised to capture the attention of numerous conventional investors, too.
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There are signs Bitcoin has already started its next long-term bull run, which, according to Michael Saylor, could bring its valuation 10x from current levels.
Top crypto industry publications post technical analyses highlighting long-term indicators backing this outlook.
This bullish sentiment is also reflected in the futures data, but there are signs of a likely pullback in the near term, according to Glassnode’s Stablecoin Supply Ratio.
Bitfinex’s report highlights the $35k mark as a “pivotal psychological and technical threshold for Bitcoin,” noting also the significant amount of selling pressure in the market.
The authors clarify, however, that the selling pressure originates predominantly from “a substantial cohort of short-term holders” (those who have held the asset for less than six months) who “decided to cash in on the rally.” In contrast, long-term holders have remained mainly steadfast, with supply held by this cohort reaching an all-time high.
Nevertheless, some short-term pullback does not preclude the possibility of a ‘Santa rally’ materializing mid-term. Matrixport analysts suggest it could propel Bitcoin to $56k by year-end (and to $125k by the end of 2024).
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MetaTalks disclaims responsibility for any investment advice that may be contained in this article. All judgments expressed are solely the personal opinions of the author and the respondents. Any actions related to investing and trading in crypto markets involve the risk of losing funds. Based on the data provided, you make investment decisions in a balanced, responsible manner and at your own risk.