My Analysis on $BTC - October 25, 2024
Bitcoin is currently facing significant resistance at $68,850, with a potential move towards $70,000. If BTC maintains its current pattern, based on the daily and six-hour charts, I see a clear path to break through this barrier soon, especially if support holds strong.
Volume and Institutional Interest:
The growing institutional interest, most notably Microsoft, which recently announced that it will acquire Bitcoin, reinforces confidence in the asset. This move by Microsoft indicates that large companies are taking BTC seriously as part of their long-term investment strategies. The stable trading volume in the market and consistent demand reinforce the view that Bitcoin is in an accumulation phase, possibly preparing for a sustained rally.
Weekly Closing Target:
I believe that to confirm a new bullish trend, Bitcoin must close the week above $68,000 on Sunday at 9:00 PM (Brasília time). This weekly closing level could consolidate a “bull flag” pattern on the chart, providing a solid basis for a new bullish cycle, with potential highs in the coming months.
Season of Altcoins:
With Bitcoin on an upward trajectory, I believe we are approaching a new “altcoin season.” Large-cap tokens like Ethereum and Solana, as well as smaller-cap altcoins, have high upside potential, especially in a scenario of increased market liquidity.
Geopolitics and Pressure on the Banking Sector:
Major investors such as Warren Buffett have been selling stakes in US banks, signaling potential difficulties in the financial sector. The recent interest rate cut by the Federal Reserve indicates that the banking system is facing significant pressure, which reinforces Bitcoin’s attractiveness as a safe and crisis-resistant asset.
Web3 Innovations and Impact:
The adoption of AI-powered DAOs and memecoins, especially in regions like the UAE where these organizations already have legal recognition, shows that the crypto ecosystem is evolving rapidly and opening up new possibilities for participation and investment.
I see Bitcoin at a pivotal moment, with the potential for new record highs if the weekly close surpasses $68,000. Furthermore, the new altcoin season promises to bring significant opportunities. The entry of companies like Microsoft into the Bitcoin market highlights the growing weight of cryptocurrencies in the global financial landscape, further cementing BTC’s relevance.