October 20, 2024
Bitcoin Eyes $70,000 for the First Time Since August
Dear Subscriber,
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| By Beth Canova |
We’re more than halfway through the month. And so far, “Uptober” has been living up to its nickname.
That’s because Bitcoin (BTC, “A”) has almost completely erased its losses from the early August correction.
That’s when BTC fell from roughly $70,000 — within a stone’s throw from its all-time high — to just about $50,000, a price not seen since late February!
With the benefit of hindsight, however, we can see that this was a much-needed correction, as Juan Villaverde, our cycles expert, pointed out at the time:
Bitcoin’s price action over the past three months. Source: CoinGecko.
Click here to see full-sized image.
See the sharp drop on the left of the chart? That’s the August correction. That it bounced with confidence off the $50,000 level signals strong long-term support.
Now, look to the right of the chart. Over the past week, Bitcoin has started climbing. It sits near $68,500 at the time of writing.
Additionally, Juan has been warning you about the rising tide of global liquidity for weeks. Looking at the latest data from China — which has already been priming its monetary printing press since August — and BTC’s price action, Juan says Bitcoin Is Set to Ride the Coming Wave of Global Liquidity to new heights.
But our Weiss crypto experts look beyond price action. That’s why Dr. Bruce Ng’s update this week — showing you a way you could Get Ahead of the Market’s Movements — reveals another metric to watch: impulsive price action.
And while his conclusion is that we’re not quite at the edge of a new rally, we’re not far off.
That means, with Bitcoin’s sideways consolidation coming to an end and upside action likely around the corner, it’s time for investors to get serious about their plan for crypto’s next leg up.
That’s why our team of crypto experts has been hard at work bringing you the timeliest updates and actionable strategies to navigate the market.
Like Marija Matiฤ’s Smart Crypto Strategies to Navigate Financial Nihilism.
Despite the sharp rise in awareness and acceptance of crypto by TradFi institutions, there are still people who subscribe to the philosophy of financial nihilism. That’s the belief that the financial system — encompassing money and investment practices — as lacking real value or meaning.
Whether or not you agree with this ideology, Marija highlights four key strategies you can use to make financial nihilism work for you within the crypto market.
Next, tech expert Jurica Dujmovic suggests you keep Sei (SEI, Not Yet Rated) on your watchlist. That’s because, according to him, it’s More Than Just Another Blockchain. This brand-new Layer-1 blockchain may in fact be the answer to crypto’s long-standing scalability problems.
But Jurica doesn’t stop there. He also highlights for you the biggest projects on this young crypto network.
Finally, Mark Gough wants to draw your attention to the rapidly growing GameFi sector, which has seen a 250% year-over-year gain.
And not only is it still going strong, the latest GameFi title, Off the Grid, could be a Blockchain Game Changer.
That’s because it utilizes blockchain technology to finally give traditional gamers a truly customizable battle royale game. More than that, it allows for true in-game asset ownership and the opportunity for players to create real-world value from their in-game achievements.
Whether it be in Off the Grid or in GameFi titles still to come, Mark believes investors should keep this opportunity on their radar.
But that’s all for this week. Be sure to watch your inbox tomorrow for your next Weiss Crypto Daily update.
Best,
Beth Canova
Crypto Managing Editor
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