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Bitcoin (BTC) continued to rise as it edges to $68,000, with the world’s largest cryptocurrency up by 0.65% over the past 24 hours. The crypto market had a mixed day, with BTC, Ethereum (ETH), Shiba Inu (SHIB), Dogecoin (DOGE), and Litecoin (LTC) posting gains. At the same time, a majority of altcoins remained in the red, posting marginal to substantial drops.
However, the overall crypto market cap posted a marginal increase of 0.23% and currently sits at $2.33 trillion. With BTC’s bullish sentiment persisting, analysts are optimistic it could push to $70,000 and even set a new all-time high. The optimism around BTC also led to spot Bitcoin ETFs registering significant inflows.
Bitcoin (BTC) ’s Next Move Depends On US Election Results
A recent report by QCP Capital stated that the US Presidential election results could significantly influence Bitcoin’s (BTC) price movements and could act as a key catalyst to spark a significant bull run. However, it added that there was still some uncertainty about the post-election outlook. Options contracts expiring around the election are trading at a premium compared to other expiries, indicating heightened market sensitivity to political developments. Analysts have stated that even the smallest change in polls or narratives of both candidates could impact spot prices.
BTC currently sits just above the $68,000 mark, making a slow yet steady climb toward $70,000. While Trump has always been pro-crypto, Kamala Harris’s support for digital assets has also buoyed markets.
Thanks to the positive sentiment around BTC, spot Bitcoin ETFs have registered significant inflows. The investment products saw inflows worth $456 million on October 16 alone and attracted over a billion in a one-week window.
JPMorgan Bullish On Digital Assets
JPMorgan has stated it is highly bullish on cryptocurrency, with the global investment bank’s analysts having adjusted their view on the crypto market and factored in regulatory shifts, the outcome of the presidential elections, and geopolitical tensions. The findings were published in the company’s Alternative Investments Outlook and Strategy report, led by managing director Nikolaos Panigirtzoglou.
One of the most significant drivers highlighted by JPMorgan is Donald Trump securing a second term, which could benefit crypto due to favorable regulatory policies. It could also reinforce the debasement trade, where investors flock to assets such as gold and crypto during market uncertainty. JPMorgan also discussed recent developments regarding traditional finance and noted that Morgan Stanley has started recommending spot Bitcoin ETFs to its clients.
Montenegro To Finalize Do Kwon Extradition This Month
According to several local reports, the government of Montenegro is set to finalize Do Kwon’s extradition by October 20. Minister of Justice Bozan Bozovic told the press that documents for Kwon’s extradition would be signed by the weekend. However, while it is established that Kwon is being extradited, it remains unclear where he will be sent. Kwon was one of the industry’s most prominent figures and was behind the launch of the Terra blockchain network and its associated tokens, Terra Luna and TerraUSD.
Can MicroStrategy Do More Harm Than Good?
After sharing his views on MicroStrategy, entrepreneur and investor Vinny Lingham has sparked a controversy. MicroStrategy is one of the largest holders of BTC, with over 250,000 BTC held in reserve. MicroStrategy founder Michael Saylor recently boasted the company had outperformed the entire S&P 500. However, Lingham does not think MicroStrategy’s Bitcoin strategy is prudent and expressed concerns that the company’s approach could pose a threat to BTC.
“Unpopular opinion: Microstrategy will ultimately, and eventually, do more harm to Bitcoin (and crypto) than what FTX did.”
Several users seemed to agree with Lingham’s assessment, with one responding,
“Excessive leverage, and he wants MSTR to become a ‘Bitcoin bank.’ Only maxis don’t see the problem here because they are drunk on Kool-Aid.”
MicroStrategy’s use of excessive leverage does present risks. As with leveraged positions, the higher the exposure, the greater the potential loss when the market turns. Lingham highlights this vulnerability, stating that if BTC witnesses a significant drop, MicroStrategy could be forced to liquidate its reserves, which could send shockwaves through the crypto market.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is trading just under the $68,000 mark as it looks to push above this level and move to $70,000. Analysts are hopeful BTC has stabilized after facing considerable volatility over the past couple of sessions. However, there are signs the bulls are gaining the upper hand as sellers get exhausted. This is evident with the reduction of sell walls on multiple exchanges, a key factor that could facilitate a rebound. Another positive development is spot Bitcoin ETFs continuing to attract inflows. BTC’s ETFs have crossed over $20 billion worth of inflows, highlighting strong institutional interest and boosting the prospects of a further price increase.
BlackRock’s IBIT continues to lead the charge, having amassed over $22 billion in inflows.
Fidelity’s FBTC has seen just over $10 billion in inflows. ARK 21Shares has also seen significant interest. However, not all ETFs have registered inflows, with The Hashdex Bitcoin ETF and Grayscale’s GBTC registering outflows.
“Bitcoin ETFs have crossed $20b in total net flows (the most important number, most difficult metric to grow in ETF world) for the first time after a huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach same number. Total assets now $65b, also a high water mark.”
Additionally, Arthur Hayes, the co-founder of BitMEX, stated that BTC prices could surge if tensions in the Middle East lead to an increase in oil and energy prices.
The Bitcoin price chart shows that it has been extremely bullish over the week despite finishing the previous week in the red. BTC ended Sunday on a negative note, dropping by 0.67% and falling to a low of $61,787 before settling at $62,653. However, markets shed bearish sentiment on Monday and BTC registered a jump of 5.36% to surge past the 20 and 200-day SMAs and the crucial $65,000 price level to settle at $65,992. Prices experienced significant volatility on Tuesday, with BTC dropping to a low of $64,779 and a high of $67,881 before settling at $67,000 after an increase of 1.53%.
Source: TradingView
Buyers attempted a move past $68,000 on Wednesday as BTC rose to a day high of $68,379. However, it could not stay above $68,000 and fell back to $67,519, registering an increase of 0.77%. With sellers active at $68,000, BTC was unable to push higher on Thursday and fell back marginally to $67,302. The current session sees BTC up by almost 1% as buyers look to push BTC above $68,000. As we can see, the MACD and the RSI both indicate strong bullish momentum. Analysts expect BTC to go above $68,000 to $70,000. Whether it can set a new all-time high remains to be seen.
Ethereum (ETH) Price Analysis
Ethereum (ETH)’s price action has remained muted after it failed to push above $2,700 earlier this week. ETH ended the previous week marginally down at $2,468 after a drop of 0.37%. However, as markets recovered on Monday, so did ETH, as it registered a jump of 6.54% and moved past the 20 and 50-day SMAs to $2,630. Monday’s price increase also saw the price jump past $2,500 and $2,600. However, volatility picked up on Tuesday as buyers and sellers attempted to control the market. As a result, ETH rose to a high of $2,684 as bulls attempted a move past $2,700 and then dropped to a day low of $2,539 as sellers sought to drag ETH below $2,500. In the end, ETH registered a decline of 0.84% and settled at $2,607.
Source: TradingView
With buyers managing to keep ETH above $2,600, ETH attempted to push to $2,700 on Wednesday. However, it registered only a marginal increase and settled at $2,611. With strong resistance persisting at $2,700, ETH fell back on Thursday, registering a marginal drop and falling to $2,604. The current session sees ETH at $2,622, up by 0.68%. ETH has been trading between $2,600 and $2,700 since Tuesday, as neither buyers nor sellers can gather momentum to influence the price.
Should buyers break out of this range and push ETH above $2,700, we could see it move to $2,850. On the other hand, if sellers can drive ETH below $2,600, it could drop to $2,500. It could drop as low as $2,300 if this level is breached. Looking at the MACD, we see that bulls have the upper hand for now. However, this could change if a move past $2,700 does not materialize.
Solana (SOL) Price Analysis
Solana (SOL) is attempting to reverse its recent decline as buyers attempt to keep it above $150 and reattempt a move to $160. SOL significantly declined this week after failing to push above $160. On Friday, the price began its upward trajectory when it pushed above the 50-day SMA and settled at $145. While momentum waned over the weekend, SOL remained in the green, registering an increase of 0.66% on Saturday and 0.91% on Sunday to push above the 20-day SMA and settle at $147.
Source: TradingView
With markets recovering on Monday, SOL registered a significant increase, rising by almost 7% to push above the 200-day SMA and $150 to settle at $157. Tuesday saw volatility increase as buyers attempted a move past $160. However, with buyers losing momentum in the face of strong resistance, sellers took control, pushing SOL to a day low of $150 before it recovered and settled at $154 after a decline of almost 2%. Buyers made another attempt to push to $160 on Wednesday but were thwarted once again as SOL registered a marginal decrease.
SOL dropped to a day low of $147 on Thursday as bearish sentiment intensified. However, it rebounded from this level, with the 20-day SMA acting as a dynamic support level and eventually settling at $150. The current session sees SOL up by almost 2% and trading at $153 as buyers plot another attempt to push above $160. Bulls have kept SOL above $150, indicating strong support at this level. If SOL can build momentum and push above $160, we could see a move to $180-$190 materialize. However, buyers must keep SOL above $150 for such a scenario to play out.
Ripple (XRP) Price Analysis
Ripple (XRP) finds itself back under $0.55 despite a strong performance on Thursday, which pushed it to a day high of $0.566 and went above the 20 and 50-day SMAs. As we can see in the price chart, XRP’s price action has been relatively muted since it dropped to a day low of $0.50 on October 3. Since then, the altcoin has been trading between $0.50 and $0.55, with neither buyers nor sellers able to break out of this range. However, XRP’s trading range seems to have gotten even narrower after it pushed above the 200-day SMA earlier this week. XRP started the week with a jump of 3.10%, which pushed it above the 200-day SMA to $0.548.
Source: TradingView
With strong resistance at $0.55, XRP fell back on Tuesday, dropping by 1.22% after experiencing considerable volatility. However, it remained above the 200-day SMA, settling at $0.541. The price recovered on Wednesday, rising by 1.09% to $0.547. However, it was still unable to push above $0.50. XRP registered a substantial increase on Thursday, surging to a day high of $0.566, and went past the 20- and 50-day SMAs. However, it could not maintain momentum, and sellers retook control, dragging it back below the moving average and $0.55. XRP eventually settled at $0.544, a drop of 0.66%. The current session sees XRP up by 0.77% as buyers make another attempt to push above $0.55.
Injective (INJ) Price Analysis
Injective (INJ) is looking to push above the 200-day SMA, as it looks to end the week on a positive note. The altcoin started the week strongly, registering an increase of almost 7% to push above the 20-day SMA and move to $21.71. However, it fell back in the red on Tuesday as markets faced increased volatility, dropping by 1.49% to $21.39. Selling pressure intensified on Wednesday as INJ dropped by 2.29% to $20.90. However, sellers could not push the price lower, thanks to the 20-day SMA acting as a dynamic level of support.
Source: TradingView
INJ made a strong recovery on Thursday, going past the 200-day SMA, and surged to a day high of $25.65. However, bulls lost momentum as strong selling pressure pushed the price back below the moving average. INJ ultimately settled at $21.83, increasing just over 2%. The current session sees INJ up by 2.25% as it looks to push to the 200-day SMA once again.
Render (RNDR) Price Analysis
Render (RNDR) has registered a noticeable decline this week after failing to push above the 20-day SMA. After ending the previous week in the red, RNDR started the current week strongly, rising by almost 4% to push above the 50-day SMA and settle at $5.57. Buyers also attempted to push above the 20-day SMA but lost momentum, with the price falling from a day high of $5.72. Buyers made another attempt to go above the 20-day SMA on Tuesday as RNDR rose to a day high of $5.77. However, once again, sellers were able to retake control and drive the price back down. RNDR eventually dropped by almost 2% and settled at $5.47.
Source: TradingView
Selling pressure persisted on Wednesday as RNDR slipped below the 50-day SMA after a drop of 2.08% and settled at $5.36. Thursday saw a further decline of 2.69% as RNDR dropped to $5.21. The current session has seen a recovery as buyers look to push RNDR back above the 50-day SMA. RNDR is currently up by 2.52% and is trading around the $5.34 mark. Buyers will look to push the price above $5.50 and the 20-day SMA. A break above this level could propel RNDR to $6.
Dogwifhat (WIF) Price Analysis
Popular Solana-based meme coin Dogwifhat (WIF) has rebounded from $2.50 as buyers look to consolidate above this level and retest the resistance at $3. WIF started the week by surging to a day high of $2.97, as bulls made a strong push to go above $3. However, with sellers active at this level, WIF fell back and settled at $2.82 after an increase of 6.09%. WIF fell back into the red on Tuesday as sellers drove the price to a day low of $2.54. WIF recovered from this level and rose to settle at $2.64. However, this was still a significant decline of 6.26%.
Source: TradingView
WIF experienced significant volatility on Wednesday as sellers attempted to drive WIF below $2.50. As a result, WIF dropped to a low of $2.49, but with buyers entering the market at this level. It pushed back and settled at $2.63, registering only a marginal decline. Selling pressure intensified on Thursday as WIF dropped to $2.54 after a decline of 3.37%. Sellers attempted to drag WIF below $2.50 once again but were unable to do so, with the price recovering after dropping to a low of $2.44. The current session has seen WIF make a strong recovery, with the price up by 3.36% and trading around the $2.63 price level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
