Kategorie: Bitcoin News

• The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin
• Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen
• When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 Bitcoin halving events

Donald Trump’s re-election into the White House isn’t “the main story” for Bitcoin’s recent price rally, says Onramp Bitcoin’s co-founder.

In a post on X, Jesse Myers said the main reason is that the market is at the “6+ months post-halving” mark.

Taking place every four years, the last Bitcoin halving occurred in April when the block reward dropped from 6.25 Bitcoin to 3.125. As a result, each new block becomes harder to solve with a lower reward.

A reduction in Bitcoin supply typically means an increase in the price of Bitcoin. The next Bitcoin halving is expected to occur sometime in 2028.

According to Myers, a “supply shock has accumulated,” meaning “there’s not enough supply available at current prices to satisfy demand,” adding that a “supply-demand price equilibrium must be restored.”

However, the only way Myers believes this will happen “is for the price to go higher, which will flywheel into mania and a bubble, but that’s how this thing works.”

Post-halving bubbles

Supplying a chart, Myers indicated that the market is currently at the start of the post-halving bubble. Based on his data, Bitcoin’s price will continue its upward trajectory before peaking to new highs and dropping to current levels.

“It sounds crazy to say there will be a reliable, predictable bubble every 4 years,” said Myers. “But then, there’s never been an asset in the world where new supply creation is halved every 4 years.”

Post-halving bubbles happened in the 2012, 2016, and 2020 Bitcoin halvings, said Myers.

The recent Bitcoin price rally comes amid Trump’s re-election into the White House. Based on his campaign trail in the lead-up to election day, Trump came across as pro-crypto compared to current Vice President Kamala Harris.

Last week, Senator Cynthia Lummis also reaffirmed plans that the US is going to build a strategic Bitcoin reserve. If passed, the senator’s Bitcoin Act would propose directing the US Treasury to buy one million over the next five years.

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• Bitcoin has hit a new high above $87,000 and could bounce past $100,000 amid bullish momentum.
• If it happens, the bull market case is for a rally to $150k, an analyst says

With Bitcoin rallying to a new all-time high above $87,000, the overall sentiment suggests it’s likely to continue higher. Although a breather could be due, analysts are suggesting this might just be a start of a major bull run for the benchmark crypto asset.

Bitcoin hits $87k: What next?

BTC rallied higher after breaching $84k amid MicroStrategy’s $2 billion worth of bitcoin purchase. The upward move now sees it trade above $87k. This is after the momentum carried from the past week, which saw Donald Trump become president-elect.

According to crypto analyst Kaleo, the next stop for BTC could be $90k before a brief consolidation. However, this might offer the next upward bounce.

Now, past performance is not an indicator of future gains, the market knows. Nonetheless, crypto analyst Kaleo says should Bitcoin price take a similar trajectory to its previous cycle, it could stall around $90k. This should however be only for a brief period before the upside momentum returns to push bulls beyond $100k.

“When Bitcoin finally made a clean break above the previous cycle’s all time high in December of 2020, it ripped 22% higher without pulling back over the course of several days before it slowed down a bit,” the analyst posted on X. “It spent about [a] week consolidating [there] prior to beginning another 75% up only run over the course of the next few weeks,” he added.

#Bitcoin / $BTC

When Bitcoin finally made a clean break above the previous cycle’s all time high in December of 2020, it ripped 22% higher without pulling back over the course of several days before it slowed down a bit. It spent about week consolidating their prior to beginning… pic.twitter.com/UO2IypNLu5

— K A L E O (@CryptoKaleo) November 11, 2024

 

Per the chart the analyst shared, a bull market projection has Bitcoin price at $150k with a 75% breakout. Things may not play out as such, particularly with the market never moving in a straight line. Regardless, the long term view is super bullish for Bitcoin.

“The fun in this bull market is just getting started,” the analyst opined.

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MicroStrategy, the business intelligence company founded by Michael Saylor that;s now the biggest corporate holder of Bitcoin (BTC), has added to its haul of the digital asset.

On Monday, Saylor announced that the publicly-traded company had acquired another 27,200 BTC for over $2 billion. The news coincided with the surge in Bitcoin price – which reached a new all-time high above $84k.

Earlier, the world’s largest and most popular cryptocurrency had traded to above $82k. This follows sentiment from the Donald Trump election victory, which continues to create a bullish buzz.

MicroStrategy its $22 billion in BTC purchases

The latest Bitcoin purchase for MicroStrategy comes after the company raised $2.03 billion. Earlier, MicroStrategy had revealed plans to raise $42 billion to buy more bitcoins – a scenario that has added to the overall bullish sentiment around the benchmark cryptocurrency.

Saylor said his company spent these proceeds on buying an additional 27,200 BTC. With this acquisition, which was finalized at the average price of $74,463, MicroStrategy now has a total of 279,420 bitcoins.

MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per #bitcoin and has achieved BTC Yield of 7.3% QTD and 26.4% YTD. As of 11/10/2024, we hodl 279,420 $BTC acquired for ~$11.9 billion at ~$42,692 per bitcoin. $MSTR https://t.co/uCt8nNUVqd

— Michael Saylor⚡️ (@saylor) November 11, 2024

In total, the company has spent $11.9 billion to buy BTC at the average price of $42,692 per coin. At current price of $84,153, MicroStrategy’s Bitcoin holdings amount to over $23.5 billion.

The BTC has achieved a yield of 7.3% quarter to date and 26.4% year-to-date.

“Our MSTR treasury operations in the first 10 days of November resulted in a BTC Yield of 7.3%, a net benefit to our shareholders of ~18,410 BTC,” Saylor posted on X.

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• Bitcoin rose to a new all-time high above $82 on November 11, 2024
• Over 40,000 Bitcoin valued at nearly $3.28 billion have left exchanges in the past week.

The price of Bitcoin (BTC) has climbed to a new record high above $82,000 as the momentum that pushed cryptocurrencies higher continues to dictate sentiment.

On Monday, BTC reached highs of $82,329 across major exchanges to put the flagship digital asset up more than 20% over the past week.

The gains have also impacted altcoins, with notable performances for Ethereum that has crossed above $3,100 and Solana that’s eyeing a new year-to-date high. Cardano, BNB and meme coins Dogecoin and Shiba Inu are also trading higher.

Over 40,000 BTC leave exchanges

According to crypto analyst Ali Martinez, Bitcoin’s spike to the new ATH comes as the amount of BC leaving exchanges surges.

In the past week, Ali noted via X, bullish BTC holders have withdrawn over 40,000 bitcoins from exchanges. This represents nearly $3.3 billion worth of Bitcoin exiting from exchanges. Exchange balances for Bitcoin have plummeted in the last seven days.

The bullish sentiment across the market could be driving this trend. Donald Trump’s US election victory and interest rate cuts are two major catalysts. Meanwhile, institutional demand amid spike in spot ETF inflows has also helped BTC past the $82k mark.

What next for Bitcoin price?

BTC price forecasts suggest a surge to $100k is possible before the end of the year. With this outlook in place, a huge number of traders taking a short term bearish view after recent gains have lost significant amounts of money.

Per Coinglass data, the past 24 hours have seen the crypto market a staggering $270 million in liquidations.

However, longs expecting an even sharper spike for Bitcoin have recorded a $361 million liquidations. In total, more than 208,800 traders have been liquidated in the past 24 hours, the total liquidations comes in at $632.57 million, with $124 million in Bitcoin shorts.

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