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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin In Flux: Bearish Trends Can’t Deter $100,000 Price Predictions, CNBC

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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Following a volatile week, Bitcoin (BTC) has once again captured the attention of investors as it fluctuates between bearish and bullish sentiments. Earlier this week, the leading cryptocurrency retracted to the $59,800 mark after reaching a two-month high of $66,500 at the end of the previous week. Despite these fluctuations, analysts express confidence that Bitcoin could reach new records by year’s end.

Could Bitcoin Prices Rise As Year-End Approaches?

As noted in a recent CNBC report, a recent resurgence in demand for Bitcoin exchange-traded funds (ETFs) offers a glimmer of hope for the cryptocurrency’s price in the medium term. 

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XRP price news

XRP Macro Charts Signal Explosive Bullish Move Despite SEC Appeal: Analyst

1 year ago

However, demand for BTC remains stagnant and needs a significant boost to facilitate any upward movement in its price. John Todaro, a crypto analyst at Needham, emphasized that a significant weekly buying demand is essential for a significant price increase. He told CNBC: 

Bitcoin’s overall market cap is very large now, at $1.2 trillion, and there is considerable liquidity. While there is a lot of buying volume, there are also a lot of sellers.

Recent data from CryptoQuant also reveals a shift in Bitcoin ETF activity. After net selling 5,000 BTC on September 2, Bitcoin ETFs net purchased 7,000 BTC by the end of September, marking the highest daily purchase since July 21. 

Analysts believe that if this upward trend continues, it could help drive Bitcoin prices higher as the year progresses. Moreover, the fourth quarters of previous Halving cycles have historically been promising for BTC, with surges of 9%, 59% and 171% in 2012, 2016 and 2020 respectively.

Interest Rate Cuts And Global Tensions

Several factors have contributed to the current volatile price action, and there is hope for a further recovery for the leading digital asset. As highlighted by CNBC, the stock market has hit new highs, and both US presidential candidates have commented positively about cryptocurrencies. 

Furthermore, the Federal Reserve’s (Fed) decision to cut interest rates on September 18 and a series of rate cuts announced by China’s central bank have created an environment that could be favorable for Bitcoin.

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Analyst Says PEPE Bearish Continuation Is Possible For A 50% Price Crash

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While Bitcoin appears poised for a bullish fourth quarter, it still faces challenges, including a supply overhang stemming from US and German government actions and impending repayments to creditors from the Mt. Gox exchange. 

In addition, CNBC claims that many traders are taking a wait-and-see approach to the outcome of the upcoming US presidential election, which will take place in less than two months, and there are rising tensions in the Middle East between Israel and Iran.

Bitcoin
The 1D chart shows that BTC’s price recovered to the $62,000 mark. Source: BTCUSDT on TradingView.com

At the time of writing, BTC has climbed above the $62,380 mark, gaining 2.6% in the last 24 hours.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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