BitcoinShort
Bitcoin - Will Bitcoin continue to rise?!
Bitcoin is above the EMA50 and EMA200 in the 4H time frame and is trading in its descending channel. Risk ON sentiment in the US stock market or investing in Bitcoin ETF funds will lead to its continued upward movement. which will cause the downtrend channel to fail.
Capital withdrawals from Bitcoin ETFs or risk OFF sentiment in the US stock market will pave the way for Bitcoin to decline. This path will continue until the bottom of the channel and the specified support range.
It should be noted that there is a possibility of heavy fluctuations and shadows due to the movement of whales in the market and compliance with capital management in the cryptocurrency market will be more important.
According to a report by Fox Business, informed sources have indicated that the new U.S administration might grant the Commodity Futures Trading Commission (CFTC) authority to oversee certain digital assets. The CFTC’s expanded role could include regulating cryptocurrency exchanges and cash markets tied to digital assets such as Bitcoin (BTC) and Ethereum (ETH), which are categorized as commodities. These changes could diminish the Securities and Exchange Commission’s (SEC) influence in this sector.
Gary Gensler, the current SEC chairman and a staunch crypto critic, has supported granting CFTC more authority over Bitcoin, deeming it a commercial commodity. In March, the CFTC filed a lawsuit against the crypto exchange KuCoin, also classifying Ethereum as a commodity.
As of November 2024, MicroStrategy owns over 380,000 Bitcoin, valued at approximately $31.6 billion, accounting for nearly 2% of the total global supply. This Virginia-based software intelligence company first began purchasing Bitcoin in 2020 and has since expanded its holdings to 15 times those of its closest corporate competitor, Marathon Digital.
Tesla, which invested $1.5 billion in Bitcoin in February 2024, ranks fourth among public companies in Bitcoin ownership. Around the same time, Tesla also started accepting Bitcoin as payment for its vehicles.
El Salvador’s President Nayib Bukele has proposed leasing the country’s 170 volcanoes to Bitcoin miners, granting them access to the geothermal energy.
Dan Morehead, CEO of Pantera Capital, has forecasted that Bitcoin’s price could reach $740,000 by April 2028 based on historical trends. Morehead tied this projection to the election of Donald Trump as a pro-crypto U.S. president and a Congress supportive of digital assets.
He also highlighted that only 5% of the global financial wealth is invested in blockchain-related assets, suggesting significant growth potential for Bitcoin. In his letter, he wrote, “Even after 11 years, Bitcoin is still like a seed sprouting in the soil.” He added that the regulatory challenges faced by blockchain over the past 15 years have now transformed into golden opportunities.
This optimistic outlook aligns with Pantera Capital’s Bitcoin fund, which has delivered strong performance. Launched in 2013, the fund has achieved a 131,000% return over 11 years, excluding fees, primarily due to Bitcoin’s 1,000-fold price increase since the fund purchased it at $74 per BTC.
Morehead emphasized that “it’s not too late to buy Bitcoin.” He added, “Some investors may think that Bitcoin’s doubling this year means they missed the opportunity, but this is a flawed mindset.”
Former Binance CEO Changpeng Zhao (CZ) sparked a debate about meme coins in the crypto space. In a tweet, he criticized meme coins, stating, “I’m not against memes, but meme coins have gotten a bit bizarre. Let’s build real applications using blockchain.”
Meanwhile, Hong Kong has proposed tax exemptions for cryptocurrency activities, aiming to compete with Singapore as a leading financial hub and attract major investors and asset managers. According to the Financial Times, the exemptions cover profits from digital assets, private credits, overseas properties, and carbon credits.
Patrick Yip from Deloitte China noted that this initiative could bolster Hong Kong’s financial industry as family offices in the city allocate up to 20% of their portfolios to digital assets.
During the trading week of November 25–29, U.S. Bitcoin spot ETFs saw $138 million in capital outflows after seven consecutive weeks of inflows.
Performance of the top-traded ETFs on Friday:
• Total: $320 million
• BlackRock: $137 million
• Fidelity:
Capital withdrawals from Bitcoin ETFs or risk OFF sentiment in the US stock market will pave the way for Bitcoin to decline. This path will continue until the bottom of the channel and the specified support range.
It should be noted that there is a possibility of heavy fluctuations and shadows due to the movement of whales in the market and compliance with capital management in the cryptocurrency market will be more important.
According to a report by Fox Business, informed sources have indicated that the new U.S administration might grant the Commodity Futures Trading Commission (CFTC) authority to oversee certain digital assets. The CFTC’s expanded role could include regulating cryptocurrency exchanges and cash markets tied to digital assets such as Bitcoin (BTC) and Ethereum (ETH), which are categorized as commodities. These changes could diminish the Securities and Exchange Commission’s (SEC) influence in this sector.
Gary Gensler, the current SEC chairman and a staunch crypto critic, has supported granting CFTC more authority over Bitcoin, deeming it a commercial commodity. In March, the CFTC filed a lawsuit against the crypto exchange KuCoin, also classifying Ethereum as a commodity.
As of November 2024, MicroStrategy owns over 380,000 Bitcoin, valued at approximately $31.6 billion, accounting for nearly 2% of the total global supply. This Virginia-based software intelligence company first began purchasing Bitcoin in 2020 and has since expanded its holdings to 15 times those of its closest corporate competitor, Marathon Digital.
Tesla, which invested $1.5 billion in Bitcoin in February 2024, ranks fourth among public companies in Bitcoin ownership. Around the same time, Tesla also started accepting Bitcoin as payment for its vehicles.
El Salvador’s President Nayib Bukele has proposed leasing the country’s 170 volcanoes to Bitcoin miners, granting them access to the geothermal energy.
Dan Morehead, CEO of Pantera Capital, has forecasted that Bitcoin’s price could reach $740,000 by April 2028 based on historical trends. Morehead tied this projection to the election of Donald Trump as a pro-crypto U.S. president and a Congress supportive of digital assets.
He also highlighted that only 5% of the global financial wealth is invested in blockchain-related assets, suggesting significant growth potential for Bitcoin. In his letter, he wrote, “Even after 11 years, Bitcoin is still like a seed sprouting in the soil.” He added that the regulatory challenges faced by blockchain over the past 15 years have now transformed into golden opportunities.
This optimistic outlook aligns with Pantera Capital’s Bitcoin fund, which has delivered strong performance. Launched in 2013, the fund has achieved a 131,000% return over 11 years, excluding fees, primarily due to Bitcoin’s 1,000-fold price increase since the fund purchased it at $74 per BTC.
Morehead emphasized that “it’s not too late to buy Bitcoin.” He added, “Some investors may think that Bitcoin’s doubling this year means they missed the opportunity, but this is a flawed mindset.”
Former Binance CEO Changpeng Zhao (CZ) sparked a debate about meme coins in the crypto space. In a tweet, he criticized meme coins, stating, “I’m not against memes, but meme coins have gotten a bit bizarre. Let’s build real applications using blockchain.”
Meanwhile, Hong Kong has proposed tax exemptions for cryptocurrency activities, aiming to compete with Singapore as a leading financial hub and attract major investors and asset managers. According to the Financial Times, the exemptions cover profits from digital assets, private credits, overseas properties, and carbon credits.
Patrick Yip from Deloitte China noted that this initiative could bolster Hong Kong’s financial industry as family offices in the city allocate up to 20% of their portfolios to digital assets.
During the trading week of November 25–29, U.S. Bitcoin spot ETFs saw $138 million in capital outflows after seven consecutive weeks of inflows.
Performance of the top-traded ETFs on Friday:
• Total: $320 million
• BlackRock: $137 million
• Fidelity:
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