Bitcoin has swung wildly this week, with a near-10% drop from its all-time high sparking fears the bubble has already begun to burst.
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The bitcoin price, after almost doubling since this time last year, has seen its rally stall this month despite U.S. president Donald Trump issuing a huge bitcoin price prediction.
Now, as Elon Musk’s SpaceX quietly moving bitcoin has set alarm bells ringing, analysts are betting the bitcoin price is on the brink of a major move.
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Bitcoin has fallen sharply over the last 24 hours, raising fears of a price crash, even as insiders … More
“Bitcoin deserves close attention. It has just swept the nearest liquidity zone around $115,700–116,100 and is now entering an important range—the first one from which a reversal and upward continuation could occur,” analysts with crypto platform B2BInPay said in emailed comments.
“If bitcoin breaks through its all-time high, it could open the path toward $127,700. The second scenario possible is that If a deeper correction occurs and bitcoin falls below $98,300, the next major support zone will be between $89,500 and $85,400. But it would require a sharp 17% decline to truly validate a bearish trend, which is too difficult in the current reality.”
The bitcoin price dip this week has been at least partially attributed to Galaxy Digital, the crypto financial services company led by billionaire Mike Novogratz, sending around 10,000 bitcoin worth $1.2 billion to exchanges, according to blockchain sleuths.
Despite his company facilitating a potentially huge bitcoin sale, Novogratz remains bullish on bitcoin, predicting the price will continue to climb provided U.S. president Donald Trump keeps pushing for the Federal Reserve to lower interest rates.
“We’re in price discovery in a lot of these things, and $150,000 seems to me a decent target,” Novogratz told CNBC.
Meanwhile, veteran crypto investor Dan Tapiero, the founder of crypto growth equity funds 10T and 1RoundTable Partners, has launched a new $500 million fund called 50T, consolidating the earlier funds and 5x-ing his previous crypto market prediction from $10 trillion over the next decade to $50 trillion.
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The bitcoin price has soared over the last year, sparking a flurry of bullish bitcoin price … More
Tapiero puts the current crypto ecosystem value, including cryptocurrencies and the equity value of crypto companies, at $5 trillion already.
“50T is a natural evolution from our original thesis in 2020 when we launched 10T with the belief that the digital asset ecosystem would grow from $300 billion to $10 trillion in 10 years,” Tapiero said in a press release, pointing to Circle’s public market debut and Coinbase’s acquisition of derivatives exchange Deribit as validation of the thesis that “all value will eventually move on-chain” and that the market’s growth has “far exceed[ed] our initial timeline.”
Tapiero’s investments in Deribit, USDC-issuer Circle and trading platform eToro have all paid off recently.
Tapiero also credited policy and regulatory improvements has likely to push the combined crypto market and crypto companies higher in the next few years, telling The Block there have been “significant changes in Washington DC.”
