February 04, 2023

Bitcoin Price Could Reach $45K by Christmas: Matrixport

U.S. institutions have probably been behind January's rally in bitcoin (BTC), when the cryptocurrency gained more than 38%. An outperformance this early in the year tends to be bullish for the token's price, crypto services provider Matrixport said in a research report Wednesday.
In five of the six years that bitcoin has rallied in January, the cryptocurrency has ended the year with positive returns. On average, the gain the rest of the year has been more than 245%, wrote Markus Thielen, head of research.


Bitcoin Could Be in the Later Stages of the Bear Market, On-Chain Data Suggests

Some analysts say that while overall market sentiment cannot be called bullish just yet, the recent price and on-chain data suggest that bitcoin could be in the later stages of a bear market.


Crypto is a "gambling contract" not a currency and should be banned, says Charlie Munger

[Editor's Note: BTC is different than all other *cryptos*]
A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it's a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.


82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows

Asset management firm Devere Group says that 82% of millionaires surveyed have asked their financial advisors about adding cryptocurrencies, such as bitcoin, to their portfolios despite the crypto winter. "Wealthy investors understand that digital currencies are the future of money, and they don't want to be left in the past," the firm's chief executive said.

Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

As pointed out by an analyst in a CryptoQuant post, a near-term top usually becomes more probable when this trend forms for BTC. The relevant indicator here is the "Spent Output Profit Ratio" (SOPR), which tells us whether the average Bitcoin investor is selling at a loss or at a profit right now.

When the value of this metric is greater than 1, it means the holders as a whole are realizing some profit on their selling currently. On the other hand, values below the threshold suggest the overall market is selling at some loss at the moment.


BITCOIN SELLERS EXHAUSTED, ACCUMULATORS HODL THE LINE

A major tail risk is a possible market-wide selloff in risk assets that are currently pricing a "soft landing" style scenario along with the potentially incorrect expectations of a Federal Reserve policy pivot in the second half of this year. Many economic indicators and data still point to the likelihood that we're in the midst of a bear market similar to 2000-2002 or 2007-2008 and the worst has yet to unfold. This secular bear market is what's different about this bitcoin cycle compared to any other in the past and what makes it that much harder to use historical bitcoin cycles after 2012 as perfect analogues for today.

All that being said, from a bitcoin-native perspective, the story is clear: Capitulation has clearly unfolded, and HODLers held the line.


SENATOR TED CRUZ IS BRINGING BITCOIN TO THE CAPITOL WITH VENDING MACHINES

Sen. Ted Cruz (TX-R) has proposed a resolution that would request vendors within the Capitol area to work with payments providers that accept bitcoin.

The proposal specifically mentions that restaurants, gift shops and vending machines within Capitol Buildings should work with persons accepting cryptocurrencies such as bitcoin, which would allow the lawmakers of the United States to purchase their on-the-go snacks with sound money as they please.


Bitcoin Price Holds [near] $24K As Traders Watch These Three Key Events

Bitcoin price continued its upward trajectory after the U.S. Federal Reserve slows the rate hike to 25 bps and Chair Jerome Powell agrees to cooling inflation, but still early to pivot. The BTC price jumps 5% after the Fed rate hike decision. However, traders are watching these three key events to decide whether to buy or sell Bitcoin at current levels.

Bitcoin Price Awaits a Massive Rally
After a 40% rally in January, Bitcoin price looks to turn fully bullish as the U.S. Fed decided on a small 25 bps rate hike. The Fed was bound to slow rate hikes amid cooling inflation, strong jobs data, and GDP growth in the fourth quarter. Moreover, high interest rates risk a recession and U.S. debt continues to rise.