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Published November 22, 20239 min read

Coinmooner Team's Insight: Analyzing the Recent Surge of BTC in a News Article

CoinMooner Team

Currently, BTC is facing some challenges in surpassing the $38,000 mark but is successfully holding its position above the support zone at $35,000. The market is anticipating the next significant upward movement, which could be a crucial development for the Web3 sector.

The rapid growth has stirred excitement, and many market participants are wondering if Bitcoin is gearing up for a new historic rally. Optimism is fueled by events related to the potential approval of an Exchange Traded Fund (ETF) and the upcoming reduction in block rewards scheduled for the next year.

It's worth noting that many market participants are interested in whether Bitcoin is preparing for a new historic rally. Optimism is supported by events related to the potential approval of an Exchange Traded Fund (ETF) and the upcoming reduction in block rewards scheduled for the next year.

An ETF, or Exchange Traded Fund, is an investment instrument that includes various assets like oil, gold, or even coffee. In most cases, such funds consist of stocks and bonds from different companies. They can cover stocks of the largest companies in a single country, companies from a specific sector across multiple countries, or companies representing entire regions. The impact of ETFs on cryptocurrency is crucial because, in addition to official approval, an ETF can strengthen Bitcoin's credibility in the traditional financial world, attracting both institutional and retail investors. The ETF model also simplifies the investment process, particularly beneficial for beginners or those unsure about directly buying bitcoins. This could draw a significant number of users from the Web2 industry into Web3, contributing to the formation of a fundamental economic foundation—supply and demand.

In a post on TradingView on November 17, the renowned crypto analyst TradingShot emphasized that Bitcoin is likely gearing up for a parabolic rally in the coming weeks. This anticipation is based on the digital asset entering its pre and post-halving phases in the market cycle. During his analysis, TradingShot compared the current market cycle with the periods of 2018-2021 and 2014-2017, identifying nuances in the development phases of Bitcoin.

Many analysts and traders turn to Fibonacci numbers to identify future peaks or changes in Bitcoin's price. Currently, Bitcoin is trading at the 0.786 Fibonacci level, which equals $50,000. This means that the current Bitcoin price is at a level representing 78.6% retracement from the previous downward movement. This level holds significance in technical analysis, where it is believed that prices often react to such levels, providing traders with key points for decision-making in trading. According to the TradingShot model, it is expected that the cryptocurrency will reach the 0.786 Fibonacci level in the near future or within 3-4 months after the upcoming block reward reduction. The analysis also emphasizes the importance of maintaining the price above the 0.382 Fibonacci level, corresponding to $27,000. In this context, the mention of Fibonacci numbers is associated with their use in technical analysis to identify support and resistance levels in price movements, specifically for Bitcoin.

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HISTORICAL BITCOIN PEAK:

To all cryptocurrency enthusiasts worldwide, it's known that Bitcoin (BTC) was created in 2008 by an unknown person or group using the pseudonym Satoshi Nakamoto. The first block of the Bitcoin blockchain, known as the genesis block, was "mined" on January 3, 2009. Bitcoin, at its core, is a decentralized, distributed network based on blockchain technology.

Bitcoins can be sent to anyone who provides a correct Bitcoin address or public key. To do this, the current owner creates a new record, specifying the amount of bitcoins to be sent. They also include a signed hash of the previous record through which they received the bitcoins. This previous record becomes the "input" for the new one. Also specified is the public key or Bitcoin address of the new recipient, known as the "output." This information is broadcast to the network through a broadcast request without encryption. Before processing the transaction, other network nodes verify the signatures. Confirming the correctness of the signature indicates that the sender indeed owns the secret key for the specified recipient address.

The first transaction of digital gold was confirmed in block #170. The value of the received Finn cryptocurrency was almost zero. More than 10 years later, the historical peak of the Bitcoin price reached $68,789 on November 10, 2021. For many participants in the crypto industry, this serves as an excellent indicator of investment growth, both in the long-term and in short-term investing.

INFLUENTIAL PEOPLE'S THOUGHTS ON BITCOIN:

Since the advent of cryptocurrencies, especially Bitcoin (BTC), some users have viewed it as another financial pyramid that could lead to financial losses. Consequently, it took some time for demand and supply to bring this new technology to widespread use globally.

Many users, relying on the opinions of experts in new technologies and scientists, seek confirmation in the use of something new. After all, technologies often have complex terms that are not understood by most people without special training. The Coinmooner team decided to simplify this understanding by compiling a list of statements from influential figures about Bitcoin. These statements aim to clarify and dispel fears associated with the new Web3 network trend and its practical applications.

Let's explore some of these statements and delve into the world of Bitcoin to better grasp how this innovative technology can reshape our perspective on finances and the global economy.

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Bill Gates, a remarkable American entrepreneur and public figure, philanthropist, as well as a co-founder (alongside Paul Allen) and former major shareholder of Microsoft, wears multiple hats in the realms of technology and philanthropy. Until June 2008, he held the position of the company's leader, and after stepping down, he retained the role of non-executive chairman of the board.

Gates also serves as co-chair of the Bill and Melinda Gates Foundation, a board member of Berkshire Hathaway, and the CEO of Cascade Investment. During the periods from 1996 to 2007 and from 2009 to 2016, he was recognized as the wealthiest person on the planet according to Forbes magazine.

Gates believes that Bitcoin represents a fantastic technological breakthrough, but he emphasizes the crucial role that governments will play in its ongoing development. In Gates' view, Bitcoin surpasses traditional currencies, offering unique flexibility and convenience for transactions, especially for substantial amounts. The words of such an influential leader in the field of information technology, with a wealth of experience, carry significant weight for the emerging Web3 industry and for users looking to enter it and dispel doubts about the decentralized world.

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Ben Bernanke is an outstanding American economist with an impressive career path. He served as the Chairman of the Council of Economic Advisers at the White House from 2005 to 2006 and later became the Chair of the Board of Governors of the Federal Reserve System in the United States, holding the position from 2006 to 2014. In 2021, he was elected as a member of the National Academy of Sciences in the U.S., and in 2022, he was honored with the Nobel Prize in Economics. His authority in the field of economics attracted the attention of many influential figures worldwide.

Fun fact: Ben Bernanke earned the nickname "Helicopter Ben" after suggesting that in times of crisis, "helicopter money drops" could be a useful tool to combat deflation.

However, it's not just his remarkable achievements that make Bernanke noteworthy. His research on banks and financial crises earned him a prestigious award, where he expressed his views on cryptocurrencies. According to him, currently, no bank fully embraces digital assets, and thus, changes in their value have a limited impact on traditional finances. Overall, Bernanke sees significant potential in virtual currencies, especially if innovations in this area make the payment system faster, more efficient, and more secure.

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Elon Reeve Musk is an exceptional American entrepreneur, engineer, and billionaire, leading companies like SpaceX, Tesla, The Boring Company, Neuralink, OpenAI, and also owning Twitter (X).

On January 7, 2021, he became the world's richest person for the first time, with an estimated net worth of $185 billion, surpassing Amazon founder Jeff Bezos. Then, on November 1, 2021, Musk made history by reaching a net worth of $300 billion.

This influential figure is actively involved in groundbreaking innovations and always seems to be in the spotlight. Musk supports the trend towards decentralization, understanding both its advantages and disadvantages, and strives to maximize its benefits for humanity.

Regarding cryptocurrencies, especially Bitcoin, Musk remarked,

If the price of Bitcoin falls, I will lose money. I can rock the [cryptocurrency], but I'm not dumping [it].

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He also announced that Tesla will accept bitcoins in the future when the mining process becomes more environmentally sustainable.

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UPCOMING EXPECTED RISE OF BITCOIN:

Various expert opinions on the upcoming growth of Bitcoin in anticipation of the 2024 Halving and Bull Run are catching the attention of investors. The CoinMooner team decided to delve into this question by analyzing data from different sources.

JP MORGAN

JP Morgan, a major U.S. financial conglomerate, provides an optimistic forecast. The company's analysts claim that considering the 2024 Bitcoin Halving and the projected rise in gold prices, the BTC rate could reach $45,000. This prediction represents a difference of 50.53% from Bitcoin's maximum peak. Despite its outlook in today's market, it may not seem overly enticing for long-term Bitcoin holders.

LAIYI HELPERN

Laiyi Helpern, a cryptocurrency influencer and podcast host, offers a more encouraging scenario. She predicts that BTC will reach $75,000 in 2024, with its peak growth expected in 2025. This represents an increase of 10.61% from Bitcoin's historical peak in the anticipated future.

ROBERT KIYOSAKI

The author of the bestseller "Rich Dad Poor Dad" and a entrepreneur, shared his personal opinion on Bitcoin reaching $100,000. He didn't specify when he believes BTC will reach $100,000, but he expressed confidence in the continued growth of Bitcoin's value. According to Kiyosaki, the key factors driving the positive movement of the cryptocurrency will be supply and demand.

TOM LEE, CO-FOUNDER OF FUNDSTRAT

Tom Lee, co-founder of Fundstrat, shares his forecast for Bitcoin's maximum price. According to him, with the approval of a spot Bitcoin ETF in the U.S., Bitcoin could reach a record $180,000. He believes that the launch of a spot Bitcoin ETF will be a powerful catalyst for cryptocurrency growth, allowing it to surpass the absolute maximum in 2024 – a 165.9% increase from the historical peak. This forecast brings joy to cryptocurrency enthusiasts and may spark a new rise in crypto projects and tokens.

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The Coinmooner team proudly presents this news article, crafted through meticulous personal analysis and data collection from influential individuals and companies sharing their thoughts with the public. In the light of the slang expression "DYOR" (Do Your Own Research), everyone is encouraged to conduct their own personal analysis, deciding independently how to use their investments and which sector to allocate their finances for maximum earnings and growth. Armed with the necessary information, our readers will be equipped and ready for important decisions in our time.

We are consistently striving to provide you with the latest and most relevant information from the world of innovative technologies closely connected with Web3.

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