As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of bull and bear markets. The current Bitcoin rally is certainly grabbing my attention, especially given its resemblance to the late-September surge we witnessed earlier this year.
On October 14th, as trading concluded late in the day, Bitcoin prices peaked at $66,500, as reported by CoinGecko. This marks the highest point since late September, where it had briefly reached a comparable price level, only to be halted by resistance.
It appears that the asset is exhibiting similar patterns once more. A retreat to approximately $65,400 occurred during Asian trading hours on Tuesday due to resistance being encountered. However, analyst ‘CrediBULL Crypto’ urges caution about premature celebrations as a confirmed breakout is still pending.
Nevertheless, BTC is up 2.4% on the day had has made 5% since the same time last week.
Bitcoin Bulls Are Back
On October 15th, the CEO of CryptoQuant, Ki Young Ju, shared a graph indicating that the “apparent demand,” calculated as the gap between production and adjustments in storage, has returned to figures last observed during the peak months of March and April.
If the reduction in resources (be it from production or mining) surpasses the available supply, it suggests an increase in demand, and conversely, if the opposite happens, it indicates a decrease in demand. This was his explanation.
#Bitcoin apparent demand is back.
h/t @jjcmoreno
— Ki Young Ju (@ki_young_ju) October 15, 2024
In the meantime, HODL15Capital announced that “Uptober” is here, and Bitcoin is displaying an overall increase for this month, mirroring nine out of the past eleven Octobers. The mood in the Bitcoin market has become extremely optimistic, as the Fear and Greed Index surged into “greed” at a reading of 65.
This has been partially boosted by comments from BlackRock CEO Larry Fink, who suggested that Bitcoin could become as big as the US housing market during the firm’s Q3 earnings call. He also said he didn’t believe that either US presidential candidate would make a difference because “the utilization of [digital] assets are going to become more and more of a reality worldwide.”
Bitcoiners had already started crunching numbers and comparing the $50 trillion housing market to potential BTC price gains.
“Bitcoin will become as big as the US housing market”
— Larry Fink.That market is currently 50 Trillion. Let’s estimate 100 Trillion by 2040. That is 76x Bitcoin’s 1.3 Trillion market cap.
In other words, Bitcoin is going to 5 Million. Source: the most important person in…
— Fred Krueger (@dotkrueger) October 14, 2024
Large sums of money are flowing into Bitcoin exchange-traded funds (ETFs) by institutional investors, particularly in the United States. On a single day, these ETFs experienced their highest net influx since June, amounting to approximately $556 million. The FBTC ETF from Fidelity was the main contributor to this surge, taking in around $239.3 million.
Metaplanet Buys More BTC
In the end, it’s worth mentioning that Metaplanet, frequently referred to as the Asian counterpart of MicroStrategy, has once again invested in Bitcoin.
On October 15, the Japanese investment company acquired approximately 107 Bitcoins valued at around $7 million, increasing their Bitcoin hoard to roughly 855.4 Bitcoins. At present market prices, this amount is estimated to be worth about $56 million.
According to recent reports, Metaplanet_JP has just added 106.976 bitcoins to its holdings for approximately one billion yen, with each bitcoin costing an average of 9,347,891 yen. This brings their total bitcoin holdings to around 855.478 bitcoins, which they have acquired for a combined 7.965 billion yen, with the average price per bitcoin being 9,310,061 yen. #Metaplanet’s Bitcoin Purchases
— Simon Gerovich (@gerovich) October 15, 2024
Back in May, the company initiated a Bitcoin buying plan. Since then, its shares have experienced an impressive increase of 280%, and they’ve seen another boost of approximately 15% this week due to the recent acquisition.
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2024-10-15 09:05