Demand Soaring
Bitcoin prices continue trade in a muted fashion midweek following last week’s breakout move to all time highs. There has been plenty of chatter around big names updating their end of year price forecasts with some banks now projecting BTC to end the year well north of $150k. Indeed, the fresh surge in BTC has seen an influx in demand for mainstream names with more corporate players looking to acquire and hold Bitcoin to capitalise on an expected push higher. Among these big names, Trump Media has raised finances to purchase $2.5 billion worth of BTC. This comes hot on the heels of news that Metaplanet has issued $50 in new debt in order toa acquire Bitcoin.
Bullish Outlook
Looking ahead, it appears that BTC is well poised to continue to gain higher ground here. A number of positive news headlines reflecting growing mainstream demand, an uptick in ETF demand from institutional names, and even state-buying from other countries, reflects the broad bullish view for Bitcoin. Additionally, with the prospect of a US/China trade deal still within sight over the next three month, BTC prices could move firmly higher if we get a big risk-positive development such as that or an end to the Russia/Ukraine war for example.
Technical Views
BTC
For now, BTC prices are holding around the broken $108,855 level. If bulls can keep price above here, focus is on a fresh push higher and continuation towards the $115k level next with the bull channel highs coming in just above there. To the downside, $100k remains the key pivot to monitor.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.