What Brought Bitcoin to $66.5K in a Bullish Market Pivot?
According to CoinGecko, the price of Bitcoin reached $66,500 during late trading on October 14. It was the highest level since late September but was rejected by resistance.
The asset appears to have behaved similarly again, with resistance forcing it to retreat to $65,400 in early morning trading in Asia. Analyst ‘CrediBULL Crypto' warned to wait until the real breakup, which has yet to happen.
However, BTC increased by 2.4% on the day, which made 5% since the same time last week.
Bitcoin bulls are back
On October 15, CryptoQuant CEO Ki Young Joo released a chart showing that the “observed demand” gap between production and assets has returned to levels not seen since the highs of March and April.
If the decrease in the supply exceeds the production or in this case the demand for mining is increasing, and vice versa, he explained.
#Bitcoin clear demand is back.
h/t @jjcmoreno pic.twitter.com/82WV1s3x2r
— Ki Young Ju (@ki_young_ju) October 15, 2024
Meanwhile, HODL15Capital is showing total gains this month as “Uptober” has finally arrived and BTC has done nine of the last eleven Octobers. Bitcoin market sentiment has been surprisingly bearish, with the Fear and Greed Index reading 65 and jumping to “greed.”
This was partly fueled by BlackRock CEO Larry Fink's suggestion during the company's Q3 earnings call that bitcoin could be as big as the US housing market. In addition, the presidential candidate of the United States said that he does not believe that any change will be made because “the use of use [digital] Assets are increasingly realized around the world.
Bitcoiners have already started crunching the numbers and comparing the $50 trillion housing market to BTC price gains.
“Bitcoin will be as big as the US housing market” – Larry Fink.
That market is currently 50 trillion. Let's estimate 100 trillion in 2040. That's 76x Bitcoin's 1.3 trillion market cap.
In other words, Bitcoin will go to 5 million. Source: By… The Most Important Person
— Fred Krueger (@dotkrueger) October 14, 2024
Institutional investors also turned bullish, with US spot Bitcoin ETFs seeing their biggest day of net inflows since June at $556 million. Fidelity's FBTC ETF led the pack with $239.3 million in revenue.
Metaplanet buys more BTC
Finally, Metaplanet – often referred to as the Asian micro strategy – made another BTC purchase.
The Japanese investment firm bought 107 BTC worth $7 million on October 15, bringing the total to 855.4 BTC at the current price of $56 million.
.@Metaplanet_JP bought an additional 106.976 #bitcoin for ¥1 billion at a price of ¥9,347,891 in $BTC. As of October 15th, Metaplanet holds ~855.478 bitcoins with an average of ¥7.965 billion worth of ¥9,310,061 per $BTC. #レレビラネット pic.twitter.com/DsTe7yAYOY
— Simon Gerovich (@gerovich) October 15, 2024
The company launched its Bitcoin buying strategy in May. The stock is up 280% since the start of May and jumped 15% this week following the acquisition.
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