Bitcoinpricesreached$66,500duringlatetradingonOct.14,accordingtoCoinGecko.ItisthehighestlevelsincelateSeptemberwhenithitasimilarpricebutwasrejectedatresistance.
Theassetseemstobebehavingsimilarlyagain,withresistanceforcingaretraceto$65,400duringTuesdaymorningtradinginAsia.Analyst‘CrediBULLCrypto’cautionedagainstcelebratinguntilthereisanactualbreakout,whichhasyettohappen.
Nevertheless,BTCisup2.4%onthedayhadhasmade5%sincethesametimelastweek.
BitcoinBullsAreBack
OnOct.15,CryptoQuantCEOKiYoungJupostedachartshowingthat“apparentdemand,”whichisthedifferencebetweenproductionandchangesininventory,isbacktolevelsnotseensincetheMarchandAprilhighs.
Ifthedecreaseininventoryexceedsproduction,orminingissuanceinthiscase,demandisincreasing,andviceversa,heexplained.
#Bitcoinapparentdemandisback.
h/[email protected]/82WV1s3x2r
—KiYoungJu(@ki_young_ju)October15,2024
Meanwhile,HODL15Capitalpostedthat“Uptober”hasfinallyarrived,andBTCisshowinganoverallgainforthismonthasithasdonefornineofthepreviouselevenOctobers.Bitcoinmarketsentimenthasturnedoverwhelminglybullish,withtheFearandGreedIndexjumpinginto“greed”withareadingof65.
ThishasbeenpartiallyboostedbycommentsfromBlackRockCEOLarryFink,whosuggestedthatBitcoincouldbecomeasbigastheUShousingmarketduringthefirm’sQ3earningscall.Healsosaidhedidn’tbelievethateitherUSpresidentialcandidatewouldmakeadifferencebecause“theutilizationof[digital]assetsaregoingtobecomemoreandmoreofarealityworldwide.”
Bitcoinershadalreadystartedcrunchingnumbersandcomparingthe$50trillionhousingmarkettopotentialBTCpricegains.
“BitcoinwillbecomeasbigastheUShousingmarket”
—LarryFink.Thatmarketiscurrently50Trillion.Let’sestimate100Trillionby2040.Thatis76xBitcoin’s1.3Trillionmarketcap.
Inotherwords,Bitcoinisgoingto5Million.Source:themostimportantpersonin…
—FredKrueger(@dotkrueger)October14,2024
Institutionalinvestorshavealsoturnedbullish,withUSspotBitcoinETFsseeingtheirlargestnetinflowdaysinceJunewith$556million.Fidelity’sFBTCETFledthepackwithaninflowof$239.3million.
MetaplanetBuysMoreBTC
Finally,Metaplanet–whichisoftencalledtheMicroStrategyofAsia–hasmadeanotherBTCpurchase.
TheJapaneseinvestmentfirmbought107BTCworth$7milliononOct.15bringingitstotalstashto855.4BTCworthanestimated$56millionatcurrentprices.
.@Metaplanet_JPhaspurchasedanadditional106.976#bitcoinfor¥1billionatanaveragepriceof¥9,347,891per$BTC.AsofOctober15,Metaplanetholds~855.478bitcoinacquiredfor¥7.965billionatanaveragepriceof¥9,310,061per$BTC.#メタプラネットpic.twitter.com/DsTe7yAYoY
—SimonGerovich(@gerovich)October15,2024
ThefirmstarteditsBitcoinpurchasingstrategyinMay.Itsstockhassurged280%sincethebeginningofMayandjumpedaround15%thisweekfollowingthepurchase.
cryptopotato.com