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- 🔮 Bitcoin's Next Move - Blastoff or Breakdown? (29 Jan 2025)
🔮 Bitcoin's Next Move - Blastoff or Breakdown? (29 Jan 2025)
👀 DOGE Enters the ETF Race! PLUS: Poland Overtakes El Salvador, US States Pass Blockchain Amendments, and more!
Jonathan Hamblin
January 29, 2025
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Today’s newsletter is brought to you by FinanceBuzz! Empowering finance community with easy, no-nonsense guidance across multiple platforms!
Welcome back to
BULL MARKET BYTES
Your byte of cryptocurrency insight where Bitcoin is — yet again — fighting to stay above $100,000 . . .
Don’t worry, maybe the next fight will be to stay above $101,000. 😂
Here is what we have for you today!
📊 CRYPTOCURRENCY ANALYSIS
Market Overview (7-Day) - Top Crypto Gains & Losses!
Bitcoin Technical Analysis - What is Bitcoin’s Next Direction?
What to Anticipate Next - Insight to Keep you One Step Ahead!
📌 BULL MARKET BULLETIN
Cryptocurrency Headlines - DOGE Enters the ETF Race, Poland Overtakes El Salvador, US States Pass Blockchain Amendments!
MARKET OVERVIEW (7-DAY)
BITCOIN TECHNICAL ANALYSIS
The struggle of being a cryptocurrency investor . . .
One day your portfolio is up 100%+ — the next you are eating spaghetti out of a used cool whip container. 😂
As Bitcoin has difficulty breaking the previous all-time high, we have to ask ourselves . . .
Maybe Bitcoin isn’t ready to break the all-time high?
Today’s newsletter will break down what is going on with Bitcoin . . .
No more cool whip containers!
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So, what is causing Bitcoin’s price to stall? Well, there are a few reasons that we can point at:
DeepSeek’s Release Impacts Tech Markets
This Chinese-developed application is a top contender with ChatGPT - being more cost effective with higher quality results.
Bitcoin Long Liquidations Occurred
When Bitcoin moved below $100,000, traders believing the price would move higher exited their positions and sold.
This selling added more to the sell pressure that was already happening.
Lack of Parabolic Movement with President Trump Inauguration
A vast majority of cryptocurrency traders believed that a “pro-crypto” president entering office would rocket the price.
After a week of being in office - the price is lacking, and the hype is dying.
With all of this said, let’s take a look at Bitcoin’s price and see what we can salvage from the chart . . .
Take it away, Byte!
Even with Bitcoin breaking below $100,000 — for the hundredth time — we are still holding the cup and handle formation!
We have to keep these two things in mind:
Bitcoin Remains in the “Bullish Area”
The Current Candlestick is Bullish
When we take a look at the furthest right candlestick above . . . it may be red, but it is a “hammerhead”.
What does this mean? This type of candlestick shows a dip in price, but it recovered towards the price it started at.
The cause for this? Bitcoin still has a strong buying pressure that continues to push it back above $100,000!
Check out “What to Anticipate” below for Bitcoin projections!
🧠 Bullish Fact! Bitcoin continues to hold the $100,000 area - it only takes 1 more bullish factor to rocket to the previous all-time high!
WHAT TO ANTICIPATE
In last week’s newsletter, we spoke over the cup and handle formation holding . . .
If Bitcoin decides to hold the cup and handle formation, the price will be between $102,969 and $105,371 on the 27th of January.
Bitcoin did hold above $103,000 going into the 27th of January - but was met with strong downward pressure . . .
This led to the break of $100,000 and eventually down to $98,000!
What if Bitcoin’s price remains below $100,000? We would then depend on two support areas:
Support around $94,000
Support around $92,000
If these two areas break, that is when we would anticipate Bitcoin moving down to the “pullback area” . . .
The pullback area is $73,822.43 to $81,337.62!
🌍 In a perfect world, Bitcoin will stay above $100,000 and continue the cup and handle formation (highlighted in yellow in the chart above).
In a more realistic world, Bitcoin will struggle within the “bullish area” and meet a new all-time high around March timeframe.
🧠 Don’t Forget! Even with Bitcoin’s recent downward moves, in its 15-year history it has appreciated more than any asset in history!
BULL MARKET BULLETIN 📌
Dogecoin Enters the ETF Race We all knew this was coming. Elon Musk, the self-proclaimed “DogeFather”, has worked his magic and as a result Bitwise has filed a S-1 document for an ETF tied to Dogecoin (slight speculation at the beginning of the sentence). 😅 Even though the S-1 has been filed - will the more crucial 19b-4 be filed as well? Only time will tell.
Poland Overtakes El Salvador in Bitcoin ATM count Has anyone been to a Bitcoin ATM before? Me neither. 😂 Either way, Poland now records 219 active machines after a four-month installation spree, making them the 5th largest Bitcoin ATM hub! What does this mean for the future of Poland? Probably more Bitcoin ATM’s . . .
Utah Passes Bill for State to Buy Crypto The Utah House committee has passed a bill that would allow the state to invest a portion of public funds into crypto! The Blockchain and Digital Innovation Amendment would allocate up to 5% towards “qualifying digital assets”. 😮 Believe it or not, twelve US states have already introduced bills for such spending!
DID WE HIT THE BULLSEYE? |
