💎 Your Exclusive Bitcoin Analytics! (13 Nov 2024)

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Our Archive of Previous Newsletters

Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where Bitcoin continues to rise…

And altcoin holders wait in anticipation for their turn…

Let’s Explore Today’s Highlights

📊 Bitcoin Breakdown: Projecting Bitcoin's Move to $100,000!

📌 Bull Market Bulletin: Current News & Stories

🔮 Crypto Projection: Shiba Inu (SHIB)

Bitcoin Breakdown 📊

As this newsletter is being typed, Bitcoin is continuing to rocket! 🚀

We haven’t seen gains like this since the last bull run, and I am sure everyone is celebrating this movement…

Well, Bitcoin and Dogecoin holders especially… 😂

With everyone’s eyes on the $100,000 target, the question that we have is…

When Bitcoin hits $100,000, is it going to dump? 🤔

I am 100% sure that people are holding until it hits that number and then selling their bags, which could initiate a massive dump…

Especially with short sellers ready to get in their positions and $100,000 is a great price to enter in at… 😬

Enough of the negativity, let’s take a look at today’s topics:

1. Overall Market View (7-Day Heatmap)

2. Long-Short Ratio (24-Hour)

3. Bitcoin’s Overall Movement

4. What to Anticipate Next

Now, before we dive in… a word from today’s sponsor!

Thank you to VaultCraft for sponsoring today’s newsletter!

Overall Market View (7-Day Heatmap)

The heatmap is always a great way to start of the newsletter…

Well, unless it is red across the board… 🤣

If we take a look, we see the massive gains that have taken place over the last week.

And thanks to Elon, we see that Dogecoin has a staggering +147.16%!

Gotta love those meme coins, am I right? 🤦‍♂️

Either way, at this point of the bull run we see that the primary focus in Bitcoin (of course) and meme coins…

I feel flashbacks of 2021 right now…

What is anticipated is that when Bitcoin is eventually sold for profit, the profits will roll into alt coins causing the “alt season”.

But who knows, maybe Dogecoin will just become the #1 cryptocurrency… No, I’m not bitter in the slightest, thanks for asking… 😂

Long-Short Ratio (24-Hour)

For those that may not recall from our last newsletter, what exactly is the long-short ratio?

It lets us know the psychology behind the market which may lead to projections of upward/downward movement. 👀

Let’s remember when it comes to the long-short ratio…

1. Long = Buying Pressure 📈

2. Short = Selling Pressure 📉

As Bitcoin continues to break its all-time high over and over again, many would assume that there aren’t any short sellers…

However, we have to keep in mind…

As much as buyers are looking for the next dip in the price, short sellers are looking for the next spike and overextension to sell…

The higher that Bitcoin goes and becomes overextended…

And it is highly overextended at the moment… 👀

The more short sellers will pile in and bet that the price is going to drop.

Let’s take a look below and see the balance in the market! 👇

And to many people’s surprise, it is actually more balanced than expected.

Now, we must keep in mind, this is the 24 hour long-short ratio. This means that it could have been completely different 48 hours ago.

So, being that it is more balanced, does this mean that there is a pullback coming in the near future and short sellers are stacking up? 😮

Well, at $100,000, the short sellers are either going to take holder or the buyers will liquidate them and turn them to buying pressure…

I believe we all hope for the second option! 🤣

Bitcoin’s Overall Movement

For today, we are going to switch it up a little bit…

Always fun to keep it fresh and exciting… 😄

We are going to look at Bitcoin’s overall movement and potential movements towards $100,000!

For this chart, we are going to look at the weekly candlesticks but zoomed out to encompass the all-time highs in 2021.

Why exactly are we doing this? 🤷‍♂️

Because we want to use the trendlines to formulate where Bitcoin may be heading next!

So, without further ado, let’s take a look below!

So, what is something that we immediately see?

The trendlines of the bottom green and top blue show us a “rising wedge” formation.

What does this tell us? 🤔

Believe it or not, the rising wedge formation is actually a bearish formation and forecasts a drop in value.

Being that the wedge is still very open and not closing in, it looks like we have time but a pullback will be taking place.

Now, being that this is BullMarketBytes and not BearMarketBytes 🤣… let’s keep a positive attitude and say…

Bitcoin is definitely destined for $100,000! 🚀

It may not be today or tomorrow, but it will happen… HOWEVER!

We need to understand that overextensions equal pullbacks and our current candlestick is HIGHLY OVEREXTENDED! 😬

Does that mean that we all run around in circles panicking and selling our life savings for Dogecoin?

No, definitely not… 😅

This drop could ultimately be the beginning of the “alt season” as money flows from Bitcoin into different crypto projects.

See, there is always a bright side! 😁

What to Anticipate Next

Hmm… yeah, definitely a great question…

We see the market continuing to spike, continuing to become more and more overextended…

It is safe to assume that there are going to be more dog coins/tokens and Trump coins/tokens created. 😂

Aside from that, we are at a crossroad.

Bitcoin pulls back slightly, consolidates, and then we have a moonshot up to around $140,000 and beyond.

OR… Bitcoin continues to overextend pushing past $100,000 into $110,000-$120,000 and we have a massive short take place.

That is why we have harped on healthy movement for the past year is because the markets need balance.

Overextension is awesome for the massive gains, but there will be gains on both sides… buyers and short sellers.

🧠 Don’t forget! We would all love for Bitcoin to go up 100% every day for the rest of our lives… but it won’t. Investors will be taking profits along the way!

Bull Market Bulletin 📌

A $26 Million Loss Due to Copy-Paste Error… Recent reports cover an Ethereum trader that lost $26 million. No, not to a hacker, but due to copying the wrong address as he attempted to make a transfer to his safe wallet. When he was asked about this mistake, his response was: " In one word: wrong copy”. Not sure how grammatically correct that is, but we will roll with it. 😂 He is now seeking hackers to retrieve his lost Ethereum and will award a $2.5 million reward for the retrieval! 🤯

Bhutan Reaches $1 Billion in Bitcoin Holdings! For a country that has been actively mining Bitcoin since 2021, they have quite a stockpile! 💰 So far, Bhutan has mined 13,011 Bitcoin which makes it the fourth-largest government holder of Bitcoin… quite impressive! Bhutan believes that Bitcoin serves a strategic purpose, as the United States has hinted to in the last 6 months which possibly creating a strategic reserve. Which country is going to be next? 🤔

President-Elect Trump Announces the Department of Government Efficiency… DOGE… Well, I suppose this would not be a crypto bull market without Elon Musk being a troll. In May of 2021, Dogecoin rose to its all-time high of $0.73 due to Elon posting memes about it and almost 4 years later we now have an initiative named DOGE… Should we be laughing, impressed, concerned, or all three? 🤷‍♂️

Crypto Projection 🔮 

Well, we definitely called it with Dogecoin… We can see the price already moving due to Elon Musk’s marketing of the “Department of Government Efficiency” (DOGE)…

Here are the number again if you missed that newsletter…

Dogecoin’s Current Price: $0.1889
Current Market Cap: $27,715,653,790

Previous All-Time High: $0.73 (according to CoinMarketCap)
Previous All-Time High Date: 07 May 2021

Potential Low Price (2024-2025): $0.70
Potential High Price (2024-2025): $1.91

• Circulating supply is ever-growing

• $0.70 will place market cap at over $100 billion (highly dependent on Elon Musk support and other cryptos’ market caps increasing).

• $1.91 is a best-case scenario with integration into Elon Musk’s business ventures.

For today, we are going to focus on Shiba Inu…the other massive dog coin…

Shiba Inu’s Current Price: $0.00002677
Current Market Cap: $15,551,185,086

Previous All-Time High: $0.00008894 (according to CoinMarketCap)
Previous All-Time High Date: 21 October 2021

Potential Low Price (2024-2025): $0.00004840
Potential High Price (2024-2025): $0.00007804

• Circulating supply is ever-growing

• Competitor with Dogecoin, thrives on meme coin attention

🧠 Remember! This is not a call to action! Conduct your own research!

Your feedback is very important to us! ❤️

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