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💎 Your Exclusive Bitcoin Analytics! (26 Oct 2024)

💎 Your Exclusive Bitcoin Analytics! (26 Oct 2024)

Bitcoin's All-Time High Plan! 🚀 PLUS: $3.2T Microsoft Votes to Invest in Bitcoin! 🤯

Jonathan Hamblin
October 26, 2024

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Our Archive of Previous Newsletters

Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we break down Bitcoin’s moves, have awesome memes, and current news and stories…

What more could anyone ask for?

Well, a million dollars would be nice… 😂

Let’s Explore Today’s Highlights

🧠 Fun Fact: The Ultimate Bitcoin Miner

📊 Bitcoin Breakdown: All-Time High is Narrowed Down

📌 Bull Market Bulletin: Current News & Stories

🔮 Crypto Projection: Cardano’s Price Projections (Last Week)

Statistics as of: 26 Oct 24 @ 10:25am EST

The Ultimate Bitcoin Miner 🧠

Since the first block for Bitcoin was mined back in 2009, we have seen “Bitcoin mining” change a lot.

How exactly?‍ ‍🤷‍♂️

Well, when Bitcoin mining first began, someone could use their personal computer or even a laptop…

Which was probably the size of a dictionary back then. 😂

Just kidding, of course! But what is more serious is the amount of Bitcoin this one man mined in 2009 and 2010!

Former Bitcoin developer, Martti Malmi mined over 55,000 Bitcoin in 2009 and 2010! 👀

For those that may not be familiar…

That is valued at over $3.74 billion today! 🤯

Unfortunately, it is reported that he ended up selling all of his Bitcoin in 2012…

Even so, another question we have to ask ourselves is why did Satoshi Nakamoto trust him so much to be a Bitcoin developer?

Click below to read more about Martti Malmi! 👇

Who is Martti Malmi?

Bitcoin Breakdown 📊

Welcome back to another “Bitcoin Breakdown”!

So, is anyone else tired of Bitcoin’s back and forth? 😂

Well, that is something that we will cover during this breakdown of what to anticipate and why this may be occurring…

Our primary topics for today are:

Cryptocurrency Heatmap (Weekly)
Bitcoin Weekly Movement

But before we get into the meat and potatoes, a word from today’s sponsor!

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Thank you to Upmarket for sponsoring today’s newsletter! 🙏

And with that said, let’s dive in!

Cryptocurrency Heatmap (Weekly)

Well, I believe it comes as no surprise that the crypto market is currently in the red.

We had a very strong push upward last week, so a pullback is a very normal thing to occur right afterwards.

Cryptocurrency Heatmap (Weekly)

The thing that we really want to focus on is that there isn’t any over dramatic move.

For example, Bitcoin isn’t down 50% or even up 50%… we are currently in a sideways trend which is always healthy!

Now, once we reach the “perfect storm”, Bitcoin being up 50% won’t be so much out of the normal, but right now…

We need to continue building support lines upwards to the previous all-time high.

Speaking of support lines…

Bitcoin Weekly Movement

So, with talks about support lines and healthy movement, but does all of this mean?

Well, even though we are seeing pullbacks from Bitcoin, it isn’t drastic, and we are still moving upward steadily.

If we were seeing overextension, such as Bitcoin being up 50%, then we would just anticipate a strong drop afterwards…

Very similar to what we saw when Bitcoin broke the all-time high earlier this year and there wasn’t any rocket fuel to propel it. 🤣

Let’s go ahead and take a look below…

Bitcoin Weekly Movement

As we see, Bitcoin continues to hold the support line and is inching up to the resistance line that is right under $70,000! 👀

Whole numbers such as 70,000 are going to be strong resistance lines, but also could turn into strong support lines.

If we do continue this trend, we would break Bitcoin’s all-time high before mid-November, as marked by the gold line.

However, there is another route that Bitcoin could go and still be bullish…

If Bitcoin does ultimately break the support line and has a pullback, we may initiate a “cup and handle” formation.

Let’s take a look below! 👇

Bitcoin’s Weekly Movement

Again, even though it would break the support line, that doesn’t mean that new support would not take place.

If it does, we would push back upward and be back on track for a timeline closer to the beginning of 2025 for Bitcoin to break the high!

At this time, we would be on the lookout for steady movement as we grow closer to November and even mid-November.

🧠 Don’t forget! Also have a back-up plan. An asset may move differently than anticipated, so chart out what other movements could also take place!

Bull Market Bulletin 📌

Bitcoin Bulls Insist on $80,000 in November! It feels that there is a lot of pressure on the United States’ presidential election turnout to see how Bitcoin reacts. However, there are traders that say Bitcoin is bound to $80,000 no matter the turnout… 🤔 Many options traders are increasing their anticipation that Bitcoin will reach new highs by the end of November with the call options expiring on the 29th of November with a concentration on the $80,000 strike price. Grab your popcorn, things are getting interesting! 🍿

Bitfinex Wallet Hacker Returns Millions? According to reports, the Bitfinex wallet hacker has returned $19.3 million of stolen funds back to the rightful owner. The more shocking part of the story is that the rightful owner is the United States’ government. 😮 What else is shocking is that within 48 hours of the funds being stolen, they were returned. Maybe the hacker knew they messed with the wrong wallet. 😬 Even so, $700,000 still has not been returned… so, where is that amount?

Will Microsoft Invest Corporate Funds into Bitcoin? It looks like we are possibly moving in the direction of more corporations getting on board with Bitcoin investing! Microsoft, with a market cap of $3.11 trillion, will be holding a shareholder meeting on the 10th of December to vote on whether Microsoft should publicly assess adding Bitcoin to its balance sheet! 🤯 With this said, the board of directors are already recommending against this, but who doesn’t want to enjoy Bitcoin’s returns. Also, other large companies such as MicroStrategy and Tesla hold Bitcoin.