|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Price 'Capitulation Incoming' Threatens a Trip to Long-Term Range Lows Before "Full Bull" Takes Over
Oct 10, 2024 at 03:19 pm
Bitcoin still stands to gain from global liquidity trends, but what comes first might shock the average trader.
Bitcoin (BTC) price action could see a trip to lower levels before kicking off the next bull run, an analysis claims.
Breaking down the latest on-chain phenomena in his latest analysis on X, released Oct. 10, popular analyst Cole Garner said that he sees “capitulation incoming” for Bitcoin markets.
BTC price ‘range lows’ still up for grabs
Despite the narrative, Bitcoin still stands to benefit from trends in global liquidity, but what comes first may surprise the average trader.
Investigating current onchain phenomena, Garner flagged liquidity declining in the short term, which could be reflected in BTC price performance.
“Liquidity on-chain is tightening: I smell capitulation incoming,” he summarized.
An accompanying chart showed a print, among other things, of the Liquid Vision index, which measures global central bank liquidity.
“Liquidity onchain starts at its source, the central banks. Liquid Vision is my lens. It’s primed for a buy signal,” Garner continued.
The post highlighted recent shifts in policy from both the China central bank and the United States Federal Reserve. The former unveiled a major round of economic stimulus last month, but disappointed risk-asset traders this week by delaying its continuation.
Garner also pointed to a declining supply of stablecoins, particularly the two largest U.S. dollar stablecoins by market cap, Tether (USDT) and USD Coin (USDC).
“Range lows before $100K? Total facepalm,” he argued.
Nevertheless, those lows could come in at below $50,000, another chart showed.
Bitcoin delays ‘Uptober’
As reported by Cointelegraph, some market participants still expect BTCUSD to deliver a turnaround from its sideways price action before the end of October.
One theory even suggests that China's stimulus rethink could trigger another round of capital inflows into crypto.
Zooming out, bullish BTC price predictions also remain in place. This week, veteran trader Peter Brandt said that he sees BTCUSD reaching $135,000 within the next year, if key support holds.
Bitcoin was trading close to $61,000 at the last check, down 4% month-to-date, data from Cointelegraph Markets Pro and TradingView showed.
This article is for informational purposes only and should not be considered investment advice.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Bitcoin Upside Limited by Massive Capital Inflows Requirement
- Oct 10, 2024 at 06:25 pm
- As the trailblazer, Bitcoin is firmly placed at the top of the crypto ranks. Bitcoin shot more than 30% higher at the start of 2024, establishing a new all-time high of $73,750 in march. However, it has been trading sideways for the rest of the year.
-
- Binance Launches MKD (Macedonian Denar) Trading Zone on Binance P2P and Announces New Trading Promotion
- Oct 10, 2024 at 06:25 pm
- Binance is pleased to announce that the MKD (Macedonian Denar) Trading Zone is now available on Binance P2P and we are excited to launch a new trading promotion for both new and existing P2P users.
-
- Cardano (ADA): Analysis and Price Forecast
- Oct 10, 2024 at 06:25 pm
- The Cardano blockchain has just hosted the launch of the first legally recognized smart contract by the courts in Argentina. This is a turning point for the adoption of cryptographic technology in the country as it introduces a new fully legal trading system.
-
- HBO’s “Money Electric: The Bitcoin Mystery” Sparked Widespread Attention, But Ultimately Fell Short of Delivering the Promised Revelation
- Oct 10, 2024 at 06:25 pm
- The documentary claimed to reveal the true identity of Bitcoin's mysterious creator, Satoshi Nakamoto. The creators centered on Peter Todd, often considered a prominent figure in the Bitcoin community, suggesting that Todd might be the elusive Nakamoto.