Bitcoin bulls eye $75K and higher

Here’s why....

Author

Daniel Akpobare
October 01, 2024

GM Explorer,

Bitcoin's three-week winning streak has bulls eyeing a $75K breakout, with some analysts predicting a rally toward $100K by year-end. Let’s dive in!

Here’s what we got for you today:

  • 📈 Bitcoin bulls eye $75K and higher – Here’s why!

  • 🗳️ How Crypto is Shaping the 2024 Election Race!

  • 🧱 Around The Block: Vitalik Buterin continues selling Ethereum while the market reacts.

📈 Bitcoin bulls eye $75K and higher – Here’s why!

Bitcoin (BTC) has been on a roll, marking its first three-week winning streak since February.

The cryptocurrency surged over 3% in the seven days to Sept. 29, extending over the 7% increases in each of the previous two weeks.

This upward trajectory is likely driven by China's economic stimulus announcement!

Even the massive inflows into the U.S.-listed spot ETFs, which are equivalent to more than a month's supply of newly mined BTC, have further fueled the rally.

And according to data from Amberdata, traders have been snapping up call options at the $75,000 strike price and beyond on the crypto exchange Deribit, while some have also sold put options.

But what does all this mean, you ask?

A call buyer is essentially bullish on the market, while a put buyer is bearish and looking to hedge against price drops.

This surge in call option activity and put selling indicates growing confidence in Bitcoin's potential to break free from a six-month corrective trend, which veteran analyst Peter Brandt calls the "expanding triangle."

Amberdata's Director of Derivatives, Greg Magadini, even believes that a breakout past $75K could lead to a rapid rally toward $100K by the end of 2024.

Can you believe that? You better watch those price charts if you're involved in the market.

For more details, read the full story here!

🗳️ How Crypto is Shaping the 2024 Election Race!

Have any idea just how much weight—and financial muscle—the crypto industry has thrown into the 2024 U.S. elections?

Well, let me tell you: it’s a lot! We’re talking a jaw-dropping $204 million! 

That’s more than the price of a fancy yacht or even a small island. But then, who needs a tropical getaway when you can buy influence instead?

And guess what? It’s actually working!

More so because both Vice President Kamala Harris and former President Donald Trump seem to believe that cozying up to the crypto crowd could be their golden ticket to snagging those crucial battleground states come November.

First up, Harris sent shockwaves through the crypto community when she praised blockchain as a key player in keeping the U.S. competitive in tech.

Her campaign seems to be banking on attracting young male voters and capturing the attention of Wall Street, which is buzzing about all things tokenized.

Meanwhile, Trump is taking a different approach—he’s launched a DeFi project called World Liberty Financial with his sons, complete with token sales.

Because, you know, nothing says “I care about your financial future,” quite like a souvenir watch and a crypto project!

But here’s the kicker: it might not even matter who wins the election. Either way, it looks like we’ll be getting a new president who’s pro-crypto!

If you ask me, that’s quite the turnaround from the current administration, which has been home to crypto’s biggest critics, including SEC Chair Gary Gensler and Treasury Secretary Janet Yellen.

So, how did the crypto industry go from the doghouse of the Biden administration to a shiny new penthouse full of hope?

Well, it’s simple: they’ve been flexing their financial muscles.

Spending trackers show that crypto-focused political action committees (PACs) have raised over $204 million!

With about $120 million already spent, a hefty chunk of that cash was aimed at running ads against candidates who dare to question crypto’s potential.

In fact, since 2010, the industry’s contributions have accounted for 15% of all known corporate political donations!

No wonder the crypto sentiment turned around overnight, right?

But let’s be real: neither Harris nor Trump has laid out a clear crypto policy.

It’s a bit like a mystery novel where you know something big is coming, but the plot hasn’t unfolded just yet.

Critics are already rolling their eyes, suggesting that Harris’s support might just be lip service and questioning whether Trump genuinely understands the tech behind his DeFi venture.

So, while the finer details of crypto policy remain under wraps, one thing is clear: no matter who occupies the Oval Office next, the crypto world has already scored a significant win this election cycle.

They’ve not only made a splash but also ensured their voices were heard loudly and clearly.

Who knew politics could be this entertaining? Let’s just hope that after all this splash, the next president knows their Bitcoin from their Ethereum!

Wanna know more? Click here!

🧱 Around The Block

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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