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Tag: BTC

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Bitcoin Hits All-Time High As Trump Wins

In March 2024, Bitcoin was able to break out of the previous high at $69,000 which was in November 2021. After the high in November 2021, price dropped to $15, 912. The lowest price since November 2022.

As a result of Trump winning the election on November 5, there was a spike in the value of BTCUSD and major cryptocurrencies. As of the time of this writing, the total market capitalization of the crypto market stands at $2.9Trillion. And in the last 24hrs, the total value of the crypto market has increased by 3.44%. The total crypto market volume over the last 24 hours is $379.33Billion. There is no guarantee of a continued bullish movement. Many holders might decide to sell off.

The current price of BTC is $87,000, a few points down from the all-time high of today at $89,962. In the last 7 days, BTCUSD has gained 16,000points. The gains might be wiped out in the next few months, as price of BTCUSD might fall to $20,000. Between November 2023 and April 2024, RSI has shown that price of BTCUSD has been overbought on the weekly chart. And currently as a result of the highs in the last one week, RSI has also shown that price has been overbought on the weekly chart.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto in your portfolio? Schedule a meeting with us here

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Bitcoin Bulls Set In Motion

Bitcoin, the premier cryptocurrency, reached the threshold of $1trillion market cap in 2021 and this year also, a feat no other cryptocurrency has attained. The current market capitalization of Bitcoin is $1.2trillion. The next most valuable cryptocurrency is Ethereum, with a market cap of $347billion. The value of the crypto market is way ahead of the total US stock market as of this year which stands at $50.8miilion.

Bitcoin reached a record high at $73,913 in March 2024. Since the downturn of 2022, investors haven’t been able to smile to the bank until now. The bulls have been in control since January 2023, but with slow movement. The 2024 growth is quite exponential as price has been able to reach an all-time high.

On the weekly chart, RSI has shown that price has been overbought since November 2023. This has not resulted in a reversal. Instead, price has continued its bullish run. Bitcoin’s price corrected, which made price fall to $56,464 on the first trading day of May 2024. As of the time of this writing, Bitcoin is at $61,472. We might see the bulls move price to $64,900 in the coming weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrency in your portfolio? Schedule a meeting with us here

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Bitcoin Hits New High…Again. Price Surpasses $73,000

As of 19th March 2023, the total number of Bitcoin in circulation was 19,658,256 BTCs, which is 93.61% of the total number of Bitcoins to be supplied.

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009. Crypto investors are looking forward to having the crypto halving. Bitcoin halving is a pivotal event in the Bitcoin network where the reward for mining Bitcoin transactions is cut in half. The event occurs approximately every four years or after 210,000 blocks.

In April 2024 the block reward will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block. The next Bitcoin halving is expected to occur in April 2024, when the number of blocks hits 740,000. The exact date of the halving is not yet known as the time taken to generate new blocks varies, with the network averaging one block every ten minutes.

In 2024, as the Bitcoin halving date fast approaches, the price of Bitcoin has been able to break the previous high of $69,149 in 2020. Bitcoin has maintained a support level at $24,779 since June 2023. The bulls have been able to push price higher to $73,800 which currently stands as the all-time high. The all-time high was reached on 14th March, 2024. The current price of Bitcoin is at $63,200 after price fell from the all-time high. The price of Bitcoin might fall below $50, 000 in the coming weeks as RSI shows price has been overbought on the weekly chart. A Doji candlestick pattern has also been spotted.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

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Bitcoin Is About To Reach $1 Trillion Market Capitalization…Again

The first decentralized cryptocurrency, Bitcoin, has paved the way in the recent crypto rally. An essential characteristic of the Bitcoin protocol is the strict limit on the number of bitcoins that can be created: it is stipulated that no more than 21 million bitcoins can ever be created, and as of 10 October 2022, 18,925,000 Bitcoins are in supply.

In February 2021, Bitcoin hit a $1 trillion market cap for the first time. The market cap of $1 trillion was later surpassed as Bitcoin hit an all-time high of $69,200. After the all-time high was reached, the year 2022 was a bearish year for Bitcoin investors and traders as price dipped to $16,614. The year 2023 saw a bullish trend for Bitcoin as the year’s opening price was at $16,614 and the closing price was at $41,952. That is approximately a 156% increase in price. As of the time of this writing, the current price of Bitcoin is at $43,133 with a market cap of $845 billion.

As it is expected to see a price rally in the coming weeks, we might see the price of Bitcoin reach a new high in 2 years as price could reach $46,000 psychological level. Though RSI has shown that price is overbought on the weekly chart, this might not reduce the momentum of the bulls.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here.

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Bitcoin Is About To Reach A New 2023 High

It’s indeed a bullish year for the crypto market as major crypto assets reached new highs. Bitcoin has hit new highs every month of this year except for May when a retracement occurred from April’s high of $31,000. The current 2023 high stands at $31, 850, which was reached on July 13. Price retraced as it went down to $28,929 to form a new support. The current price of Bitcoin as of this writing is at $29,305.

We might be seeing a rally back to the year’s high at $31,850 which also stands as the current resistance level. Even better, the rally could break this resistance to the upside. On the daily chart, RSI indicates that price has been overbought and price is currently in the lower region of the Bollinger bands. The weekly chart is yet to show that price is overbought, but it has been oversold since June 2022. As Bitcoin rallies, other crypto assets could rally in the coming days. We could see Bitcoin above $32,000 for the first time since May 2022.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto in your portfolio? Schedule a meeting with us here.

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Crypto Assets In Its First Bullish Run in 2023

Crypto Market Sees First Rally Of The Year

The year 2022 was a bad year for crypto investors. The crypto market lost over 55% of its capitalisation in 2022. Bitcoin’s opening price in 2022 was $46,200 with a closing price of $16,450, which was approximately 64% loss in a single year. Ethereum’s opening price in 2022 was $3690, with a closing price of $1172, which was a 68% loss. The Binance Coin’s opening price was at $512.2 with a closing price of $246.7, a loss of 51% throughout the 2022 Crypto crash. 

Bitcoin Chart

The 2022 crash might not be the end of the bearish trend, though the last few days have shown a bit of hope for crypto investors as crypto assets across many exchanges have appreciated. The rally might be a temporary one as we might see prices of crypto assets reach a 3-year low. The next crypto bearish move could break the lowest price of 2022 to the downside further. When this eventually happens, then the hope investors had as a result of the recent rally would be dashed away.  

Ethereum Chart

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here

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Bitcoin Set For New Low Before Expected Rally

On August 17, 2022 when Bitcoin’s price was around the psychological level of $24,000, we made a forecast that the bears might push price downwards to another psychological level at $20,000. We made this forecast against the backdrop of anticipation of a rally for Bitcoin. On the 27th of August, Bitcoin hit $20K as we had forecasted.

Weekly Chart

After this $20K mark was hit, the bears still pushed price lower to $18,500. When price hit $18,500, there was a bounce to $22,800. The bounce was not able to mature into a full-blown rally because the bears took back control and price is again below $20,000. As of today, 19th of September 2022, Bitcoin hit a 3-month low of $18,300.

Daily Chart

Altogether, it’s been a bearish year for Bitcoin. The current support level for the year is at $17,625. We might be seeing price go below this level in the next few days or at most, two or three weeks from now. If the price of Bitcoin eventually gets to a new low for the year, this might form a major support level for the next bull run to $40,000. On the weekly chart, RSI indicates that price is oversold.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

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Crypto Bulls To Resume Activities

In one of our articles written in Q4 2021 when the price of Bitcoin was at $58,229 and Ethereum at $4,200, we talked about price of Bitcoin to fall to $29,000. On the 10th of May, 2022, Bitcoin reached $29000, which was spot on. Many of the bulls have been liquidated due to the recent price fall. With the price fall of Bitcoin to $20,000, the gap up in December 2020 and January 2021 has been filled.

Weekly Bitcoin Chart

Our forecast currently shows crypto bulls are about to resume activities, as we might be seeing a rally in the coming weeks. Price of Bitcoin might be back to $48,000 and Ethereum to $3,500. This could be a sign of relief for investors after crypto has lost $1.1trillion in market capitalization in the last 80 days, the fastest and largest known loss in its history. Buying Bitcoin $48,000 and buying Ethereum above $3500 might be a bull trap. We might be seeing Bitcoin at a 4-digit value and Ethereum at a 2-digit value after prices reach $48,000. Are investors prepared to see price of Bitcoin at $4,000 and Ethereum at $90? Time will tell.

Bitcoin Daily chart

Yes, the market is about to favour the bulls, as a strong support is reached at $20,000 for bitcoin and Ethereum at $1,000. RSI on the weekly chart shows price has been oversold. There are some dojis formed in May and the first week in June, which is a sign of price reversal. Currently we still have price in the lower region of the Bollinger bands, as price  is consolidating.

Ethereum Daily Chart

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here

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Bitcoin Drops To A New 2022 Low At $32,670

Bitcoin opened in 2022 at $46,196. At the end of January 1st, 2022, Bitcoin closed at $47,795. This price is the highest that Bitcoin closed for this year. Since the second day of the year 2022, the bears have been aggressive toward the Crypto king. In the last week of March 2022, the price rallied above the $48,000 psychological level but the price still maintained the highest close of the year at $47,795. While this rally was building up, the bears snuffed out the steam that was brewing in the bulls and dragged the price further downwards. 

Daily Chart

Back in 2021, the price of Bitcoin hit an all-time high of $69,000 in November 2021. Many investors and potential investors were looking forward to investing more at this point as analysts all over the world were forecasting a strong bullish run. But to their greatest surprise (and disappointment), Bitcoin’s bulls couldn’t hold the reins for long and the price began a descent that would last for the next three months. Candlesticks in November 2021, December 2021, and January 2022 all closed on bearish notes.

Earlier in 2021, El Salvador adopted Bitcoin as a legal tender and many analysts were optimistic of Bitcoin’s price reaching $100,000 as they expected other countries to follow in El Salvador’s footsteps. On October 12, 2021, we published an article on the dangers of Bull & Bear Traps. On that day, the price was $57,200. We made a forecast that Bitcoin’s price could go below $30,000. On November 19, 2021, following analysts’ forecast that Bitcoin could hit $100,000, we published another article reinstating our bearish stance. On that day when we published the article, the price was $58,229. Our analysts, however, were confident in the forecast that was made and we stuck to our prediction.

Weekly Chart

At the beginning of May, Bitcoin opened at $37,664 to reach May’s high of $40,000. But the past 7 days have been in favor of the bears and BTC has dipped below $33,000 making it hit the lowest point of the year at $32,670. Bitcoin’s current move is in perfect alignment with our forecast for Q4 2021 and we still stick to the call that BTC will go below $30,000.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here.

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Some Analysts Said ‘Bitcoin To The Moon’

Despite several forecasts of BTC to reach $100,000 or $200,000, BTC has failed to reach $70,000 with the recent bull run. BTC reached an all-time high at $68,999 on November 10, 2021. Most times when Bitcoin dips, other cryptos follow the same direction. Bitcoin had a previous resistance in April 2021 at $64,898. After the April all-time high, the price dipped by more than half as the price reached $28,764.37. This year support level for BTC is at $28, 731. A breakout of the April resistance at $64,876 was reached in October, which pushed the price to the most recent all-time high.

At two different times between September and October, the price of BTC using the RSI shows that price has been overbought. Price has crossed to the lower region of the Bollinger bands. El Salvador has adopted Bitcoin as a legal tender. Some other countries like Panama, Ukraine are in the race to adopt Bitcoin as a legal tender. In a situation where Bitcoin price drops below the price it was acquired, this might affect the economy of the countries as the purchasing power will be affected.

There are indications that the price of BTC falls below $30,000. This might be a bad one for the El-Salvador economy as it will be below the price it was initially bought. A breakout to the downside of the support level at $55,851 might push the price to $29,000.

Some of these ideas are in our clients’ portfolios. To understand which ones can work for you or for help to invest for your own wealth, talk to our advisors at FM Capital Group. Would you like more information on Investment Advisory, Portfolio Services, and VC? Schedule a meeting with us here.

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