Today we discuss Bitcoin in October
TradingShot Chart via Trading View
So what does all this information tell us? That as long as the Dollar and Money Supply continue to rise, Bitcoin will most likely stay low and volatile and won't regain August's Highs. We need to see the USD decline again while M1 stays bullish , in order for Bitcoin to get a sustainable boost.
Bitcoin Market Health
Charts via Glassnode Studio
Increase In accredited U.S. investors enter Bitcoin…
Bitwise’s Bitcoin fund brought in $8.9 million, the largest increase in digital assets raised in the fund’s 2 year history, according to an SEC filing. The firm’s Bitcoin Fund provides “accredited U.S. investors” with exposure to Bitcoin through a “traditional” product. This past year in 2019, the fund had $4.1 million in investment, meaning the fund has more than doubled in size since last year.
Bitcoin is a game of musical chairs and the music is stopping…
MicroStrategy Doubles Down on Bitcoin, “MicroStrategy® (Nasdaq: MSTR), NASDAQ-listed company MicroStrategy bought $250 million worth of Bitcoin— no gold, no equities, no bonds, just Bitcoin. It was revealed they purchased another $175 million worth of Bitcoin. Over the last 7 weeks, they have allocated $425 million of its $500 million of cash reserves into Bitcoin as a hedge against inflation. What it means is that 0.1% of all seats in this game have just been occupied – that’s less for you, me, and the company you work for.
Scarcity is real…
Bitcoin miners have already created more than 18.5 million BTC. This is over 88% of Bitcoin's total supply of 21 million. As a result, there is now less than 2.5 million BTC left for miners left to discover. Not to mention the millions lost over the years.
BTCTurk, one of the largest Bitcoin exchanges in Turkey, has had nearly 1 million signups this year and roughly 100k monthly active users. Volumes on BTCTurk have quadrupled over the last year as the state-backed currency, the Turkish Lira, has been in the doldrums. Turkish citizens are waking up to the value of Bitcoin as a currency outside the grips of its government.
Why the US dollar is only going to fall faster and harder…
The US dollar slide has entered the early stages of what looks to be a sharp descent, having already fallen by 4.3% in the four months ending in August in terms of its real effective exchange rate – the index that matters the most for trade, competitiveness, inflation and monetary policy.
Keep in mind…
PayPal, Venmo to Roll Out Crypto Buying and Selling announcement was in June with an expected launch in 3 months. Is October the month? No telling but something to be ready for.
Bakkt consumer app is set to launch anytime now. Currently in Beta. Again this could be cancelled and pushed back until next year. They have done this in the past.
Always be ready for other surprise Bitcoin announcements around the holidays.
Research and analysis of the Bitcoin market tells me…
We will see a gradual push to 11K by October 13th.
Look for a push to 12K by the end of October.
All Alts Rise in November will be good for Bitcoin. Will discuss this later in the month.
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