Market update

Market update

By Purp24 | Bitcoin Price Prediction | 16 Oct 2024


Bitcoin remains strong and on 1h, 4h, and daily, the 12 / 21 EMA bands are all bullish and $Btc price is above all of them.

Really good sign for bulls on Bitcoin.

Stocks will continue to consolidate but price and 12 / 21 EMA daily bands also remain bullish and above.

I see no issues as we get closer to election day.

No news catalysts on deck today so hopefully this time stock market indices can stabilize after yesterday's sudden big drop.

$NVDA news came out that banned them from selling some AI chips to "certain countries" so likely the profit margins of Nvidia are going to be drastically lower, if we go by the market reaction to the news.

It took down $QQQ NQ1 down with them and the rest of the stock market indices.

Overall, stocks have been on a huge rally and it needed to cool off anyway.

Bitcoin continues to push higher as it tries to reach $68,000 and $70,000 in an attempt to finally break out of its 7 month long consolidation range.

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Purp24
Purp24

Owner of Valley Trading Center in Silicon Valley


Bitcoin Price Prediction
Bitcoin Price Prediction

Despite the fact that current crypto-community sentiment seems to be not entirely positive, there are those who are instead releasing Bitcoin price forecasts that are optimistic to say the least. This concerns Pantera Capital, the hedge fund with $4.8 billion in assets, which stated that Bitcoin will rise to $35,000 before the 2024 halving, and then, by 2025, the price will also rise to $148,000. This prediction was made considering several basic indicators. Foremost among them is the historical trend.

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