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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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  • Guides
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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

    Boxed Memecoins as Collectible Toys

    Boxed Memecoins as Collectible Toys

    Hype fades as NFT platforms lose users

    Hype fades as NFT platforms lose users

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    What are Floki’s Flokitars?

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    ChatGPT vs X: Who Sees Crypto Narratives First?

    ChatGPT vs X: Who Sees Crypto Narratives First?

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    Why AAA Game Studios Will Eventually Embrace NFTs

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    Blazpay and Onmi AR Unite to Elevate Web3 Gaming Experience

    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

    Gear Runner Integrates with Meta Arena to Deliver Gamified Real-World Activity and Move to Earn for GameFi Fans

    Gear Runner Integrates with Meta Arena to Deliver Gamified Real-World Activity and Move to Earn for GameFi Fans

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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  • AI
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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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  • Guides
    What Is Copy Trading in Crypto? A Beginner’s Guide

    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

    A Step-by-Step Guide for Risk-Takers

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    How It Works and What to Watch Out For

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    Crypto Risk Management Strategies for Trading (2025)

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

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    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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Bitcoin ‘starting to look scary bullish,’ $90K not far away: Analyst

May 15, 2024
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Bitcoin ‘starting to look scary bullish,’ $90K not far away: Analyst
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  • Bitcoin’s rebound sparks debate among investors like Tapiero and Novogratz on future prospects.
  • Uncertainties remain about Fed cuts and regulations.

After bleeding in red for weeks, Bitcoin [BTC] appears to be recovering, as indicated by its recent price action. At the time of writing, BTC was trading at $62,150, reflecting a slight increase of 0.39%. 

Notably, on the 14th of May, BTC also experienced a brief rally, surpassing the $63,000 mark before retracing slightly.

This recent movement in Bitcoin’s price has sparked considerable discussion and excitement across social media platforms.

Execs diverging views BTC 

One prominent figure contributing to this discourse is Dan Tapiero, a macro investor and fund manager, who holds the belief that BTC is on the verge of achieving fresh all-time highs (ATHs).

Taking to X (formerly Twitter) he noted, 

Tapiero's tweet

Source: Dan Tapiero/X

However, Galaxy Digital Holdings Ltd. founder Michael Novogratz predicts BTC will likely trade within a tight range this quarter as traditional finance continues to adopt crypto.

According to Bloomberg, Novogratz said, 

“We are in the consolidation phase in crypto. Bitcoin, Ethereum, and everything else, Solana will consolidate, what does that mean?” 

He added, 

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

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“It means probably somewhere between $55,000 and $75,000 until the next set of circumstances, the next set of market events bring us higher.”

Additionally, he attributed the previous all-time high of approximately $73,000 to the launch of US spot Bitcoin exchange-traded funds (ETFs) and the Bitcoin halving event.

See also  Ethereum: Still bullish on ETH's price? Here's why you might be right

Seeing the current market trend, he believes that the market has stagnated due to reduced optimism about potential Federal Reserve rate cuts, despite strong economic indicators. 

Bitcoin dominance marks a milestone 

Well, this seems to be kinda untrue as despite fluctuations in BTC’s price, its market dominance has consistently remained above 50%.

According to CoinMarketCap data, Bitcoin currently accounts for approximately 51% of the total cryptocurrency market capitalization.

BTC's dominance

Source: CoinMarketCap

Hence, BTC’s price might break out of this consolidation phase if either the Federal Reserve starts cutting rates or the upcoming election brings clarity to the crypto regulatory landscape.  

What lies ahead for Bitcoin? 

In conclusion, while historical trends provide guidance, they do not guarantee future results. Thus, there is a huge probability of market fluctuations and sideways movements in the upcoming days.

And, if we go by Michaler Saylor’s words,

“There are thousands of pension funds in the United States managing ~$27 trillion in assets. They are all going to need some #Bitcoin.” 

Next: Floki Inu surges past $0.00020 resistance: How far will FLOKI rally?

Tags: 90KAnalystBitcoinBullishScaryStarting

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