Author: dfmines

The Bitcoin price movements have recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes significant upward momentum. This pattern formation has come amidst a back and forth between $93,477 and $85,970 after the Bitcoin price reached an all-time high of $93,477 on November 14. The observation of this bullish symmetrical triangle was highlighted on the social media platform X by the crypto analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator. Symmetrical Triangle Points To A Bitcoin Price Breakout A symmetrical triangle is formed when a descending resistance line and an ascending support line converge, indicating a period of consolidation. As the price approaches the apex of this formation, it typically breaks out in the direction of the prevailing trend.  Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow? In the case of Bitcoin, the Bitcoin price action on the daily candlestick timeframe has been one of a series of lower highs and higher lows for about the past week. This formation has led to the Bitcoin price trading in an increasingly tightening range, which is ultimately going to breakout in either direction.  For Bitcoin, the existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, which is just below $91,000. To confirm such a breakout, analysts look for a spike in trading volume and at least two consecutive closes beyond the trendline. Commenting on this setup, the Stockmoney Lizards stated, “The current setup suggests a potential breakout to the next level. All eyes are on 100k. This is when retail investors will crush the candy store and the real fun will start.”  Such a breakout, if confirmed, could lead Bitcoin to establish new highs above the six-digit threshold of $100,000, which in turn would trigger a wave of inflows into other cryptocurrencies. Next Bitcoin Price Target: $100,000 The psychological milestone of $100,000 has been a focal point for Bitcoin enthusiasts and analysts since the beginning of this bull cycle. Notably, the calls for a $100,000 price target have been even more pronounced since the Bitcoin price broke above its March high of $73,737 earlier this month.  Related Reading: Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours. This means it has effectively broken out of the symmetrical triangle since Stockmoney Lizards’ technical analysis. Interestingly, the analyst highlighted this breakout in an update to his analysis. Now that the breakout of the symmertical triangle has been effectively confirmed, it remains to be seen whether the Bitcoin price can reach the coveted $100,000 price mark before the end of November. All indicators point to go, with the demand for Bitcoin currently far outpacing the supply. Featured image created with Dall.E, chart from Tradingview.com

A U.S. Space Force major aims to shape defense policy by advocating a national bitcoin reserve and highlighting proof-of-work technology’s role in strategic security. Jason Lowery Pushes for Bitcoin Strategy Role in National Security Council Jason Lowery, a major in the U.S. Space Force and a prominent advocate for bitcoin’s role in defense strategies, has […]

Martin Gruenberg is set to exit as FDIC Chair, with Representative Tom Emmer blasting him as “an architect of Operation Chokepoint 2.0.”

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Following a price surge, Solana (SOL) reached a market valuation of nearly $117 billion for a new milestone. As the blockchain ecosystem gains traction, both analysts and investors are beginning to pay attention. This surge reflects the growing appeal of its blockchain, which offers fast, low-cost transactions, making it an attractive option for decentralized applications (DApps) and developers searching for a more efficient platform. Related Reading: Poland Could Lead With Bitcoin Reserve, Presidential Hopeful Says Solana’s value boost isn’t temporary. It signals a bigger trend in cryptocurrency investing toward alternative financial systems. As blockchain usage grows, Solana leads due to its technical skills and growing recognition of its possibilities. DeFi Hotspot: Solana’s Growing Influence It’s hard to overlook Solana’s rapid proliferation in decentralized finances (DeFi). On November 17, the network’s infrastructures were credited with among crypto’s highest processed fees to date. Five of the ten most significant fee-charging platforms were built on the Solana blockchain. Raydium, a famous automated market maker, led the list with over $11 million in fees, followed closely by Jito, a liquid staking protocol, with close to $10 million. The surge in activity is being fueled in part by the resurgence of memecoin craze, as investors return to the market with renewed enthusiasm. As the DeFi ecosystem on Solana grows, its capacity to execute massive transaction volumes without breaking the bank positions it as a leading contender in the fast developing blockchain race. Price Predictions: Will Solana Reach $400? With the given upward momentum, analysts are becoming more positive about the Solana prospects. Titan of Crypto has also commented that SOL can possibly reach $400 as it seems to be creating a break out pattern. This pattern is known as Cup & Handle and is seen as a positive signal for further gains, especially when Solana hits its all-time high. #Altcoins #SOL $400 is next! 🚀#Solana is breaking out from the Cup & Handle pattern on the monthly timeframe. Once it clears its previous ATH, it could soar straight to $400! pic.twitter.com/CILozp95uN — Titan of Crypto (@Washigorira) November 17, 2024 Another famous figure in the crypto field, Peter Brandt, has expressed similar comments, saying that Solana’s swing upward will drive its price further higher. Solana’s recent performance supports these predictions—only this week, SOL achieved a high of $248, representing an 11% increase in just seven days. SOL, at the time of writing, was trading at $246. Often times price moves in swings whereby the swings are relatively equal in price. I am sure Elliott traders get quite precise (as they tend to do ) but I just use swing targets as a guide pic.twitter.com/QBGzOAZTHi — Peter Brandt (@PeterLBrandt) November 18, 2024 Solana’s surge has also enabled it to surpass Binance Coin (BNB) in market capitalization, cementing its position as the fourth-largest cryptocurrency. This confirms its position as one of the most powerful players in the industry, putting it on course to compete with other important assets, such as the stablecoin USDT. Related Reading: XRP On Fire: Over 90% Weekly Growth Catapults Altcoin To Fresh 2-Year High The Road Ahead For Solana However, Solana seems to be poised to continue upward momentum in the future. Solana is very well positioned for future growth thanks to great performance in the DeFi sector, favorable price expectations, and ever-increasing market capitalization. If it is able to maintain the level of performance at present and attract even more developers and users to its ecosystem, then it play an even more important role in the blockchain world in months and years to come. Featured image from Forbes, chart from TradingView

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Ripple’s CEO has warned against SEC Chair candidates tied to past enforcement controversies, urging leadership that fosters innovation and ends punitive crypto regulation. A Name Sparks Debate: Ripple CEO Slams SEC Chair Prospect Brad Garlinghouse, CEO of Ripple, has criticized the potential appointment of Caroline Stebbins as the next U.S. Securities and Exchange Commission (SEC) […]

Rumble shares soared after the bell as its CEO Chris Pavlovski said he’s considering adding Bitcoin to the video streaming firm’s balance sheet. 

In a series of exchanges on X, Adam Back, CEO of blockchain technology firm Blockstream, projected that Bitcoin could surge beyond $1 million if the United States were to establish a Strategic Bitcoin Reserve (SBR) under President-elect Donald Trump. “If the US Strategic Bitcoin Reserve happens, prepare for 7 figure bitcoin. This cycle. The market is skeptical on meaningful follow through for now, so that is not at all priced in,” Back stated. if the US Strategic Bitcoin Reserve happens prepare for 7 figure bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in. — Adam Back (@adam3us) November 18, 2024 The bold prediction sparked discussions among industry experts and enthusiasts. James Van Straten, a noted crypto analyst, responded, “7 figures? I don’t think I’m mentally prepared for 6.” Acknowledging the market’s doubt, Back replied, “That’s a fairly big ‘if’ though. At least if we infer from market price, the market thinks a US Strategic Bitcoin Reserve is unlikely. If that becomes real, I’d expect a rapid repricing.” Can Bitcoin Rise To $1 Million Per Coin? The conversation highlights the market’s skepticism regarding the feasibility of the US government accumulating such a significant Bitcoin reserve. Van Straten, like other experts, suggested that a nation might consider “front-running” this potential scenario, to which Back noted, “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.” Related Reading: Is $135,000 Bitcoin’s Current Ceiling? This Model Says So Portal, a custodyless interoperability protocol for Bitcoin, weighed in on the discussion via X: “If the US starts one, surely the rest of the world will start to follow suit as well.” This sentiment underscores the potential global ripple effect of a US-initiated SBR on Bitcoin adoption and valuation. Skepticism was also voiced by X user AndyLiteMan (@LiteAndy), who critiqued Back’s astronomical prediction: “As much as that would be exciting, it’s not going to happen. We hear this every cycle.” Back maintained his position, emphasizing the conditional nature of his prediction: “I said ‘if,’ and that market doesn’t believe it so far.” Adding another layer to the unfolding narrative, Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—claimed on November 18 that Donald Trump’s team is considering an executive order to establish a national SBR, as Bitcoinist reported. “I’ve heard that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first,” Porter disclosed via X. “I can confirm that US Senate offices are backing this plan up. Game on President Trump. The race is on.” Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why Porter, deeply involved in legislative efforts surrounding Bitcoin adoption, noted that his information stems from “private conversations with people familiar” with the matter and his direct involvement in promoting SBR language across the United States and internationally. Notably, it is crucial to distinguish between the proposals being discussed. Porter’s reference to Trump’s consideration pertains to an executive order that would establish a national SBR. This contrasts with Trump’s previous suggestion at the Bitcoin 2024 conference to create a strategic Bitcoin reserve by retaining all “seized coins” obtained through law enforcement actions. Furthermore, Republican Senator Cynthia Lummis has introduced the Bitcoin Act, which proposes the US government purchase 1 million BTC over five years, allocating 200,000 BTC per year. Addressing this legislative initiative, Back commented on a Polymarket prediction market screenshot showing a 36% chance for “Will Trump create a national Bitcoin reserve?” He clarified, “Optimistic IMO and depends on what they mean. ‘Not selling seized coins’ is very different from Senator Lummis’ SBR bill to buy 1 million BTC.” The latter could send the Bitcoin price skyrocketing. Back highlighted the logistical challenges of such a substantial acquisition: “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.” At press time, BTC traded at $92,329. Featured image created with DALL.E, chart from TradingView.com

Crypto advocate Howard Lutnick’s nomination as Commerce Secretary by Trump could revolutionize U.S. cryptocurrency policy. Wall Street Leader Howard Lutnick Tapped as Commerce Secretary, Backing Crypto Growth President-elect Donald Trump has announced the nomination of Howard Lutnick, CEO of Wall Street giant Cantor Fitzgerald, as the next Secretary of Commerce. Lutnick, a seasoned financial executive, […]