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A widely followed crypto analyst says that there’s a high chance that Bitcoin ( BTC ) reverses course after its latest pullback. In a new strategy session, pseudonymous crypto trader Rekt Capital tells his 529,900 followers on the social media platform X that based on historical precedence, the crypto king should mount a recovery. “Bitcoin started its current -15% pullback in week seven of price discovery. The timing of this retrace is in line with historical tendencies. It is the first price discovery correction of this cycle. As a result, it has a high probability of reversal.” Price discovery is the process by which buyers and sellers determine the fair market value of an asset based on supply and demand, liquidity, and other factors. Rekt Capital goes on to note that this type of pattern is a regular part of the top crypto asset by market cap’s historical cycle. “In the 2013 cycle, it took six weeks of upside into Price Discovery before BTC experienced its first major correction in week seven. In the 2017 cycle, it took seven weeks of upside into price discovery before a first major retrace of -34%. In week eight In the 2020/2021 cycle, BTC rallied six weeks into Price Discovery before BTC’s first meaningful pullback of -16%. And in this cycle, Bitcoin enjoyed upside until week seven before retracing -15%. Out of the ordinary? History says no.” The trader then says BTC has rebounded nicely from its low support range and will occupy the $91,000 to $101,000 price range “until further notice.” BTC is $93,803 at time of writing, a 1% decrease during the last 24 hours. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/80’s Child/S-Design1689 The post Bitcoin Has a High Probability of Reversing Upwards After Pullback, Says Crypto Analyst – Here’s Why appeared first on The Daily Hodl .
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Bitcoin Braced For Potential Downward Pressure With U.S. Cleared To Sell $6.5 Billion In Silk Road BTC
The US Department of Justice (DOJ) has secured final approval in the Northern District Court of California to auction off roughly $6.5 billion worth of Bitcoin seized from the infamous Silk Road dark web marketplace. The ruling marks a decisive end to a complex four-year legal dispute over the ownership of this BTC haul. This is an interesting situation as it comes just 10 days from Donald Trump’s inauguration. The incoming president previously vowed not to sell the U.S. government’s BTC stash. Could US Government’s BTC Dump Tank Crypto Prices? According to a Dec. 30 court filing, Chief U.S. District Judge Richard Seeborg denied a motion to block the forfeiture of 69,370 Bitcoin, thus clearing the Department of Justice to offload the $6.5 billion assets. The move has sparked market fears of potential selling pressure on BTC prices. A similar event happened last year when the German Government sold around 50,000 BTC . However, CryptoQuant CEO Ki Young Ju has urged investors not to panic. “Last year, $379B entered the market based on realized cap — roughly $1B per day,” wrote Young Ju, adding that the U.S. government’s $6.5 billion sale could be absorbed by the market “in just a week.” In recent months, the U.S. government has moved around massive portions of Bitcoin from Silk Road-affiliated wallets. On December 3, 2024, for instance, the U.S. government sent nearly $2 billion in Silk Road Bitcoin to Coinbase. The U.S. Marshals Service, a division of the DOJ, currently has a custody agreement with Coinbase Prime, so the exchange may have merely been holding the coins for the government. Trump Government To Buy Back BTC At Higher Prices? The move by the American government to sell the Bitcoin seized by law enforcement has raised serious questions following the November election. During the campaign trail, incoming president Donald Trump pledged not to sell any of the 198,109 BTC that is still in possession by the U.S. government, according to Arkham Intelligence data. Some commentators believe the current Biden-Harris regime may dump all government-owned BTC in a politically-driven move just before Trump returns to the White House. Fox Business contributor Jason Williams contended that the Biden administration is directing the Department of Justice to liquidate thousands of BTC during a market rally while completely aware that the forthcoming Trump government may purchase it back at much higher prices: “This is an absolute injustice and perversion of the fiduciary responsibility we charge the government with. We are selling these Bitcoin for 94k approx. What price will Trump buy them back at??? Higher.” Meanwhile, while the U.S. preps to sell its BTC stash, other nations like El Salvador and Bhutan are officially accumulating the bellwether crypto as a strategic reserve asset. The Daily Hodl
Anticipated Approval of New Crypto ETFs Sparks Market Reactions
Approval of new crypto ETFs is expected to reshape market dynamics. Paul Atkins’ SEC leadership may lead to more favorable regulations. Continue Reading: Anticipated Approval of New Crypto ETFs Sparks Market Reactions The post Anticipated Approval of New Crypto ETFs Sparks Market Reactions appeared first on COINTURK NEWS . The Daily Hodl
