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🥜 Bitcoin's Next Target
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GM to all you crypto nuts. Crypto Nutshell #488 marchin’ by… 🦣🥜
We're the crypto newsletter that's more delightful than a band of mischievous Minions on their latest chaotic adventure... 🍌🤣
What we’ve cooked up for you today…
🏦 Trump’s first 100 days
🎯 Bitcoin’s next target
💪 They won’t let go
💰 And more…
Prices as at 2:55am ET
TRUMP’S FIRST 100 DAYS 🏦
BREAKING: US Bitcoin reserve asset bill could pass in Donald Trump’s first 100 days – Senator Cynthia Lummis
Since Trump won the election, things have been nothing but crazy.
Bitcoin has set a new high basically every single day.
The Trump administration is expected to set up a more favourable regulatory environment.
A regulatory environment that doesn’t see innovative companies slapped with lawsuits for breaking rules that don’t even exist…
Trump’s most bullish proposal is the creation of a US national Bitcoin reserve.
And US Senator Cynthia Lummis remains hopeful that this proposal will pass congress within the first 100 days of Trumps second term:
As Senator Lummis mentioned, bipartisan support is crucial in getting this done.
Luckily, this bill has already attracted bipartisan support…
Democratic Representative Ro Khanna had this to say in a recent interview:
“We want to make sure that we have the openness to having Bitcoin as part of the Federal Reserve and as a reserve asset because of its potential for appreciation and because of its potential to allow America to set the financial standards.”
Another benefit of a more favourable regulatory environment is the launch of more ETFs.
First up, Decrypt reported that a Dogecoin ETF is now a very serious possibility.
In case you didn’t know…
Dogecoin has rocketed up recently, increasing by ~90% in the last 7 days.
The reason for this is due to Trump officially announcing that Elon Musk will be leading the Department of Government Efficiency (DOGE).
The word “Doge” made it into an official president elect statement…
How is this even real life?
But wait…
It gets even weirder…
Canary Capital has filed for a HBAR ETF…
HBAR is currently the 45th ranked crypto with a market cap of $2.27 billion.
ETF analyst Eric Balchunas had this to say on X, regarding the HBAR ETF:
“Once every two years or so there’s an ETF filing where I literally have to use google to understand what it tracks. This was one of those times. The post-Trump spaghetti cannon in effect.”
As you’d expect, HBAR went bananas as soon as this news broke.
Shooting up from $0.054 to $0.074. (+37.04%)
At the time of writing, HBAR has since cooled off and is trading at ~$0.05969.
Don’t forget that Trump also mentioned he would be firing Gary Gensler on day one.
So these ETF applications actually have a good shot of being approved.
But…
How much demand would there really be for a HBAR ETF? 🤔
What do you guys think?
Let us know in the poll below which cryptocurrency you think will get an ETF next. 👇️
Which cryptocurrency will be next to get an ETF? |
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BITCOIN’S NEXT TARGET 🎯
As soon as Bitcoin breaks the $88,000 - $91,000 range, it’s going much higher.
The target? $102,000.
That’s the latest prediction out from Willy Woo.
Willy Woo is the O.G on-chain Bitcoin analyst. He was one of the first analysts to start looking on-chain and he pioneered many of the indicators we still use today.
In his latest update, he broke down why the next Bitcoin breakout is going to send us to over six-figures:
“$88k - $91k then $102k.Explainer: When BTC breaks into all-time-highs, there's no prior history of resistances for the market to trade around. This means price goes into unfettered price discovery, expect wild swings.”
Willy then explained why momentum stopped once we got to ~$90,000:
“$88 - $91k was the first target. We hit it. Consolidation should happen here. This is both from local fib levels and liquidation levels where most of the shorts have been taken out, it's the end of compulsory buying from short sellers getting culled.”
Willy then broke down why $102,000 is Bitcoin’s next target:
“$102k is the next macro fib, using last cycle high and this cycle low. Let's see where new liquidations cluster around, but for now, that's our next target based on fibs.”
A $100,000+ Bitcoin may seem ludicrous but it’s actually only ~14% away.
Which, as we know, is light work for Bitcoin. 💪
In fact, prediction markets are now suggesting that a $100,000 Bitcoin is the more likely scenario before the end of 2024:
But, because Crypto Nutshell readers have been so accurate this year, we want to hear from you. 🫵
Will Bitcoin break $100,000 before the end of 2024? |
THEY WON’T LET GO 💪
Today we’ll be taking a look at the percentage of long-term vs short-term holders.
Here’s how this metric works:
🟥 Short-Term Holders (STHs): Coins that have been held for less than 155 days
🟦 Long-Term Holders (LTHs): Coins that have been held for more than 155 days
Typically LTHs begin selling as the price of Bitcoin rises, which you can see in the chart below during the 2017 and 2021 highs.
(LTHs also heavily accumulate during bear markets)
But that doesn’t appear to be the case just yet…
Currently LTHs hold 77% of the circulating Bitcoin supply. (~15 million BTC)
Here’s the crazy thing though…
This metric has only fallen by ~3% over the last month. (Despite Bitcoin going on an absolute rampage the last week)
During 2017, the amount of LTHs declined by over 20% as Bitcoin reached its high.
And 2021 saw this metric fall by over 14%…
It looks like prices will have to go MUCH higher for LTHs to start seriously selling their Bitcoin. 🚀
CRACKING CRYPTO 🥜
Dogecoin soars 38% as renewed interest propels it multi-year high. Leading memecoin Dogecoin reclaims spotlight as price soars to three-year high amid retail and institutional buzz.
El Salvador's Bitcoin Stash Rises Above $500M, but Bhutan Story Might Be Even Bigger. Monday’s bitcoin rally propelled El Salvador and Bhutan’s crypto stashes to $500 million and $1.1 billion respectively.
Crypto market cap hits $3.1T high, may soon surpass France’s GDP. If the crypto market were a country, it would be the eighth-largest in GDP terms behind the United States, China, Germany, Japan, India, the United Kingdom and France.
When will bitcoin's price hit $100,000? Here's what crypto experts have to say. “Bitcoin hitting $100,000 isn’t a matter of if — it’s a matter of when,” Douro Labs CEO Michael Cahill told The Block.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
When was the first Bitcoin Halving event? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) November 2012 🥳
Bitcoin's first halving occurred on November 28, 2012.
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HOW DID WE DO? 🤷
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NUTCASE REVIEW OF THE DAY 🔍
Will BTC hit $100k by the end of 2024?
DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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