BITCOIN HIT $93K, NEXT TARGET REVEALED (Get Ready)!! Bitcoin News Today & Ethereum Price Prediction!

Summary

In this video, Josh discusses the ongoing Bitcoin bull market, with the cryptocurrency hitting new all-time highs. He explains key factors driving the rally, such as a potential rate cut by the Federal Reserve, massive inflows into Bitcoin ETFs, and the ongoing short squeeze. Josh highlights Bitcoin's technical analysis, including its bullish cup-and-handle pattern and Fibonacci extensions, suggesting targets of $126,000. He also briefly touches on the performance of Ethereum and Solana. Despite minor pullbacks, Josh remains bullish, recommending long positions and emphasizing the opportunity in crypto trading.

Takeaways

• 😀 Bitcoin is currently experiencing a bull market, with prices hitting a new all-time high and continuing to rise.
• 😀 A bullish cup and handle pattern is forming on the Bitcoin chart, similar to the price structure seen with gold.
• 😀 The next major price target for Bitcoin, based on the current cup and handle pattern, is $126,000.
• 😀 The chances of a rate cut at the next Federal Reserve meeting have increased, which is seen as bullish for Bitcoin and crypto markets.
• 😀 Bitcoin ETFs are seeing massive inflows, with $1.1 billion on Monday and another $800 million on Tuesday, driving up demand for Bitcoin.
• 😀 The weekly Bitcoin RSI breakout signals a potential bull market lasting several months, possibly extending into 2025.
• 😀 Short squeezes are currently happening as Bitcoin liquidates short positions, which continues to push the price higher.
• 😀 Ethereum (ETH) is also in a bull market, with a price target of $3,900 to $4,000, following bullish movements from key support levels.
• 😀 Solana (SOL) has confirmed a new support level between $200 and $210 after a breakout, with a major price target at $250–260.
• 😀 Despite potential short-term pullbacks or resistance, the overall market structure for Bitcoin, Ethereum, and Solana remains bullish.
• 😀 The video emphasizes the importance of staying patient and not panic-selling during small pullbacks, as the overall trend is bullish.

Q & A

What is the current trend in the Bitcoin market as discussed in the video?

The Bitcoin market is currently in a bullish trend, with the price hitting a new all-time high and showing strong momentum. This trend is supported by a breakout from a cup and handle pattern and the influence of Bitcoin ETFs, among other factors.

What key technical pattern is being observed for Bitcoin, and how does it compare to gold?

Bitcoin is currently playing out a cup and handle pattern, which is a bullish indicator. This pattern is similar to what has been observed in the gold market, which also experienced a major breakout after a similar setup.

What is the technical price target for Bitcoin based on the cup and handle pattern?

The technical price target for Bitcoin, based on the cup and handle pattern, is around $126,000 per Bitcoin.

What role is inflation data playing in the current Bitcoin rally?

The inflation data showing a CPI of 2.6% year-over-year was in line with expectations, which had a neutral effect on the market. However, traders are now pricing in a higher probability of a rate cut at the next Federal Reserve meeting, which is seen as bullish for Bitcoin and the broader crypto market.

How has the probability of a rate cut at the upcoming Federal Reserve meeting changed?

The probability of a rate cut at the December Federal Reserve meeting has increased from 69% to 79% after the inflation data was released, which has contributed to the bullish sentiment in the markets.

What impact are Bitcoin ETFs having on the price of Bitcoin?

Bitcoin ETFs are driving significant demand for Bitcoin, with over $1.9 billion in inflows across two days. This demand is reducing the supply of available Bitcoin, which is helping to push the price higher.

What is the significance of the weekly Bitcoin RSI breakout?

The breakout of the weekly Bitcoin RSI is considered a bullish signal, as it has historically marked the beginning of a major bull market. The breakout started 1 to 2 months ago, signaling that Bitcoin could continue to rise for several months, potentially well into 2025.

What is the next major resistance level for Bitcoin?

The next major resistance level for Bitcoin is around $94,000 to $95,000. If this level is broken, the next resistance is at $100,000, followed by $113,000 and potentially $126,000.

What should investors do if Bitcoin experiences a short-term pullback?

If Bitcoin experiences a short-term pullback or resistance rejection, investors should not panic sell. Instead, it could present a buying opportunity, as the overall market remains bullish.

What is happening with Ethereum's price action, and what are its key price targets?

Ethereum is continuing its bull run after a breakout above the $2.8K level. The next major resistance levels are around $3.9K to $4K. If Ethereum breaks these levels, further gains could be seen. Support is expected around $3,150 and $3,000.