• Bitcoin Sell Off - No Need To Panic

• Trump’s Bold Crypto Move

• Who Is Selling Bitcoin?

• Way Bigger Than Previous Bull Runs

• And more…

Market Data Prices as of 4:00am ET

BITCOIN SELLOFF - NO NEED TO PANIC

Bitcoin's social sentiment has hit its lowest point in 2024, with the ratio of positive to negative comments dipping to 4:5.

Despite holding steady above $95,000, retail traders have shown notable pessimism.

Contrarian analysts view this as a potential sign of a breakout, as markets often move counter to retail expectations.

Historically, periods of fear have often preceded significant price rallies.

After peaking at over $108,000 on December 17, Bitcoin has experienced a more than 10% drop, now trading near $97,150.

Some experts, like Elja Boom, point to fractal patterns on daily charts suggesting upward momentum.

However, others, including Rekt Capital, predict the correction may last another week, drawing parallels to previous corrections in 2017 and 2021.

Despite the recent market correction, Bitcoin remains within a larger uptrend.

Analysts have attributed the current price movement to reactions from the Federal Open Market Committee (FOMC) meeting, which may represent a shakeout rather than a reversal.

Key support levels, such as $85,000, are critical to monitor.

Falling below this could mean a deeper correction toward $72,000, while the $90,000-$95,000 range has consistently attracted strong buying interest.

Potential recovery scenarios include a W-formation, where Bitcoin could bounce off $92,000 and reclaim $100,000, or a retest of the $90,000 level, which could spark renewed buying pressure.

Keeping an eye on the 50-hour exponential moving average (EMA) will provide further insights into the recovery trajectory.

Long-term projections remain bullish, with analysts suggesting that easing global monetary policies could propel Bitcoin above $160,000 by 2025.

Although 2024 has seen turbulence, Bitcoin’s growth trajectory remains intact, with many expecting a rebound before the year's end.

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TRUMPS BOLD CRYPTO UPDATE

BREAKING: Bo Hines Takes the Helm of the "Crypto Council"

In a major shake-up for the digital asset industry, Donald Trump has appointed Bo Hines, a former college football player and GOP House nominee, as the Executive Director of the newly-formed Presidential Council of Advisers for Digital Assets—nicknamed the "Crypto Council."

Announcing this on Truth Social, Trump stated:

Who Is Bo Hines?

Hines is a Yale University graduate and former Republican House nominee in North Carolina.

Despite his lack of public comments on Bitcoin or cryptocurrencies, Hines' appointment signals the administration’s intent to make crypto innovation a priority.

What’s most exciting?

The creation of this Crypto Council itself!

It’s the first time a U.S. administration has openly aimed to empower the crypto sector, a significant shift for an industry long stifled by regulatory uncertainty.

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WHO IS SELLING BITCOIN?

The Bitcoin sell-off continues, and it’s time to dive into the Long/Short-Term Holder (LTH/STH) Threshold to understand the market dynamics better.

Here’s how this crucial metric works:

• 🔴 Short-Term Holders (STHs): Hold Bitcoin for less than 155 days.

• 🔵 Long-Term Holders (LTHs): Hold Bitcoin for more than 155 days.

• 🟥 STH Cost Basis: Represents the price at which STHs acquired their Bitcoin.

• 🟦 LTH Cost Basis: Represents the price at which LTHs acquired their Bitcoin.

This metric offers invaluable insights into the buying patterns of Bitcoin holders.

Currently, the LTH/STH threshold is set at July 21, 2024, when Bitcoin’s price hovered around $68,000.

• 13,243,535 Bitcoin (~66.89% of circulating supply) are held by LTHs, all in profit with Bitcoin at ~$95,000.

• 3,770,867 Bitcoin (~19.04% of circulating supply) belong to STHs.

The Current Trend

Over the past 30 days, LTHs sold 472,566 Bitcoin (~$44.97 billion at today’s prices). However, most of these sales come from younger long-term holders (holding coins for 6–12 months).

Key takeaway: This is not a full-scale liquidation but rather an uptick in trading activity, especially among newer LTHs.

A true market top signal will involve significant selling from long-dormant Bitcoin—a trend we’re not seeing yet.

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WAY BIGGER THAN PREVIOUS BULL RUNS

Bitcoin could climb to $500,000 and Ethereum to $10,000 next year, say Bitwise leaders Matt Hoogen and Ryan Rasmussen.

Institutional adoption, the rise of ETFs, and corporate use could push Bitcoin to $200,000, while government integration could elevate it to $500,000.

Ethereum is projected to reach $7,000–$10,000, driven by a thriving ecosystem and improved transaction efficiency via Layer 2 solutions.

Catch the full video for more predictions and analysis from Matt and Ryan on the evolving crypto landscape.

OTHER NEWS

• Craig Wright, who has repeatedly claimed to be Bitcoin's creator Satoshi Nakamoto, receives a one-year suspended prison sentence.

• El Salvador adjusts its Bitcoin policies to secure a $1.4 billion IMF loan, making Bitcoin use optional for businesses and scaling back government involvement in the Chivo wallet.

• El Salvador purchases 11 BTC shortly after finalizing a deal with the IMF.

• South Africa's MK Party proposes using Bitcoin as a national strategic reserve and initiating Bitcoin mining operations to boost economic growth.

• The National Center for Public Policy Research (NCPPR), a US think tank, continues its campaign to add Bitcoin to corporate financial reserves, engaging with a new major company after proposing similar measures to Microsoft and Amazon.

• A Bitcoin wallet pays an unprecedented $3.1 million in transaction fees for transferring just 0.142 BTC, stirring backlash in the crypto community.

• Bitcoin investors are currently sitting on an average profit of $67,088 per coin, far surpassing the median annual income in the United States.

• Former Bitcoin advocate turned venture capitalist Nic Carter criticizes Senator Cynthia Lummis's proposed Strategic Bitcoin Reserve bill, aligning with pro-fiat arguments.

• Strike enables USDT deposits and withdrawals on the Tron network in select regions, bypassing alternative solutions such as the Liquid network.

• Federal Reserve Chair Jerome Powell clarifies that members of the Fed are prohibited from owning Bitcoin, referencing former President Trump's stance on a strategic Bitcoin reserve.

• BlackRock sparks controversy with a video disclaimer suggesting there’s "no guarantee" the Bitcoin supply cap of 21 million coins will remain unchanged.

• Michael Saylor claims the first nation to fund Bitcoin purchases by printing fiat currency will gain a strategic advantage.

• Argentina's President Javier Milei announces plans to allow Bitcoin payments in 2025, promoting competition among currencies in a free-market approach.

• Greenpeace USA quietly ends its "Change the Code" campaign as efforts wane, with its former director shifting focus to environmental conservation.

• Germany adopts Bitcoin mining as part of renewable energy projects to help stabilize its power grid, reflecting a broader global trend of sustainable cryptocurrency practices.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.