Bitcoin

Crypto analyst CrediBULL has drawn a striking comparison between Bitcoin’s current price action and the historical chart of the S&P 500, suggesting the world’s largest cryptocurrency may be on the verge of a major parabolic rally.

Economist Peter Schiff warns that Bitcoin is transitioning from strong hands to weak hands as early adopters cash out, potentially leading to larger future sell-offs.

Crypto investment funds saw a massive outflow of $1.9 billion last week, marking one of the worst periods for capital flight since 2018. The exodus, led by Bitcoin and Ethereum funds, coincides with a sharp decline in Bitcoin’s price, which has fallen nearly 30% from its all-time high.

China has quietly become the third-largest bitcoin mining nation, driven by cheap energy, new data centers, and a softer government stance, despite a downturn in mining profitability.

Bitcoin’s price has recovered towards $87,000, but a sharp drop in open interest and fragile market structure suggest underlying weakness. Analysts warn of potential further volatility.

The probability of a U.S. Federal Reserve rate cut in December has jumped to 79%, driven by a cooling labor market. This shift towards ’easier money’ is boosting risk assets, with Bitcoin trading higher alongside stocks and gold.

Technical analysts are warning that Bitcoin may be entering a new crisis phase, with bearish signals like the death cross pattern and increasing loss-taking by investors.

The first public security audit of Bitcoin Core, conducted by Quarkslab over 100 days, found no high-impact vulnerabilities, reinforcing confidence in Bitcoin’s security despite concerns about future quantum computing threats.

The crypto market turned optimistic after the probability of a December Fed rate cut nearly doubled, sparking hopes that bitcoin’s recent decline may have bottomed out.

Dutch crypto analyst Michaël van de Poppe calls the current market the worst since 2018, citing ’total capitulation.’ He attributes the crash to the unwinding of Japan’s carry trade and reveals a painful 75% loss in his own altcoin portfolio.