Bitcoin, the world’s largest cryptocurrency by market capitalization, has been trading above $27,000 for the past hour, after briefly dipping below that level earlier today. The price action suggests that bulls are still in control of the market, as they aim to break the $30,000 resistance level that has been elusive since September.
According to CoinDesk’s Bitcoin Price Index (XBX), Bitcoin is currently trading at $27,709.94, down 0.39% in the last 24 hours. However, the price is still up 2.65% in the last seven days, and 69.22% year to date. Bitcoin’s market capitalization is $545.65 billion, accounting for 59.41% of the total crypto market cap.
Some analysts believe that Bitcoin is poised for a strong rally in the fourth quarter of 2023, as it follows a similar pattern to previous cycles. For instance, trader and analyst Rekt Capital pointed out that Bitcoin has been consolidating above its 200-day moving average (MA) for the past three months, which is a bullish sign. He also noted that Bitcoin has formed an ascending triangle pattern on the weekly chart, which is a continuation pattern that indicates a potential breakout to the upside.
Rekt Capital tweeted1: “BTC developments today: price continues to increase above its 200-day EMA (black) This is a very bullish development And it’s happening while BTC is forming an Ascending Triangle (blue) A bullish continuation pattern The low may be in”
Another bullish factor for Bitcoin is the increasing adoption and innovation in the crypto space. For example, Coinbase, one of the largest crypto exchanges in the world, announced yesterday that it will launch a new feature called Coinbase NFT2, which will allow users to create, collect, and sell non-fungible tokens (NFTs) on its platform. NFTs are unique digital assets that represent various forms of art, music, games, and more.
Coinbase said in a blog post3: “We’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever. Our goal is to make NFTs accessible to anyone with a smartphone and an internet connection.”
Coinbase NFT is expected to launch in the next few weeks, and users can join a waitlist to get early access. The feature will initially support Ethereum-based NFTs, but Coinbase plans to add support for other blockchains in the future.
The announcement of Coinbase NFT boosted the prices of some NFT-related tokens, such as Axie Infinity (AXS), Decentraland (MANA), and The Sandbox (SAND), which rose by 4.48%, 1.28%, and 1.27%, respectively, in the last 24 hours.
On the other hand, some challenges and risks remain for Bitcoin and the crypto industry. For instance, JPMorgan CEO Jamie Dimon warned yesterday of two “extraordinary” storm clouds hitting the US economy with potential "bad outcomes"4. He cited the debt ceiling crisis and inflation as the main threats to the economic recovery and stability.
Dimon said in an interview with CNBC5: “I think there’s a very good chance you’re going to have these two extraordinary things happen at exactly the same time. And I don’t know what’s going to happen.”
He also reiterated his negative stance on Bitcoin, calling it a “scam” and saying that he has “no interest” in it. He said that he prefers traditional assets like stocks and bonds over cryptocurrencies.
Dimon said: “I personally think that Bitcoin is worthless. But I don’t want to be a spokesman for that.”
Despite Dimon’s criticism, Bitcoin has proven to be resilient and adaptable over the years, as it continues to attract more investors, users, developers, and regulators from around the world. As Bitcoin approaches its 14th anniversary on October 31st, many observers are optimistic about its future prospects and potential.