According to a crypto analyst known as CrediBULL Crypto, the recent surge in Bitcoin’s price is just the beginning of a larger uptrend. The analyst believes that significant market movements occur when the Relative Strength Index (RSI) surpasses the overbought threshold on higher time frames, starting with the weekly timeframe.  You think these last couple of days have been crazy? It's nothing compared to what we will see in the coming weeks. The biggest moves occur as RSI pushes into overbought territory on higher timeframes, starting with the weekly. We're just getting warmed up. $BTC https://t.co/ibbczJG19K pic.twitter.com/qqr5uq5SJQ — CrediBULL Crypto (@CredibleCrypto) October 24, 2023   CrediBULL Crypto suggests that the recent price action is relatively tame compared to what is expected in the coming weeks. The surge in Bitcoin’s price past $34,000 has generated enthusiasm among investors and has also fueled a broader market rally. Additionally, there has been progress in the development of a highly anticipated Bitcoin exchange-traded fund (ETF) by BlackRock, known as the iShares Bitcoin Trust, as it has appeared on the Depository Trust and Clearing Corporation’s (DTCC) curated list. The analyst notes that people are starting to take notice of these developments, indicating increasing awareness and interest in the cryptocurrency market. At the time of writing, Bitcoin was trading at $34,445.86, experiencing a 12.61% increase in the last 24 hours. Source: BENZINGA Crypto

The price of Bitcoin (BTC) is rising and taking cues from traditional assets like gold. The leading cryptocurrency reached its highest level since July 15, reaching $30,797. This upward movement is attributed to the bullish momentum seen in interest rate-sensitive assets such as gold. Gold saw a bid a week before Bitcoin as tensions between Israel and Hamas and speculation about the end of the Fed tightening cycle signaled potential inflation.  Greg Magdini, director of derivatives at Amberdata, believes that the bullish momentum in assets like gold is positive for BTC. He mentioned that war spending is traditionally inflationary, and the Fed is hinting at a pause in rate hikes despite a strong U.S. economy, which favors the upside in gold and BTC.  Magdini also highlighted BTC’s appeal as an asset with perfect portability, inflation hedge, and government-agnostic wealth preservation. The potential approval of a BTC exchange-traded fund (ETF) was also mentioned as a factor contributing to the rally. Analysts at Blockware Solutions noted that investors seek the safety provided by the Bitcoin network in times of economic and geopolitical uncertainty.  They also speculate on the future of BTC pending the approval of a spot ETF. The options market makers’ positioning indicates the potential for an explosive upward move in BTC’s price, as they are holding net short gamma exposure, which forces them to buy high and sell low to adjust their exposure. Source: CoinDesk

According to the news, there has been a significant movement of Shiba Inu (SHIB) cryptocurrency. Approximately 22.5 trillion SHIB coins were transferred between anonymous wallets belonging to top-tier whales this week. This marks the fifth instance of a substantial transfer, with 3.5 trillion SHIB being moved each time. The total value of the latest transfer is estimated at $32,142,200. These transactions have coincided with an increase in the price of SHIB, which rose by 3.89% during the most recent transfer. The purpose behind these large transfers remains unclear, and the SHIB whale activity has seen a drastic surge, with a 987% increase in transaction volume. Source: UTODAY

The Bitcoin price is experiencing a downside correction after facing resistance around $30,000. It is currently trading below $28,500 and may drop further toward $28,000 or the 100-hourly Simple Moving Average (SMA) before the bulls attempt to push it higher.  A key bullish trend line was broken with support near $28,400. The immediate resistance levels are around $28,550 and $28,800, while the main resistance is near $29,000.  A clear break above $29,000 could lead to a larger increase towards $29,500 and potentially $30,000. On the downside, if Bitcoin fails to rise above the $28,550 resistance, it may find support near $28,150, $28,000, and $27,660. The MACD is indicating a bearish trend, and the RSI is below the 50 level. Source: NEWSBTC

Bitcoin has reached a historical on-chain metric known as the “warm supply” realized price. This indicates that current holders of Bitcoin are in a state of profit. The warm supply refers to the portion of Bitcoin supply that was last moved on the network between one week and six months ago. The warm supply is of interest because it provides insights into investor behavior, as opposed to the more liquid “hot supply” that is frequently involved in transactions.  Currently, the Bitcoin realized price for the warm supply is hovering around $28,151. By breaking above this level, Bitcoin has managed to surpass an important threshold. If Bitcoin can maintain its position above this level, it may signal the beginning of a new uptrend for the cryptocurrency. As of now, Bitcoin is trading at around $28,600, representing a 4% increase in the past week. Source: BITCOINST

According to a crypto analyst named CryptoBilbuwoo, XRP and Stellar Lumens (XLM) are predicted to experience a significant increase in price. The analyst has been making these forecasts since January 2023 and believes that both cryptocurrencies are poised to break their previous all-time high records.  #xrp #xlm #Ripple #GOLD #Liquidity LUMEN & RIPPLE.March 2017 is on the way.The chart shows that 1.618 Fibonacci ratio(XLM: 6.5$, XRP: 26~33$) will be completed at the end of December.September shine like a gold on December.🟢🟣🟡🔥🦅🌊🥇 https://t.co/ehg6MhOABY pic.twitter.com/RPJQDmHoch — (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) October 15, 2023   The analyst points to a golden cross in the charts of XRP and XLM, which historically has been bullish for cryptocurrencies. Based on this, the analyst predicts a potential price surge of over 6,500% for both assets. Specifically, XLM is forecasted to rise as high as $6.5 from its current level of around $0.1, while XRP is expected to reach $26-$33.  These forecasts align with the analyst’s previous predictions and indicate a positive price action before the anticipated meteoric rise. It’s worth noting that other analysts have also expressed bullish sentiments towards XRP, with price targets ranging from $130 to even $500. Source: BITCOINST

According to a crypto analyst, Cardano’s native cryptocurrency ADA could experience a significant surge of 2,300% based on historical data. Despite ADA’s decline this year and its consolidation between $0.50 and $0.20, the analyst suggests that a repetition of a previous cycle could lead to an increase, potentially reaching $6 from its current price of $0.2474.  However, market sentiment and current conditions indicate that a rally to $6 may be unlikely in the near term. Nonetheless, Cardano remains an actively developed blockchain ecosystem, and if the overall crypto market recovers and interest in ADA reignites, a strong rally is still possible.  In the short term, ADA’s price could experience more downside, possibly falling as low as $0.15 by the end of the year. However, in the longer term, optimistic predictions for Cardano range from $10 to $45 if the blockchain continues its active development. Source: BITCOINST

The news highlights that Ethereum whales, the largest cryptocurrency holders, have been selling off their holdings, amounting to over 5 million ETH worth approximately $8.5 billion. This selling trend has been ongoing since February 2023, with no signs of a shift towards accumulating ETH. The selling by whales has impacted Ethereum’s price, causing it to lose 4.4% of its value in the last seven days. In comparison, Bitcoin has performed better, with a 42% price increase over the past 12 months. The Ethereum Foundation has also sold a significant amount of ETH this year, with the recent sale of 1,700 Ether for $2.73 million. Despite these sales, the foundation still holds a substantial amount of ETH, along with other cryptocurrencies. The launch of Ethereum futures exchange-traded funds (ETFs) in the US did not generate the same level of excitement and trading volume as Bitcoin futures ETFs did upon their debut. Source: CRYPTOGLOBE