Crypto Blog
The world’s leading cryptocurrency has traded in a sideways channel ever since the early 2024 Bitcoin ETF rally.
However, since peaking in March, bitcoin has traded sideways in a rangebound channel. So when will April’s halving supply cut kick in and touch off another rally based on BTC’s limited inventories? The way the credit economy works usually causes that wave of rising prices to happen first and with the most force in financial markets like the New York Stock Exchange and NASDAQ.
Bitcoin surged to above $64,500 on Sunday, Aug. 25, after Fed Chair Jerome Powell announced on Friday that the central bank would soon begin cutting interest rates. But regardless of how Republicans and Democrats parcel up the levers of power this November, crypto companies are beginning to wield enormous influence in Washington.Participants representing the smart money in crypto, for example — MicroStrategy co-founder Michael Saylor and Blockstream CEO Adam Back — are outlandishly bullish for BTC this cycle.Back commented in late August that financial company Cantor Fitzgerald’s $194 target for MicroStrategy stocks implies an $80,000 BTC price.
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