Bitcoin is showing impressive strength, edging closer to the $70K mark. Before hitting this milestone, if BTC reaches $69K, approximately $250 million in leveraged short positions will be liquidated. As a result, we can expect the bears to defend this level in the short term. However, we anticipate Bitcoin will continue to trade higher in the coming weeks and months.
Of course, BTC won't surge straight to the target of $88K. There will be dips and pullbacks along the way, which should be viewed as buying opportunities before the price continues higher. And yes, $88K is only a medium-term target for the next few months—2025 should be the year we see six-figure Bitcoin, in USD of course.
This breakout could be the catalyst BTC needs to ignite the rest of the crypto market and potentially start the blow-off top phase of the current bull run.
If you're concerned about missing out, don’t be. It's not too late (YOU ARE STILL EARLY). If you have long-term conviction in the crypto space, now remains a great time to enter. Contact your Stormrake Crypto Broker to take advantage of these golden opportunities.
Stormrake Spotlight: SUI ($2.15)
Stormrake Spotlight: SUI ($2.15)
SUI is up 8% from yesterday's low. After setting a new all-time high, a pullback in price is expected. However, these pullbacks should not be confused with reversals and present opportunities to buy the dips. Our next Thunder Trading article will cover SUI and its potential in this upcoming bull run. This is one you won’t want to miss.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin recently broke through the key resistance level of $66,800 with ease and continues to ride the 21 EMA higher. The lack of resistance suggests BTC's current strength, easily breaking through this key level. The next target is $69K, where we can expect bears to attempt to defend the level due to potential mass liquidations. There’s little concern for bearish sentiment at the moment. We may see a pullback to $66,800, but the 21 EMA has provided solid support during this short-term uptrend.
BTC Total ETF Flows for 16 Oct: $ +12.9 million (15 October saw an inflow of $371 million)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Similar to Bitcoin, Ethereum has been using its moving averages as key support while appreciating in price. ETH remains above all its moving averages, including the crucial $2,556 support level. As long as we stay above these levels and Bitcoin remains strong, there's no immediate concern for downside with ETH. The next target for ETH is the CPR resistance level of $2,837.
ETH Total ETF Flows for 16 Oct: $ N/A(15 October saw an outflow of $12.7 million)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
To receive the Morning Note in your inbox. Subscribe here: https://stormrake.substack.com/
Written by Alexandar Artis
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
