30s Summary

Bitcoin (BTC) is experiencing high demand, reaching a new record high of $76,480 on Bitstamp, with traders predicting a major market shift. Popular trader Skew notes a “return of passive demand for BTC,” suggesting BTC prices may climb further. Meanwhile, market attention is on the upcoming Federal Reserve interest rates decision. Analyst Andrea Capellini expects BTC prices to continue rising, while trader Justin Bennett believes a favourable Federal Reserve decision could trigger BTC’s climb to $100k. Veteran trader Peter Brandt predicts a peak in the $130k-$150k range by next year.

Full Article

So, Bitcoin (BTC) is hovering at around $75,000 as of November 7, while everybody’s gearing up for a big US event.

BTC prices hit a new record high of $76,480 on Bitstamp before dropping back a bit. As the US Presidential Election excitement begins to simmer down, BTC is still in high demand.

A well-known trader named Skew is talking about a major shift in the market. He’s seen strong trading flows pushing the BTC prices towards new highs. This seems to suggest a big change is underway in the underlying market.

Skew talks about a “return of passive demand for BTC”. It means BTC prices may climb even further since sell-side liquidity is now standing between the current price and the $80,000 mark.

Skew reckons that limit spot bids that have moved up during the breakout suggest that the market curve is swaying towards demand.

We can expect a bit more excitement later today as the Federal Reserve decides on changes to interest rates. Most folks expect a 0.25% cut, but such meetings can cause quite a stir in the crypto market.

This upheaval generally comes from the statement and press conference that follow the meeting. People are always on the lookout for any language hints that might suggest future policy direction.

One analyst called Andrea Capellini isn’t concerned at all. He expects BTC prices to continue rising towards the $77k-$77.5k area, followed by a little dip as market players hedge their bets ahead of upcoming decisions.

Many people are beginning to speculate just how high BTC could climb. A popular trader named Justin Bennett thinks that if risk assets can survive the Federal Reserve’s decisions, this could be the climb to $100k that everyone’s been waiting for.

Like Skew, Bennett believes that $73,000 is the crucial threshold for bulls. Peter Brandt, a veteran trader, thinks BTC is in the best part of its bull cycle and could peak in the $130k-$150k range by next August/September.

Just be sure to do your own research before you make any investment decisions – it’s always risky business!