Bullish Moves: Why Bitcoin’s Breakout Could Signal a New High
BTC, Memecoins, and AI are signaling the early stages of a bull market. Will Bitcoin hit a new ATH before October ends?
It's been over 7 months, around 222 days, since Bitcoin's all-time high, and while some traders and investors have lost interest, that's exactly what the big players want—so they can scoop up their Bitcoin at a cheaper price.
Most people probably didn’t hear that over $2.1 billion in capital inflow went into BTC ETFs just this week. We are on the brink of something big.
Combine that with the stock market continuing to rise, Bitcoin’s consolidation coming to an end, and the upcoming presidential election, and Bitcoin might just be entering the perfect storm. If Trump wins and Elon becomes the head of the D.O.G.E (Department of Government Efficiency), all signs are pointing toward the moon—or Mars, rather.
Bitcoin has broken above $68,000 for the first time since early August, and this time it's built higher lows and higher highs on the lower timeframes, the most bullish it has been in 7 months.
When BTC moves, it can move fast, and the rest of the crypto markets may follow alongside it—Ethereum, Solana, and other blockchains. AI, memecoins, DePIN, RWA, and Web3 gaming have also built solid fundamentals since their last run, with early signs particularly from the memecoin and AI sectors.
All this is to say that now is a great time to be paying attention before it hits the news. Will we see a new all-time high for Bitcoin before "Uptober" is over? Let’s find out with detailed market analysis on Bitcoin and DOGE below.
But first, aside from looking into Bitcoin and memecoins like DOGE, WIF, BONK, and MYRO, I’ve been exploring different industry use cases for Blockchain and AI. It’s an exciting time! This week, I cover more on DAOs, copy trading, and AI. All the videos and projects are well worth checking out.
Have you tried joining a DAO yet, or starting a DAO in your organization? How?
Are you interested in DAOs? Q Blockchain offers the most comprehensive DAO solution I’ve seen so far, making it easy for companies to integrate a DAO into their organization and begin shifting some of the ownership and governance to the community. I recently spoke with Nicolas Biagosch, one of the initiators of the protocol, about the current popularity and growth of DAOs, and how people can start getting involved in Web3 companies that align with their values.
How to Copy Trade Profitable Traders More Easily:
For those interested in memecoins or easy trading, I recently spoke with a copy trading solution built on the Solana blockchain (where many memecoins are based) that enables you to replicate the best trading strategies from whales and profitable wallets.
Memecoins can be risky but also rewarding, and OdinBot has developed a unique platform that allows users to ride the momentum of other successful traders. This is a strategy some are using to find the best coins early. Check out my interview below for more details, or try OdinBot directly using this link.
The AI sector in crypto remains one of the hottest, but which microcap AI project will outperform?
AI continues to dominate as the most invested area in all of venture capital, but how beneficial is it for everyday users right now, aside from using ChatGPT and other AI chatbots?
I spoke with one of the leading microcap AI Web3 projects, Sensay, which originally developed an AI that enables you to preserve your digital legacy after you pass away (think of capturing your grandparents' voice, thoughts, or even your own). The project is now expanding into more institutional and business use cases.
If you’re wondering when AI will take over the world—or at least your email—tune in to my conversation with Sensay Founder Dan Thomson below!
Market Analysis:
BTC:
Bitcoin is looking the strongest it has since the all-time high in March 2024. With over six months of consolidation under its belt, 'Uptober' is finally starting to kick in. The next points of resistance for BTC are 70k, 74k (all-time high), and then 80k.
Honestly, Bitcoin could build so much momentum from being pent up for six months that it's more than possible that the day Bitcoin hits 75k, it could reach 80k within 24 hours. From there, the sky's the limit.
EngineeringRobo is showing bullish signals on all time frames, with smart money entering the market as well.
Most professional X traders are now saying that those who are still on the sidelines will soon regret it. However, expect volatility leading up to the election, as the outcome may have a major effect on the crypto markets, depending on who wins. A Trump victory is expected to push crypto higher than if Kamala wins.
DOGE:
DOGE is looking strong and breaking out of a downward consolidation. Elon Musk continues to mention 'DOGE' frequently, although he is referring to the 'Department of Governmental Efficiency,' the department he is expected to lead if and when Trump wins the election and appoints him to this new unit. This is just one of the factors that keeps Dogecoin at the forefront of upward market momentum.
Memecoins continue to be one of the major subsectors (alongside AI) driving significant market movement in all of crypto. While many new memecoin communities have reached over $1 billion in market cap, DOGE has the longest-standing and possibly the best technological blockchain solutions among them. The Dogecoin blockchain is fast, cheap, and has a history of being secure for over 10 years (since December 2013).
DOGE still has 60% to go just to reach its 2024 highs, but the long-term expectation has always been $1 per DOGE, which would represent nearly a 10x increase from its current price.
In past bull cycle, DOGE pumping was a sign that the entire bull market was about to start, so DOGE moving is exciting for the whole market, and could be a sign to pay attention to other coins that are starting to move as well.
Other Crypto News:
SONY launches its own Ethereum L2 called Soneium.
The HBAR Foundation announced that Shayne Higdon is stepping down from his position as CEO.
Goldman Sachs lays off 1,300 workers, 4% of their workforce.
$1.3 trillion asset manager Morgan Stanley discloses $272 million #Bitcoin ETF holdings.
UAE eliminates taxes on all crypto transactions.
Brazil's largest crypto exchange Mercado #Bitcoin partners with Ripple to offer cross-border payments.
TRON Founder, Justin Sun, has been elected as the prime minister of the micronation, Liberland.
US government considers a breakup of Google.
Venmo's 60 million US users can now buy crypto using MoonPay.
Airdrops:
Scroll Airdrop snapshot is happening on October 19th, 2024 (tomorrow).
You've earned a few Scroll marks but are looking to do more? There's still an opportunity to easily mint a few Scroll chain NFTs (on Scroll Canvas) tonight only, which could act as a multiplier for earning free $SCRL tokens. Get started with the Scroll Canvas mint here: https://scroll.io/canvas/invite/J51BY.
Additionally, the Linea LXP campaign is still ongoing, so providing liquidity (LP-ing) or depositing ETH on Linea Chain into DeFi platforms will help you earn points toward their future airdrop
Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show