After the new Bitcoin high, the exchange rate entered a consolidation phase. This led to speculation about how much further BTC could rise in this cycle. The week’s most important cryptocurrency news included the following:
1. Bitcoin continued its upward trend, breaking new records daily and reaching HUF 35 million.
The price of BTC peaked at $93,477, followed by a minor correction. 2. Apple Studios and A24 are teaming up to make a film about Sam Bankman-Fried, the founder of FTX. 3. The FBI raided Polymarket CEO Shayne Coplan’s home, claiming it was due to the platform correctly predicting the 2024 presidential election.
4. After the Bitcoin price reached a new high of $93,800, it quickly fell back to below $87,000. Analysts pointed to several reasons for the consolidation, including big sales from whales and miners, and an outflow of $400 million from Bitcoin ETFs. 5. The market is currently in excess, with indicators such as RSI and MVRV showing that Bitcoin is overbought and investor FOMO at a 7-month high.
6. The Bitcoin market fell nearly 3% after the US Federal Reserve signaled that further interest rate cuts may not be forthcoming. 7. Despite the current macro environment, analysts predict that the price of Bitcoin could reach a peak between $150,000 and $200,000 in this cycle.
