Bullish view
Buy the BTC/USD pair and set a take-profit at 87,200.
Add a stop-loss at 80,000.
Timeline: 1-2 days.
Bearish view
Sell the BTC/USD pair and set a take-profit at 80,000.
Add a stop-loss at 87,200.
Bitcoin held steady above the key support level of $82,000 as US bond yields declined and Michael Saylor made a bold prediction. BTC/USD has gained 3.40% from this month’s low and is up 45% from its July low.
Bitcoin Price Steady as Saylor Delivers Bold Prediction
BTC/USD rose as Michael Saylor, the founder of Strategy, delivered a bold prediction. In a statement, he said that the coin had already bottomed out and that the next big move will be upward. His base case is where it rebounds to $100,000 in the near term.
The bullish outlook explains why Strategy has continued buying coins. It bought coins worth $21 million last week, its fifth purchase since August. It now holds 848,250 coins valued at $70.6 billion, which is equivalent to 4% of all coins.
Strive, which is associated with Vivek Ramaswamy, has also continued its Bitcoin buying spree. It bought 3,311 coins last week and now holds 32,773 coins, making it the fifth-biggest holder in the world.
Bitcoin also rose as US bond yields dropped a bit. The ten-year yield dropped to 5.213%, while the five-year fell to 5%. This retreat happened after John Williams, the head of New York Fed, said that the bank should opt to leave interest rates unchanged for the remainder of the year.
The next important Bitcoin news will be the upcoming US consumer inflation report, which will come out at 1:30 PM London time. Economists expect the report to show that the headline Consumer Price Index (CPI) rose 3.6% last month, moving further away from the Fed’s target of 2.0%.
US inflation has remained above this target because of rising energy prices. Brent continued rising this week and was trading at $106 as the crisis escalated. The IRGC continued striking vessels attempting to cross the Strait of Hormuz, while Saudi Arabia and the Houthis continued fighting.
BTC/USD Technical Analysis
On the chart, the BTC/USD pair has held steady above the support level of 80,000. The Supertrend indicator has remained in the green, a sign that the bulls are in control for now.
Bitcoin has moved above the 50-day Exponential Moving Average (EMA). It is attempting to move above the important resistance level of $83,060, its highest level on May 6 this year.
Therefore, the pair will likely continue rising in the near term, with the next key target being 87,198, its highest level in October. A surge above that level will point to more gains towards 90,000.
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