As this article is being written, Bitcoin (BTC) has surpassed $92,000, striving to set a new daily peak. The anticipated impact of Vanguard has indeed materialized, but the crucial question remains whether Bitcoin can breach the $93,000 resistance level. This threshold will be closely monitored, while Poppe continues to focus attention on VET Coin.
Bitcoin Surges Ahead
At the time of writing, BTC is achieving a new daily high at $92,237, rebounding from the losses earlier this month. December’s rocky start doesn’t necessarily portend ongoing struggles. However, it’s still premature to celebrate. The entry of ETFs will play a critical role as we approach the daily closure. Should Vanguard’s 50 million clientele show strong interest in crypto ETFs from day one, it could signify broader future participation.
The analyst, known as DaanCrypto, remarked that the recent Bitcoin spike was significant yet short-lived. Historical data suggests that swift upward or downward shifts, without subsequent adjustments, often lead to leveling out over time. This latest surge exemplifies such a scenario.
Meanwhile, a Strategy CEO has announced the possibility of offering Bitcoin loans in the future, potentially generating added revenue for MSTR shareholders and providing additional liquidity for Bitcoin purchases. Although loaning out a fraction of a $65 billion Bitcoin cache presents challenges, it could yield over $2 billion in annual earnings. This move seeks to counteract swirling FUD around MSTR.
Swissblock analysts, sharing the above graph, declare that Bitcoin has clearly entered a reversal from its current low point. Historical trends reveal that liquidity crunches, followed by rebounds lasting mere weeks, often precede these pivotal turning points. Liquidity acts as a precursor, with prices trailing 1 to 3 weeks afterward.
When liquidity stabilizes and increases, the dip above $80,500 will be confirmed. A tactical recovery window may remain open until the mid-December, offering momentum a comeback opportunity.
VET Coin Spotlight and Michael Poppe
Attention is also turning to VET Coin with the approaching Hayabusa initiative for VeChain, an event anticipated to be one of the year’s most significant for the currency. From December 9th, utilizing StarGate 2.0, holders will be able to stake tokens in any validator pool, helping to constrict the available supply for sale.
Michael Poppe, who has investments in VET and has patiently awaited a rally, is hopeful for a resurgence from its current lows.