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⚡$40,000 Target on Analyst's Radar🔘

Croxroad

06 Nov 2023 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🐂 BTC Price Consolidates

Surprisingly, despite expectations of a widespread market correction over the weekend, Bitcoin (BTC) has managed to remain in a positive trading range. Currently valued at $35,121.91, the premier digital currency has even seen a 1.28% increase in the past 24 hours. Although there's evident volatility in Bitcoin's price when observing the charts, the sustained buying momentum, highlighted by a significant 16% surge in trading volume, places the Bitcoin in a favourable position to maintain its current level and potentially explore new price heights in the near future. This resilience in the face of market uncertainty reflects the enduring interest and confidence in Bitcoin.

According to a prominent market analyst, CrediBULL Crypto, Bitcoin (BTC) demonstrated remarkable resilience as it didn't fall to the local invalidation point around $34,600. Instead, market bulls played a crucial role in maintaining the midrange position, fostering consolidation, and eventually driving an upward surge, following a predefined analysis guide the analyst had shared earlier.

In the short term, Bitcoin's positive momentum has left CrediBull Crypto feeling optimistic about the BTC's future. He believes that it may continue to change impulses until it reaches the psychologically significant $40,000 mark. Should this milestone be achieved, the analyst suggests that a journey towards a new All-Time High (ATH) might be just around the corner. Throughout, CrediBULL Crypto has consistently expressed confidence in Bitcoin's price trajectory, and he believes those expecting a drop below the $30,000 price level could find themselves left behind. As shown in the chart he provided, he's marked a new local invalidation level at $34,737.36.

Bitcoin is experiencing heightened excitement, particularly regarding the eagerly awaited BTC spot ETF products. There's a growing expectation that these products, which are seen as a gateway to welcoming a new wave of institutional investors, are on the brink of receiving approval from the US SEC. As a result, many buyers are likely fine-tuning their portfolios in anticipation of this development.

The likelihood of approval seems promising, given the involvement of major players like BlackRock. However, the exact timeline for this approval remains uncertain. While most industry experts anticipate it happening next year, Galaxy Digital CEO, Mike Novogratz, is more optimistic, suggesting that approval could potentially be secured before the year's end.

🇨🇳 Education to BTC Mining

China's BTC Digital made a significant move in the cryptocurrency space by acquiring 220 new Bitcoin mining units on November 3, expanding its fleet to a total of 2,174 machines with a computing power of over 230 petahashes per second (PH/s). These freshly acquired units are set to be up and running by the end of the month. The deal was struck with two independent third parties, where BTC Digital exchanged 276,572 shares of their ordinary company stock, valued at $968,800, for Bitmain Antminer S19j Pro units. This development is quite remarkable, especially considering that BTC Digital, previously known as Meten EdtechX Education Group until their name change in August, has transitioned from an education-focused company to a significant player in the Bitcoin mining industry.

BTC Digital, a company listed on Nasdaq, initially focused on providing English language training services in China. Their website claims a significant presence with learning centres across the country, offering both online and metaverse-based training. However, as of November 11, 2022, a Reddit thread suggested that the company had unexpectedly ceased its teaching operations. BTC Digital ventured into Bitcoin mining at the end of 2021 when they deployed 1,482 miners. These mining operations are based in Pennsylvania and Tennessee, managed by a third party. BTC Digital's CEO, Alan Peng, expressed the company's intention to enhance its financial standing and provide maximum value to its shareholders with the recent purchase of 220 new mining units. Notably, after changing its ticker symbol from METX to BTCT on September 28, the company's market activity surged, and its shares are currently valued at $3.66. This transformation from an English language training provider to a Bitcoin miner showcases the evolving dynamics within the Bitcoin industry and its financial implications.

🧷 Pin Bars

A pin bar is a type of candlestick pattern in technical analysis. It's characterised by having a long shadow on one side and a small body that closes on the opposite side of the candlestick. In the context of trading, when this long shadow extends upward from the small body, it's considered a bearish pin bar.

The significance of a bearish pin bar lies in the long shadow at the top of the candlestick, indicating that the price of the asset tried to move higher but faced strong resistance and was ultimately rejected by the market. This rejection is highlighted by the candlestick's closing price, which is near the bottom of the candlestick's body. Bearish pin bars are often interpreted as potential reversal signals, suggesting that the prevailing bullish trend might be losing strength, and a bearish reversal could be in the making.