Bitcoin Crash or Continuation?

Welcome back to the Daily Coinsauce Newsletter! Let’s dive into today’s updates—there’s a lot to unpack!

📅 Today

Bhutan Moves BTC to Binance 🙏

The Bhutan government transferred 374,217 Bitcoin (valued at $34.1 million) to Binance, according to Arkham Intelligence’s on-chain data.

This follows a similar $66 million transfer in October.

Bhutan, which revealed in May 2023 that it has been mining Bitcoin using its abundant hydropower since 2019, still holds 12,206 BTC worth $1.11 billion.

The intention for the transfer is still not clear, however many speculate they might be considering selling some of their tokens as prices continue to rise.

Levered Longs Rekt 🔻 

After reaching a new all-time high above $93,000 on Wednesday, Bitcoin's price plunged on Thursday, sparking a wave of liquidations across the market.

In just 24 hours, around $617 million in positions were liquidated, with $444 million being long positions, according to CoinGlass.

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🌎 Other News

• Why is gold crashing. Read more 

• Coinbase lists Pepe, WIF and other tokens. Read more

• Solana DEX activity peaks impressive numbers. Read more

• Total crypto market cap hits $3 trillion. Read more

• Pennsylvania considers bitcoin as a state reserve in its new bill Read more

  
  

📕 Educational

 What’s next for BTC?

Bitcoin is currently trading at ~$88,200 and has dropped ~8% since yesterday. While this has created fear and a narrative of a deeper pull-back amongst many analysts, our trading strategies reveal otherwise.

Based on one of our back-tested trading strategies since 2014, which has shown profitable returns 90% of the times, Our short-term Bitcoin Price Prediction is 🔎

👉90% chance of reaching $97,500

👉10% chance of dipping to $80,000 before that

This means that even if we get a pull-back, prices would likely not fall below $80,000 in this correction.

While we have previously consolidated between $50,000 and $75,000 for 7 months, we do not believe that up-only price action for Bitcoin for 9 days is sufficient to cause a major drawdown in price yet. $100,000 is on the cards!

Click here to Join our Premium Group to stay up-to-date with such daily insights and trades.

📊 Stat of the day

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. We aim to provide the best-in-class insights and highlights that keep you well-informed and ready.

Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!

Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.