Mark Cuban Sees Bitcoin Soaring Amid Inflation and Geopolitical Tensions ❗️

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 🙏

• BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, which is a sign of strength.

• Moving forward, the medium term outlook for BTC depends upon how quickly the price is able to reclaim $67,500.

• Until the prices shoot up above this level, we are in a phase of consolidation.

• From a longer term perspective, once the price surges above $67,500 and we get a weekly close above that level, we can then expect the second leg of the bull-market to start and for the prices to start moving aggressively higher.

Mark Cuban Believes BTC Could Be A Reserve Currency ❗️

Mark Cuban joins Michael Dell, Larry Fink & Donald Trump as billionaires/prominent figures who have turned into BTC bulls in 2024.

In a tweet shared yesterday, he inked down his thoughts on Bitcoin, saying that he thinks that is is possible that the price of BTC could go way higher than what anyone can imagine.

He highlighted the ongoing inflationary and geopolitical scenarios serving as catalysts for acceleration of BTC’s price.

In his opinion, there is definitely a higher than zero chance of Bitcoin BTC becoming a “safe haven” or even the “reserve currency” globally if the dollar collapses anytime in the future.

The original tweet by Mark can be found here.

Jamie Dimon May Have Changed His Stance On Bitcoin 👀

Donald Trump has revealed that JPMorgan CEO Jamie Dimon, an arch-bitcoin and crypto skeptic, has all of a sudden changed his tune on the same.

“Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit”, he said.

In the past, Dimon has remained a fiercely outspoken bitcoin and crypto critic even as Wall Street began to warm up the technology, calling it a "fraud" and a "Ponzi scheme" in April.

He has also said that if he was in government, he'd "shut it down," and branded bitcoin a "waste of time," calling it a "pet rock" that "does nothing."

Trump also didn't rule out considering Dimon for U.S. Treasury secretary if he retakes the White House in November.

📕 Educational

Do People Think That The Bull-Market is Over?

A CoinGecko survey with over 2,500 participants that concluded last week found that 82% believe the crypto market is in the early or middle stages of a bull run. The largest group, 29.3%, thinks we are in the middle of the bull market and expect another upward move soon.

This is not surprising, given that we are in the early post-halving stage, a typically bullish period for Bitcoin and other alts.

Despite short-term challenges like selling pressure from the German government and Mt. Gox, future catalysts seem to yet to be fully priced in. These include:

👉 Bitcoin ETF inflows, which have now surpassed $16 billion, with no sign of stopping.

👉Expected launch of Ethereum ETFs next week, projected to attract ~$1 billion in monthly inflows.

👉The upcoming US presidential election, with pro-Bitcoin Donald Trump leading the odds at over 72% on Polymarket.

👉FTX's plan to repay $8.7 billion to creditors & customers in cash, likely to flow back into Bitcoin and other cryptocurrencies.

👉A high market expectation (91.6%) of a rate cut in September, which will open the floodgates for easier monetary policies and QE.

Source : Asva Capital

📊Resource

📈 Chart of the day

• Pyth is trading at a key resistance level at $0.3650.

• If the price breaks above this level with good volumes, look out for a re-test of the same level on the lower time frames

• This re-test can be a good buy-zone, especially if bullish divergences are seen on the lower time frame RSI’s.

• Things to look out for include good volumes on the breakout, BTC continuing it’s bullish momentum, re-test of $0.3650on lower time frames, and bullish divergences on 1H RSI’s.

• Source : Cointraction

• Note : None of the content here is Financial Advice. Everything in this newsletter is for Educational Purposes only.

🤣Meme of the day

When you see that friend who told you BTC was a scam at $54,000 🤣

That concludes our update for today!

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