A new Bitcoin price target has been set at $109,000, with an analyst predicting that the pioneer cryptocurrency could surge to this projected level before the end of the year. This bullish forecast comes as Bitcoin experiences new momentum that has pushed its price well above $67,000.
New Bitcoin Target Set At $109,000
A Bitcoin technical analyst identified as ‘CryptoCon’ has taken to X (formerly Twitter) to unveil his bullish prediction for the Bitcoin price. While many analysts believe that this Q4 is a significantly bullish period for Bitcoin, CryptoCon confirms this sentiment by forecasting that Bitcoin could see its price reaching $109,000 as early as December 2024.
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In the analyst’s words, “$109,000 is just the next rung on the ladder for Bitcoin.” This suggests that the analyst is confident that Bitcoin could hit this new all time high, but also has the potential to increase even further over time.
Sharing a detailed chart of Bitcoin’s historical price movements, the analyst highlighted periods when Bitcoin hit new highs, suggesting a possible correlation in past bullish trends. In April and July 2023, Bitcoin experienced a massive 52% surge, pushing its price to $30,362 at the 1.618 Fibonacci retracement level.
Again, in January 2024, the cryptocurrency saw another 52% increase, jumping to $46,831 at the 2.618 Fibonacci level. More recently, around March Bitcoin witnessed another 52% price spike, hitting its current all-time high above $73,000, with its price dropping slightly back down towards $71,000 in May.
Following this historical trend, CryptoCon predicts that Bitcoin is gearing up for another 52% increase, potentially reaching $109,000, at the 4.618 Fibonacci level. The analyst emphasized that Bitcoin’s recent price rally had a different ring to it, hinting at the possibility of a sustained bull run.
Furthermore, the analyst has confidently stated that a recession or bear market is unlikely for Bitcoin shortly. He asserts that all conditions are aligning perfectly for 2025 to become the year of all-time highs.
Bitcoin Price Breaks Through $67,000
Bitcoin recently surpassed the $67,000 mark for the first time since July, when the hype and demand for Spot Bitcoin ETFs was still strong. The unexpected market rebound has generated significant profits for numerous short-term Bitcoin holders.
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While the value of Bitcoin jumped as high as $67,820 at some point in the past 48 hours, the price of the cryptocurrency has since stabilized and is currently trading at $67,170. CoinMarketCap’s data reveals that in the past seven days, Bitcoin has surged by more than 10%, underscoring investors’ growing interest and demand in the pioneer cryptocurrency.
Additionally, the data has also shown that the broader Bitcoin community is 69% bullish while only 31% are bearish. This suggests that investors’ positive sentiment towards Bitcoin is rising as they may be expecting more upcoming price gains.
Featured image created with Dall.E, chart from Tradingview.com
The US Department of Justice announced it had indicted two Russians for what it said was a multi-million-dollar money Russian crypto laundering ring, an operation that ran billions of dollars through cryptocurrency exchanges.
DOJ Busts Russian Crypto Laundering Ring, Seizes $7M in Assets
In a coordinated effort with international law enforcement, the US was able to seize servers and about $7 million in cryptocurrency-a huge victory against global cybercrime efforts.
The DoJ announced the indictment of two Russian nationals for allegedly running a massive money-laundering operation. According to them it moved billions of dollars in illicit cryptocurrency transactions. Russian nationals are indicted for cybercriminal activities made through cryptocurrency exchanges.
This was part of a coordinated effort with international law enforcement and U.S. agencies, including State and Treasury.
DOJ Charges Ivanov and Shakhmametov for Cybercrime Operations
Sergey Ivanov and Timur Shakhmametov have been charged with operating far-reaching cybercriminal networks using cryptocurrency exchanges.
Ivanov is said to have run platforms that hosted more than $1.15 billion in cryptocurrency volume, proceeds of fraud chains, ransomware, and darknet narcotics sales. The DoJ said the moves mark important steps in pushing back against Russian crypto laundering operations that threaten financial rules around the world.
According to the official statement:
“There have been more than 37,500 transactions involving Bitcoin addresses associated with Cryptex, amounting to a total value of approximately 62,586 bitcoin, or $1.4 billion at the time the transactions were made.”
Of that amount processed, 441 million dollars could be attributed to cryptocurrency addresses linked to criminal activity. The amount included 297 million dollars from fraud chains and 115 million dollars from ransomware. Ivanov’s exchange, Cryptex, enabled users to bypass KYC requirements, providing anonymity for criminal activities.
Cryptex Exchange Facilitated Darknet Market Transactions, DOJ Says
Russian crypto laundering operations include Ivanov’s carding sites including Rescator and Joker’s Stash – the latter was allegedly operated by Shakhmametov. The website sold stolen payment card data and generated estimated proceeds ranging from $280 million to more than $1 billion. The action by the DoJ, with assistance from law enforcement authorities in the Netherlands, included the seizure of servers and cryptocurrency entwined in the illegal schemes.
As per DoJ:
“As part of the coordinated actions taken today, our Dutch partners seized the servers hosting PM2BTC and Cryptex. Those servers have been taken offline at various locations around the world, and the Dutch have seized cryptocurrency from those servers worth over $7 million.”
Furthermore, it was revealed that approximately 28% of the Bitcoins sent by Cryptex were transferred to US-sanctioned darknet markets and criminal entities. Cryptex’s high volume of illicit transactions highlights its role in helping users avoid surveillance. This aids law enforcement in cracking down on cryptocurrency crime.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto News: In the middle of a huge Bitcoin price pump, crypto whales appear to have sprung into action with huge asset bags. While the failure of the Silicon Valley Bank and Signature Bank led to a rout in the US banking stocks on Monday, a crypto market pump came as a welcome move for traders. The bank stocks dumped even as US President tried to instill confidence in the US banking system with his latest speech. This is despite U.S. regulators stepping in with a series of emergency measures.
Also Read: U.S. President Biden Claims Investors Of Affected Banks Will Not Be Bailed Out
Interestingly, both Both Signature Bank and Silicon Valley Bank were the preferred banking partners for many of the venture capital companies that dealt closely with the crypto ecosystem. In fact, USDC issuer Circle was highly impacted by the Silicon Valley Bank collapse as the stablecoin lost its peg to the value of 1 US Dollar.
Bitcoin Whales Make Huge Asset Transfers
In a latest, Bitcoin whales are likely looking to make the most out of the current situation as the BTC price trades just above the $24,000 mark. According to Whale Alert, as many as around 6,000 BTC was transferred in two transactions from unknown wallets to crypto exchange Binance. While one transfer involved 999 BTC, it was followed by a huge 4,999 BTC move almost immediately from a different wallet address.
— Whale Alert (@whale_alert) March 13, 2023
In yet another such transaction, as much as 11,125 Bitcoin were transferred to Binance. Immediately, the Bitcoin price seems to be showing initial signs of correction, although it is uncertain if it is related to the whale transfers.
Also Read: Cardano Founder Brings Up Crypto Collaterals Amid US Bank Collapse
Earlier, shares of banks like shares of Metropolitan Bank, Regions Financial Corporation, East West Bancorp and Western Alliance Bancorporation were halted for trading amid high volatility in the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Chainlink (LINK/USD) is now in imminent danger of plunging to a new low in the year. That was after the cryptocurrency lost the support of $6, a crucial level it has held since May. The cryptocurrency exchanges hands at $5.75. This is not the lowest price in the year, giving hopes that it could still defend the support. However, going by the price action, a breakout has already occurred, and a bear market is likely to continue.
Chainlink Labs did its part to counter the risks brought by the collapse of FTX. On November 10, the team launched a proof-of-reserve product to address future trust issues. The PoR product will help verify the asset reserves of the centralised exchange, its cross-chain collateral, and off-chain bank account balances. It also helps to check the exchange’s real-world asset reserves. As a transparency measure, Chainlink seems to heed the increased calls for reserve disclosure. Binance CEO Changpeng Zhao has previously backed the disclosure following the collapse of FTX.
Despite the move meant to reassure investors, LINK has succumbed to the bear market. The monthly high of nearly $9.5 has since been followed by a nearly halving of the cryptocurrency price.
LINK price outlook as weakness mounts below $6
A clear breakout zone at $6 support occurred on the daily chart, confirming a bear market for LINK. The RSI is yet to hit oversold levels, implying that LINK has room to fall further. Should bulls fail to arrest the decline and take LINK back to $6, the next level to watch would be $4.5.
When to buy LINK?
The market is very bearish for Chainlink token. A breakout to the downside at the support and a weak crypto sentiment reinforces a bearish bias.
It is not yet time to buy Chainlink until it settles at suitable support. A potential recovery to or above $6 could attract buyers. Otherwise, investors should consider buying LINK at $4.5 based on prevailing price action and sentiment.
Where to buy LINK
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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