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Bitcoin Price to Hit $98k in November

BTC hit a monthly close of $61,343 on 31 October Bitcoin prices have historically risen after surpassing previous monthly close PlanB predicts Bitcoin will rally to $98k and $135k in November and December respectively. Bitcoin (BTC) price closed October at around $61,343, and is currently trading above $62,000 as the first week of November begins…

  • BTC hit a monthly close of $61,343 on 31 October

  • Bitcoin prices have historically risen after surpassing previous monthly close

  • PlanB predicts Bitcoin will rally to $98k and $135k in November and December respectively.

Bitcoin (BTC) price closed October at around $61,343, and is currently trading above $62,000 as the first week of November begins with the top crypto in green.

Although the October close target for Bitcoin was missed by less than 3 percent, PlanB says that the coin will still be in the market for a significant rally in November. The Stock-to-Flow (S2F) model creator has therefore reiterated his earlier prediction that BTC price will follow his model to reach a new all-time high of $98,000 this November.

He pointed to the flagship cryptocurrency’s run to the monthly close of $47k in August before another leg down in September saw it close around $43k. October has seen Bitcoin hit a new monthly high at close above $61k and despite achieving a bull’s-eye close, PlanB believes the upside trajectory for Bitcoin remains.

PlanB has called the 3% off-target mark a “rounding error,” but which is “close enough” for him to stick with his next targets of more than $98k for November and $135k for December.

BTC price chart showing monthly candle. Source: TradingView

Bitcoin’s strong support

As Bitcoin price battles sell-off pressure above $60k, crypto analyst Altcoin Sherpa says strong support levels will prevent a short-term breakdown beyond $54,000. A trader recently pointed out that Bitcoin is making a new high and the next breakout will prove to be huge.

He believes that now is the right time to start looking for a job, and adds that Bitcoin will be the most popular currency in the future.

When it accelerates I expect it to suck all altcoin liquidity out of the market and move like a runaway train. Higher low getting established now,” he said.

Another analyst Rekt Capital says that Bitcoin’s monthly close means the cryptocurrency could repeat its “historically recurring mid-cycle price tendencies” and see further gains in the short term. This outlook is good for BTC/USD, as the pair has been trending higher after surpassing the previous month’s close.

The upbeat mood towards Bitcoin was also espoused last week by CoinList CEO Graham Jenkin, soon after the crypto platform secured $100 million in its series A funding round.

Jenkin told CNBC that his company was bullish on Bitcoin and that sentiment across the market pointed to BTC price hitting $100,000 by end of 2021.

“Most of the folks at CoinList will bet that we’re at $100,000 by the end of the year. He said that it was getting tight and that he wasn’t sure if we would make it to the end of the year.

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Bitcoin

Algotech (ALGT) raises over $500k in a single day during ongoing presale

San Fransico, California, April 9th, 2024, Chainwire Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million. Algotech’s Journey Algotech was launched as an initiative by successful traders…


San Fransico, California, April 9th, 2024, Chainwire

Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million.

Algotech’s Journey

Algotech was launched as an initiative by successful traders and technology experts who wanted to democratize access to advanced trading tools for layman users. The team wanted to provide beginning traders with the same high-tech tools that are used by hedge funds and large-scale investment firms. Combining this with the effectiveness of blockchain technology, Algotech has set its sights on becoming the leading platform by bridging together AI and blockchain technology in the trading segment.

Bringing Together AI and Finance

Millions of new users are embracing blockchain technology for its groundbreaking potential. However they still have to rely on traditional exchanges that design the ecosystem to favor institutional investors. Algotech is rectifying this challenge by introducing the first artificial intelligence (AI) based exchange that will allow users to have advantages in trading. The platform makes it simple for users to invest in cryptocurrencies and receive automated investment guidance.

Algotech’s Key Features

What makes Algotech a standout leader in the segment is the core features that have been introduced for traders. Imagine a trading landscape where regular traders have access to the same tools and resources as hedge funds and large-scale institutional investors. These tools conventionally have massive fees and are only available to a limited number of institutes. This is precisely the challenge that Algotech is working on addressing.

Here are the core features that are making Algotech is working on:

Breakout Detection

The breakout detection feature relies on advanced algorithms that factor in over 1000 unique data points to identify breakout opportunities. These algorithms have been trained on H100 GPUs to ensure that traders can get accurate investment calls for high-precision calls.

Hedging

Algotech allows traders to minimize investment risk by monitoring funding levels, liquidity, and spread. These factors generate warnings and allow users to implement advanced risk management including automated stop-losses.

High-Volume Arbitrage

This feature allows users to take advantage of the difference in pricing between different platforms using Algotech’s technical APIs. With high positioning sizing, users can handle trades with ease.

The Growing AI Blockchain Segment

The growth of the AI sector has been exceptional. In the past few years, the sector has grown multifold, and today, it has a market cap of over $25 billion, according to CoinGecko. In the coming few years, this number is expected to explode further as millions of new users are now looking for AI-based features in their day-to-day applications. One of the biggest sectors under the spotlight is the trading sector. The global cryptocurrency exchange segment is currently valued at over $45 Billion and is expected to reach $110 Billion in 2028. Additionally, beyond just cryptos alone, AI blockchain technology is also expected to serve as the backbone of the global trading ecosystem. This is where Algotech expects to bridge the gap by introducing AI-based trading features. These features will allow beginner traders to have an even playing ground against leading institutional investors and seamlessly invest using AI as their guide.

About Algotech

As Algotech continues its journey to transform Decentralized Finance (DeFi) with its innovative products, it is exciting to see the community support for this mission. The platform is democratizing access to trading tools for individuals across the world by providing AI features. Additionally, Algotech is making investing inclusive for the broader community by making it simple for users to become an early part of the community by providing governance rights and profit shares. As the project moves through its phases, we can only look toward the achievements that are on the horizon for Algotech, a true AI-blockchain project.

Visit the links below for more information about Algotech (ALGT): 

Algotech is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies is volatile and risky.

Contact

Algotech


Algotech Solutions


[email protected]


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IOTA price nears a key support: Can bulls bounce on key news?

IOTA price is down 4% in the past 24 hours and trades near $0.30. The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher? IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains…


  • IOTA price is down 4% in the past 24 hours and trades near $0.30.
  • The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher?

IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains cut to just 2% while the altcoin has turned red on the monthly time frame.

The IOTA token trades at $0.31, down from recent highs of $0.41. This cryptocurrency is also one of the worst performing since the 2017 bull market. Per data from CoinGecko, IOTA is down more than 94% since its all-time high above $5.25 reached over six years ago.

On Tuesday, IOTA announced a major partnership with Tenity as it looks to tap into the growth potential in the Real-World Assets (RWAs) and DeFi sectors. The APAC Accelerator is a 12-week program that will see select startups receive $50k in grants.

📣 Big news from Singapore! We’ve teamed up with @tenity_global to launch the #IOTA APAC Accelerator, a 12-week program to empower the next generation of DeFi pioneers.💪

Find out how you can apply & receive a $50,000 grant 👇 https://t.co/R4EQAVaX4O pic.twitter.com/rKQp9jJqDa

— IOTA (@iota) April 9, 2024

Despite this and other recent key developments, price remains largely devoid of any strong momentum.

IOTA price – bounce or dip?

Bitcoin’s run to the new all-time high above $73k in March catalysed strong gains for most altcoins. Ethereum for instance reached a multi-year peak above $4,000 while Solana, BNB and even Dogecoin soared.

IOTA did manage to break above $0.30 during the broader market spike in March. However, it remained well below its 2021 highs above $2 and as a result has dropped out of the top 100 by market cap.

Can IOTA’s price recover to the last bull market highs and potentially eye a retest of its ATH?

IOTA price chart

IOTA/USD on the weekly chart is below the 50-week EMA and the RSI is trending lower below 50.

A symmetrical triangle pattern is also formed on the daily chart, with price capped by a downtrend line since mid-March.

If price breaks out from the upper trend line, IOTA could retest levels at $0.35 and potentially $0.41 to allow for a bullish breakout in line with the broader market.

On the flipside, a breakdown for IOTA from the lower trend line would indicate a bearish trend. In this case, a drop to $0.20 is possible, below which bears could target October 2023 lows of $0.13.


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Analyst: Solana to Reclaim $200, Many New Crypto ATHs Soon

In his latest social media posts, Daniel Cheung, co-founder of Syncracy Capital, expressed confidence in the strength of solana (SOL) and its potential to reclaim the $200 mark. He also hinted that upcoming upgrades could pave the way for new all-time highs (ATHs). Cheung also shared his bullish outlook on bitcoin (BTC…
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