The crypto market goes wild again, as many cryptos making new highs again and again for the past week. On November 9, bitcoin jumped to $67,800 while ether made it to $4,810. Solana, the biggest star for the past few weeks, is still going strong and eyeing the target of $300.
What comes with the uptrend moves are a series of good news:
- Tether recently minted $1 billion USDC, making the total circulation to $74.35 billion;
- Mastercard is expected to collaborate with digital asset service companies Amber Group, Bitkub and CoinJar to offer crypto-linked Mastercard credit, debit and prepaid cards in pacific Asia;
- in a report, Morgan Stanley’s lead cryptocurrency strategist, Sheena Shah said that it is very likely that the banking industry will embrace stablecoin giving its potential;
On the one hand, we see an upsurge in adoption and demand, on the other hand, investors are not ready to let go of their cryptos.
Miners are unwilling to sell. Miners usually cash in their bitcoin when the price hits new highs to cover the cost. And miners not selling is usually interpreted with high expectation for another all-time high. Since the 2020 halving, miners’ revenue has hit 550% and daily revenue is approaching $62 million.
Bitcoin reserve in exchanges continues to decline and reach a three-year low, according to data from CryptoQuant. Bitcoin reserve in exchanges is a figure closely monitored by investors. A sudden inflow of BTC often indicates a sell-off and an outflow suggests that investors are not ready to take profit yet.
With bitcoin taking $67,000, analysts now believe the next hurdle is $75,000. Comparing the price actions of previous Bitcoin bull cycles and this bull run cycle, crypto analyst ‘TechDev’ suggests further uptrend for bitcoin and we are far from the top. His prediction for bitcoin in this bull cycle is 200k-300k.
How To Invest In The Bull Run
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Assume we use 1 BTC to open a long contract when Bitcoin is trading at $60,000. With 100x leverage, we can open a position worth 100 BTC using funds borrowed from the trading platform.
One day later, the price of Bitcoin increases to $66,000. The profit will be ($66,000 – $60,000) * 100 BTC/$66,000 *100% ≈ 9.09 BTC, making the ROI 909%.
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With leverage, it’s important to be vigilant, as returns can be outstanding, but liquidations are easier if the price moves down.
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