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While bitcoin prices have been somewhat stagnant in recent weeks, there are those who believe there is still room for growth. Adam Back, a British cryptographer and cypherpunk whose name appears in the Bitcoin whitepaper, recently stated that while there has been some consolidation in the market, bitcoin is ready to reach new heights due to fundamental market dynamics. In an interview with CNBC, Back highlighted that we could be in the early stages of a bitcoin bull market. “Typically the bull market cycle lasts for a certain period after the halving and so we’re still in the early innings,” Back stressed, highlighting the increased demand for bitcoin that both institutions and retail were exerting in the wider market. Back remarked that there was strong demand from bitcoin exchange-traded funds (ETFs), instruments that allow institutions to invest in bitcoin without worrying about custody. He estimated that the demand from these sources is roughly double the daily bitcoin production. He also counted on one of the largest sources of demand in the market today: Michael Saylor’s Strategy, which is also siphoning twice the number of bitcoin produced each day. This means that only these two sources are absorbing four times the bitcoin produced, foreshadowing an incoming bitcoin supply shock. Nonetheless, if the sovereign treasuries come in, with countries buying bitcoin for their country reserves, Back states that prices would skyrocket. Nations would have to compete with other traditional demand sources for the bitcoin available in the market. “You’d see sovereign competition. As soon as one of the bigger countries jumps in, I think the others will feel forced to follow suit so that would you know all bets would be off if that happens,” Back concluded. Read more: The Many Facts Pointing to Adam Back Being Satoshi Nakamoto 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

This prolonged sideways movement has raised concerns that external factors, such as market suppression by large entities, could be influencing the price. 🔻Market Manipulation: Is $BTC Being Held Down? Several industry experts have suggested that Bitcoin's price action appears unnaturally constrained, especially considering the massive influx of institutional investment. Traditionally, when demand outweighs supply, prices tend to rise. However, BTC has remained stagnant despite significant buying pressure from firms like BlackRock, Fidelity, and MicroStrategy, which have continued accumulating Bitcoin in large quantities. One of the primary theories behind this stagnation is deliberate price suppression by major players in the market. This could involve large-scale selling, wash trading, or other tactics used to prevent prices from rising too quickly. Such activities often aim to allow major entities to accumulate at lower prices before a breakout. Bitcoin’s chart has shown a pattern of sharp price spikes followed by prolonged sideways movements, a behavior that some believe is an indication of intentional price suppression rather than organic market activity. Additionally, open interest and futures trading volumes suggest that large sell orders frequently appear whenever Bitcoin attempts to break resistance, effectively capping its growth. 🔻FTX's Role in Bitcoin's Current Price Action One of the most significant contributors to Bitcoin’s lack of movement could be the ongoing FTX bankruptcy repayments. The now-defunct exchange, which collapsed in 2022, has begun repaying creditors, returning billions in frozen assets. However, these repayments are based on Bitcoin’s price at the time of FTX’s collapse—around $20,000 per BTC. Many creditors are now receiving large sums in BTC but at a heavily discounted rate compared to today's market price. The logical next step for these recipients is to sell some or all of their Bitcoin to lock in profits, effectively introducing additional selling pressure into the market. This selling pressure could explain why Bitcoin has struggled to break out of its range, as each attempt at upward momentum is met with a wave of selling from FTX-related liquidations. 🔻Institutional Accumulation vs. Selling Pressure Despite these challenges, institutional adoption of Bitcoin continues to accelerate. The approval of multiple Bitcoin spot ETFs has provided a regulated and accessible gateway for large investors to gain exposure to BTC. These ETFs have experienced significant inflows, suggesting that institutions are steadily accumulating, even in the face of short-term market suppression. At the same time, miners, hedge funds, and other large holders continue to hold substantial Bitcoin reserves, reducing overall market liquidity. This creates a delicate balance between accumulation and liquidation pressures, keeping BTC in a prolonged state of consolidation. 🔻What’s Next for Bitcoin? Looking ahead, Bitcoin's price trajectory will likely depend on how long FTX-related sell-offs continue and whether institutional demand can absorb this additional supply. If selling pressure from FTX repayments begins to subside, and institutional accumulation continues at its current pace, Bitcoin could eventually break out of its trading range and resume its upward trajectory. On the other hand, if market suppression tactics persist, it could delay Bitcoin’s next major rally. For now, Bitcoin remains in a consolidation phase, with traders and investors watching closely to see whether demand can finally overpower the forces holding its price down. $BTC

Price action first, indicators second. If your favorite indicator says one thing but price says another, trust price.

The 2024 tax season has brought a major revelation—crypto investors are reporting record-breaking gains. With Bitcoin surpassing $50,000 earlier this year and Ethereum maintaining strong momentum, many investors are facing their first significant tax obligations from crypto profits. But what does this mean for the market, and how should investors prepare? According to the IRS, crypto-related tax filings have surged by 30% compared to last year, reflecting both higher earnings and improved compliance. The rise in decentralized finance (DeFi) activity, NFT sales, and spot Bitcoin ETFs has contributed to these gains. The IRS classifies cryptocurrencies as property, meaning capital gains tax applies when digital assets are sold for a profit. Long-term holders who kept their assets for over a year benefit from lower tax rates (0%, 15%, or 20%), while short-term traders face ordinary income tax rates. One key factor driving gains is institutional adoption. Major companies and hedge funds have increased their crypto holdings, leading to a bullish market. Retail investors have followed suit, leveraging staking rewards, airdrops, and trading strategies to maximize returns. However, along with profits comes the responsibility of accurate reporting. The IRS has tightened regulations, requiring exchanges to issue 1099 forms and expanding monitoring efforts. Failing to report crypto income can result in audits, penalties, and fines. For investors looking to stay compliant, proper record-keeping is essential. Crypto tax software can help track transactions across wallets and exchanges, calculating capital gains and losses automatically. Those with complex holdings should consult a tax professional to ensure accurate filings. As crypto continues to evolve, so do tax obligations. Whether you're a seasoned investor or new to the space, understanding the tax implications of your digital assets is crucial for maximizing profits while staying on the right side of the law.

$BTC Bitcoin has once again bounced off its ascending support level, sending a strong signal to the market that the bulls are still in control. This latest move has got many investors and analysts excited, as it suggests that Bitcoin may be gearing up for another leg up. #Key Support Level Holds Strong The ascending support level, which has been in place since the start of the year, has proven to be a crucial level for Bitcoin. Each time the price has tested this level, the bulls have stepped in to defend it, sending the price back up. This latest bounce is no exception, with the price of Bitcoin rebounding strongly off the support level. This move has got many analysts predicting that Bitcoin may be about to break out of its current range and make a push for new highs. #Bullish Signs Abound There are several bullish signs that suggest Bitcoin may be gearing up for a major move. These include: - *Increased buying pressure*: The latest bounce off the support level has been accompanied by increased buying pressure, which is a bullish sign. - *Improved sentiment*: Sentiment around Bitcoin has improved significantly in recent weeks, with many investors and analysts predicting a major breakout. - *Technical indicators*: Many technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), are flashing bullish signals. #What's Next for Bitcoin? So, what's next for Bitcoin? While it's impossible to predict the future with certainty, there are several possible scenarios that could play out. These include: - *Breakout above $60,000*: If Bitcoin can break out above $60,000, it could be the start of a major move higher. - *Consolidation*: Alternatively, Bitcoin may consolidate at current levels, building up steam for a future breakout. - *Pullback*: It's also possible that Bitcoin may pull back from current levels, testing the support level once again. #Conclusion The latest bounce off the ascending support level is a bullish sign for Bitcoin, and suggests that the bulls are still in control. While there are several possible scenarios that could play out, one thing is clear: Bitcoin is still a force to be reckoned with, and investors and analysts will be watching its every move with bated breath. #Key Takeaways - Bitcoin has bounced off its ascending support level once again. - The bulls are still in control, and the latest move is a bullish sign. - There are several possible scenarios that could play out, including a breakout above $60,000, consolidation, or a pullback. - Bitcoin is still a force to be reckoned with, and investors and analysts will be watching its every move with bated breath.