In the latest episode of Cheeky Crypto, host Chris makes a bold prediction about Bitcoin’s future price, while also cautioning viewers about the potential for a crash.
Market Overview
The total cryptocurrency market cap is up 1.38% in the last 24 hours, reaching $1.42 trillion. Bitcoin is trading at $37,823, up 6.74% in the last seven days. Ethereum is also up, currently trading at $2,769.
Headlines
- FTX Sues Bybit: FTX is suing Bybit to recover $953 million in assets, stemming from privileged access and asset withdrawal before a freeze.
- Bitcoin Bull Run Indicator: An indicator that has historically signaled the start of Bitcoin bull runs has reappeared after eight years.
- Market Manipulation Concerns: Chris expresses skepticism about the current bullish sentiment, citing potential market manipulation by whales and institutions.
Market Sentiment
Altcoins are finally joining the Bitcoin rally as investors turn risk-on. This follows recent news about the UK leading an international crackdown on tax evaders in cryptocurrency. FTX’s FTT token also jumped 90% on Gary Gensler’s comments, hinting at a green light for FTX.
Infrastructure and Funding
A16Z has been betting on blockchain infrastructure projects, participating in funding rounds. October’s liquidity trends also suggest a potential start of a new crypto bull run.
Regulatory Landscape
The UK is collaborating with 48 countries to combat crypto tax evasion.
Predictions and Analysis
Chris expects a crash when the Fed pivots, emphasizing caution and the need for confirmation before turning bullish. He also anticipates a significant rise in Ethereum’s price with the approval of spot ETFs for both Bitcoin and Ethereum.
Closing Remarks
Chris encourages viewers to like, subscribe, and stay informed for future videos. He signs off, expressing care and looking forward to the next video.
