confirmed<\/a> a crucial turning point for the Bitcoin market, highlighting that BTC Open Interest has fallen to its lowest level in a month, effectively wiping out all the leverage that had built up during September.<\/p>\nBitBull views this deleveraging event as a positive and healthy development for the market. By purging excessive leverage, the market is now considered to be in a healthier state, which could set the stage for a reversal upward in BTC price.<\/p>\n
Why The Current Bitcoin Run Is Only The Beginning<\/h2>\n
Market analyst Zynx has BTC’s price, relative to the price of an ounce of gold, would match its previous peak ratio.\u00a0\u00a0<\/p>\n
Historically, every cycle since the inception, BTC has more than doubled its price in Gold at a minimum, usually much more than that. However, the $300,000 target is looking increasingly realistic. While it is impossible to give a time frame, if history repeats, crossing the $151,000 all-time high within the next six months is expected.<\/p>\n
Furthermore, what makes this cycle fascinating is the macro overlay. Some analysts, such as this cycle will definitely be like no other.<\/p>\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"
Michael Saylor, the executive chairman of MicroStrategy, which recently rebranded to Strategy, has once again drawn attention to the company’s aggressive Bitcoin acquisition strategy by reviving and actively utilizing the public BTC Tracker. What Is The Bitcoin Tracker And Why Does It Matter Michael Saylor has once again released the Strategy Bitcoin tracker, a chart…<\/p>\n","protected":false},"author":1,"featured_media":7312,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[3574,65,111,529,108,73,112,113,70,71,244,3575,3576,522,2248,3577],"class_list":["post-7311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitbull","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-open-interest","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-gold","tag-institute-for-supply-management","tag-ism","tag-michael-saylor","tag-strategy","tag-zynx"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/7311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=7311"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/7311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/7312"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=7311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=7311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=7311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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