Bitcoin prices hit $66,500 during late trading on October 14, according to CoinGecko. It is the highest level since late September, when it reached a similar price but was rejected by resistance.
The asset looks set to behave similarly again, with resistance forcing a pullback to $65,400 during Tuesday morning trading in Asia. “CrediBULL Crypto” analyst warned against celebrating until there is a real breakout, which has yet to happen.
However, BTC is up 2.4% on the day after having gained 5% since the same time last week.
The Bitcoin Bulls are back
On October 15, CryptoQuant CEO Ki Young Ju posted a chart showing that “apparent demand,” which is the difference between production and changes in inventory, is back to levels that are not they had seen since the highs of March and April.
If declining stocks exceed production, or mining emissions in this case, demand increases, and vice versa, he explained.
#Bitcoin apparent demand is back.
h/t @jjcmoreno pic.twitter.com/82WV1s3x2r
— Ki Young Ju (@ki_young_ju) October 15, 2024
Meanwhile, HODL15Capital posted that “Uptober” has finally arrived, and BTC is showing an overall gain for this month as it has for nine of the previous eleven Octobers. Bitcoin market sentiment has turned overwhelmingly bullish, with the Fear and Greed Index jumping to “greed” at a reading of 65.
This has been partially bolstered by comments from BlackRock CEO Larry Fink, who suggested Bitcoin could become as big as the US real estate market during the company’s third-quarter earnings call. He also said he didn’t think either of the two US presidential candidates would make a difference because “utilization of (digital) assets will become more and more of a reality around the world.”
Bitcoiners had already started crunching the numbers and comparing the $50 trillion real estate market to possible BTC price gains.
“Bitcoin Will Be As Big As The US Real Estate Market”
—Larry Fink.
This market is currently worth 50 trillion. We estimate 100 trillion by 2040. That’s 76x the market cap of 1.3 trillion Bitcoin.
In other words, Bitcoin will reach 5 million. Source: The most important person in…
— Fred Krueger (@dotkrueger) October 14, 2024
Institutional investors have also turned bullish, with domestic US Bitcoin ETFs seeing their biggest day of net inflows since June at $556 million. Fidelity’s FBTC ETF led the pack with inflows of $239.3 million.
Metaplanet buys more BTC
Finally, Metaplanet, which is often called the MicroStrategy of Asia, has made another BTC purchase.
The Japanese investment firm bought 107 BTC worth $7 million on October 15, bringing its total deposit to 855.4 BTC worth an estimated $56 million at current prices .
.@Metaplanet_JP has bought an additional 106,976 #bitcoin for ¥1 billion at an average price of ¥9,347,891 per $BTC. As of October 15th, Metaplanet has ~855,478 bitcoins acquired for ¥7.965 million at an average price of ¥9,310,061 each $BTC. #metal plate pic.twitter.com/DsTe7yAYoY
— Simon Gerovich (@gerovich) October 15, 2024
The company started its Bitcoin buying strategy in May. Its shares are up 280% since the start of May and are up about 15% this week after the purchase.
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