Bitcoin Facing a Short-Term Downturn

DAILY MARKET OVERVIEW
Will Bitcoin’s Price Dip as Profit-Taking Rises?

👋 Hey Crypto Enthusiasts! Today, we’re diving into Bitcoin's rising profit-taking trend and strong institutional demand Let’s dive in!

💱 Bitcoin: Profit-Taking on the Rise

Bitcoin’s price recently surged to a three-month high, around $67,000. According to data from Glassnode, over 94% of Bitcoin holders are currently in profit, which historically signals potential selling as some investors cash out to lock in gains.

Last week, realized profits hit $11 billion, indicating that some investors are taking advantage of the price increase. When most of Bitcoin’s supply is in profit, it can create selling pressure, slowing down price growth in the short term.

📈 Growing Demand from Big Investors

Meanwhile, CryptoQuant data shows that Bitcoin reserves on exchanges have dropped to multi-year lows.

• This trend suggests that large players such as institutions and big holders are steadily accumulating Bitcoin and transferring it to long-term storage.

By moving coins off exchanges, they’re reducing the available supply, which could support Bitcoin’s price over time. This accumulation indicates confidence in Bitcoin’s future value, even amid some profit-taking.

 ❓️ What This Means for The Market

Short-term dips from profit-taking may occur, but ongoing demand from large investors could stabilize Bitcoin’s price over time. Watching how these forces balance out could reveal potential buying opportunities and give insights into Bitcoin’s future direction.

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SOCIAL SENTIMENT
Polls Reveal Community Preferences

Ansem, a well-known crypto trader and meme coin enthusiast, recently ran some polls to gauge where the community is focusing its investments. Here’s what the results revealed:

Most Used Blockchain in the Past 6 Months (17,330 votes)

1. Solana: 56.4%

2. Ethereum: 34.6%

3. Base: 6.1%

4. Arbitrum: 2.9%

Solana is the clear favorite, with Ethereum still holding a strong position. Newer chains like Base and Arbitrum see much lower usage.

Percentage of Portfolio in Meme Coins (12,179 votes)

1. 75% or more: 40.6%

2. Under 25%: 35.9%

3. 25-50%: 12.9%

4. 50-75%: 10.6%

A significant number of traders are heavily invested in meme coins, with 40.6% putting more than three-quarters of their portfolios in them, while others keep their exposure lower.

Percentage of Portfolio in Bitcoin (17,385 votes)

1. 0%: 54%

2. 1-25%: 21.4%

3. 50% or more: 15.6%

4. 25-50%: 9%

More than half of the respondents hold no Bitcoin, showing a trend toward newer coins, while a smaller portion (15.6%) remain heavily invested in BTC.

Ansem’s polls show a split in the community: some are sticking with well-established assets like Bitcoin and Ethereum, while others are heavily invested in high-risk meme coins, with Solana emerging as a top blockchain choice.

NEWS OVERVIEW
The Latest Crypto Headlines 📰 

Stripe Eyes Stablecoin Firm Bridge for Acquisition
Stripe is reportedly in talks to acquire Bridge, a stablecoin-focused fintech firm, potentially expanding its crypto offerings.

Robinhood Confirms Bitcoin and Ether Futures Launch
Robinhood is set to introduce bitcoin and ether futures, adding new tools for traders through its expanded Legend desktop platform.

Vitalik Buterin’s Goal: 100,000 TPS for Ethereum
Ethereum co-founder Vitalik Buterin targets 100,000 transactions per second, enhancing scalability across Layer 1 and Layer 2 networks.

Siam Commercial Bank Debuts Stablecoin-Based Payment Services
Thailand’s Siam Commercial Bank has launched a stablecoin-based cross-border payment service, enabling faster and cost-efficient transactions.

YOUTUBE INFLUENCER SUMMARY 📷️ 
CredibleCrypto - Bitcoin Breakout Imminent? (17.10.2024 Summary)

In his latest video, CredibleCrypto dives deep into a potential breakout scenario for Bitcoin, emphasizing the need for cautious optimism.

• According to him, Bitcoin is approaching a critical resistance zone between $67,000 and $70,000. Historically, every rally near these levels has faced rejection, so CredibleCrypto urges traders not to get overly bullish just because Bitcoin is pushing upward.
  

• CredibleCrypto also highlights that traders are currently using high levels of leverage, which adds risk and can drive volatility in either direction. With so much leverage in play, any sharp price move could trigger forced liquidations, intensifying the movement.

While some social media voices call for all-in bullishness, he advises waiting for a clear confirmation, like Bitcoin breaking above the $70,000 resistance, before making bold moves. For those holding Bitcoin long-term, he remains bullish on the overall trend, seeing any dips as an opportunity to accumulate rather than panic.

Josh Olszewicz - Alt Coins: Still Second Fiddle to BTC (17.10.2024 Summary)

In his latest update, Josh explains why altcoins still lag behind Bitcoin, emphasizing that Bitcoin remains the “main event” in the market.

• He points out that while Bitcoin’s dominance is strong, altcoins generally only thrive after Bitcoin establishes clear highs or during periods of stable, bullish consolidation.

• Right now, Bitcoin is showing early signs of a breakout, but until it’s confirmed, Josh advises caution with alts.

He highlights that many popular altcoins have patterns suggesting a potential rally, but they haven’t outperformed Bitcoin yet. Until Bitcoin solidifies its upward move, altcoins are likely to stay “second fiddle” to BTC. For now, Josh sees meme coins like Dogecoin as some of the better-performing alts but reminds us that the big alt rally will probably come only after Bitcoin makes a decisive move.

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