Ivan on Tech is fired up about Bitcoin’s momentum and the broader crypto market. With Bitcoin sitting at $98,000 and recovering from last week’s dip to $91,000, he believes the market is gearing up for a massive breakout. Here are his key insights.
Bitcoin: Strength Beneath the Surface
Key Highlights:
- Bitcoin is back near the $100,000 range after rebounding from last week's dump. Ivan sees $120,000 as a real possibility in the near term.
- Michael Saylor and MicroStrategy continue to accumulate aggressively, buying another 7,600 BTC for $742 million this week alone. Ivan sees this as a sign of unwavering institutional conviction.
- Hash ribbons are flipping bullish, signaling that miner capitulation is ending. Historically, this pattern has preceded major Bitcoin price pumps.
Thailand’s Big Crypto Move
Key Highlights:
- Thailand is considering allowing real estate and tourism transactions in Bitcoin without needing to offboard into fiat.
- Ivan sees this as a game-changer, making Thailand a top crypto destination like El Salvador.
- If implemented, he believes this could attract high-net-worth crypto investors looking for financial freedom outside traditional banking systems.
The OTC Bitcoin Supply Crisis
Key Highlights:
- The over-the-counter (OTC) Bitcoin supply is running dry, with only 140,000 BTC left.
- Institutions like MicroStrategy and ETFs have been absorbing supply at a rapid rate, preventing major price moves.
- Once OTC Bitcoin is depleted, large buyers will have no choice but to buy from exchanges, which could trigger a supply shock and rapid price appreciation.
Solana vs Ethereum: The Next DeFi Battle
Key Highlights:
- Solana is outpacing Ethereum in revenue generation despite a slowdown in the overall market.
- A heated debate is emerging over whether Solana can challenge Ethereum in DeFi, as it has already surpassed Ethereum in NFT and DEX volume.
- Ivan believes Solana is rapidly catching up and could soon compete with Ethereum’s total value locked (TVL).
Final Take
Ivan is extremely bullish, predicting a major Bitcoin breakout soon. With institutions accumulating, OTC supply dwindling, and global adoption expanding, he sees $120,000 as a real possibility in the short term. However, he warns that as Bitcoin enters its final parabolic leg, volatility will increase, making risk management crucial.
