#Bitcoin
$34,303
may reach new all-time highs by the end of next year, but crypto investors should brace themselves for a “chopfest” in the meantime, according to veteran trader and analyst Peter Brandt. 😐💹
In an Oct. 26 post on X (formerly Twitter), Brandt told his 660,000 followers that Bitcoin had likely already bottomed in November 2022 and that the cryptocurrency is on track to notch new highs by the third quarter of 2024. 📉📈
Still, Brandt erred slightly on the side of caution with a disclaimer, saying that the future is never certain and that markets will “always” surprise. 🤷♂️😱
When an X user asked Brandt for his thoughts on Chainlink’s LINK
#LINK
$11.17
, he didn’t mince words with his response: “I stick with BTC and don’t get distracted by pretenders.” 😎
Brandt — who has been a proprietary trader since 1975 — explained that he’d been using the aforementioned blueprint for nearly two years. Advertisement 😅📆
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He added in a later post that his favorite chart for Bitcoin price movement is the weekly Renko graph, which, in his view, alleviates many “fake moves” and has only delivered five miscues in the past five years. 📊🔄
After months of largely sideways price action, Bitcoin recently experienced significant upward price momentum. Many have tipped Bitcoin’s outsized performance in recent months due to participants watching closely as spot Bitcoin exchange-traded funds (ETFs) inch closer to potential approval. 😮🚀
Related: BlackRock’s iShares Bitcoin ETF mysteriously disappears from — then reappears on — DTCC site
On Oct. 23, Bitcoin staged its largest single-day rally in over a year, briefly surging over the $35,000 mark as traders frenzied over reports that Blackrock’s iShares Bitcoin ETF, IBTC, had been listed on the DTCC website. 📣💰
While a spot Bitcoin ETF approval is in no way guaranteed, leading Bloomberg ETF analysts James Seyffart and Eric Balchunas say that an approval grows more likely, predicting a 90% chance of an approval by Jan. 10, 2024. 🤔🧐
I’ve gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas.
TLDR: Our view hasn’t changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
— James Seyffart (@JSeyff) October 13, 2023
Meanwhile, a senior executive from global consulting firm Ernst & Young, Paul Brody, said there is massive institutional interest for Bitcoin sitting on the sidelines, awaiting a spot Bitcoin ETF approval as a trigger to buy in. 😯🏦
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
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Blockchain forensic firm Elliptic said there’s “no evidence” that Hamas is receiving a significant volume of cryptocurrency donations to fund its attacks against Israel. 👀✋
“There is no evidence to support the assertion that Hamas has received significant volumes of crypto donations,” Elliptic said in an Oct. 25 statement. The amounts raised “remain tiny,” the firm added. 🙅♂️💰
Elliptic’s statement was framed as a rebuttal to recent articles and letters written by The Wall Street Journal and United States lawmakers, which the firm said had misinterpreted data to make the case that cryptocurrency is widely used to fund Hamas’ “terrorist” activities. 📣📰
As an example, Elliptic pointed to a “prominent” Hamas cryptocurrency fundraising campaign, operated by Gaza Now, a pro-Hamas news outlet, which has only raised $21,000 since the Hamas attack on Israel on Oct. 7. 💸💣
Of the $21,000 raised, $9,000 was frozen by stablecoin issuer Tether, while another $2,000 was frozen after it was sent to a cryptocurrency exchange — presumably to cash out — Elliptic noted. ❌💡
Setting the record straight on crypto crowdfunding by Hamas https://t.co/1tZrE1C43V
— Elliptic (@elliptic) October 25, 2023
Elliptic said it had reached out to The Wall Street Journal to correct a statement that initially claimed that over $130 million in cryptocurrency was raised by Hamas and Palestinian Islamic Jihad between August 2021 and June 2023. The Wall Street Journal later revised the statement to say “as much as $93 million” in an Oct. 10 update. 📝📊
The Wall Street Journal article had been cited in a letter written by Elizabeth Warren and over 100 other U.S. lawmakers to the White House and U.S. Department of the Treasury on Oct. 17. 🗽💼
Warren and other lawmakers argued that cryptocurrency poses a “national security threat” to the U.S. and its allies and that Congress and the Biden administration must take “strong action” to thoroughly address risks associated with cryptocurrencies facilitating illicit activity before they can be used to finance another “tragedy.” 🤷♀️🔒
However, Elliptic reiterated that its data was misinterpreted: “Over the past two weeks, politicians and journalists have portrayed public crypto fundraising as a significant source of funds for Hamas and other terrorist groups, but the data simply does not support this.” 😲
~20% of US Congress signed a letter based on incorrect facts. Elliptic just corrected the facts. Will @WSJ & the ~20% of Congress correct their statements now?@nic__carter, thank you for demanding truth here, and holding power accountable for misstatements of fact https://t.co/TazXQnjjgW
— Caitlin Long ⚡️ (@CaitlinLong_) October 25, 2023
On Oct. 18, blockchain forensics firm Chainalysis also posted a blog attempting to address supposed misconceptions circulating in the media. One particular wallet highlighted by the media reportedly received $82 million across seven and a half months, but Chainalysis explained that of that, only $450,000 was transferred to a known terrorism-affiliated wallet. 🤔💰
Meanwhile, Elliptic also noted that in April 2023, Hamas suspended cryptocurrency fundraising conducted through Bitcoin
#BTC
$34,303
, citing a “concern about the safety of donors and to spare them any harm.” 🙏😇
Related: Criminals more reliant on cross-chain bridges than ever after mixer crackdowns
In 2021, Israel’s National Bureau for Counter Terror Financing also began issuing seizure orders for cryptocurrency wallets tied to Hamas and worked with exchanges to freeze accounts used by them. 💼❌
These events suggest cryptocurrency isn’t an ideal means to facilitate terrorism fundraising, Elliptic argued: “This illustrates the weakness of crypto as a terrorism fundraising tool. The transparency of the blockchain allows illicit funds to be traced, and in some cases linked to real-world identities.” 😌🔗
Cointelegraph reached out to The Wall Street Journal for comment but did not receive an immediate response. 🗞️📱
Magazine: US enforcement agencies are turning up the heat on crypto-related crime
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Disclaimer: The information contained on this widget is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this widget constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. We advise you to spend only what you can afford to lose, and always seek independent financial advice if you are in doubt. You should not purchase any cryptoassets if you do not fully understand the nature of your purchase and the risks involved. We recommend that you refer to the issuer’s/ advertiser’s t&c and help/ support pages for more information. 😊🙏