The post Bitcoin nears major breakout as price gains catch US equities appeared on BitcoinEthereumNews.com.

Bitcoin is close to a breakout. Caleb Franzen, the creator of Cubic Analytics, pointed out key data that shows Bitcoin is about to make a big move. Franzen’s research dives into price movements dating back to November 2022. He uses the 120-day Williams%R Oscillator to track Bitcoin’s price momentum. This indicator has been reliable in showing where Bitcoin is headed. Stocks and Bitcoin catch up In the past, when this oscillator has moved from oversold to overbought territory, Bitcoin’s price surged. It happened in January 2023 when Bitcoin shot up by 48% within three months. It happened again in October 2023, with Bitcoin jumping by 123% in just six months. According to Franzen, returns from these signals are strong. Since January 14, 2023, Bitcoin has gained 226.8%, and since October 23, 2023, it’s up by 106.9%. Investors are watching closely now that Bitcoin is trading at its highest price since July 2024. While Bitcoin is rising, so are stocks. Franzen noted that stocks are at record highs, and participation is increasing across the market. A variety of ETFs have reached their highest weekly close ever, from value stocks to home construction stocks, broker-dealer stocks, aerospace and defense stocks, and more. According to Franzen, 33 different ETFs hit record highs by the end of last week. He also pointed out how MicroStrategy (MSTR) has performed. It has closed at new highs, up by 241.76% year-to-date. Anyone who bought MSTR at the close of 2023 would be up 3.4 times their investment. But there’s been a divide between investors. Some think MSTR can go higher due to market exuberance, while others argue that the stock is detached from fundamentals. Either way, MSTR is still on the rise, and leveraged ETFs from REX Shares offer investors a way to gain more exposure. The…

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Filed under: News - @ October 20, 2024 9:01 pm