Ecoinometrics: Bitcoin is rising after a rate cut, but the downward channel since March remains intact.
Bitcoin and NASDAQ 100 have been moving in sync since August.
It's clear that macro factors will determine how events will unfold further.

The productivity growth in the United States currently stands at 2.7%, which is higher than at the beginning of any Federal Reserve tightening cycle in over half a century.

📈 Trade between Central and South American countries and China will reach $351 billion in 2023.

Weekly fundraising events.

The volume of BTC in profit remains high. Sustaining a high level of BTC in profit is an important indicator of whether the market is in a bull cycle. Looking back at past cycles, the volume of BTC in profit mostly remained above 80%.

Of course, there were moments when it fell below 80% (red circles), but those were buying opportunities at the lows.

In the current bull cycle, it has mostly remained above 80%. This past summer saw it drop below 80% several times, but so far, these dips have been buying opportunities.

Coin of the day by market sentiment is HyperGPT ($HGPT).

Bitcoin Magazine: The #Bitcoin Short Term Holder MVRV indicator has just turned bullish, indicating a potential sustained period of positive price action for #BTC.

Analyst: If short-term speculators reduce the supply by 80,000 BTC, it will be significantly easier for the market to form a new bullish trend. In other words, stop flooding the exchanges with supply for two weeks.

CryptoPunk #1563 was purchased for 24,000 ETH ($56,292,000.00 USD).

IMF: If you want to get our money, you'll have to stop buying Bitcoin every day.

Bukele:

Santiment: Keep an eye on the following crypto projects that have significantly increased the number of whale transactions over the past week compared to their whale activity in the previous week.

This uptick in large transactions may indicate heightened interest or accumulation by large holders, which can often signal future price movements or shifts in market sentiment.

CryptoQuant: Some altcoins with real value are not growing due to regulatory hurdles.
They can generate revenue but do so very cautiously.

For example, if Uniswap's fee switch were activated, its treasury could hold $314M. Currently, $408M worth of $UNI is held on centralized exchanges. If the treasury were used for buybacks, prices could potentially surge 10x-100x, depending on the order book depth.

In 2024, 285 days have passed. If a Bitcoin bull market does not occur in the next 14 days, this will be the longest sideways trend in a six-month period in history.

In recent months, the transaction volume on Base has grown to 40-60% of the total volume among the three Layer 2 blockchains.

Santiment: Yesterday saw a significant increase in discussions about memecoins, driven by the rise of coins like Dogecoin and Bonk.

Markets typically correct when the focus shifts from top-tier assets to more speculative ones driven by greed. Unsurprisingly, we're seeing market-wide drops today.

MatrixOnTarget - Oct 18 report:
The $70,000 year-end target for Bitcoin is likely too conservative.