Microsoft Considers Potential Bitcoin Investment

Week of October 29 - November 4, 2024

Microsoft shareholders have proposed an agenda for the shareholders' meeting on December 10, 2024, for the company to consider investing in Bitcoin (BTC) as a hedge against inflation and other macroeconomic factors. The U.S. research office (NCPPR) is advocating for this proposal, citing the success of MicroStrategy, while the company's board has recommended that shareholders vote against it.

Legendary investor Paul Tudor Jones revealed that he has invested in gold, various commodities, tech stocks, and Bitcoin to combat inflation, which is expected to remain high after the U.S. presidential elections.

Bernstein Research claimed that Bitcoin's price could reach $200,000 by the end of 2025, driven by institutional investments through Bitcoin ETFs. Alternatively, Standard Chartered Bank predicts that Bitcoin could hit $125,000 by the end of this year if Republicans maintain control of the U.S. Congress after the elections. The bank forecasts the price of Bitcoin to reach $73,000 following the election results. However, if Kamala Harris wins, Bitcoin's price might be impacted negatively at first, but could still reach $75,000 by the end of this year.

Analysts from Hashkey Capital believe that if Bitcoin reaches $80,000, it could trigger an “Altcoin Season”. Additionally, the Bitcoin Dominance Index may need to reach up to 70%, from around the current 59%, as the decline in alternative coins (Altcoins) has been the longest in history.

Binance Research reports that 80% of investors in Spot Bitcoin ETFs are retail investors, who are moving funds from private digital wallets and exchanges to ETFs with more legal protections. However, investment advisors and hedge funds are the fastest-growing segment of institutional investors.

CryptoQuant indicated that in the past 30 days, buying in Spot Bitcoin ETFs reached a six-month high, with net inflows of 65,962 BTC. Moreover, total inflows into Spot Bitcoin ETFs have accumulated to $21.6 billion since launching in January 2024.

Technical Graph Analysis

technical-en-01@1-Oct-29-2024-11-25-02-1564-AM

Bitcoin (BTC)

Bitcoin (BTC) has not yet managed to break through the resistance at $69,000, but the recent pullback has not created any new lows—and the RSI is rising—indicating a positive price momentum. It is expected to break the first resistance and reach a target of $74,000 before facing a period of ‘profit-taking’. A recommended strategy is to buy during price pullbacks.

Support: 2,160,000 THB / 66,500 USD
Resistance: 2,520,000 THB / 74,000 USD

technical-en-02@1-Oct-29-2024-11-25-03-1194-AM

Ethereum (ETH)

Ethereum (ETH) is currently moving sideways but still shows potential to break through the resistance at $2,850, as the recent lows continue to rise. This presents a long-term accumulation opportunity, with a support level set at $2,520. For a full bullish reversal, it will need to break through the resistance first.

Support: 75,000 THB / 2,520 USD
Resistance: 95,000 THB / 2,850 USD

technical-en-03@1-Oct-29-2024-11-25-02-0119-AM

Radium (RAY)

Radium (RAY) achieved 43.25% returns in the past week. The price has successfully broken through the first resistance at $2.80, which will now serve as a support level. In the short term, the price is facing resistance at the previous high of $3.60. If it pulls back, it could find support, but if it breaks through that level, the next resistance target will be $4.00.

Support: 100 THB / 2.8 USD
Resistance: 140 THB / 4.0 USD

technical-en-04@1-Oct-29-2024-11-25-02-3193-AM

Smooth Love Potion (SLP)

Smooth Love Potion (SLP) generated returns of 9.30% in the past week. The price has approached the resistance at $0.0036 but has since pulled back. Watch for support at the previous low of $0.0022; if it holds above this level, further upward movement is still possible. To confirm a bullish reversal, it must break through the resistance at $0.0036.

Support: 0.075 THB / 0.0022 USD
Resistance: 0.120 THB / 0.0036 USD

Investment Trends

Poll results from various agencies are starting to show Donald Trump leading Kamala Harris, leading to continued buying pressure in Bitcoin (BTC). This week, key moments in the market include the third-quarter earnings announcements from major tech companies like Apple, Alphabet, and Microsoft, which will impact the U.S. stock market indices and possibly Bitcoin prices.

On Wednesday, October 30, 2024, the U.S. is set to announce its third-quarter GDP forecast, which is expected to be around 3%, and consistent with previous projections. On Friday, November 1, the Non-Farm Payroll numbers will be released, while the unemployment rate is expected to remain at 4.1%. Although economic figures have less impact on Bitcoin prices, significant deviations from forecasts could create market volatility.

Historically, October has usually provided the highest likelihood of generating positive returns from Bitcoin, but November tends to yield the highest average returns. The recommended strategy is to remain focused on accumulating Bitcoin, as the market is expected to continue rising, regardless the results of the U.S. elections.

Several altcoins are starting to show signs of bullish reversals. Overall, it’s a good time to begin accumulating Bitcoin, as an altcoin season is still unlikely to occur any time soon until Bitcoin establishes new highs for a while. Therefore, investments in altcoins should be limited to no more than 10%.

References

Disclaimers

Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to their own risk profile.
Past returns or performance of digital assets do not guarantee future returns or performance.

Remark: views, information, knowledge, and opinions are considered as content that come from individuals involved. They do not constitute an expression of Bitazza and its employees. Neither the email nor the content presented constitute investment advice.

Topics: Crypto Weekly

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