Bitcoin Price Analysis: Will BTC Reach $92K? Saylor’s Bold Tweet and Kraken’s Blockchain Plans Spark Interest

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Arslan Butt

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Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

October 25, 2024

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Bitcoin’s price has gained renewed momentum, boosted in part by MicroStrategy’s Michael Saylor, who sparked interest with a recent tweet hinting at “faster Bitcoin” adoption. His statement coincided with a 2.8% price recovery, drawing both support and criticism from the crypto community.

As debates around Bitcoin custody and adoption grow, major industry shifts — including Kraken’s upcoming blockchain launch and speculation about how a Trump 2024 victory could influence Bitcoin’s trajectory — add further intrigue to the market’s outlook.

Bitcoin Surges as Michael Saylor’s “Faster Bitcoin” Tweet Sparks Community Debate

“You are going to want something faster. #Bitcoin,” tweeted MicroStrategy Executive Chairman Michael Saylor, along with an image of an orange sports car bearing the Bitcoin logo, coinciding with a 2.8% recovery in Bitcoin prices after a recent dip.

Following the tweet, prominent Bitcoin advocates Samson Mow and Max Keiser criticized Saylor’s enthusiastic Bitcoin advocacy. Dismissing concerns about potential government seizure of private Bitcoin holdings, some critics referred to segments of the community as “paranoid crypto anarchists.” Saylor later clarified his stance, emphasizing his support for self-custody and the freedom to choose.

Saylor’s engagement seeks to bridge gaps between Bitcoin maximalists and traditional investors. His advocacy, supported by MicroStrategy’s role in the market, often bolsters institutional trust in Bitcoin, which can enhance demand, market sentiment, and Bitcoin’s price momentum.

Saylor Defends Bitcoin Custody Amid Criticism from Prominent Crypto Voices

A Donald Trump victory in the 2024 U.S. presidential election may propel Bitcoin (BTC) to over $92,000, according to Jeff Park, Head of Alpha Strategies at Bitwise.

Park’s assessment was based on a “merger arb-style probability math” that contrasted Bitcoin’s price patterns with Trump’s election probabilities on the Polymarket betting platform.

Bitcoin millionaire Erik Finman also supports this view; he believes that Trump’s pro-crypto policies may spur a surge to $100,000.

As a fervent supporter of cryptocurrencies, Trump has vowed to remove SEC Chair Gary Gensler and turn the United States into a “crypto capital of the world.”

Although his pledges thrill cryptocurrency fans, entrepreneur Mark Cuban cautions that Trump’s economic policies, including import tariffs, may increase inflation and have a long-term negative effect on BTC values.

If Trump wins, market excitement may raise Bitcoin in the short term, but inflation worries could cause price corrections in the future.

Kraken to Launch “Ink” Blockchain on Optimism Superchain in 2025, Aims to Streamline DeFi

In early 2025, Kraken, a major cryptocurrency exchange based in the United States, intends to introduce its blockchain, Ink. The Optimism Superchain will serve as the foundation for the layer-2 (L2) network Ink, which is intended for decentralized uses such as lending, borrowing, and trading.

By the end of 2024, a testnet for Ink will be made available so developers can investigate its functionalities. Ink will not receive a token from Kraken, unlike other blockchains. By removing obstacles between centralized and decentralized finance, the exchange seeks to streamline the DeFi experience.

Other exchanges that have previously launched their blockchains, including Binance and Coinbase, have taken similar moves to Kraken’s. More users might visit Ink due to the emphasis on tangible assets and financing applications.

As Kraken continues to grow its ecosystem, this development will probably make Bitcoin more appealing. With more institutions showing interest, Bitcoin’s liquidity and market value may rise.

Bitcoin Price Outlook: BTC Tests Key Support at $67,500

Bitcoin is trading near the lower boundary of a rising channel after a 0.30% decline. The 50 EMA at $67,445 is providing key support, with a potential pullback toward $66,680 if it breaks. RSI at 52 suggests neutral conditions, but further weakness could lead to bearish momentum.

Immediate resistance is at $68,510, with the next key levels at $69,260 and $69,980. BTC needs to hold above $67,445 to avoid further downside.

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Memebet (MEMEBET) Gains Traction: Over $516K Raised, Price Set to Increase in 2 Days

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