🟠 Bitcoin Price Dips

First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Good morning — Jordan here.

Happy Tuesday to the 16,446 Minimalist members reading today. 👋 

Heads up about our posting schedule:

We’re sending on Monday and Wednesday this week.

Today we’re covering:

• Coinbase app climbs Apple Store rankings,

• U.S. Bitcoin ETFs see record inflows,

• PlanB forecasts Bitcoin at $500K,

• And everything else you need to know.

Estimated read time: 3 minutes and 25 seconds

WHAT WE’RE WATCHING

🏛️ A Republican-controlled Senate would boost digital assets, according to Sen. Cynthia Lummis. She highlighted Bitcoin-friendly Sen. Tim Scott's potential chairing of the Senate Banking Committee, replacing crypto-skeptic Sen. Sherrod Brown. Lummis emphasized the need for clear regulations over SEC enforcement actions.

🌍 CoinTelegraph explores: why is Bitcoin down today? Bitcoin dropped 2.9% to $63,735 as escalating Middle East tensions, including Israel’s bombing of Beirut, spooked investors. Traders are de-risking ahead of U.S. jobs data and Federal Reserve guidance, further dampening risk appetite.

📱 Coinbase re-enters the top 400 most downloaded apps on the U.S. Apple App Store, signaling a Bitcoin retail resurgence. Coinbase hit 385th place on Sept. 28. Coinbase was the #1 app in the Apple App store during the last two bull markets. Traders and investors watch the Coinbase app’s ranking closely.

💰 U.S. spot Bitcoin ETFs saw their largest single-day inflows since June, with $494.27 million added on Friday. Total assets held by these funds hit a two-month high of $61.21 billion. Leading the inflows were Ark and 21Shares' ARKB fund with $203.1 million.

📊 Polymarket predicts a 61% chance of Bitcoin reaching a new all-time high by the end of 2024. However, only 17% believe it will hit $100,000. With BTC currently trading near $63,600, the community remains optimistic about October's potential.

📈 PlanB forecasts Bitcoin's 2024-2028 halving cycle to have a $500K average price, with a range between $250K and $1M. His earlier 2020-2024 projection of $50K averaged at $34K. A hypothetical scenario suggests Bitcoin could hit $1M by July 2025, followed by a drop to $500K.

⏳ Michael Saylor predicts 99% of Bitcoin will be mined by January 2, 2035. 2040 is generally the target year for 99% of Bitcoin to be issued. With 94.10% of Bitcoin already mined, Saylor’s forecast suggests a very strong growth in Bitcoin mining activity. If accurate, Bitcoin’s scarcity could increase, potentially driving up its price as demand outpaces supply.

💰 CleanSpark CEO Zach Bradford predicts Bitcoin could peak near $200,000 within 18 months. He emphasized that pure-play Bitcoin miners are underrated compared to AI-diversifying rivals. CleanSpark focuses on efficient mining, holding nearly 8,000 BTC, and plans to use immersion cooling to improve mining efficiency.

IN THE LOOP

• Cantor Fitzgerald CEO Howard Lutnick urged Bitcoin to be treated as a commodity like gold and oil, criticizing regulators for not understanding the industry.

• Cryptoquant's CEO predicts a major crypto market surge with the return of former Binance CEO Changpeng Zhao, citing "bullish vibes everywhere."

• Many Bitcoin enthusiasts plan to vote for whichever candidate best supports the crypto industry.

• Swan Bitcoin is suing former employees, alleging they stole its mining business with Tether's backing.

• Bitcoin is on track for its best September ever, with a 22% surge driven by rising U.S. investor demand and the return of the Coinbase premium.

POLL

TUESDAY’S POLL RESULTS

Would you consider Bitcoin a risk-off asset, as described by BlackRock’s Robbie Mitchnick?

🟢🟢🟢 Strongly Agree - 56%

🟡🟡 Agree - 28%

🔴 Disagree - 16%

 🟢 Strongly Agree - “BlackRock is now working for us!” - Tim

 🟢 Strongly Agree - “‘When in Doubt — ZOOM OUT!’ To quote your T-shirt” - Matt

 🟢 Strongly Agree - “The safe shining light in the storm of relentless debt and fiat printing” - Chris

🟡 Agree - “Next to Trump, Harris is a moron. My bet is on Trump for Bitcoin strength.” - Elsa

VIDEO

Bitcoin’s halving isn't priced in yet, according to analyst Rekt Capital.

He believes we're currently in a re-accumulation phase, and history suggests a breakout is imminent.

CHARTS & DATA

Bitcoin vs Gold & S&P 500 - Bitcoin outperforms gold and the S&P 500 on nearly every time frame over the last 14 years.

On-chain overview - Bitcoin is now around twice its realized price. Historically, this has been a strong indicator of Bitcoin being in a bull market. With the STH ratio also above 1.0, Bitcoin appears to be gearing up for its next leg up.

FROM THE ARCHIVE

MORE FROM OUR COMPANY

The Bitcoin Minimalist is run by Bitbo. Browse our most popular pages across our sites:

Bitbo Pro: Analytics & intelligence to supercharge your Bitcoin investing & trading.

Bitbo Charts: Useful Bitcoin charts, featuring on-chain metrics and other Bitcoin analysis.

Bitbo Store: Shirts, hats, hoodies, mugs, and other merch for Bitcoiners.

Bitbo Dashboard: View live price action, monitor on-chain data, and track key economic indicators - all for free.

Halving Clock: Track the countdown to the Bitcoin halving with our Bitcoin halving clock.