Bitcoin

Bitcoin Price Prediction: BlackRock CEO Larry Fink says BTC is an asset class as investors rush to buy this ICO powered by Bitcoin ETF.

adminJanuary 14, 2024

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The price of Bitcoin has plummeted 7.4% over the past 24 hours, trading at $42,591 as of 7:35 a.m. ET, with trading volume slightly up.

But there was better news for the king of cryptocurrencies, with BlackRock CEO Larry Fink saying BTC is an international asset class. Investors should consider it as an alternative to gold as a hedge against inflation, he added.

“It’s no different than what gold has represented for thousands of years,” Fink told CNBC. “It’s an asset class that protects you.”

This isn’t the first time Pink has expressed this belief. Bitcoin’s rebound in October means investors see BTC as a mature asset that can serve as a store of value in times of crisis, BlackRock executives said in a December interview.

Elsewhere, Bitcoin prices took a hit as Grayscale Bitcoin Trust (GBTC) investors fled the market following the emergence of a public buyback option. They redeemed GBTC and sold Bitcoin on the open market. This caused the price of Bitcoin to drop by almost 10% at one point.

Bitcoin price falls as investors redeem Grayscale GBTC trust

Grayscale Bitcoin Trust (GBTC) holds over $25 billion in BTC. The sale of those assets may be partly responsible for the downward pressure on the price of Bitcoin.

According to Arkham Intelligence data, Grayscale sent 4,000 BTC worth $183 million to a Coinbase Prime deposit address. This indicates that investors are converting assets to other ETFs or selling them gracefully.

Millions of dollars liquidated as Bitcoin price falls

Bitcoin price dumping resulted in total liquidations reaching approximately $130 million. This consisted of long positions worth $112.84 million and short positions worth $17.57 million.

BTC liquidationBTC liquidation
BTC Liquidation, Source Coinglass

With the liquidation, open interest of up to $1.19 billion was eliminated.

Bitcoin price outlook as BlackRock CEO Larry Fink says BTC is similar to gold

As selling pressure increased, Bitcoin price fell below the lower limit of the bullish technical formation. Buyer momentum is still decreasing, so the decline is likely to be prolonged. This can be seen in the decline in the Relative Strength Index (RSI). However, if we look closely at this momentum indicator, we can see that there is an attempt to break north as the bulls attempt to regain their position in the BTC market.

Bitcoin price could fall if seller momentum strengthens, first losing support due to the $50-day SMA of $42,485. Further south, it could test the $40,726 support and, in a worst-case scenario, extend the decline to $37,800.

Nonetheless, the Bitcoin price would need to break and close below the psychological $30,000 level for the big-picture bullish outlook to be invalidated.

The red histogram bars of the Awesome Oscillator (AO) support the bearish thesis and indicate that weakness exists in the BTC market. The Moving Average Convergence Divergence (MACD) indicator also crossed below its signal line, which is a bearish cross. This highlights the bearish thesis.

BTC priceBTC price
TradingView: BTC/USDT 1-day chart

converse case

It is impossible to ignore the fact that the Bitcoin price has strong support for the downside. The 50-day SMA of $42,485 provides the first line of defense to the south. Buying pressure above this level could push the BTC price higher.

If buying pressure intensifies, Bitcoin price could bounce back into the upward channel above the $44,135 level. Further north, BTC could face the middle line of the channel, potentially pushing it up to the psychological level of $48,000. In a very bullish case, we could see BTC market cap turning the $48,969 range into support and then using that as a starting point to target the psychological level of $50,000. Such a move would represent a 16% increase from current levels.

Meanwhile, a lot of attention is being paid to BTCMTX as investors flock to purchase Bitcoin derivative ICOs amid the fluctuations in Bitcoin prices. The token has soared in value, initially fueled by spot BTC ETF hype, and is now also benefiting from halving expectations. It is also one of the top three pre-sale cryptocurrencies you can buy right now.

A promising alternative to Bitcoin

BTCMTX is the ticker for the Bitcoin Minetrix ecosystem, a stake-to-mining project that analysts are excited about. In their opinion, this is one of the best Web 3 projects to buy and the best choice for the 2024 ICO.

Bitcoin Minetrix is ​​in the pre-sale phase and is over $8.338 million of its $9.103 million target. Investors looking to purchase BTCMTX can do so on the website where it is currently selling for $0.0128.

Visit Bitcoin Minetrix to buy BTCMTX in the pre-sale here.

Also read:

A new cryptocurrency mining platform – Bitcoin Minetrix

Bitcoin MinetrixBitcoin Minetrix
  • Thanks to Coinsult
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  • Get free Bitcoin every day
  • Native token currently in pre-sale – BTCMTX
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Bitcoin MinetrixBitcoin Minetrix


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adminJanuary 14, 2024

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