Bitcoin Price Prediction: BTC surges more than 4% as BlackRock Bitcoin ETF accumulates $500 million in BTC in one day and halving is expected to fuel this new ICO.

adminFebruary 15, 2024

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The price of Bitcoin has surged 4% over the past 24 hours, trading at $52,413 as of 7:10 a.m. ET, with trading volume down 11%.

This surge comes despite recent negative comments about BTC by U.S. Securities and Exchange Commission Chairman Gary Gensler. Gensler, appearing on CNBC Wednesday morning, added that Bitcoin is not decentralized and is the token of choice for ransomware.

₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: News anchor @Josquark defend #Bitcoin In a conversation with SEC Chairman Gary Gensler live on TV this morning. pic.twitter.com/DRIlWmTlxK
— ₿itcoin 📄 Documenting (@DocumentingBTC) February 14, 2024

Meanwhile, BlackRock’s IBIT Bitcoin exchange-traded fund (ETF) reportedly accumulated $500 million in BTC in a single day on Tuesday. According to market observers, this comes as the BlackRock ETF provides the necessary approval for institutional investors around the world to dip their toes into Bitcoin.

Black Rocks $GO Achieved 500 million dollar scale pic.twitter.com/FxTVMc9gmF
— HODL15Capital 🇺🇸 (@HODL15Capital) February 13, 2024

BlackRock currently has $5.1 billion worth of assets under management, while Grayscale’s GBTC still leads the field with over $22.9 billion in assets.

BlackRock’s Bitcoin ETF has raised $500 million, pushing BTC past $50,000. The world’s largest fund manager currently manages $5.1 billion in assets. Wall Street’s growing interest in the BTC ETF is accelerating the cryptocurrency’s surge. Grayscale’s GBTC has $22.9 billion in cash. SEC approval of 10 BTC ETFs…
— Block Voyager (@BlockVoyagerAIO) February 15, 2024

As interest in Bitcoin grows, investors seem to be losing interest in gold. Bloomberg Intelligence ETF analyst Eric Balchunas highlighted in a post on X that investors continue to pull money out of gold ETFs.

Meanwhile, things are looking pretty bad in the gold ETF category right now… @SirYappityyapp From the weekly flow notes just published: pic.twitter.com/C0T17JZpiA
— Eric Balchunas (@EricBalchunas) February 14, 2024

Bitcoin Price Prediction Amid Growing Interest in ETFs

Bitcoin price remains strong, as evidenced by the continued high highs on the daily chart of the BTC/USDT trading pair. , remains within range of the ascending parallel channel, a bullish technical formation that promises further profits as long as the price holds.

Nonetheless, caution is warranted considering the RSI (Relative Strength Index) position of 82 means BTC is massively overbought. Nonetheless, upside potential continues to be favorable. This is because the RSI is maintaining an upward trend, indicating that momentum is still rising and is often fueling a continued rise in the Bitcoin price.

It is also worth noting that both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) continue to show resilience, as evidenced by the presence of massive amounts of histogram bars in positive territory.

Additionally, MACD is still moving above its signal line (orange band), indicating a strong upward cycle.

As investors increase their purchasing power, the price of Bitcoin will likely increase its upside, breaking resistance due to the channel cap. These measures would focus on a $55,000 blockade and would represent an increase of around 6% over current levels.

In a very optimistic case, the price of Bitcoin could rise to the psychological level of $60,000, which would imply a 15% increase from the current price.

Bitcoin Bitcoin

TradingView: BTC/USDT 1-day chart

converse case

However, if profit booking continues, Bitcoin price could move lower, testing the middle line of the rising parallel channel. A lower leg could allow BTC to fall into a supply area that currently acts as a bullish breaker between $44,300 and $46,760. A decisive candle close below the midline of this order block at $45,554 will invalidate the bullish argument. This will open the way for the corruption to continue.

This directional bias could push Bitcoin price up to the $41,880 support level. This represents a 20% decline from current levels.

Even amid the bullish outlook for BTC, some investors are looking to the BTCMTX pre-sale as an alternative to play the Bitcoin bull market. That’s at least in part because it’s a project analysts consider one of the top projects for explosive growth in 2024.

A promising alternative to Bitcoin

BTCMTX is a powerful token for the Bitcoin Minetrix ecosystem, which operates as a tokenized cloud mining platform that allows community members to mine BTC in a decentralized manner.

explore possibilities #Bitcoin Metrics for mining $BTC! 🔍⛏️
✅ Smooth start for newcomers.
💰 Budget-friendly with no upfront equipment costs.
🌟 No worries about location, noise, or temperature.
🔄 Simple upgrade with minimal hassle. pic.twitter.com/5xJKkKKCYv
— Bitcoin Minetrix (@bitcoinminetrix) February 14, 2024

The token continues to gain popularity even as the countdown to the April halving continues. Forward-thinking investors are eager to take action in hopes that this event could trigger the next bull cycle.

#BitcoinHalf-life effects of:
– 2012 1st round: $12 ~ $1,000
– 2nd place in 2016: Soars to $20,000
– 3rd place in 2020: Soars to $69,000
What kind of peak can we expect as we enter the fourth halving in 2024? $BTC? 🤔 pic.twitter.com/mwyWLVPVFE
— IXFI | Gen 3.0 Exchange (@ixfiexchange) February 15, 2024

Bitcoin Minetrix protects investors from high hardware costs and deceptive fraud issues that have undermined confidence in BTC mining. It also ensures that you don’t have to go through the heat, space requirements, and all the other hassles that come with traditional BTC mining.

knowing the benefits #Bitcoin Metrics:
Easy access for your convenience. 🌐
Simplified cost structure for increased efficiency. 💲
Enjoy peace of mind without worrying about resale value. 🔄 pic.twitter.com/hx3zJLXTfN
— Bitcoin Minetrix (@bitcoinminetrix) January 18, 2024

The project has already raised a whopping $10.9 million in pre-sales, out of its $12.785 million target.

🚀 Bitcoin Spot #ETFs It’s shaking up market dynamics. #Bitcoin This is 10 times faster than mining machine production! #wall street gigantesque @black stone and @fidelity It’s driving this surge and driving demand. $BTC.
What do you think this means for the future? pic.twitter.com/sXCwRLmmJA
— Bitcoin Minetrix (@bitcoinminetrix) February 14, 2024

The token is currently selling for $0.0135. With a price increase scheduled within 5 days, this is your last chance to secure your tokens at the lowest price.