Bitcoin Price Prediction: More than $10 million has gone into this Bitcoin derivative as Ark Invest says investment portfolios should hold 20% of BTC.

adminFebruary 1, 2024

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Bitcoin price has traded down 1.3% over the past 24 hours. $42.1K 8:30 AM EST.

Cathie Wood’s ARK Invest took the bearer, saying an optimal investment portfolio should hold about 20% of Bitcoin and that this allocation helps maximize the “risk-adjusted return of the portfolio.”

In its 2024 Big Ideas report, ARK said Bitcoin has had a low correlation with traditional asset classes of 0.27 over the past five years, with the king of cryptocurrencies being balanced against traditional asset classes.

“Bitcoin is not only a new investment option, but an essential component in diversifying your investment portfolio,” he said. “Over the past seven years, Bitcoin has delivered annual returns that far outperform the major asset classes.”

Bitcoin Price Analysis

A deeper analysis of the 1-hour BTC/USD chart shows that the price is currently trading near the lower Bollinger Band. This generally indicates that Bitcoin is likely to be oversold in the short term.

Traders may interpret this as a buying opportunity, hoping the price will move back to the middle band (20-day SMA). However, caution is needed as if the downtrend is strong, the price may remain in the lower band or even decline.

The relative strength index (RSI) is around 42, which is lower than the typical overbought threshold of 70 and higher than the oversold threshold of 30. If RSI approaches 50, there is a chance that Bitcoin price will rebound.

On the other hand, the Awesome Oscillator (AO) shows a transition from red to green bars. This indicates that near-term momentum is shifting from bearish to potentially bullish. This could be an early sign of a trend change or a short-term corrective uptick.

The Average Directional Index (ADI) is 32.97, indicating moderate trend strength. This suggests that the current downward trend, as evidenced by the recent red long candle, is somewhat strong, but not very strong. Values greater than 25 usually indicate a strong trend, but are not high enough to consider the trend very strong.

Additionally, the last few candles show a small body with a wick on either side, indicating market indecision after a bearish move. This could mean the seller is losing control and the buyer is preparing to intervene.

1 hour chart | source: TradingView

Bitcoin Price Prediction: How likely is BTC to fall further?

Overall, technical indicators suggest a bearish trend with signs of potential exhaustion. Closeness to the lower Bollinger Band, RSI close to oversold levels, and AO indicating a change in momentum could mean that a near-term upward price correction is likely.

However, the moderate strength of the trend, as seen in ADX, suggests that any bullish move could be underpinned by a broader bearish situation.

In line with this, Mags told

#Bitcoin We have our first golden cross on the weekly chart which confirms that Marco is very bullish.
Don’t expect an immediate pump. You can also go to the side or soak it for a while. But mark my words. Up only is inevitable. Dips are for purchase 🤝 pic.twitter.com/s1o7OdwmB3
— Mags (@thescalpingpro) January 31, 2024

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It’s important to know this! 🚀 #Bitcoin mining #Mining efficiency pic.twitter.com/tBCVjFELBO
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Interested investors should act quickly before prices increase. To get started BTCMTX website, connect your digital wallet and exchange USDT or ETH for BTCMTX tokens. Bank cards are another option for investors.