Bitcoin

2 reasons to buy Bitcoin like there’s no tomorrow

Published

9 months ago

9 May, 2024

2 reasons to buy Bitcoin like there's no tomorrow

When it comes to Bitcoin, you can ignore the short-term volatility and focus on the long-term upside.

In the last two months, Bitcoin (Bitcoin 1.57%) lived up to its reputation as one of the most volatile assets in the world. After reaching a new all-time high of $73,750 in mid-March, Bitcoin it quickly fell below $57,000 in late April.

For now, Bitcoin has recovered well to the $62,000 level. But questions still remain about where Bitcoin will go in 2024. Is Bitcoin overvalued or undervalued at its current price? To answer this question, let’s take a closer look at two main catalysts.

Bitcoin ETF Inflows

It all starts with the new Spot Bitcoin exchange-traded funds (ETFs). During the first four months of 2024, massive investor flows into these ETFs led to a huge rally in the price of Bitcoin. The new Bitcoin ETFs in sight – led by iShares Bitcoin Trust (I BITE 0.56%) and the Fidelity Wise Origin Bitcoin Fund – quickly accumulated more than 30 billion dollars in assets under management. They have found wide acceptance from investors. At one point, the iShares Bitcoin Trust had a 71-day streak of positive net inflows.

Image source: Getty Images.

Admittedly, there was a notable pullback in the amount of new money flowing into these ETFs last month as the price of Bitcoin fell. But now we are preparing for what could be considered the “second round” of these ETFs. According to Black stone, issuer of the iShares Bitcoin Trust, the next round of ETF buyers will include three important types of institutional investors: sovereign wealth funds, pension funds and endowments. Combined, this will represent another huge influx of new money into Bitcoin, helping to support its price for the foreseeable future.

The halving

The second main reason to buy Bitcoin now is the half. This event, which took place on April 19, resulted in the rewards paid to Bitcoin miners being halved. On the surface, this might not seem like a big deal. But this process sets off a chain reaction of events that (a) increases Bitcoin’s scarcity and (b) cements its status as a disinflationary asset.

Both results are very important for investors. Increasing the perceived scarcity of any asset should increase its price, and it is no different with Bitcoin. Furthermore, investors are always clamoring for inflation-resistant assets. By combining these two resources into a single asset, you should have a fantastic long-term store of value.

For this reason, halving events have historically been very bullish for Bitcoin. After the previous halving (which took place in May 2020), for example, the price of Bitcoin went parabolic. On May 11, 2020, the price of Bitcoin was $8,600. At the end of the year, Bitcoin was trading at around $30,000 per coin. The price of Bitcoin would eventually reach a new all-time high of $69,000 in 2021. Given that similar patterns occurred following halving events in 2012 and 2016, it is easy to see why crypto investors are hoping for repeat performance.

The only problem is that this year’s halving was a bit lackluster. When it occurred in mid-April, Bitcoin was trading at around $64,000. More than two weeks later, it is still trading around the $64,000 level. Additionally, there was a worrying drop to around $57,000 along the way. This was completely unexpected – the Bitcoin halving was supposed to lead to a higher price, not a lower price!

Don’t believe the hype?

And that brings me to an important warning for stock investors who are new to crypto. Bitcoin can be a riskier investment than buying an individual stock, mainly due to its volatility. There were many reminders of this in 2024, with Bitcoin rising or falling 10% in a single day. And keep in mind that some of the smartest investors in the world – including billionaire Warren Buffett – say they have no intention of buying Bitcoin.

That said, it’s hard not to see the new Bitcoin ETFs as a real game changer. They are democratizing crypto for small retail investors while making Bitcoin popular enough for even the largest institutional investors. As long as investors of all sizes continue to invest their money in these ETFs, I will buy Bitcoin like there is no tomorrow.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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