Bitcoin

Bitcoin Price Forecast as BTC Hits All-Time High – Are Whales Buying Again?

Published

8 months ago

21 May, 2024

SatoshiTimes Staff

Last updated: May 21, 2024 05:26 EDT | 3 minutes reading

Bitcoin Price Prediction

Bitcoin price predictions are gaining significant attention as the cryptocurrency’s value approaches its all-time high. Recent surges have propelled Bitcoin to $71,000, fueled by strong inflows into Bitcoin spot ETFs and renewed interest from institutional investors such as Morgan Stanley and JPMorgan.

The overall positive market sentiment, reinforced by the potential approval of Ethereum ETFs, further supports the bullish outlook. As Bitcoin approaches its peak, speculation about its future performance intensifies among investors and analysts.

Rising Investments in Digital Assets Boost Bitcoin Flows

Recent data shows a notable increase in investments in digital asset products despite lower global trading volumes. Total inflows reached $932 million for the second week in a row, driven primarily by an unexpected Consumer Price Index (CPI) report.

This report spurred an increase in investment, with 89% of inflows occurring in the last three trading sessions. Bitcoin recorded substantial inflows of $942 million, indicating growing investor confidence.

Other cryptocurrencies like SolanaChainlink and Cardano have also attracted investment.
Ethereum faced $23 million in outflows due to ETF approval concerns.
Blockchain-related stocks have faced challenges with exits.
The US led the way with $1.002 billion in inflows, supported by positive developments at Grayscale.
Switzerland and Germany saw modest gains, while Hong Kong and Canada saw outflows.

The increase in investment in digital asset products, especially Bitcoin, highlights the positive market sentiment and confidence in its future performance.

Approval of Ethereum ETF Boosts Market Sentiment and Bitcoin Price

Ethereum price jumped more than 16 % as Bloomberg analysts raised the probability of Ethereum ETF approval to 75%, citing potential political pressure on the SEC.

However, the resignation of Grayscale’s CEO complicates the situation ahead of SEC decisions on VanEck and Ark 21Shares’ ETF applications, expected on May 23 and 24.

To update: @JSeyff and I’m increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing talk this afternoon that the SEC could be doing a 180 on this (increasingly political issue), so now everyone is scrambling (as we , everyone assumed they would be denied). To see… https://t.co/gcxgYHz3om

-Éric Balchunas (@EricBalchunas) May 20, 2024

Nate Geraci described the SEC’s ETF approval process, indicating that approval of 19b-4 filings could lead to eventual S-1 approvals. Despite initial doubts due to the CEO’s resignation, the ETF’s improved odds of approval suggest a positive outlook for Ethereum.

Ethereum price rose 16%
Increased odds of ETF approval to 75%
Grayscale CEO’s resignation adds complexity
SEC rulings scheduled for May 23 and 24

The potential approval of Ethereum ETFs will likely increase market sentiment, which could also positively influence the price of Bitcoin due to the correlation between major cryptocurrencies.

Bitcoin (BTC/USD) currently trades at $71,254, down 0.75% amid the correction, but Bitcoin Price Prediction remains optimistic. The 4-hour chart indicates several important price levels to monitor. T

The pivot point is set at $71,995, with immediate resistance at $73,306, followed by additional resistance levels at $74,567 and $75,656. On the downside, immediate support is at $70,560, with additional support levels at $69,695 and $68,263.

Technical indicators suggest a cautious outlook. The Relative Strength Index (RSI) is at 80, indicating overbought conditions that often precede a pullback. The 50-day exponential moving average (EMA) is positioned at $65,588, highlighting the underlying uptrend despite recent volatility.

Bitcoin Price Prediction

Bitcoin recently closed a Doji candle, followed by solid bullish candles, which typically signal a possible bearish correction. On the downside, BTC could fall to the 38.2% Fibonacci retracement level around $69,500.

On the other hand, a bullish breakout above $72,000 could pave the way for further gains towards $73,275 or even $74,500.

Current trend: BItcoin’s technical outlook is bearish, below $72,000. A break above this level could shift sentiment towards a more bullish bias, targeting $73,275 and beyond.

Conversely, failure to hold above immediate support at $70,560 could lead to further declines towards $69,695 and $68,263.

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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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