As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen many cycles and trends come and go. The recent dip in Bitcoin’s price might seem concerning to some, but I find myself intrigued by the current situation.
The cost of the leading digital currency, Bitcoin ($BTC), has plummeted noticeably since it peaked above $64,000 last month, and currently trades at $57,800 following a rebound from below $53,000.
As a crypto investor, I’ve noticed that according to the well-known cryptocurrency trader known as the Titan of Crypto on microblogging platform X (previously Twitter), the price of Bitcoin has recently been tested against its 50-week moving average. In the past few cycles, this particular level has often resulted in a surge of “at least 40%.
According to a well-known expert, when Bitcoin’s price tests its 50-week Simple Moving Average (SMA), it tends to increase by approximately 71%. If this trend continues in the current cycle, we could expect the price of Bitcoin to reach nearly $92,000 – a new record high.
Is a surge in Bitcoin’s price likely soon? 🚀
— Titan of Crypto (@Washigorira) September 13, 2024
Following Michael van de Poppe’s disclosure, where he thinks the current value of Bitcoin is undervalued significantly, and he anticipates a potential surge in its price, reaching anywhere from $300,000 to $600,000 during this market cycle.
His comment came in response to a quote from the world’s largest asset manager, BlackRock, which said that Bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.”
As a researcher, I’m elated to report a significant milestone: For the first time ever, the world’s leading asset manager crossed the $10 trillion threshold in asset management during the second quarter of the year. This impressive growth represents a 13% increase compared to the same period last year. Moreover, the company garnered an impressive $82 billion in net inflows.
BlackRock’s influence spans beyond conventional investment management. In fact, it owns the most substantial amount of bitcoin in public hands through its iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF). This fund currently controls over $20 billion worth of the digital currency.
According to CryptoGlobe’s report, there was a significant shift of approximately 750 million dollars’ worth of Bitcoin from centralized exchanges within just one day this week. This marks the largest daily net outflow of Bitcoin since May.
Historically, such outflows have tended to be preceded by price hikes. This is because when the quantity available for trade on exchanges decreases, it can cause a price increase, especially if the demand stays constant or increases.
In late May, a substantial withdrawal occurred, which was followed closely by a surge that pushed Bitcoin’s value up from around $68,000 to approximately $72,000 in a matter of days. On the flip side, large deposits have frequently resulted in price drops, as shown by the decline in late July and early August, based on data from IntoTheBlock.
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2024-09-17 03:12