“Decide the size of your bet based on your level of confidence.”
——Ray Dalio, Founder of Bridgewater Associates (Principles)
In the previous article, it was mentioned that after Bitcoin was rejected around $69,500, the price would hover in the range of $65,000 to $70,000. In the early morning, the price of Bitcoin fell back to $65,200 and found support around this price.
As stated in yesterday's analysis, Bitcoin is likely to remain within an upward channel. Currently, the price of Bitcoin has risen to $66,700.
If the price falls and retests this level, $65,000 will once again provide further support. The pullback in Bitcoin gives us an opportunity to enter altcoins at lower prices. I expect altcoins to rebound in the coming weeks.
BlackRock's Bitcoin spot ETF--IBIT continues to make large-scale purchases of Bitcoin. Yesterday, this ETF saw a net inflow of 4,800 Bitcoins, valued at approximately $324 million. BlackRock remains optimistic about the future of Bitcoin, and its actions may signal potential growth for Bitcoin.
In the early morning downturn of the crypto market, certain altcoins performed strongly, particularly those in the Solana (SOL) ecosystem. We saw tokens like Jupiter (JUP), Raydium (RAY), and Popcat (POPCAT) outperform the market. Overall, Solana has performed well recently.
As the 2024 U.S. presidential election approaches, market volatility is expected to increase. Financial markets typically prefer certainty, and uncertainty significantly escalates when the composition of the government following the presidential election remains unclear. Overall, BlackRock's proactive positioning may indicate that Bitcoin will still play an important role in the future.
Note: All content represents the author's personal views and is not investment advice and should not be interpreted in any way as tax, accounting, legal, business, financial, or regulatory advice. You should seek independent legal and financial advice, including advice regarding tax consequences, before making any investment decisions.
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