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đ Bitcoin to $55,000 in 2024? Unveiling the Factors Driving the Bullish Predictions!
In the realm of cryptocurrency, analysts are painting an optimistic picture, asserting that Bitcoin is poised to hit $55,000 in 2024. Here's a breakdown of why this projection is gaining traction:
đ Institutional Adoption Fueling the Surge
Major players like Tesla, Square, and MicroStrategy have plunged into Bitcoin, contributing to its increasing legitimacy. This institutional embrace not only validates Bitcoin but also attracts a broader spectrum of investors.
đ Key Drivers of the 2023 Rally
Experts attribute the recent surge in digital assets, particularly Bitcoin, to a confluence of factors. The pending SEC approval of spot Bitcoin ETFs, changing monetary strategies by central banks, closure of major crypto exchanges, and the overarching FOMO sentiment have all played a role in propelling Bitcoin to new heights.
đĄ Bitcoin as the New Gold in Five Years?
Cathie Wood of Ark Invest sees promising signs for Bitcoin's future, particularly with the potential SEC approval of a spot ETF in January. Wood predicts that Bitcoin will not only sustain its 2023 momentum into 2024 but also transform into an investment akin to physical gold within the next five years. She envisions a scenario where Bitcoin could even serve as fiat money in emerging economies.
â° Anticipation for the Bitcoin Halving in 2024
XTB analysts highlight the eagerly awaited Bitcoin halving in 2024. This event, occurring every four years, entails a halving of the Bitcoins awarded to miners as a reward. With demand stable, this mechanism typically propels the cryptocurrency's value upward.
đŒ Institutionalization: A Catalyst for Bitcoin's Rise
IG posits that Bitcoin's growing institutionalization as a financial instrument will be a pivotal force driving gains in the first half of 2024, culminating in a reasonable target of $55,000.
đ Ready for the Bitcoin Revolution? Stay Informed, Follow The Blockopedia for Real-Time Updates!
#BitcoinETFs! #BitcoinPriceDrop #BitcoinSurge #cryptocurrency #crypto2024
In the realm of cryptocurrency, analysts are painting an optimistic picture, asserting that Bitcoin is poised to hit $55,000 in 2024. Here's a breakdown of why this projection is gaining traction:
đ Institutional Adoption Fueling the Surge
Major players like Tesla, Square, and MicroStrategy have plunged into Bitcoin, contributing to its increasing legitimacy. This institutional embrace not only validates Bitcoin but also attracts a broader spectrum of investors.
đ Key Drivers of the 2023 Rally
Experts attribute the recent surge in digital assets, particularly Bitcoin, to a confluence of factors. The pending SEC approval of spot Bitcoin ETFs, changing monetary strategies by central banks, closure of major crypto exchanges, and the overarching FOMO sentiment have all played a role in propelling Bitcoin to new heights.
đĄ Bitcoin as the New Gold in Five Years?
Cathie Wood of Ark Invest sees promising signs for Bitcoin's future, particularly with the potential SEC approval of a spot ETF in January. Wood predicts that Bitcoin will not only sustain its 2023 momentum into 2024 but also transform into an investment akin to physical gold within the next five years. She envisions a scenario where Bitcoin could even serve as fiat money in emerging economies.
â° Anticipation for the Bitcoin Halving in 2024
XTB analysts highlight the eagerly awaited Bitcoin halving in 2024. This event, occurring every four years, entails a halving of the Bitcoins awarded to miners as a reward. With demand stable, this mechanism typically propels the cryptocurrency's value upward.
đŒ Institutionalization: A Catalyst for Bitcoin's Rise
IG posits that Bitcoin's growing institutionalization as a financial instrument will be a pivotal force driving gains in the first half of 2024, culminating in a reasonable target of $55,000.
đ Ready for the Bitcoin Revolution? Stay Informed, Follow The Blockopedia for Real-Time Updates!
#BitcoinETFs! #BitcoinPriceDrop #BitcoinSurge #cryptocurrency #crypto2024
#bitcoin âŻâŻâŻ pumping but #altcoins dumping
Clear volatile market , Donât Trust big pumps â
#BitcoinPriceDrop
Clear volatile market , Donât Trust big pumps â
#BitcoinPriceDrop
Bitcoin post-Christmas dip under $43k triggers marketwide liquidation of $170MđŻ
BTC's price showed weakness during the past day despite the prevailing market optimism.The crypto market faced significant liquidations of nearly $170 million post-Christmas, triggered by a slight decline in the values of major cryptocurrencies.Data from CoinMarketCap indicates that the largest cryptocurrency by market capitalization, Bitcoin, declined 1.18% to $42,639, reminiscent of its run in the previous week.Similarly Ethereum and other large-cap alternative cryptocurrencies like Tron, Avalanche, XRP, and others recorded slight losses during the reporting period.Conversaly, some digital assets like Binance-backed BNB, high-flying Solana, and ORDI showed strength with gains of 5%, 3%, and 13%, respectively.Solana SOL and ORDI are two of the best-performing digital assets of the current year. These cryptocurrencies have generated much interest and adoption from the crypto community heavily investing in them.$170M liquidatedCoinglass data shows that these asset price movements liquidated $168 million across all assets from more than 70,000 crypto traders during the past day. Long position holdersâtraders betting on price increasesâlost $92.16 million, while traders with bearish sentiments were liquidated $76 million during the reporting period.Across assets, speculators on BTC price saw the most losses of about $26 million within the last 24 hours, with long traders losing $12.48 million and short positions losing $13.03 million. Notably, the most significant single liquidation order was a $3.15 million long BTC position held on BitMEX.Similarly, Ethereum traders faced around $21 million in losses, while Solana traders also lost approximately $24 million, with most losses suffered by long traders.Traders speculating on ORDI price also experienced losses totaling about $22 million. Long traders of the token faced losses of approximately $7.5 million, while those betting against its price lost $13.83 million.Meanwhile crypto traders using the embattled Binance platform accounted for more than 40% of the total losses suffered in the market. The exchange users lost $72.25 million, followed by OKX with $51.65 million.Additionaly traders on Bybit were liquidated for $22.92 million, while Huobi users incurred a total loss of $17.51 million.#BinanceChristmasïżŒ #BinanceTournament #BitcoinPriceDrop #Osmy_CryptoZ
đ Bitcoin Miners Sell Over 3,000 BTC, Sparking Speculation of an Impending BTC Price Drop
đ Bitcoin Supply Surge Sparks Concerns of Impending Price Drop
After a robust fourth-quarter rally, Bitcoin's recent price movements suggest a potential short-term reversal. The psychological resistance zone of $42k to $44.5k has prompted profit-taking from both short-term holders and Bitcoin miners. Additionally, Bitcoin dominance has slipped below the critical 52 percent support level, marked by a weekly double top and bearish RSI divergence.
đč Bitcoin Miners' Reserve Declines Dramatically
Recent market data from CryptoQuant reveals a concerning trend in Bitcoin miners' reserves. Since the start of December, these reserves have plummeted, with a notable sell-off of 3,000 BTC in the past 24 hours alone. However, MicroStrategy stepped in to absorb a significant portion of this sell-off, acquiring an additional 14,620 Bitcoins.
đ Sell the News Narrative: Ark 21Shares Bitcoin Spot ETF Decision Looms
With less than two weeks until the Ark 21Shares Bitcoin spot ETF decision, CryptoQuant speculates that savvy crypto traders might engage in a "sell the news" strategy to capitalize on the anticipated hype. The uncertainty surrounding the ETF's approval, especially with a recent amendment to the application, adds to the intrigue.
đ Bitcoin Price Outlook and Potential Correction
Bitcoin's price is showing signs of a daily double top and bearish RSI divergence, increasing the likelihood of a reversal below $40k. However, amid these short-term concerns, the impending golden cross between the 50 and 200 Moving Averages signals bullish control in the long term. This suggests that any correction in Bitcoin's price may not be severe or long-lasting, particularly with the fourth halving on the horizon.
đ Stay Informed: Follow The Blockopedia for Real-time Crypto Updates!
#BitcoinETFs! #BitcoinPriceDrop #ETFApproval2024 #cryptocurrency #crypto2023
đ Bitcoin Supply Surge Sparks Concerns of Impending Price Drop
After a robust fourth-quarter rally, Bitcoin's recent price movements suggest a potential short-term reversal. The psychological resistance zone of $42k to $44.5k has prompted profit-taking from both short-term holders and Bitcoin miners. Additionally, Bitcoin dominance has slipped below the critical 52 percent support level, marked by a weekly double top and bearish RSI divergence.
đč Bitcoin Miners' Reserve Declines Dramatically
Recent market data from CryptoQuant reveals a concerning trend in Bitcoin miners' reserves. Since the start of December, these reserves have plummeted, with a notable sell-off of 3,000 BTC in the past 24 hours alone. However, MicroStrategy stepped in to absorb a significant portion of this sell-off, acquiring an additional 14,620 Bitcoins.
đ Sell the News Narrative: Ark 21Shares Bitcoin Spot ETF Decision Looms
With less than two weeks until the Ark 21Shares Bitcoin spot ETF decision, CryptoQuant speculates that savvy crypto traders might engage in a "sell the news" strategy to capitalize on the anticipated hype. The uncertainty surrounding the ETF's approval, especially with a recent amendment to the application, adds to the intrigue.
đ Bitcoin Price Outlook and Potential Correction
Bitcoin's price is showing signs of a daily double top and bearish RSI divergence, increasing the likelihood of a reversal below $40k. However, amid these short-term concerns, the impending golden cross between the 50 and 200 Moving Averages signals bullish control in the long term. This suggests that any correction in Bitcoin's price may not be severe or long-lasting, particularly with the fourth halving on the horizon.
đ Stay Informed: Follow The Blockopedia for Real-time Crypto Updates!
#BitcoinETFs! #BitcoinPriceDrop #ETFApproval2024 #cryptocurrency #crypto2023
đšEMERGENCY UPDATE #BTC :
$BTC SELLERS HAVE STRONG POSITION HERE- If buyers allows them to get below price from 44850i in 4H Candles You Can See the Price of in upcoming days around 39K - & 35K
if buyers Gain the Position & coming infront of Sellers & Gain Position over on 45K - then in next Few Hours ! Rally Coming to 48K
this our 2nd Channel & our Previous Channel @HAXNO CRYPTO is Banned by Binance due to 1 Mistake - Helps Us To Gain That Position Again We Have 30K Followers in Previous Channel !
#crypto2024 #ETH #BitcoinETFs! #BitcoinPriceDrop
$BTC SELLERS HAVE STRONG POSITION HERE- If buyers allows them to get below price from 44850i in 4H Candles You Can See the Price of in upcoming days around 39K - & 35K
if buyers Gain the Position & coming infront of Sellers & Gain Position over on 45K - then in next Few Hours ! Rally Coming to 48K
this our 2nd Channel & our Previous Channel @HAXNO CRYPTO is Banned by Binance due to 1 Mistake - Helps Us To Gain That Position Again We Have 30K Followers in Previous Channel !
#crypto2024 #ETH #BitcoinETFs! #BitcoinPriceDrop
The strategy involves re-entering the auction at the prevailing market price, while implementing a stop-loss order set at $21.55. This approach aims to optimize entry points while mitigating potential losses, adhering to a disciplined risk management strategy within the dynamic market conditions.
#Cryptocurrency.traders #Crypto #BitcoinPriceDrop $AUCTION
#Cryptocurrency.traders #Crypto #BitcoinPriceDrop $AUCTION
LIVECRYPTOMOJO
--
"AUCTION/USDT Long Alert đ
AUCTION above solid support, potential rebound.đ Entry: Current Price (CMP), accumulate in green.đč Targets: Aiming for 20% to 20% gains.âïž Stop Loss (SL): Set at $22.7.đ Leverage: 5x to 10x.đ R:R (Risk-Reward Ratio): 1:6.Use leverage wisely, DYOR.Not financial advice. #Crypto #AUCTION/USDT
#USDTUpdate #CryptoTrading"
AUCTION above solid support, potential rebound.đ Entry: Current Price (CMP), accumulate in green.đč Targets: Aiming for 20% to 20% gains.âïž Stop Loss (SL): Set at $22.7.đ Leverage: 5x to 10x.đ R:R (Risk-Reward Ratio): 1:6.Use leverage wisely, DYOR.Not financial advice. #Crypto #AUCTION/USDT
#USDTUpdate #CryptoTrading"
đ Only 39% of financial advisers believe a Bitcoin ETF will be approved in 2024đ€đ
While the crypto community eagerly anticipates the approval of a spot Bitcoin ETF in the U.S., a recent survey by Bitwise, a leading ETF issuer, paints a cautious picture. Published on Jan. 4, the survey reveals that only 39% of U.S.-based financial advisers believe a Bitcoin ETF will get the green light this year.
đ 2024 Approval: A Minority View - Contrary to some optimistic expectations, only 39% of surveyed financial advisers foresee a Bitcoin ETF approval in 2024. This skepticism is notably lower than projections by certain experts who anticipated approval by Jan. 10.
đ°ïž Timing Expectations - While 22% anticipate approval in 2025, 24% believe it will happen "after 2025." Interestingly, 2% were optimistic about 2023, although this prediction did not materialize. In total, 87% expect eventual approval, while 12% believe it will never happen.
đ Eager Anticipation Despite Doubts - Despite the skepticism, many advisers express eagerness for ETF approval, signaling a potential shift in their approach to Bitcoin investments. Some advisers expressed interest in buying Bitcoin for themselves or their clients for the first time.
đ€ Preferential Timing for Buying - When asked about their preference for purchasing Bitcoin, 88% of those interested indicated they would prefer to buy "after a spot Bitcoin ETF is approved in the U.S."
đ Background and Context
For years, the quest for a spot Bitcoin ETF in the U.S. has faced challenges, with issuers grappling with the SEC's stringent approval process. Grayscale's successful appeal in August 2023 reignited hopes, leading experts to predict imminent approval. The SEC has a looming deadline of Jan. 10 to decide on the ARK 21 Shares spot Bitcoin ETF, adding to the anticipation.
đ Stay Informed, Stay Ahead! Follow The Blockopedia for the Latest Crypto Insights! đđĄ
#BitcoinPriceDrop #ETFApproval2024 #ETFApprovalDreams #cryptocurrency #crypto2024
While the crypto community eagerly anticipates the approval of a spot Bitcoin ETF in the U.S., a recent survey by Bitwise, a leading ETF issuer, paints a cautious picture. Published on Jan. 4, the survey reveals that only 39% of U.S.-based financial advisers believe a Bitcoin ETF will get the green light this year.
đ 2024 Approval: A Minority View - Contrary to some optimistic expectations, only 39% of surveyed financial advisers foresee a Bitcoin ETF approval in 2024. This skepticism is notably lower than projections by certain experts who anticipated approval by Jan. 10.
đ°ïž Timing Expectations - While 22% anticipate approval in 2025, 24% believe it will happen "after 2025." Interestingly, 2% were optimistic about 2023, although this prediction did not materialize. In total, 87% expect eventual approval, while 12% believe it will never happen.
đ Eager Anticipation Despite Doubts - Despite the skepticism, many advisers express eagerness for ETF approval, signaling a potential shift in their approach to Bitcoin investments. Some advisers expressed interest in buying Bitcoin for themselves or their clients for the first time.
đ€ Preferential Timing for Buying - When asked about their preference for purchasing Bitcoin, 88% of those interested indicated they would prefer to buy "after a spot Bitcoin ETF is approved in the U.S."
đ Background and Context
For years, the quest for a spot Bitcoin ETF in the U.S. has faced challenges, with issuers grappling with the SEC's stringent approval process. Grayscale's successful appeal in August 2023 reignited hopes, leading experts to predict imminent approval. The SEC has a looming deadline of Jan. 10 to decide on the ARK 21 Shares spot Bitcoin ETF, adding to the anticipation.
đ Stay Informed, Stay Ahead! Follow The Blockopedia for the Latest Crypto Insights! đđĄ
#BitcoinPriceDrop #ETFApproval2024 #ETFApprovalDreams #cryptocurrency #crypto2024
**Breaking News:** đ BTC experienced a sudden 1.52% drop in the last 5 minutes on the Binance USDT market, with the current price at $42,839.54. đđ #BitcoinPriceDrop
đ Bitwise Makes a Splash in Spot Bitcoin ETF Race with $200 Million Seed Fund
As the race for approval of Spot Bitcoin ETFs intensifies, asset manager Bitwise is emerging as a strong contender, potentially surpassing even the giant BlackRock in seed funds for their respective ETFs.
Bitwise's Bitcoin ETF Gains Momentum:
In a recent amendment to its S-1 filing with the Securities and Exchange Commission (SEC), Bitwise revealed a substantial development. An investor has expressed interest in seeding Bitwise's ETF with a whopping $200 million upon launch. This move, as highlighted by Bloomberg analyst Eric Balchunas, significantly outpaces BlackRock's initial seed fund of $10 million, describing it as a "huge help" for Bitwise in the early stages of the competition.
Early Advantage in the Race:
The simultaneous potential approval of multiple ETF applications by the SEC makes this sizable seed fund a strategic advantage for Bitwise. Creating $200 million worth of shares allows Bitwise to be well-positioned to meet client demands from the outset, potentially giving it a head start in the ETF race.
Strategic Move for Public Interest:
Bitwise has been assertive in its intention to lead the way from the start, evident in its Bitcoin ETF commercial. The $200 million seed fund not only positions Bitwise favorably among competitors but also generates early interest and establishes it as a preferred choice among investors before the official launch.
AP Mystery and Strategic Silence:
Interestingly, Bitwise did not disclose the authorized participant (AP) for its ETF in the filing. The AP acts as a crucial intermediary between the ETF investor and issuer, responsible for creating and redeeming ETF shares.
đ Stay tuned for more updates on the evolving landscape of Bitcoin ETFs. Follow The Blockopedia for real-time insights into the crypto market! đ
#BitcoinETFs! #BitcoinPriceDrop #BitcoinOnEthereum
#cryptocurrency #crypto2024
As the race for approval of Spot Bitcoin ETFs intensifies, asset manager Bitwise is emerging as a strong contender, potentially surpassing even the giant BlackRock in seed funds for their respective ETFs.
Bitwise's Bitcoin ETF Gains Momentum:
In a recent amendment to its S-1 filing with the Securities and Exchange Commission (SEC), Bitwise revealed a substantial development. An investor has expressed interest in seeding Bitwise's ETF with a whopping $200 million upon launch. This move, as highlighted by Bloomberg analyst Eric Balchunas, significantly outpaces BlackRock's initial seed fund of $10 million, describing it as a "huge help" for Bitwise in the early stages of the competition.
Early Advantage in the Race:
The simultaneous potential approval of multiple ETF applications by the SEC makes this sizable seed fund a strategic advantage for Bitwise. Creating $200 million worth of shares allows Bitwise to be well-positioned to meet client demands from the outset, potentially giving it a head start in the ETF race.
Strategic Move for Public Interest:
Bitwise has been assertive in its intention to lead the way from the start, evident in its Bitcoin ETF commercial. The $200 million seed fund not only positions Bitwise favorably among competitors but also generates early interest and establishes it as a preferred choice among investors before the official launch.
AP Mystery and Strategic Silence:
Interestingly, Bitwise did not disclose the authorized participant (AP) for its ETF in the filing. The AP acts as a crucial intermediary between the ETF investor and issuer, responsible for creating and redeeming ETF shares.
đ Stay tuned for more updates on the evolving landscape of Bitcoin ETFs. Follow The Blockopedia for real-time insights into the crypto market! đ
#BitcoinETFs! #BitcoinPriceDrop #BitcoinOnEthereum
#cryptocurrency #crypto2024
**Breaking News:** đ BTC encounters a rapid 1.52% decline in the last 5 minutes on the Binance USDT market, with the current price at $42,839.54. đđ #BitcoinPriceDrop
đ Total Liquidations
âŸ1hour: $485 million
âŸ4hour: $517 million
âŸ12hour: $535 million
âŸ24hour: $615 million
âŸIn the past 24 hours , 1,73,275 traders were liquidated.
âŸThe largest single liquidation order happened on Huobi - BTC-USDT value $14.26 million
#BTC #CryptoPredictions2024 #etf #BitcoinETFs! #BitcoinPriceDrop
âŸ1hour: $485 million
âŸ4hour: $517 million
âŸ12hour: $535 million
âŸ24hour: $615 million
âŸIn the past 24 hours , 1,73,275 traders were liquidated.
âŸThe largest single liquidation order happened on Huobi - BTC-USDT value $14.26 million
#BTC #CryptoPredictions2024 #etf #BitcoinETFs! #BitcoinPriceDrop
$MUBI (Update)
Current perspective đ€
@cryptobreakout_trader #cryptocurency #BitcoinPriceDrop #BTCETFSPOT #AltcoinsUnder1Dollar #AltcoinPredictions $ETH $BNB $BTC
Current perspective đ€
@cryptobreakout_trader #cryptocurency #BitcoinPriceDrop #BTCETFSPOT #AltcoinsUnder1Dollar #AltcoinPredictions $ETH $BNB $BTC
đ $BTC faces potential downside as CryptoQuant's latest analysis shows Short-Term Holders (STHs) may soon take profits.
â ïž The STH-SOPR metric indicates a selling trend among #investors hodling for â€155 days.
#STHs #BitcoinPrice2024 #BitcoinPrediction #BitcoinPriceDrop
â ïž The STH-SOPR metric indicates a selling trend among #investors hodling for â€155 days.
#STHs #BitcoinPrice2024 #BitcoinPrediction #BitcoinPriceDrop
Crypto Trader The Capo predicts another dramatic crash for #Bitcoin
đ Crypto Trader The Capo predicts another dramatic crash for #Bitcoin đ°forecasting a plunge down to the $12,000 mark in 2024.
#CryptoPilot #BTC #BitcoinPriceDrop #BitcoinPrice2024 #BitcoinPricePredictions
#CryptoPilot #BTC #BitcoinPriceDrop #BitcoinPrice2024 #BitcoinPricePredictions
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đšFlash: The price of Bitcoin (BTC) fell 6.8% between January 11 and 12, confirming the bearish theory of a selling event following the approval of a spot BTC ETF. Bitcoin miners may feel pressure to sell some of their holdings as the halving is less than 100 days away. However, CryptoQuant data shows that spikes in miners' BTC transfers coincided with past price lows. Do you think investors are becoming bearish? Comments below! đđŹ
#BAISSE #BitcoinPriceDrop #BTC
#BAISSE #BitcoinPriceDrop #BTC
Technical Analysis: Bearish Divergence in Bitcoin's Daily Chart. Is Pullback Next?
Introduction:
In this comprehensive technical analysis, we examine the current daily chart of Bitcoin, focusing on the Relative Strength Index ( #RSI ) indicator. The analysis aims to identify potential bearish divergence and provide insights into key support and resistance levels, along with possible scenarios for Bitcoin's next moves.
Bearish Divergence Overview:
Upon careful examination of the chart, a noteworthy bearish divergence has emerged. While Bitcoin's price has been forming higher highs since December 22nd (indicated by blue arrows), the RSI indicator has simultaneously formed lower highs during the same period (highlighted by red arrows). This divergence signals a potential weakening of bullish momentum, suggesting the likelihood of an impending pullback or correction.
Key Support and Resistance Levels:
Support Levels:
$40,625: Current daily pivot point.$39,200: Recent high from December 25th.$38,200: 20-day moving average.
Resistance Levels:
$42,377: Current price as of December 30, 2023.$43,000: Psychological resistance level.$44,850: Upper Bollinger Band.
Possible Next Moves and Percentage Chances:
Bullish Scenario (30% Probability):
If Bitcoin maintains support above $42,377, there's a possibility of continued upward momentum, targeting $44,850 or higher. However, this scenario seems less likely in the short term due to the observed bearish divergence.
Bearish Scenario (70% Probability):
A break below the $40,625 support level could lead to a further correction towards $39,200 or even $38,200. This scenario holds a higher probability given the bearish divergence and technical resistance levels.
Important Caveats:
Technical analysis is not foolproof; consider it as one tool among others for trading decisions.
External factors such as fundamental news, market sentiment, and regulatory developments can influence Bitcoin's price.
Additional technical indicators, like MACD or Stochastic Oscillator, can be used to confirm signals.
Employ risk management practices, including setting stop-loss orders, to mitigate potential losses.
Recommendations:
Prioritize risk management and trade responsibly.
Utilize a combination of technical and fundamental analysis for well-informed decisions.
Conduct thorough research before executing any trading strategies.
Closing Remarks:
This analysis aims to provide a professional and insightful perspective on Bitcoin's current price action. Always exercise diligence and discretion in your trading decisions, keeping risk management at the forefront of your strategy.
$BTC #BitcoinUpdate #BitcoinPriceDrop #TechnicalAnalysis
In this comprehensive technical analysis, we examine the current daily chart of Bitcoin, focusing on the Relative Strength Index ( #RSI ) indicator. The analysis aims to identify potential bearish divergence and provide insights into key support and resistance levels, along with possible scenarios for Bitcoin's next moves.
Bearish Divergence Overview:
Upon careful examination of the chart, a noteworthy bearish divergence has emerged. While Bitcoin's price has been forming higher highs since December 22nd (indicated by blue arrows), the RSI indicator has simultaneously formed lower highs during the same period (highlighted by red arrows). This divergence signals a potential weakening of bullish momentum, suggesting the likelihood of an impending pullback or correction.
Key Support and Resistance Levels:
Support Levels:
$40,625: Current daily pivot point.$39,200: Recent high from December 25th.$38,200: 20-day moving average.
Resistance Levels:
$42,377: Current price as of December 30, 2023.$43,000: Psychological resistance level.$44,850: Upper Bollinger Band.
Possible Next Moves and Percentage Chances:
Bullish Scenario (30% Probability):
If Bitcoin maintains support above $42,377, there's a possibility of continued upward momentum, targeting $44,850 or higher. However, this scenario seems less likely in the short term due to the observed bearish divergence.
Bearish Scenario (70% Probability):
A break below the $40,625 support level could lead to a further correction towards $39,200 or even $38,200. This scenario holds a higher probability given the bearish divergence and technical resistance levels.
Important Caveats:
Technical analysis is not foolproof; consider it as one tool among others for trading decisions.
External factors such as fundamental news, market sentiment, and regulatory developments can influence Bitcoin's price.
Additional technical indicators, like MACD or Stochastic Oscillator, can be used to confirm signals.
Employ risk management practices, including setting stop-loss orders, to mitigate potential losses.
Recommendations:
Prioritize risk management and trade responsibly.
Utilize a combination of technical and fundamental analysis for well-informed decisions.
Conduct thorough research before executing any trading strategies.
Closing Remarks:
This analysis aims to provide a professional and insightful perspective on Bitcoin's current price action. Always exercise diligence and discretion in your trading decisions, keeping risk management at the forefront of your strategy.
$BTC #BitcoinUpdate #BitcoinPriceDrop #TechnicalAnalysis
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ARK Invest Trims Coinbase Holdings While Doubling Down on Bitcoin Investments
- ARK Invest reduces Coinbase holdings by $25 million on January 3, part of a series of sales since December 2021 totaling over $225 million.
- The investment firm maintains interest in crypto but pivots from company stocks to Bitcoin ETFs.
- This shift implies ARK Invest's confidence in Bitcoin's long-term prospects, prioritizing it over Coinbase and Robinhood for 2024.
Over the past few weeks, ARK Invest, a leading investment firm, has been rapidly offloading its shares of Coinbase Global Inc., signaling a significant shift in their investment strategy. This year alone, the company has sold over $225 million worth of Coinbase shares since December 2021.
In a series of transactions, ARK Invest sold 166,183 COIN shares on January 3rd, totaling around $25.3 million, from its ARK Next Generation Internet ETF (ARKW) and ARK Innovation ETF (ARKK). This follows a pattern set in December 2021, where the company liquidated COIN shares valued at over $200 million across various ETFs, including the ARK Fintech Innovation ETF (ARKF).
These consistent sales indicate a notable departure from ARK Investâs previous bullish stance on Coinbase. Initially an enthusiastic investor during Coinbase's IPO in April 2021, ARK Invest was among the first institutional backers of the exchange, praising its potential to democratize the crypto market. However, the stockâs volatility, fluctuating between $150 and $429, prompted ARK Invest to aggressively divest.
Notably, ARK Invest has also been shedding holdings in other crypto-related stocks, such as Robinhood and the Grayscale Bitcoin Trust (GBTC). They offloaded 23,606 shares of Robinhood valued at approximately $300,000, along with 3,360 Coinbase shares worth over $580,000. Moreover, the liquidation of 2.25 million GBTC shares, approximately $81 million, funded investments in new Bitcoin ETFs launched in October 2021.
Despite divesting from Coinbase and Robinhood, ARK Invest continues to showcase unwavering confidence in cryptocurrencies, particularly Bitcoin and Ethereum. Their strategic shift towards Bitcoin investments via new ETFs, alongside their pursuit of a Bitcoin ETF in collaboration with 21Shares, underlines their optimistic outlook for the crypto market in 2024.
Itâs crucial to note that cryptocurrencies are highly volatile assets. While ARK Investâs actions may indicate their belief in Bitcoinâs potential, individuals should conduct thorough research and exercise caution when making financial decisions in this space.
#ARK #Bitcoin #BTC/Update #BitcoinPriceDrop #BitcoinETFUpdate
$BTC
- The investment firm maintains interest in crypto but pivots from company stocks to Bitcoin ETFs.
- This shift implies ARK Invest's confidence in Bitcoin's long-term prospects, prioritizing it over Coinbase and Robinhood for 2024.
Over the past few weeks, ARK Invest, a leading investment firm, has been rapidly offloading its shares of Coinbase Global Inc., signaling a significant shift in their investment strategy. This year alone, the company has sold over $225 million worth of Coinbase shares since December 2021.
In a series of transactions, ARK Invest sold 166,183 COIN shares on January 3rd, totaling around $25.3 million, from its ARK Next Generation Internet ETF (ARKW) and ARK Innovation ETF (ARKK). This follows a pattern set in December 2021, where the company liquidated COIN shares valued at over $200 million across various ETFs, including the ARK Fintech Innovation ETF (ARKF).
These consistent sales indicate a notable departure from ARK Investâs previous bullish stance on Coinbase. Initially an enthusiastic investor during Coinbase's IPO in April 2021, ARK Invest was among the first institutional backers of the exchange, praising its potential to democratize the crypto market. However, the stockâs volatility, fluctuating between $150 and $429, prompted ARK Invest to aggressively divest.
Notably, ARK Invest has also been shedding holdings in other crypto-related stocks, such as Robinhood and the Grayscale Bitcoin Trust (GBTC). They offloaded 23,606 shares of Robinhood valued at approximately $300,000, along with 3,360 Coinbase shares worth over $580,000. Moreover, the liquidation of 2.25 million GBTC shares, approximately $81 million, funded investments in new Bitcoin ETFs launched in October 2021.
Despite divesting from Coinbase and Robinhood, ARK Invest continues to showcase unwavering confidence in cryptocurrencies, particularly Bitcoin and Ethereum. Their strategic shift towards Bitcoin investments via new ETFs, alongside their pursuit of a Bitcoin ETF in collaboration with 21Shares, underlines their optimistic outlook for the crypto market in 2024.
Itâs crucial to note that cryptocurrencies are highly volatile assets. While ARK Investâs actions may indicate their belief in Bitcoinâs potential, individuals should conduct thorough research and exercise caution when making financial decisions in this space.
#ARK #Bitcoin #BTC/Update #BitcoinPriceDrop #BitcoinETFUpdate
$BTC
