Bitcoin Price Prediction: BTC Eyes $60k On Ballistic 38% Pump In A Month As Fidelity Sees Bitcoin Market Cap At $1.5 Trillion, And The BlackRock BTC ETF Hits Insane Volumes

The Bitcoin price has soared 5% in the last 24 hours to trade for $59,339 as of 5:05 a.m. EST time.

With this surge, BTC is eyeing the $60,000 milestone, a level last tested on November 18, 2021.

Notably, trading volume has dropped around 8%, suggesting investors are shying away from the market. One possible reason is the enhanced risk, with some analysts saying the king of cryptocurrency is at the cusp of a correction.

Amid elevated risk levels in the BTC market, experts say a correction could see up to $300 million positions liquidated.

As reported on Tuesday, the main driver in the market now is FOMO, the fear of missing out. This follows a voluminous BTC purchase by MicroStrategy and explosive capital inflows into the BTC market. The exchange-traded funds (ETFs) narrative instigates the latter theme.

Some analysts anticipate even more FOMO, especially once the Bitcoin price passes the $60,000 milestone. This could blow millions of shorts out of the water, effectively liquidating them. If this happens, it could be the factor that catapults BTC to reclaim its all-time high of $69,000.

Dynamics Of Why Shorts Could Send Bitcoin Price Further North

If the price goes up, the stop losses of shorts are hit. In response, they buy, effectively opening new positions, with the ensuing buyer momentum propelling the Bitcoin price further north. When price goes down, the take profits of shorts are hit, so they sell, leading to an extended fall.

This is unlike the longs, who sell when their profits are hit during an uptrend, causing a price drop. The reverse is true, in that during a downtrend, their stop losses are hit, so they buy, fueling a recovery.

Bitcoin shorts

Meanwhile, Galaxy Digital CEO Mike Novogratz believes the Bitcoin price is in a discovery phase as Wall Street can now access the investment product. This is amid an ongoing frenzy about the spot ETFs that have brought BTC to the US wealth.

Despite elevated risk levels and growing FOMO, an analyst from Fidelity, which issues the FBTC ETF, says BTC could record $1.5 trillion market capitalization soon. If it happens, it would constitute a 29% move north from the current $1.16 trillion.

Elsewhere, BlackRock has seen its IBIT ETF record insane volumes, going past the Monday headline of $1.3 billion.  On Tuesday, trading volumes for the IBIT ETH skyrocketed to $1.35 billion, breaking its previous day’s record with a 3.8% surge on the day.

Bitcoin continues to be a headlining topic in the cryptocurrency investment market, with expectations for even more gains. This is as the countdown to the halving continues, standing 52 days out, according to estimates by CoinGecko.

Bitcoin Price Outlook As BTC Halving Draws Near

There is no second though to the fact that the bitcoin price is at high risk of a correction. First, BTC is already massively overbought, as seen with the Relative Strength Index (RSI) position at 79. Also, The Spent Output Profit Ratio (SOPR) is way above the 1 threshold, at 3.59 as of the time of writing. Whenever the SPOR is above 1, it means that the owners of the spent outputs are in profit at the time of the transaction.

However, with the RSI still northbound, the bulls are not showing any signs of stopping and are increasing their buyer momentum.

If they have their way, the Bitcoin price could extend a neck higher to the $60,000 milestone, likely at the break of the New York session.

For a chance to reclaim its $69,000 peak, however, Bitcoin price must manage a candlestick close above $65,664. This is the mean threshold of the supply zone extending from $63,329 and $67,999.  For the layperson, a supply zone is an area where aggressive selling is expected because of the dense seller population. Research has shown that a break and close below the midline of a supply barrier confirms the continuation of the intermediate (1-day timeframe) trend.

Bitcoin

TradingView: BTC/USDT 1-day chart

Converse Case

If profit booking overpowers buying pressure, however, the Bitcoin price could retract, likely descending past the $55,000 threshold and the $50,000 milestone. In a dire case, the downtrend could see BTC retest the $40,000 psychological level for a quick sweep of the liquidity that remains below this level.

Bitcoin liquidity

A daily candlestick close below $40,000, effectively delaying the pullback, could see the Bears take over the market. Such a move could send the Bitcoin price to the $30,000 psychological level.

However, while the BTC market is hot with the Bitcoin price at high risk of a correction, savvy investors are spreading their risk with this new ICO, Green Bitcoin. Some analysts rank it as among the best penny crypto investments, while crypto analyst and YouTuber Jacob Bury rates it one of the best crypto altcoins to buy before the 2024 Bitcoin halving.

Promising Alternative To Bitcoin

Green Bitcoin, powered by the GBTC token, comes to you amid a trending Bitcoin market, meeting users where the legacy of Bitcoin merges with the eco-friendly attributes of Ethereum. It is a predict-to-earn project that introduces the revolutionary Gamified Green Staking mechanism.

Here, participants enjoy exponential rewards and up to 100% token bonuses for the fresh challenges presented live every week. Specifically, there are daily and weekly BTC price prediction challenges, with the potential to earn attractive rewards.

Green Bitcoin also offers a unique, sustainable staking model called ‘Gamified Green Staking’, which allows users to earn passive income through staking rewards.

Investors looking to buy GBTC can do so on the official website, where it is selling for $0.4982. This price tag will only last for the next four days before a price hike. So far, presale sales have reached upwards of $1.18 million, out of a target objective of $1.247 million. Get yours today before the price increases in a little more than four days.

Visit and Buy GBTC here.

Also Read:

  • Top Cryptos with Potential for 10x Returns in 2024 – Green Bitcoin, Scotty the AI, and Frog Wif Hat
  • Bitcoin Price Prediction: BTC Soars 9% To Highest In 27 Months As BlackRock’s Bitcoin ETF Hits Record $1.3 Billion Inflow – Time To Buy BTC?
  • Why You Should Check Out Green Bitcoin (GBTC) – The Next 50x Token Taking The Market By Storm
  • Green Bitcoin (GBTC) Is A Token You Don’t Want To Miss Out – Learn About Its Gamified Green Staking

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media flak
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keeping an eye on the price
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elected
Read more