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The price of bitcoin fell 1.5% in the last 24 hours to trade at $61,492 as of 12:45 am EST, with trading volume plummeting 35%.
The dominant theme in the market is inflows into spot btc exchange-traded funds (ETFs), the main driver of btc's 46% one-month rally.
And Bitwise, one of the issuers of investment products, says bitcoin ETFs are on the cusp of a new, larger wave of capital inflows.
CIO Bit by Bit on bitcoin Price Targets
Bitwise CIO Matt Hougan told CNBC that the first wave of interest in bitcoin ETFs came primarily from retail, hedge funds, and independent financial advisors.
The next wave will be driven by institutional players, he said, noting that institutions from Morgan Stanley to Merrill Lynch to Bank of America's Wells Fargo are now aiming to offer bitcoin ETF products to their huge institutional client bases.
BREAKING: Wells Fargo and Bank of America's Merrill are pushing bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF to clients! pic.twitter.com/trORFyrmSD
– bitcoin Archive (@BTC_Archive) February 29, 2024
Hougan added that there is too much demand for bitcoin and not enough supply right now, a view shared by MicroStrategy CEO Michael Saylor.
“With bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Right now… there is too much demand and not enough supply.” – Matt Hougan, CIO of Bitwise pic.twitter.com/1B0joUQ1Pp
—Michael Saylor (@saylor) February 29, 2024
With institutional investors finally getting easy access to bitcoin investments, Hougan says bitcoin ETFs have unleashed a “new era of price discovery” for the king of cryptocurrencies.
$btc It is in the price discovery phase. Perhaps this is truly the first time since it has been an asset, as most of America's wealth is now within easy reach. It is difficult to predict where we will stop.
-Mike Novogratz (@novogratz) February 28, 2024
Hougan said the next wave of institutional interest could drive the price of bitcoin “substantially higher.” It could potentially surpass Bitwise's initial 2024 forecast of $80,000, reaching between $100,000 and $200,000 or even higher, he said.
btc Market Outlook as Hougan Anticipates New Era of bitcoin Price Discovery
bitcoin price is trading with a bullish bias despite Wednesday's correction. The level to overcome remains the average threshold of the supply barrier between $62,905 and $68,212, that is, $65,664. Since the market still favors the upside, bitcoin price could have another chance in this zone of supplier congestion. A breakout and close above the midline would pave the way for prolonged gains, giving btc a chance to retake its all-time high of $69,000.
Looking at the Relative Strength Index (RSI), btc is already massively overbought at 81. However, until the RSI closes below the midline of 70, the king of cryptocurrencies is not ready to sell. The RSI tilting north suggests growing momentum from buyers, which could push btc further north.
The moving average convergence and divergence (MACD) is also above its signal line (orange band), accentuating the bullish thesis. Its flashing green histogram bars, similar to those of the Awesome Oscillator, solidify the bulls' presence in the market.
<img decoding="async" class="aligncenter wp-image-485023 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="btc” width=”1273″ height=”541″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-Bitwise-Sees-39Even-Bigger39-Future-Inflows.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-02-29_19-01-03-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-02-29_19-01-03-1024×435.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-02-29_19-01-03-768×326.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-Bitwise-Sees-39Even-Bigger39-Future-Inflows.png”/><img decoding="async" class="aligncenter wp-image-485023 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-Bitwise-Sees-39Even-Bigger39-Future-Inflows.png" alt="btc” width=”1273″ height=”541″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-Bitwise-Sees-39Even-Bigger39-Future-Inflows.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-02-29_19-01-03-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-02-29_19-01-03-1024×435.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-02-29_19-01-03-768×326.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
On the other hand, further seller momentum could see bitcoin price extend the decline below the psychological level of $60,000. A break of this threshold could see btc fall to $55,000 or, worse yet, decline to $50,000.
However, with the price of bitcoin facing a formidable supply barrier, investors might want to consider diversifying some of their profits into a new ICO, GBTC, which offers greater upside potential.
Promising alternative to bitcoin
After raising over $1.3 million from investors attracted by the allure of bitcoin's current bull run, GBTC is on a roll. It is the symbol of the Green bitcoin ecosystem, a profit prediction project built on top of ethereum infrastructure using the ERC-20 token standard.
It is a gamified betting platform where participants earn rewards by predicting bitcoin price action.
Some analysts place it among the crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>best penny cryptocurrency investmentswhile crypto analyst and YouTuber Jacob Bury rates it as one of the best alternative cryptocurrencies to buy ahead of the bitcoin halving in 2024.
By combining staking with a gamified prediction platform for cryptocurrency enthusiasts, there are exponential rewards for GBTC holders and token bonuses of up to 100% for new challenges presented live each week.
There are daily and weekly btc price prediction challenges that offer attractive rewards.
Experts weigh in on GBTC!
bitcoin Price to Reach $200,000 by 2025: Standard Chartered: Can Green bitcoin Overtake btc?https://t.co/w2mT4kp0fo
—GreenBitcoin (@GreenBTCtoken) February 19, 2024
The project also features a sustainable staking model called 'Gamified Green Staking' where users can earn passive income through reward staking. The initiative takes a sustainable approach and attracts eco-conscious investors and ESG-focused institutions.
Green bitcoin leverages the ethereum network's energy-efficient proof-of-stake mechanism, resulting in a notable 10,000x reduction in energy consumption compared to bitcoin's proof-of-work model.
Did you know you can win HUGE just by staking your green bitcoin?
If you haven't already, visit our website and check out the Staking feature. pic.twitter.com/6wiv99ER0O
—GreenBitcoin (@GreenBTCtoken) February 25, 2024
Investors who wish to purchase GBTC can do so on the official website, where it is sold for $0.5362. This price will only last for the next four days before a price increase. So far, pre-sale sales have reached more than $1.3 million of a target of $1.475 million.
Get yours today before the price goes up in just over four days.
NEW STAGE IS LIVE!
Join the Green Revolution before it's too late! pic.twitter.com/tptpN72nNo
—GreenBitcoin (@GreenBTCtoken) February 23, 2024
Visit and buy GBTC here.
Also read:
Green bitcoin: gamified green bet
- Contract audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict to Win – Featured on Cointelegraph
- Staking Rewards and Token Bonuses
- $1+ Million Raised
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