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bitcoin price has soared 10% in the last 24 hours to trade at $62,465 at 5:40 am EST, with a 98% increase in trading volume.
Amid increased interest in the btc token, a report from on-chain market intelligence firm Glassnode indicated that over-the-counter (OTC) btc supply levels had plummeted to depletion levels.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The probability of reaching $61,000 is high given the supply restriction on the OTC counter.
The over-the-counter supply on the table is at its lowest level in 6 years, which will encourage buying $btc in the public stock market.
Institutions are here for real people! pic.twitter.com/eV4hsZOKSW
– Mikybull crypto (@MikybullCrypto) February 28, 2024
Such involvement could force institutions to purchase bitcoin on public exchanges, with the resulting demand pressure likely driving the price of bitcoin even higher. The depletion of btc tokens in the over-the-counter market is attributed to institutional demand, inspired by interest in spot btc exchange-traded fund (ETF) investment products.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin manages to reach a net income of $670 million.
Primarily, this is due to interest and the Blackrock ETF.
The price is $62,600, with incredibly strong moves before the halving.
What to look for?
If a correction occurs, my goal is to reach $46,000 or $53,000 for longs. pic.twitter.com/4l8W1ukBy7
—Michaël van de Poppe (@CryptoMichNL) February 29, 2024
So much so that Eric Balchunas, ETF specialist at Bloomberg Intelligence, recently indicated that the appeal of btc ETFs has surpassed that of gold ETFs, adding that there is a good chance that the assets under management (AUM) of bitcoin ETFs may outperform gold ETFs. in less than two years.
Gold's Pain Is bitcoin ETFs' Gain on Store of Value Smackdown… What's new to me is that gold being in the gutter is like icing on the cake for bitcoin fans who They just witnessed the largest ETF launch in history. Decent chance that bitcoin ETFs will outperform gold ETFs in aum in less than 2 years with… pic.twitter.com/rXJra1dyhF
– Eric Balchunas (@EricBalchunas) February 26, 2024
The bullish sentiment seen in bitcoin price has analysts impressed by the trajectory, with one saying, “bitcoin (price) has not seen a correction of more than 5%” for over a month. @DaanCrypto also acknowledges that bitcoin is on track to achieve its second-best February ever.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin It is on track for its second-best February ever.
The best year on record was 2013 with a gain of +62%. But back then, the price was listed at ~$30, so it was arguably MUCH less impressive. pic.twitter.com/m6Rga3rwL6
– Daan crypto Trades (@DaanCrypto) February 29, 2024
rich dad poor dad author Robert Kiyosaki says bitcoin is doing its job to dethrone the dollar and restore the integrity of money. With btc ETFs making headlines in the US market, CNBC's Mad Money host Jim Cramer says an eth ETF could be coming soon.
Given the success of the bitcoin ETF, it is quite obvious that an ethereum ETF will flourish soon
-Jim Cramer (@jimcramer) February 28, 2024
Morgan Stanley Wants a Piece of the bitcoin Spot ETF Pie
Meanwhile, Morgan Stanley, one of the world's largest financial consultancies with up to $1.3 trillion in assets under management (AUM), predicts that cryptocurrencies will disrupt the global financial system in 2024.
With this in mind, CoinDesk reported that the company is conducting due diligence on whether to add a spot bitcoin ETF product to its brokerage platform. The firm is a leader in alternative investments and private markets, with more than $150 billion in assets under management.
JUST IN: Morgan Stanley is now considering offering a place bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF to clients of its large brokerage platform. pic.twitter.com/TUQwKGkaWw
– bitcoin Magazine (@BitcoinMagazine) February 28, 2024
According to the report, the company has started adding bitcoin ETF language to its filings with the United States Securities and Exchange Commission (SEC) for its internal investment arm. Quoting an excerpt from Wednesday's presentation for the Morgan Stanley Europe Opportunity Fund, “The Fund may gain investment exposure to bitcoin indirectly through investment in bitcoin ETFs.”
Several Morgan Stanley funds have collectively been one of the largest holders of Grayscale's GBTC.
bitcoin Price Outlook as btc ETF Narrative Drives Markets
bitcoin price is trading within the supply zone that extends between $62,905 and $68,212. To confirm the continuation of the uptrend, the price must convert the resistance of $65,664 to a support level. Such a move would pave the way for the supply barrier to become a bullish switch, effectively providing the starting point for the cryptocurrency king to reclaim its all-time high above $69,000. As it stands, btc is only 9% away from its peak price.
At 87, the Relative Strength Index (RSI) shows that btc is already massively overbought. However, considering that this momentum indicator is still tilted northwards, buying pressure continues to increase. This, coupled with the strong presence of bulls in the btc market, seen with the Awesome Oscillator (AO) and moving average convergence and divergence histogram bars in positive territory, accentuates the bullish assumption.
<img decoding="async" class="aligncenter wp-image-484760 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1273″ height=”541″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Soars-10-as-Morgan-Stanley-Considers.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-29_13-38-21-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-29_13-38-21-1024×435.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-29_13-38-21-768×326.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Soars-10-as-Morgan-Stanley-Considers.png”/><img decoding="async" class="aligncenter wp-image-484760 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Soars-10-as-Morgan-Stanley-Considers.png" alt="bitcoin price” width=”1273″ height=”541″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Soars-10-as-Morgan-Stanley-Considers.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-29_13-38-21-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-29_13-38-21-1024×435.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-29_13-38-21-768×326.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
On the other hand, if the supply zone remains a resistance level, the price of bitcoin could suffer rejection. This could bring the btc price back to the $50,000 milestone.
However, as bitcoin rises, a new project called Green bitcoin is attracting more and more attention from investors.
Promising alternative to bitcoin
GBTC is the symbol of the Green bitcoin ecosystem and serves as an environmentally conscious alternative to bitcoin. It integrates the legacy of bitcoin with the characteristic ecological features of the ethereum network.
Green bitcoin is now NUMBER 1 on the BEST crypto PRE-SALES list!https://t.co/Ng4Su8wA0W
—GreenBitcoin (@GreenBTCtoken) February 27, 2024
The project features a prediction game that allows users to earn $GBTC rewards through the revolutionary Gamified Green Staking mechanism. This is called “Gamified Green Staking” and allows users to earn passive income through rewards staking.
Some analysts classify green bitcoin 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.
So far, funds raised have surpassed $1.249 million as it moves towards its goal of $1.475 million.
Investors who wish to purchase GBTC can do so on the official website. The token is currently selling for $0.5362, a price that will hold for less than five days before an increase.
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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