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The price of bitcoin skyrocketed 4% in the last 24 hours to trade at $46,717 at 6:30 a.m. EST, with trading volume increasing 20%.
It comes as btc bulls show strength, breaking a multi-week consolidation while btc traded horizontally between January 27 and February 6. The show of strength seen in the price of bitcoin is due to btc ETFs (exchange-traded funds) proving more attractive compared to alternatives in China, Europe and Canada.
“(The) next wave of US ETF bulls coming from overseas as global funds lag. It's not just Chinese investors, but locals from Europe and Canada are also rushing to buy US-focused ETFs.” “U.S.,” said Eric Balchunas, ETF analyst at Bloomberg Intelligence. “The flow percentages (are) much higher than the aum (assets under management) percentages for most regions.”
The next wave of US ETF bulls is coming from abroad as global funds lag: It's not just China investors, but locals from Europe and Canada are also rushing to buy US-focused ETFs. USA, as the flow percentage is much higher than the total % for most regions. note today from @psarofagis & @RebeccaSin_SK pic.twitter.com/fsP1tfGTBI
– Eric Balchunas (@EricBalchunas) February 8, 2024
For China, it comes amid a constrained economy, which has caused investors to flee the country's local market.
China is so defeated and the US at record levels and then you add the premium, sell low and buy high on steroids, it looks like it could end in tears for China's local investors.
– Eric Balchunas (@EricBalchunas) February 6, 2024
The same is seen in Europe and Canada, where lagging global funds have sparked a rush of investments into U.S.-focused ETFs. This led to increases in the total volume of ETFs traded in these regions.
Meanwhile, Bernstein and InvestAnswers predict a massive bitcoin price rally.
bitcoin Price Targets According to Bernstein and InvestAnswers
InvestAnswers, a renowned cryptocurrency analyst, says that the price of bitcoin could skyrocket by 190% in 165 days. The analyst attributes this ambitious goal to history.
“By my estimates… We are 165 days away from reaching $80,000 bitcoin or $130,000 bitcoin, somewhere in between, by July 16, 2024,” says InvestAnswers. “Assuming the history, assuming the mathematics, assuming the supply, assuming the money flows.”
The analyst also highlights that all the action on the price of bitcoin occurs 90 days before the halving. In his opinion, this is the area we are in now. After that, analysts say the outlook could be relatively flat.
Elsewhere, a Bernstein bitcoin+price+is+expected+to+hit+fresh+record+highs/22724316.html” target=”_blank” rel=”noopener”>report indicates that bitcoin price will explode to new all-time highs on ETF-driven rallies. Analysts Gautam Chhugani and Mahika Sapra at the Wall Street brokerage giant say btc will hit the $70,000 range by the end of 2024.
#BitcoinUpdate Bernstein analysts project that the price of bitcoin will reach $70,000 this year, without citing significant obstacles. With positive macroeconomic conditions, growing demand for ETFs, and a possible leadership change at the SEC, they anticipate a 65% increase.
-BlockVoyager (@BlockVoyagerAIO) February 6, 2024
Analysts attribute this forecast to the impact of the recently approved btc spot ETFs. In a separate analysis, Markus Thielen of 10X Research says the price of bitcoin could hit $48,000 soon after the Chinese New Year and extrapolate gains to $52,000 by mid-March, before peaking in 2025.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Could Hit $48K Within Days, Boosted by Record Chinese New Year Gains: 10X Research
The largest cryptocurrency has rallied each time in the last 9 years by 11% on average around the Chinese New Year holiday, says Markus Thielen of 10X.bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #cryptocurrency #blockchain
– blockchain_chain news (@chain55058) February 9, 2024
Meanwhile, bitcoin price continues to trade within a supply zone between $44,235 and $46,715. For a confirmed move north, you need to record a candle close above the midline of this order block at $45,451.
This could pave the way for an extension of Thielen's target of $48,000 or, in a very bullish case, reaching the psychological level of $50,000. This would mean a 6% increase above current levels.
The Relative Strength Index (RSI) is heading north, pointing to increasing momentum. This, along with the green bars on the moving average convergence divergence (MACD) histogram, adds credibility to the bullish thesis.
<img decoding="async" class="aligncenter wp-image-479372 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1273″ height=”545″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Soars-4-as-Bernstein-and-InvestAnswers.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-09_14-12-58-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-09_14-12-58-1024×438.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-09_14-12-58-768×329.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-4-as-Bernstein-and-InvestAnswers.png”/><img decoding="async" class="aligncenter wp-image-479372 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Soars-4-as-Bernstein-and-InvestAnswers.png" alt="bitcoin price” width=”1273″ height=”545″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Soars-4-as-Bernstein-and-InvestAnswers.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-09_14-12-58-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-09_14-12-58-1024×438.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-09_14-12-58-768×329.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
Reverse case
If profit booking is triggered, the uptrend could be interrupted for bitcoin price. Furthermore, considering the RSI position at 70, btc is already overbought and caution is advised. This is particularly for investors looking to take new long positions in btc. Those currently holding long positions should leave them open as the upside potential remains alive.
In a southward directional bias, traders should only worry if the bitcoin price registers a candle close below the midline of the supply zone. Such a move could suggest that the supply zone will hold as resistance, increasing the odds of a decline.
A correction could see btc test the $37,800 level. However, for the bullish outlook to be invalidated, bitcoin price must fall below $30,000.
For investors eager to capitalize on other bitcoin-related opportunities, consider BTCMTX, a crypto-icos-2024-top-picks-big-returns-juliana-clarisse-calsona-zcxqe” target=”_blank” rel=”noopener”>Booming ICO That Analysts Say Is Poised for Exponential Profits in 2024.
Promising alternative to bitcoin
BTCMTX, highlighted among the The top five cryptocurrencies to invest in this year., is the token that powers the cloud mining ecosystem, bitcoin Minetrix. Here, community members can mine btc in a decentralized manner.
#BitcoinMinetrix is a cutting-edge cloud mining platform that allows users to engage in decentralized operations $btc mining.
By eradicating the risks associated with third-party cloud mining scams, it provides users with full control over their mining activities. pic.twitter.com/MWZnuafYih
—Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
The project changes the narrative of traditional btc mining approaches. By doing so, it saves investors the hassle of expensive hardware costs and huge space needs. It also saves investors from the high cost of purchasing btc.
Mining bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin vs buy $btc?
Contribute significantly to the expansion of the network.
Gain greater control over the procurement process.
Deepen your understanding of technological complexities. pic.twitter.com/O0asQryARd
—Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
Investors who wish to purchase BTCMTX can do so on the official website for $0.0133. The price will hold for approximately 19 hours before another price rise. So far, pre-sale sales have reached $10,564 million, out of a planned goal of $11,211 million.
#BitcoinMinetrix achieves another notable milestone!
Exceeding $10,400,000. pic.twitter.com/6WaHtJCB4m
—Bitcoinminetrix (@bitcoinminetrix) February 9, 2024
Visit bitcoin Minetrix to buy BTCMTX here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
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