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Investors Remain Cautious Before the Fed Make Their Move – Blockchain News, Opinion, TV and Jobs

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By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).

Bitcoin and the crypto market saw a significant bounce yesterday, before finding resistance at $19,666 – the 2017 bull market top, a key resistance. Bitcoin remains below $20,000 for now as investors are very cautious ahead of the Federal Reserve decision tomorrow, followed by a news conference with Chair Jerome Powell.

The market is currently pricing in a probability of an 82% chance of a 75 basis point rate hike, and a 18% chance of a 100 basis point rate hike. As the chance of at least a 75 basis point rate hike has been fully priced in by investors, I think a 75 basis point rate hike could be priced in, in the short-term. However, central banks are very aggressive so a short-term rally may be short-lived.

In addition to the Federal Reserve decision tomorrow, there is the Bank of Japan monetary policy decision and Bank of England interest rate decision on Thursday, as well as the US Conference Board leading index – initial jobless claims. We are therefore set up for a very volatile week as investors gain clarity on the decisions of central banks.



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Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains

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An analyst has explained that a breakout from a bull flag pattern could lead Bitcoin to surging towards a new all-time high of $77,000.

Bitcoin Has Been Forming A Bull Flag Pattern Recently

In a new post on X, analyst Ali has discussed about a bull flag recently forming in the 4-hour price of the cryptocurrency. The “bull flag” here refers to a pattern in technical analysis that, as its name implies, looks like a flag on a pole.

In this pattern, a sharp uptrend is succeeded by a period of consolidation towards the downside. The uptrend makes up for the pole, while the consolidation period acts as the flag.

When the price is trapped inside the flag, it tends to find resistance at its upper line, so tops may be probable to form there. Similarly, the lower line may act as support, thus facilitating for bottoms to take shape.

The bull flag is usually considered to be a continuation pattern, meaning that the prevailing trend (that is, the trend of the flag) would continue once the consolidation period is over.

This happens when a break above the resistance line takes place. The uptrend emerging out of such a break may be of the same height as the pole. If the asset falls under the support line, though, the pattern could be considered invalidated.

Like the bull flag, there is also the bear flag pattern, which works similarly except for the fact that the pole in this case corresponds to a downtrend while the flag is generally a consolidation channel angled upwards. Just like the bull flag, a continuation of the prevailing bearish trend may follow this formation.

Now, here is the chart shared by Ali that shows the bull flag that BTC’s 4-hour price has recently been consolidating inside:

Bitcoin Bull Flag

Looks like the price of the asset has been breaking out of this pattern recently | Source: @ali_charts on X

From the graph, it’s visible that the 4-hour Bitcoin price has appeared to have been consolidating inside this bull flag over the last few days. It’s also apparent that, in the past day, BTC has been climbing above the resistance line of the pattern.

This could mean that the cryptocurrency is preparing a break out of this formation. Naturally, the asset would have to show more momentum before the breakout can be confirmed.

“If BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000!” says Ali. The analyst has chosen this target as such a swing would be of the same length as the pole that had preceded this flag.

BTC Price

Bitcoin has so far been heading in a direction that would add more credence to the breakout, as its price has now broken past the $71,300 level. With this surge, BTC investors would be enjoying profits of more than 7% over the past week.

Bitcoin Price Chart

The price of the asset appears to have surged over the past 24 hours | Source: BTCUSD on TradingView

Featured image from Shutterstock.com, charts from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.





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Bitwise CIO Matt Hougan Says Inflows Into Spot Bitcoin ETFs Will Continue for Years – Here’s Why

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The chief investment officer of crypto fund manager Bitwise believes that spot Bitcoin (BTC) exchange-traded funds (ETFs) will receive inflows for years to come.

Bitwise CIO Matt Hougan tells his 40,700 followers on the social media platform X that there remains a large pool of clients who have yet to invest in BTC ETFs but will likely do so in the future.

“ETF flows will continue for years: a good question to ask about the new Bitcoin ETFs is whether the incredible inflows we’ve seen in the first two months represent a one-time surge or are indicative of long-term sustained demand. After my time on the road, I’m convinced that the latter is the case.

That’s because there is a massive dispersion in the pace of adoption of Bitcoin ETFs. I met financial advisors who have already allocated 3% for all their clients and others who haven’t started thinking about it. I spoke with national account platforms that are approving Bitcoin ETFs this month and others that are eyeing mid-2025.

The truth is, most professional investors still cannot buy Bitcoin ETFs. That will change through a series of 100+ individual due diligence processes over the next two years.”

However, he believes Bitcoin ETFs will see quicker adoption than gold ETFs did.

“Inflows into the gold ETFs built year-after-year for their first seven years in the market. I suspect the Bitcoin ETF ramp will be shorter, but it will still take years.”

The analyst also predicts that the Bitcoin ETFs will increase confidence in the digital asset and prompt investors to boost the percentage size of their portfolio stakes in the crypto king.

“3% is the new 1%: I’ve been speaking with professional investors about Bitcoin since 2018. For the past six years, the discussion has mostly focused on a 1% allocation. That’s the most that most investors would think about. Boy has that changed. Almost every investor I’ve spoken with has talked about a 3%+ allocation.

The primary reason in my honest opinion is that the launch of ETFs has de-risked the downside of Bitcoin. Before, people were worried Bitcoin could go to zero. In that world, a 1% allocation is all you can stomach. But if ‘going to zero’ is off the table, 3% or 5% starts to make more sense.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO

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Following a week of net outflows, the spot Bitcoin ETF market has rebounded with impressive net inflows this week, highlighting a growing investor confidence in Bitcoin and its associated financial products. This week’s market activities have shown a remarkable reversal from the previous 5-day net outflow streak, with Tuesday witnessing a substantial net inflow of $480 million, followed by $243.5 million on Wednesday.

Yesterday’s resurgence in investor interest was notably boosted by Blackrock’s massive inflow of $323.8 million, effectively offsetting Grayscale GBTC’s $299.8 million outflows. Moreover, Ark Invest’s ARKB reported its best day yet, with $200 million in inflows, despite Fidelity experiencing its worst day with a mere $1.5 million in outflows. Nevertheless, Fidelity managed to bounce back with significant inflows of $261 million and $279 million on Monday and Tuesday, respectively.

1% Down, 99% To Go For Bitcoin ETFs

However, according to Bitwise Chief Investment Officer (CIO) Matt Hougan, this is just the mere beginning of what is to come in the upcoming months. Hougan’s commentary, part of his weekly memo to investment professionals, sheds light on the current market dynamics and the colossal potential that lies ahead. “1% Down; 99% to Go,” Hougan wrote, highlighting the nascent yet promising journey of Bitcoin ETFs.

Lately, the market has been characterized by its volatility, with Bitcoin’s price oscillating between $60,000 and $70,000. Hougan advises a calm and long-term perspective amidst this fluctuation, especially as the sector anticipates the upcoming Bitcoin halving around April 20, the approval of Bitcoin ETFs on national account platforms, and the soon-to-come completion of due diligence by various investment committees.

Despite the current sideways movement of Bitcoin’s price, Hougan remains bullish about its long-term trajectory. “Bitcoin is in a raging bull market,” he asserts, noting a nearly 300% increase over the past 15 months. The launch of spot Bitcoin ETFs in January has marked a significant milestone, opening up the Bitcoin market to investment professionals on an unprecedented scale.

Hougan’s analysis points to a profound shift as global wealth managers, who collectively control over $100 trillion, begin to explore investments in the “digital gold.” He suggests that even a conservative allocation of 1% of their portfolios to Bitcoin could result in approximately $1 trillion of inflows into the space.

This perspective is backed by historical data showing that even a 2.5% allocation to Bitcoin has enhanced the risk-adjusted returns of traditional 60/40 portfolios in every three-year period of Bitcoin’s history.

The recent inflows into Bitcoin ETFs, though impressive, are seen by Hougan as merely the beginning of a much larger movement. “We are all excited about the $12 billion that has flowed into ETFs since January. And it is exciting: Collectively, the most successful ETF launch of all time..But imagine global wealth managers allocate just 1% of their portfolios to bitcoin on average,” Hougan elaborates, emphasizing the scale of potential growth awaiting the cryptocurrency market. He concludes:

Think about the implications. […] A 1% allocation across the board would mean ~$1 trillion of inflows into the space. Against this, $12 billion is barely a down payment. 1% down, 99% to go.

At press time, BTC traded at $70,644.

Bitcoin price
BTC price, 4.-hour chart | Source: BTCUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.





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