Bitcoin Price Prediction as BlackRock’s Spot ETF Holdings Surpass MicroStrategy – Are Institutional Investors Here?
Bitcoin Price Prediction
With BlackRock’s IBIT amassing 197,943 BTC, valued at over $13.5 billion, the narrative around Bitcoin and its investment allure is undergoing a remarkable transformation.
This shift comes on the heels of the United States Securities and Exchange Commission’s approval of nine new funds, highlighting the escalating institutional demand propelling Bitcoin’s value.
As Bitcoin’s price breached the $72,000 threshold, the spotlight intensifies on the potential trajectory of this leading cryptocurrency.
BlackRock’s Spot ETF Holdings Outshine MicroStrategy
BlackRock’s leap into the forefront with its spot Bitcoin ETF holdings surpassing those of MicroStrategy signifies a pivotal moment in the cryptocurrency domain.
This development is not just a milestone for BlackRock but signals a broader trend of growing institutional investment in Bitcoin, potentially reshaping market dynamics and price predictions.
With ETFs excluding Grayscale’s GBTC now holding assets exceeding $28 billion, institutional interest is undeniably a driving force behind Bitcoin’s ascent.
[1/4] Bitcoin ETF Flow – 08 March 2024
All data in. $223m positive net flow for thew day
The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC’s assets for the first time pic.twitter.com/5BlBTu4WLn
— BitMEX Research (@BitMEXResearch) March 9, 2024
Amidst this institutional rally, MicroStrategy continues to fortify its Bitcoin strategy, with plans to raise over $600 million to augment its Bitcoin reserves.
This aggressive accumulation strategy, paired with CEO Michael Saylor’s steadfast belief in Bitcoin’s supremacy over traditional assets, underscores a deepening conviction among corporate entities in Bitcoin’s long-term value.
As institutional players like BlackRock and MicroStrategy jostle for dominance in the Bitcoin space, the question looms: Are institutional investors here to stay, and what does this mean for Bitcoin’s price prediction and the future of cryptocurrency investment?
Bitcoin Price Update
Bitcoin’s market presence remains formidable, with its price today hitting $72,500, showcasing a notable 4.50% increase over the past 24 hours.
This surge brings its market capitalization to a staggering $1.425 trillion, securing its top position in the cryptocurrency arena.
Currently, Bitcoin’s circulating supply is at 19,651,543 BTC, edging closer to its 21 million max supply limit.
Bitcoin Price Prediction
From a technical standpoint, Bitcoin (BTC/USD)‘s pivot point holds at around $70,013 serves as a foundation for its current trajectory.
Resistance levels are identified at $73,824, $76,749, and $79,904, each marking potential hurdles for upward movement. Conversely, support levels at $67,154, $64,861, and $62,192 provide cushions against declines.
The Relative Strength Index (RSI) stands at 72, indicating potential overbought conditions, while the Moving Average Convergence Divergence (MACD) displays a value of 174 with a signal line at 1177, suggesting a bullish momentum as the MACD line overtakes the signal line.
Bitcoin Price Prediction
Notably, Bitcoin’s breakthrough above the $70,000 threshold and the emergence of bullish engulfing candlesticks signal a potent uptrend, with potential targets at $73,800 or higher.
The 50-day Exponential Moving Average (EMA) at $66,860 underpins this bullish sentiment, offering additional support to Bitcoin’s price.
In conclusion, the overall trend for Bitcoin appears bullish above the $72,200 mark.
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