2024-03-01 19:47:40
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The Bitcoin price is consolidating today, Friday, ending the trading week on a bullish note. Because the price remains above $62,000. Of course, spot trading will continue on the weekend, but at least the buying pressure on ETFs will stop for two days. A massive net inflow in particular was recently the price driver for Bitcoin.
However, the current consolidation at the weekend could be desirable. Because every uptrend consists of impulses and corrections. After the parabolic price jump last week, a setback is logical. Here, the overbought condition according to the RSI is currently cooling down somewhat.
Meanwhile, investors are of course looking to the future. March is the last month before the Bitcoin halving and could now hold the all-time high for Bitcoin. There are still numerous analysts who expect a local top and only expect an ATH after the halving. Nevertheless, the following circumstance in particular is strongly bullish for BTC – because we are increasingly experiencing a supply shock. The number of Bitcoins available OTC has fallen massively in the last few weeks. But here the asset managers prefer to buy their Bitcoins for the spot ETFs.
However, there are now no more Bitcoin OTC available, while BlackRock alone recently accumulated around half a billion US dollars in BTC every day. 10,000 Bitcoins are absorbed by the spot ETFs daily, while miners only mine 900 new BTC.
Bitcoin ETF drives Bitcoin to all-time high
The absence of Bitcoin in the Over-The-Counter (OTC) market, where transactions take place outside of traditional exchanges, signals a shortage of directly tradable supply. This situation is interpreted as particularly bullish for the Bitcoin price, as ETF asset managers are now forced to make their purchases via the public spot market. If large institutional buyers rely directly on the spot market to fill their portfolios with Bitcoin, the increased demand potentially leads to significant price increases more quickly with a limited supply. This mechanism could massively boost the Bitcoin price, as any additional demand directly affects the publicly available Bitcoins.
The momentum is likely to continue to increase. The Bitcoin ETFs are being heavily advertised; only a small proportion of institutional investors have already built up a commitment. Grayscale’s ETF banner recently hung in front of the NYSE in New York – Bitcoin is going mainstream and is therefore likely to attack the all-time high as part of the revaluation.
Crypto analyst Michael van de Poppe does not yet see a parabolic rally. Nevertheless, he also believes that a test of the all-time high is possible in the short term.
#Bitcoin has accelerated to $64K.
I think we’ll consolidate from here and are looking at a new range.
Perhaps a test at the all-time high is likely.
Dips to buy?
– $52K
– $46K pic.twitter.com/Awo7dgy9Wh— Michaël van de Poppe (@CryptoMichNL) March 1, 2024
Crypto Forecast: Long-term bullish catalyst for BTC
Although the immediate effects of spot ETFs on the Bitcoin market are clearly positive, their long-term importance will only be fully understood in the future. With their establishment in the financial market and billions in assets under management, Bitcoin ETFs already mark a significant milestone. Combined with the upcoming Bitcoin halving and the interest rate turnaround in 2024, an optimistic future seems to be the preferred scenario.
However, if you are aiming for returns that are well above average, you must be aware of the proportionally increasing risks and rely on altcoins. Bitcoin remains the basic investment at the center of the portfolio. But there is nothing wrong with risk-conscious traders decorating their portfolios with high-risk reward projects.
Currently experiencing Green Bitcoin an increasing demand. Apparently investors will find exactly such an option here. The new crypto project, which is suggestively based on Bitcoin, is generating interest as it cleverly interweaves ecological sustainability with enthusiasm for Bitcoin, thereby positioning itself as an environmentally friendly option. An innovative concept of “gamified green staking” offers users the opportunity to earn rewards through precise Bitcoin price predictions – entertainment meets passive rewards.
Combining Bitcoin’s massive appeal with the power of the Ethereum blockchain and the idea of passive income continues to attract attention. With capital already reached of around 1.4 million US dollars andd a staking return of 235 percent For early investors, Green Bitcoin shows strength. If you still want to get in here at the current price, you have to hurry up. Thanks to the price increase in around four days, early adopters will see increasing book profits.
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