2024-03-03 15:24:00
© Reuters Bitcoin price forecast after rising to $61,600 amid the launch of ETFs products. Will it reach $70,000?
In the latest Bitcoin-BTC price forecast, the currency rose to the level of $61,600, an increase of 0.50% during the Asian trading session today, Friday.
This rise coincides with the launch of Bitcoin Spot ETFs by prominent financial institutions – such as Bank of America’s Merril Lynch and Wells Fargo – highlighting the growing acceptance of Bitcoin and its significant growth potential.
Analysts expect the price of Bitcoin to rise to a range between $100,000 and $200,000, thanks to institutional adoption and anticipation surrounding the upcoming Bitcoin halving event, indicating a bright future for the currency and the beginning of a new chapter for its price path.
Major banks launch products Bitcoin Spot ETFs pointing to Bitcoin acceptance is growing
Following the US Securities and Exchange Commission’s (SEC) approval to launch Bitcoin Spot ETFs last month, wealth management firms Merril Lynch and Wells Fargo have begun offering Bitcoin Spot ETFs to their largest clients.
These developments confirm the increasing attractiveness of Bitcoin as an asset class, as these funds provide investors with the opportunity to invest in Bitcoin without the need to own the currency directly.
The launch of these ETFs – especially after the “crypto winter” period that rocked the market in 2022 – has attracted new investors and renewed interest in the digital currency, with some even transferring their investments from exchange-traded funds (ETFs) to Bitcoin funds as digital gold.
the main points:
- My company progress Merrill Lynch And Wells Fargo products Bitcoin ETFs.
- Investor interest has been renewed after the “Crypto Winter,” with some favoring… ETFs Bitcoin on ETFs gold.
- Analysts expect the price of Bitcoin to rise to $150,000 thanks to institutional adoption.
It is worth noting the optimism of analysts – including those from Bernstein – who expect Bitcoin to rise to $150,000 as a result of increasing institutional adoption.
But Vanguard remains cautious despite this optimism, and decided not to launch Bitcoin ETFs, which shows the different positions of financial institutions.
According to Bloomberg Law, the move by Merrill Lynch and Wells Fargo is considered very important to increase individual and institutional investments in Bitcoin, and thus raise its price.
Director of investment affairs at a company Bitwise Expected to witness Bitcoin ETFs Growing Unprecedented
Matt Hougan, Director of Investment Affairs at Bitwise, expects institutional investment in Bitcoin exchange-traded funds (BTC ETFs) to rise in the coming months, describing the current stage as similar to “The moment of the initial public offering” (IPO) For Bitcoin.
The increasing willingness of prominent financial services companies – such as Merrill Lynch and Wells Fargo – to offer BTC ETFs to their wealthy clients is also expected to lead to a significant increase in institutional interest in Bitcoin.
#BitcoinETF inflows will leap when “major wirehouses” get in on the action, says @Matt_Hougan.
— Cointelegraph (@Cointelegraph) March 1, 2024
This transformation is considered a crucial stage in the journey of exploring the price, which may reach new high levels in light of the upcoming halving event and the changing ratios of supply and demand for Bitcoin.
Hogan expects the price of Bitcoin to exceed all previous expectations, and may reach levels ranging between $100,000 and $200,000.
This optimism comes as a result of new investments coming into Bitwise’s Bitcoin ETF and other funds, paving the way for a rise in Bitcoin’s market value in the near future.
the main points:
- Inward institutional investments are expected to rise to Bitcoin ETFs Significantly.
- Bitcoin’s “IPO-like moment” could cause Bitcoin to test new levels and spur bullish momentum.
- According to the Director of Investment Affairs at BitwiseFIt is expected that the price of Bitcoin in the future will range between $100,000 and $200,000.
BlackRock Company (BlackRock) In Brazil, it launches a product BDR ETF Similar to Bitcoin ETF Which was launched in America
BlackRock in Brazil decided to launch a Brazilian Depositary Receipts Exchange-Traded Fund (BDR ETF) on March 1, the purpose of which is to emulate its Bitcoin ETF in the United States and give Brazilian investors a licensed way to access Bitcoin.
JUST IN – BlackRock’s spot #Bitcoin ETF will begin trading tomorrow in Brazil.
Initially “IBIT39” will only be available to qualified investors with retail access to come in the following weeks. pic.twitter.com/GL5IzWUQCx
— Swan Media (@Swan) February 29, 2024
The BDR ETF product, which carries a management fee of 0.25%, aims to follow in the footsteps of BlackRock’s ETF in the United States, as it will start by targeting large asset owners pending approval to include small investors.
This fund will be listed on the B3 platform – which currently hosts 13 cryptocurrency exchange-traded funds with a total value of $503 million – which could significantly increase the popularity of Bitcoin in Brazil.
the main points:
- BlackRock Brazil launches BDR ETF product similar to Bitcoin ETF in the US.
- The BDR ETF product aims to increase Brazilian investors’ access to Bitcoin.
- BlackRock’s expansion of its activity indicates growing institutional interest in digital currencies.
The value of assets under management in BlackRock’s BTC ETF in the United States reached 8 billion shortly after its launch, after which the company decided to expand and work on launching an Ethereum spot ETF (Ether Spot ETF), which is still awaiting SEC approval. It will then launch a similar fund in Brazil, which reflects increased institutional interest in cryptocurrencies and may contribute to the continued rise in the price of Bitcoin.
Bitcoin price forecast
On March 1, the pivot point for the pair’s price is at $60,824, with immediate resistance levels at $63,927, $66,524, and $69,093. While the support levels are located at $58,982, $55,962, and $53,372, which provide a safety net that mitigates the impact of the price decline if it occurs.
the main points:
- Bitcoin’s trend appears to be upward above the $60,890 level, after witnessing a slight rise.
- Direct support and resistance levels for short-term price action are identified.
- Technical indicators indicate a continuation of the upward trend, focusing on Fibonacci retracement levels.
Bitcoin price forecast: Looking at the technical analysis, the 23.6% Fibonacci retracement level at $60,890 plays a major role, as the formation of a Doji candle indicates the possibility of continuing upward momentum.
However, any decline below this level could lead to Bitcoin targeting $58,900 or even $55,950, two levels consistent with the 38.2% and 61.8% Fibonacci retracement level, respectively.
The Relative Strength Index (RSI) is at 69 and the 50-day Exponential Moving Average (50-EMA) is at $56,307, indicating an upward trend for the price above the $60,890 level.
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