Amidst a rally that has seen Bitcoin (BTC) spike over 10%, crossing the $43,000 threshold, and Ethereum (ETH) approach the $2,500 mark, the crypto market is riding a wave of bullish momentum. This surge sparks an intense focus on Bitcoin and Ethereum price predictions as investors gauge the sustainability of this uptrend.
This remarkable uptrend is partly fueled by Grayscale’s decreased Bitcoin sales, injecting a wave of optimism among investors and contributing to the positive market sentiment.
#Bitcoin at $43K currently 👇 pic.twitter.com/E3jRaMDjtw
— CoinMarketCap (@CoinMarketCap) January 30, 2024
Additionally, the buoyant performance of the US stock market and Google’s renewed acceptance of Bitcoin ads have further bolstered BTC prices.
#Bitcoin pump as market await Fed #rate verdict. If #btc fails to break this trend line to the upside, this could be a trap. pic.twitter.com/dcS0qQwQJA
— Nelson Julius (@hbdherculean) January 30, 2024
However, with the upcoming US Federal Reserve meeting casting a shadow of uncertainty, investors are on edge.
The meeting’s outcome, along with the January job numbers, could significantly impact Bitcoin and Ethereum price predictions, making this a critical moment for potential buyers and the broader cryptocurrency landscape.
Bitcoin Price Rises as Whales Gain Confidence
The global digital asset industry witnessed a brief surge as Bitcoin reclaimed the $43k level, leading to a 2% increase in the total market cap to $1.66 trillion within 24 hours.
Despite a temporary drop to $38k, Bitcoin whales showed confidence by accumulating more BTC, with 67 new entities now holding 1,000 BTC or more, indicating a 4.50% increase in two weeks.
This surge positions Bitcoin for its fifth consecutive monthly gain, marking the longest streak since the pandemic-era rally. The recent boost is attributed to the launch of US spot Bitcoin ETFs by BlackRock and Fidelity, contributing to positive market sentiment.
BITCOIN WHALES ACCUMULATED $3 BILLION IN JANUARY, SURPASSING ETF INFLOWS
Bitcoin whale wallets holding >1,000 BTC have amassed a staggering $3 billion worth of BTC in January.
This substantial increase, involving approximately 76,000 BTC, brings the total holdings in these… pic.twitter.com/nFnIZCQRBK
— Crypto Town Hall (@Crypto_TownHall) January 29, 2024
Therefore, the positive developments, including Bitcoin whales accumulating more BTC and the market surge driven by US spot Bitcoin ETF launches, have contributed to increased confidence, potentially supporting Bitcoin’s price recovery and its fifth consecutive monthly gain.
Google’s Bitcoin ETF Ad Approval Boosts Crypto Mainstreaming
Google has changed its rules to allow ads for Bitcoin ETFs, following the SEC approving spot Bitcoin ETFs. This is a big deal because it means companies like VanEck and BlackRock can now reach more people through Google, increasing awareness and attracting more investors.
This move shows that cryptocurrencies are gaining acceptance in finance. However, there are risks, like scams. Google says they’ll enforce rules globally to prevent misuse.
All in all, Google allowing Bitcoin ETF ads is a major step in making cryptocurrencies more mainstream, but everyone should stay informed and careful in this evolving market.
GM!☀️#Bitcoin ETF ads are live on Google!
Bull run on its way🚀🔥 pic.twitter.com/YKEou4EZnw
— EvanLuthra.eth (@EvanLuthra) January 30, 2024
Consequently, the news of Google allowing ads for Bitcoin ETFs could positively impact BTC prices by increasing visibility and attracting more investors, fostering mainstream acceptance and potentially contributing to a price uptick.
Bitcoin Price Prediction
Bitcoin’s technical posture on January 30 presents a pivotal moment for traders, as evidenced by its latest chart structure. Currently, Bitcoin trades narrowly above its pivot point, marked by the green line at $42,491.
This level serves as a fulcrum for the price action, with immediate resistance waiting at $42,710. Beyond that, the subsequent resistance levels are charted at $42,989 and $43,769, potentially capping upward movements.
Conversely, supports are arranged below, providing a safety net at $42,491, followed by more substantial floors at $41,675 and $40,586.
These levels will be crucial if Bitcoin experiences a downturn.
The RSI indicator, positioned at 65, suggests that the market is approaching overbought territory but not excessively so, hinting at a tempered bullish momentum.
Ethereum Price Prediction
Ethereum’s price action, as of the latest four-hour chart snapshot, suggests a market in cautious ascent. The cryptocurrency is currently trading at $2,346.5, with the pivot point established at $2357.7, indicated by the green line.
Resistance levels are delineated at $2,359.5, $2,423.1, and $2,477.2, each forming a potential ceiling for upward price movements.
On the downside, immediate support is found at $2,286.3, with further cushions at $2,263.9 and the more definitive level at $2,240.6.
The Relative Strength Index (RSI) is at 57, suggesting a neutral to slightly bullish sentiment without veering into overbought territory.
The 50-day Exponential Moving Average (EMA) at $2,263.9 provides additional support, reinforcing the positive bias as the current price is hovering above this line.
Observing Ethereum’s chart patterns, we see a recent break above the 0.236 Fibonacci retracement level, typically a bullish sign. However, the proximity to the pivot point warrants vigilance, as a drop below could quickly shift the trend.
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