Bitcoin (BTC) sustained its rise, trading at approximately $70,750 as the cryptocurrency market’s total value approached $2 trillion, currently at $1.97 trillion, marking a 1.75% increase in 24 hours.
Bitcoin’s own market capitalization has exceeded $1 trillion, driven by heightened interest from U.S. investors and substantial investments in Bitcoin spot ETFs.
Surging Institutional Interest in Bitcoin: ETF Assets Skyrocket
BlackRock’s BIT Bitcoin ETF has amassed over 250,000 BTC, valued at $17.7 billion, just 11 weeks post-launch, with $323.8 million added on Wednesday alone.
Similarly, Fidelity’s FBTC ETF crossed $10 billion in assets, holding over 143,000 BTC. Ark Invest 21Shares’ ARKB experienced record inflows of $200.7 million, contrasting with Grayscale’s GBTC, which saw a decline of $299.8 million.
- BlackRock’s BIT and Fidelity’s FBTC ETFs show substantial growth in assets, indicating strong market confidence.
- Ark Invest 21Shares’ ARKB records highest daily inflow, signaling rising investor interest.
- Grayscale’s GBTC faces outflows, highlighting market shifts and preferences.
The significant inflows into Bitcoin ETFs reflect heightened institutional engagement, potentially driving Bitcoin’s price upward.
Robert Kiyosaki’s Upgraded Bitcoin Forecast Fuels Market Enthusiasm
Renowned ‘Rich Dad Poor Dad’ author Robert Kiyosaki has elevated his Bitcoin forecast, now envisioning a $100,000 peak by September, primarily due to the anticipated halving event.
Advocating for Bitcoin acquisition, he plans to expand his own holdings before April and suggests even partial purchases of the cryptocurrency, with silver as another viable option.
Highlighting the acquisition of tangible assets such as gold, silver, and Bitcoin, Kiyosaki aligns with MicroStrategy’s Michael Saylor in deeming fiat currency as unreliable.
His increasingly vocal support for Bitcoin, including a prior prediction of a $300,000 value within the year, has significantly influenced the market’s bullish sentiment towards Bitcoin.
Bitcoin Price Prediction
Bitcoin (BTC/USD) has soared by 1.75%, reaching $70,613, displaying a bullish momentum in the market. The cryptocurrency is trading above the pivot point of $68,493, signaling potential for further gains.
Immediate resistance levels are identified at $71,677, $73,543, and $75,116, which could challenge the uptrend. Conversely, support levels at $66,802, $64,875, and $63,078 provide a safety net against downward movements.
The Relative Strength Index (RSI) at 60 indicates a strong buying interest, while the 50-day Exponential Moving Average (EMA) at $68,090 supports the bullish trend.
The overall outlook for Bitcoin remains positive, with a sustainable level above $68,495 suggesting continued upward trajectory.
Top 15 Cryptocurrencies to Watch in 2024
Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2024. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.
Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.