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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about CryptonewsAd DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Bitcoin Price Prediction
Larry Fink, CEO of BlackRock, the world’s largest asset management firm managing over $10.6 trillion, recently revised his view on Bitcoin, labelling it as “digital gold” and a “legitimate financial instrument” in a CNBC interview.
This significant pivot marks a milestone for cryptocurrency acceptance in mainstream finance and supports a positive Bitcoin price prediction.
Revised Views on Financial Instruments
Once a sceptic, Fink changed his stance after closer analysis, stating, “I was wrong,” and now recognizes Bitcoin’s potential for offering returns not correlated with traditional assets.
He views Bitcoin as a beneficial asset in economies where national policies lead to currency devaluation, supporting the idea of Bitcoin as a hedge against inflation.
BlackRock’s Proactive Steps into Cryptocurrency; Bitcoin Price Up
Aligning with Fink’s new outlook, BlackRock launched the iShares Bitcoin Trust (IBIT) in January 2024, which quickly became the world’s largest Bitcoin ETF with over $18 billion in assets, $4 billion of which was acquired in the second quarter of 2024 alone.
The firm has also integrated Bitcoin ETF shares into its Strategic Income Opportunities Fund and Strategic Global Bond Fund, providing broader access to Bitcoin for income-focused investors.
Fink’s endorsement and BlackRock’s integration of Bitcoin influenced the cryptocurrency’s market value, leading to a surge in Bitcoin prices above $60,000 following the interview. This boost was mirrored by a significant uptick in institutional investments, with Bitcoin investment vehicles experiencing substantial inflows.
The Daily Modern Market Snapshot: Tue 16 Jul
Headlines
👉Blackrock CEO says he was wrong about BTC; good for when countries are debasing their currencies."
From @yugacohler: "The largest asset manager in the world, Larry Fink, exhibits extraordinary humility by admitting that… pic.twitter.com/Tj5cSwIfFO
BlackRock’s embrace of Bitcoin, catalyzed by Fink’s evolved perspective, underscores a broader shift in the financial industry’s approach to cryptocurrencies, enhancing Bitcoin’s legitimacy and potential mainstream adoption.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $63,512, up 0.51%. The 2-hour chart reveals significant price levels to monitor.
The pivot point is situated at $62,466, which serves as a crucial support level. Immediate resistance is found at $65,046, followed by additional resistance levels at $66,770 and $68,263.
On the downside, support levels are identified at $61,428, $61,156, and $59,901.
The Relative Strength Index (RSI) stands at 71.98, indicating strong buying interest and suggesting that the asset is approaching overbought territory.
The 50-day Exponential Moving Average (EMA) is positioned at $61,156, providing a supportive base for the current price trend.
Bitcoin Price Prediction – Source: Tradingview
Bitcoin has formed an upper channel, maintaining support around the $62,500 level.
The recent formation of a hammer candle just above this support level suggests a potential bullish bounce. This pattern is reinforced by the 50-day EMA and the RSI, both of which are held in the buying zone.
Consequently, Bitcoin is expected to trade bullishly above $65,000, with the potential to reach the $66,750 level. Should Bitcoin break above this resistance, the next target could be approximately $68,263.
In conclusion, the technical outlook for Bitcoin remains optimistic, supported by key indicators and chart patterns.
Traders should watch for a sustained move above $65,000, which could signal further upward momentum towards $66,750 and potentially $68,263.
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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.
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis for traders at all levels.