Bitcoin Price Poised for Massive Upside – Blackrock’s Crypto Chief Declares BTC a ‘Risk-Off’ Asset

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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...

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September 25, 2024 17:25 EDT

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Robbie Mitchnick, BlackRock’s head of digital assets, recently highlighted Bitcoin’s potential as a “risk-off” asset, even though its performance has often mirrored that of U.S. stocks. Speaking in a Bloomberg interview, Mitchnick compared Bitcoin to gold, noting its decentralized nature and limited supply as key distinctions from traditional assets.

He emphasized that, despite short-term fluctuations, both Bitcoin and gold share similar long-term behaviours.

While Bitcoin has gained 49% this year, driven partly by the introduction of ETFs like BlackRock’s Ishares Bitcoin Trust (IBIT), the perception of Bitcoin as a store of value continues to evolve. Mitchnick contrasted Bitcoin’s status with that of Ethereum, whose value remains tied to the broader adoption of its network.

With BlackRock’s growing involvement in the crypto space, CEO Larry Fink has also recognized Bitcoin as “digital gold,” marking a significant shift in institutional sentiment.

China’s Crypto Brokers Attract $75B Amid Economic Struggles

Even though trading in cryptocurrencies is prohibited, China’s over-the-counter (OTC) brokers brought in an astounding $75 billion in business in the first nine months of 2024.

According to a Chainalysis analysis, as China’s economy falters—particularly in the country’s shaky stock and real estate markets—investors are looking to cryptocurrency. These over-the-counter brokers provide a covert means of converting Chinese yuan into cryptocurrencies without utilizing open markets.

There is still a need for cryptocurrency, as seen by certain transfers totaling $1 million. Beijing has taken strong action against crimes related to cryptocurrencies, but because digital assets are worldwide in scope, enforcement is still challenging. Though mainland China still has rigorous regulations, Hong Kong allows cryptocurrency trading.

Notwithstanding regulatory measures, China’s robust cryptocurrency industry may help sustain the price of Bitcoin as investors look for alternatives to faltering established markets like stocks. Bitcoin’s rising trend may be maintained by this hidden activity.

Additional Stock and Crypto Tax Plans Are Shelved by Turkey

Recently, Vice President Cevdet Yilmaz of Turkey opted to abandon its intentions to impose an extra tax on crypto and stock transactions. The government studied taxing crypto and stock gains earlier this year, but after hearing criticism and worries about the idea’s potential effects on the stock market, it decided against it.

The Cevdet Yilmaz affirmed that these taxes will no longer be taken into consideration and that the emphasis will instead be on reducing tax exemptions.

The statement caused the stock market to drop, prompting the Turkish government to postpone its initial tax plans in June. Many nations, including the United Kingdom and Japan, are investigating efficient ways to tax crypto.

The decision to remove a regulatory problem and cancel Turkey’s proposed crypto tax could have a beneficial impact on Bitcoin prices. This could promote increased crypto trading and help to raise the price of Bitcoin.

Bitcoin Price Outlook; Daily Technical Analysis

Bitcoin has been trading steadily above its 50-EMA ($63,365) as it approaches a key inflection point near $63,480. After several failed attempts to break above the $63,987 resistance level, the cryptocurrency now appears to be consolidating within a tight range.

The 2-hour RSI is currently reading 53.77, indicating neutral momentum, but there are signs of a potential upward reversal, with support holding firm around $63,365. A successful breakout above $63,987 could see Bitcoin testing higher resistance at $64,371.

Conversely, failure to hold the current support could push prices down toward the next support zone at $62,744. Traders should watch for volatility as Bitcoin hovers near its pivot point.

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