Bitcoin Price Prediction: Falls Below $72,000 Amid ETF Buzz and Regulatory Scrutiny; Is It a Buy Now?
Bitcoin’s price ascends to $71,800, marking a 4% rise on Tuesday, spotlighting the Bitcoin price prediction debate. Amidst growing consumer trust and market dynamics, only a fraction anticipates Bitcoin reaching $75,000 by year’s end. Factors like the surge in ETF interest, the “bitcoin halving,” and regulatory shifts shape this outlook, hinting at a potential upward trajectory for Bitcoin’s valuation in the evolving cryptocurrency landscape.
Consumer Confidence in Bitcoin Grows Amid Market Changes
A recent Deutsche Bank study indicates growing consumer confidence in Bitcoin, with 52% of respondents viewing cryptocurrencies as important for future transactions.
Despite this, skepticism remains, as only 10% believe Bitcoin will hit $75,000 by year-end, while 30% foresee a price drop. Factors influencing Bitcoin’s price include:
- Recent surge tied to enthusiasm for Bitcoin ETFs and potential rate cuts
- Anticipated effects of the forthcoming “bitcoin halving”
- Regulatory developments and the potential SEC approval of Ethereum ETFs
Crypto survey shows less consumer scepticism, but a third expect bitcoin price fall https://t.co/BSZhytYwTd pic.twitter.com/SXrc5rRUTN
— Reuters (@Reuters) April 8, 2024
This shift in perception suggests a more optimistic outlook for Bitcoin’s market trajectory, potentially driving its value upward as cryptocurrency acceptance widens.
SEC Delays Decision on Bitcoin ETFs, Affecting Bitwise and Grayscale Proposals
The SEC has deferred its verdict on allowing spot Bitcoin ETF options trading on the NYSE, affecting proposals from Bitwise and Grayscale. The decision, initially expected soon, has been postponed to May 29, extending the review period.
Options trading enables investors to speculate on Bitcoin’s price fluctuations. Grayscale’s CEO advocates for the approval, citing the SEC’s history of greenlighting Bitcoin-related ETFs and suggesting that options for spot Bitcoin ETFs could bolster market stability.
This delay may temporarily dampen investor enthusiasm, influencing Bitcoin’s price as the market awaits regulatory clarity on these financial instruments.
Ripple CEO Foresees Crypto Market Cap Soaring to $5 Trillion in 2021
Brad Garlinghouse, Ripple’s CEO, is optimistic about the crypto market, predicting it will double its value to $5 trillion this year. He links this potential growth to increased institutional investment and key market drivers like the upcoming Bitcoin halving and heightened demand.
Garlinghouse anticipates positive U.S. regulatory developments to further fuel this expansion.
With the market currently valued at $2.7 trillion, a leap to $5 trillion reflects significant confidence in the sector’s future. This positive outlook from a leading figure in the industry could spark investor interest, potentially driving up demand and prices for cryptocurrencies like Bitcoin.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently priced at $71,035, slightly below the pivot point of $71,273. Resistance levels are set at $72,739, $73,753, and $74,965, indicating potential ceilings for price movements.
Support levels at $70,258, $68,962, and $67,525 provide cushions against downward trends. The Relative Strength Index (RSI) at 58 suggests a moderate buying zone, while the 50-day Exponential Moving Average (EMA) at $69,710 reinforces the bullish sentiment.
An upward channel on the two-hourly timeframe suggests a support base around $70,250, hinting at possible bullish rebounds. Traders should eye sell positions below $71,275 but consider buy positions if BTC tests the $70,250 level. The overall outlook for Bitcoin remains bullish above $70,258, with potential for sharp declines if it breaches this support.
Top 15 Cryptocurrencies to Watch in 2024
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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.
