Bitcoin Bulls Undeterred: Will BTC Prices Follow Rampant Gold?

2024-4-4 20:00

Despite a recent 12% drop from its all-time high, one analyst remains bullish on Bitcoin. Taking to X, the trader points to a confluence of bullish technical indicators and potential tailwinds, especially developments in Hong Kong.

Analyst: This Crypto Bull Run is Stronger Than 2021

When writing, Bitcoin remains under pressure. However, this cool-off follows a sharp expansion that not only saw the coin more than double but also break above all-time highs recorded in 2021. Then, Bitcoin broke history when it soared to roughly $70,000, driven primarily by retailers.

The push higher, to an all-time high of $73,800, is at the back of institutions. In January 2024, the United States Securities and Exchange Commission (SEC) approved multiple spot Bitcoin exchange-traded funds (ETFs). Since then, billions have been funneled to these products, issued by BlackRock and Fidelity.

Based on these supportive fundamentals, the analyst thinks the current bull run will likely be stronger than that of 2021. So far, the trader added, numerous bullish signals have been printed by key technical indicators like the Average Directional Index (ADX) and Directional Indicators (DI).

Though prices remain flat, the formation in the daily chart suggests that market participants are upbeat about Bitcoin and crypto in general. 

Beyond candlestick arrangement, developments around gold are a net positive to Bitcoin. Gold recently broke higher, soaring to as high as $2,300 this week as uncertainty on the United States monetary policy fan demand for the yellow metal.

Even though Bitcoin has been outperforming gold over the years, the analyst notes that as gold reaches record highs, Bitcoin, often referred to as “digital gold,” could follow suit.

Hong Kong Spot Bitcoin ETFs: A Game Changer?

Events in Hong Kong could accelerate the leg up. Following the steps of the United States SEC, the Securities and Futures Commission (SFC) of Hong Kong might approve multiple applications, allowing the issuing of spot Bitcoin ETF shares to investors of all cadres, including institutions. One applicant includes Harvest Fund Management, an asset manager in mainland China.

The approval of spot Bitcoin ETFs in Hong Kong could signal a major shift in their approach to BTC investment and regulation. It should be noted that mainland China continues to crack down on crypto. However, Hong Kong is taking a more welcoming approach. 

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 61495.81 (-0.02%)
Объем 24H $26.412b
Изменеия 24h: -2.48 %, 7d: 6.24 %
Cегодня L: $61438.75 - H: $61650.41
Капитализация $1211.198b Rank 1
Цена в час новости $ 69017.68 (-10.9%)

bullish bitcoin points confluence trader taking indicators

Источник: bitcoinist.com

bullish bitcoin → Результатов: 126


Traders Bullish on Bitcoin as Imminent BTC ETF Approval Forces Steady Rise; Could This ETF-Derivative Project Also Pump?

Traders remain intensely bullish on the price of Bitcoin ($BTC), causing the market to surge by an enormous 20% this week as it breaks $40,000 and reaches $44,000. The bullish momentum is primarily attributed to the imminent Bitcoin spot ETF approval by the SEC, which Bloomberg analysts predict has a 90% chance of occurring before […] The post Traders Bullish on Bitcoin as Imminent BTC ETF Approval Forces Steady Rise; Could This ETF-Derivative Project Also Pump? appeared first on CaptainAltcoin.

2023-12-7 13:45


Фото:

2 Reasons Why Current “Frying Pan” Bottom Is Extremely Bullish For Bitcoin

Bitcoin bulls could be on to something splendid after price printed a bullish reversal pattern on Thursday, days after losing grip of the $53,000 support. According to Mathew Hayland, a seasoned crypto technical and on-chain analyst, Bitcoin’s price is slowly forging a pattern that could ignite a spirited bullish run once various conditions are met. […]

2021-12-24 16:47


Фото:

This Indicator With an 80% Strike Rate Just Flashed a Bullish Sign for Bitcoin

Bitcoin and the aggregated crypto market have been struggling to gain any significant momentum BTC has pushed off of its recent lows, however, it remains in a somewhat precarious position as its price continues trading sideways Where it trends next will likely depend largely on the stock market, which has had intense influence over its price action Still, its independent strength remains, as most on-chain indicators are flashing bullish signs One analyst is now noting […]

2020-10-18 19:00


Фото:

Outlining a Bullish Wave Count for Bitcoin

The Bitcoin price has reached a descending resistance line that has been in place for more than two years. A breakout above this line would have major bullish implications for the future price. Well-known trader @crypto_rand outlined a BTC chart that shows a possible bullish pennant, which he believes could cause a breakout, giving a […] The post Outlining a Bullish Wave Count for Bitcoin appeared first on BeInCrypto.

2020-5-6 23:20


Фото:

Bitcoin May Be Poised to Push to $11,000 as Bullish Confluence Grows

Bitcoin has entered what appears to be a consolidation phase as its bulls and bears reach an impasse This has led the benchmark crypto to trade sideways within the upper-$8,000 region for an extended period of time Analysts are noting that there are some bullish factors that seem to suggest the recent rally is far from over, and that BTC could soon make a bid at $11,000 Bitcoin has seen some highly bullish price action […]

2020-5-5 21:00


5 Top Crypto Twitter Traders Are Bullish on Bitcoin Right Now

As Bitcoin (BTC) enters another bull-and-bear fight, ranging between $7,800 and $8,000, crypto Twitter traders are warming up to a bullish attitude. Leading Twitter Accounts See Potential for Bitcoin Earnings on Bullish Moves Leading social media names have returned with a bullish attitude to bitcoin price moves, as the coin is now battling out new support levels.

2020-1-11 04:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Massive Rumor: Hong Kong’s Bitcoin ETFs May Open To Mainland Chinese

Richard Byworth, Managing Partner at SyzCapital, has ignited rumors suggesting that Bitcoin ETFs listed in Hong Kong could soon be accessible to investors from mainland China. Byworth’s remarks on X, formerly known as Twitter, highlight the ongoing discussions about the possibility of the integration of these ETFs into the Stock Connect system. This integration could […]

Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form

Some analysts were frightened by the recent drop in Bitcoin prices. Though the coin is showing signs of strength, multiple leveraged longs were liquidated early this week. In a post on X, one analyst thinks Bitcoin might have just found support, bottoming up after the contraction this week, pushing it lower from the multi-week range established in mid-March through to the better part of April.

Oldest US Bank Invests In 2 Bitcoin ETFs, SEC Filing Shows

The Bank of New York Mellon Corporation (BNY Mellon), the oldest and one of the largest banks in the United States, has disclosed its investments in Bitcoin Exchange Traded Funds (ETFs). According to its recent Securities and Exchange Commission (SEC) filings, BNY Mellon has acquired stakes in spot BTC ETFs managed by BlackRock and Grayscale. […]