Analyst Claims Bitcoin Price Spike Confirms $20,000 Target, BlackRock CEO Disagrees

2023-10-18 21:14

Bitcoin stole the crypto spotlight after surpassing the $30,000 mark on Monday, October 16. Market observers attributed this spike to rumors suggesting the United States Securities and Exchange Commission (SEC) had greenlit BlackRock’s Spot Bitcoin ETF.

While the recent price action appears to have led to the formation of a bearish technical pattern on Bitcoin’s daily chart, BlackRock CEO Larry Fink said it is an example of “pent-up interest in crypto.”

Bearish Picture After Bitcoin ETF Rumors

Renowned technical analyst Crypto Capo discerned a pattern on Bitcoin’s daily chart, known as the “head-and-shoulders.” This particular formation, easily identifiable with three peaks where the central peak (the “head”) rises higher than the flanking peaks (the “shoulders”), often signals at a potential market reversal.

Bitcoin’s recent spike to over $30,000 appears to have formed the right shoulder of this technical pattern. Therefore, a potential breach of the $25,000 support level could result in a 20% correction, dragging Bitcoin’s value down to around $20,000 or lower.

“No changes. $19,000-$20,000 should be next. Then $12,000,” the trading veteran said.

Read more: How to Short Bitcoin: A Step-by-Step Guide

Bitcoin Price Chart. Source: TradingView

However, it is crucial to demystify the catalyst behind Bitcoin’s recent price spike. A recent news update by CoinTelegraph erroneously reported the SEC’s approval of the iShares Spot Bitcoin ETF. Fox Business was quick to debunk this report after reaching out directly to BlackRock. Recognizing the “fake news,” CoinTelegraph soon issued a public apology.

BlackRock Remains Bullish on Crypto

Amid the whirlwind of Bitcoin’s price fluctuation, Larry Fink, the CEO of BlackRock, shared his perspective. Contrary to the prevailing buzz, Fink was not in the loop about the rumors until later on.

Still, Fink emphasized the broader implications of Bitcoin’s popularity, stating that the rally was influenced by many global issues and concerns over global terrorism.

“I cannot talk about the specifics of anything but this is an example of the pent-up interest in crypto and what we hear from clients around the world about the need for crypto. I think some of this rally is way beyond the rumor and I think the rally is about all the issues around Israeli war,” Fink said.

Fink presented a nuanced view of the crypto market, arguing that the rumor did not solely drive the rally. Instead, he identified a pattern where individuals gravitate towards “flight quality” assets during global unrest, whether treasuries, gold, or cryptocurrencies.

“I believe crypto will play that role as a flight to quality,” Fink firmly asserted.

Read more: 7 Ways To Buy Bitcoin and Other Crypto With Apple Pay

In the grand scheme of things, while technical patterns provide valuable insights into possible market trends, they must be weighed against the broader macroeconomic environment. This includes sentiments expressed by influential industry leaders about the growing demand for Bitcoin.

The post Analyst Claims Bitcoin Price Spike Confirms $20,000 Target, BlackRock CEO Disagrees appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ceocoin (CEO) на Currencies.ru

$ 0.00304614 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 CEO

ceo blackrock bitcoin reversal even warnings technical

ceo blackrock → Результатов: 126


Фото:

No Point Launching Bitcoin ETFs Until the Industry Is ‘Legitimate’: BlackRock CEO

Like many of its Wall Street peers, BlackRock, the world’s largest asset manager, has been slowly cozying up to crypto. However, the company has no plan whatsoever to launch an exchange-traded fund (ETF) for digital assets anytime soon, said CEO Larry Fink at the New York Times DealBook Conference in Manhattan on November 1, 2018.

2018-11-2 19:28


Фото:

CEO Blackrock: Криптовалютам не хватает легитимности, а биткоин-ETF подождут

Обсуждая затянувшееся принятие решения по биткоин-ETF, глава BlackRock Ларри Финк заявил, что не стал бы внедрять их из-за текущего состояния криптовалютных рынков. Blackrock — это компания, под управлением которой находится более $6,3 трлн. клиентских активов. В интервью CNBC на конференции...

2018-11-2 10:29


Фото:

В BlackRock рассказали, когда запустят биткоин- ETF

Крупнейшая в мире инвестиционная компания BlackRock не будет предлагать своим клиентам торгуемый на бирже криптовалютный фонд (ETF), пока индустрия не станет более легитимной. Об этом заявил CEO компании Ларри Финк на New York Times Dealbook Conference.

2018-11-2 09:20


Blackrock CEO: Crypto Still Lacking Legitimacy, Bitcoin ETF Will Have To Wait

Blackrock CEO Larry Fink Still Skeptical On Crypto, Bitcoin ETF While discussion regarding Bitcoin-backed exchange-traded funds (ETFs) have begun to slow, the chief executive of BlackRock, a multinational America-based financial institution, recently claimed that he is hesitant to allow his firm to offer a Bitcoin ETF due to the current state of cryptocurrency markets.

2018-11-2 08:03


BlackRock воздержится от запуска биткоин-ETF до «легитимизации» индустрии

Крупнейшая в мире инвестиционная компания BlackRock не будет предлагать своим клиентам торгуемый на бирже криптовалютный фонд (ETF), пока не увидит, что индустрия достаточно созрела. Такое заявление в четверг, 1 ноября, сделал CEO компании Ларри Финк на New York Times Dealbook Conference, пишет CNBC.

2018-11-2 22:48


Фото:

Bitcoin Price Analysis: Is this a Bullish Reversal or the Puppet Master at Play?

At last some excitement! Yesterday Bitcoin leapt nearly 12% in 24 hours but what’s behind the rally? Could it be the BlackRock and Coinbase news or is it purely fundamental? Market Overview What a rollercoaster ride! Earlier this week Financial News London reported that the world’s largest ETF provider, BlackRock, had cast its gaze to Bitcoin and other cryptocurrencies as potential investments but before the news even had the opportunity to impact cryptocurrency prices, BlackRock CEO, Read More The post Bitcoin Price Analysis: Is this a Bullish Reversal or the Puppet Master at Play? appeared first on Bitcoinist.com.

2018-7-20 05:00


CEO BlackRock: наши клиенты не заинтересованы в криптовалютах

Генеральный директор BlackRock Ларри Финк, несмотря на создание рабочей группы по изучению криптовалют, заявил, что клиенты крупнейшего ETF-провайдера не заинтересованы в инвестициях в криптовалюту.

2018-7-18 14:19


Ларри Финк: клиентов BlackRock не интересуют инвестиции в криптовалюты

Несмотря на создание специальной рабочей группы по изучению криптовалютного рынка CEO инвестиционной компании BlackRock Ларри Финк утверждает, что ее клиентам не интересен этот новый класс активов. Об этом он сказал в интервью Bloomberg Television.

2018-7-17 21:59


Фото:

BlackRock CEO Contradicts Report of $6 Trillion Interest in Bitcoin (BTC)

Cryptocurrency–’Confusing’ is the only way to characterize the turn of events out of BlackRock in relation to cryptocurrency this morning. While the original report by Financial News (fnlondon) had it that BlackRock, the world’s largest exchange-traded fund (ETF) provider was setting up shop to assess the potential of offering a Bitcoin-related fund, CEO Larry Fink […] The post BlackRock CEO Contradicts Report of $6 Trillion Interest in Bitcoin (BTC) appeared first on Ethereum World News.

2018-7-16 19:14