Bitcoin
Bitcoin Price Prediction as Trillion-Dollar Investment Firm Fidelity Claims BTC Is About to Skyrocket – $100,000 Coming?
Last updated: May 8, 2024 1:32 am EDT | 3 minutes reading
Bitcoin Price Prediction
Bitcoin (BTC/USD) currently has a potential bullish outlook, trading at $62,901, reflecting an increase of around 1%. This observation aligns with Fidelity Investments’ analysis that similar patterns of calm have historically preceded large price increases.
With current stability similar to that of top technology stocks, Bitcoin may be setting the stage for another substantial increase in value, promising future Bitcoin price predictions.
Understanding Bitcoin’s Low Volatility and Predicted Price Rise
Bitcoin showed atypically low volatility last year despite reaching record prices. According to a May 1st Report by Fidelity Investments research analyst Zack Wainwright, this period of calm suggests that Bitcoin may be poised for a significant price increase soon.
The report highlights that Bitcoin’s recent levels of low volatility are similar to those seen before previous large price increases. This pattern suggests that as Bitcoin revisits and surpasses its all-time high prices, a strong increase in value is likely.
Bitcoin’s record low volatility – Source: Fidelity
Typically, these price appreciations are followed by an increase in volatility, signaling a hot market driven by speculative trading.
- Bitcoin is currently more stable than some of the top tech stocks, including Nvidia, Tesla, and Meta Platforms.
- This stability is seen as a sign of maturity, attracting more investors.
- Fidelity notes that in 2024, Bitcoin’s volatility at $60,000 was nearly half of what it was in 2021 at the same price level.
The study also considers external factors such as Covid-19 pandemicwhich have historically impacted market dynamics, highlighting the unpredictability of global events in financial markets.
Fidelity’s analysis suggests that while Bitcoin remains less volatile, it retains the potential for significant increases in value, reflecting its growing acceptance and maturation as an investment asset.
Bitcoin Price Prediction
Bitcoin (BTC/USD) signals a potential rally bitcoin price prediction, currently listed at $62,901, marking an increase of 0.81%. The pivot point of the BTC/USD pair is set at $64,655, which serves as the basis for future price movements.
Immediate resistance levels are seen at $67,084, $69,356, and $71,309, which could limit the uptrends if overcome.
On the other hand, support levels are firmly established at $61,531, $59,164 and $56,677 – zones where buying could intensify during pullbacks.
Bitcoin Price Prediction – Source: Tradingview
Key technical indicators suggest balanced market dynamics with the Relative Strength Index (RSI) at 49, suggesting neither overbought nor oversold conditions.
The 50-day exponential moving average (EMA) stands at $61,687, aligning closely with the first support level, reinforcing it as a critical threshold.
Current analysis points to a bullish outlook above $61,685, while a drop below this threshold could trigger a sharp sell-off, highlighting the delicate balance in Bitcoin’s ongoing market positioning.
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Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
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Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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