Bitcoin Price Analysis: BTC Encounters $66,000 Resistance While BlackRock CEO Compares It to Gold
Bitcoin
Cryptocurrency
Last updated:
October 15, 2024 02:50 EDT
By Arslan Butt
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Arslan Butt is a seasoned webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He offers expert insights, trading strategies, and in-depth analysis…
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October 15, 2024 02:50 EDT
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Bitcoin Price Prediction
Bitcoin’s price has recently encountered resistance near $66,000, as it faces a triple-top pattern that has slowed its upward momentum.
Market participants are closely watching this key level for a potential breakout or bearish correction.
Statements from influential figures like BlackRock CEO Larry Fink, as well as institutional actions like Japan’s Metaplanet acquisition, highlight Bitcoin’s increasing recognition as a significant financial asset.
BlackRock CEO Larry Fink Sees Bitcoin as a Major Asset Class, Comparable to Gold
During BlackRock’s Q3 2024 conference call, CEO Larry Fink acknowledged Bitcoin as a significant asset class and compared its investment potential to that of gold. Fink emphasized that Bitcoin’s growth will be driven by liquidity and broader usage, rather than regulatory changes.
He also noted the strong investor interest in BlackRock’s Bitcoin ETF, which has already attracted $23 billion in inflows.
Fink further highlighted the impressive performance of BlackRock’s Ethereum ETF and predicted that blockchain and artificial intelligence will reshape global financial markets.
With BlackRock’s endorsement, institutional acceptance of Bitcoin continues to rise, potentially attracting more investors. This growing demand could contribute to an increase in Bitcoin’s price in the coming months.
Key Points:
BlackRock’s Bitcoin ETF has attracted $23 billion in inflows.
Fink predicts that blockchain and AI will transform financial markets.
Institutional interest in Bitcoin may drive future price increases.
Japan’s Metaplanet Increases Bitcoin Holdings to $40.5 Million with $6.9 Million Acquisition
Japanese investment firm Metaplanet has added 108.78 BTC, valued at ¥1 billion ($6.9 million), to its Bitcoin holdings, bringing the total to 639.50 BTC, or $40.5 million.
Since implementing its Bitcoin acquisition strategy earlier this year, Metaplanet’s stock has surged by over 532%. The firm has also earned 23.97 BTC in premiums by selling 223 Bitcoin put options with a $62,000 strike price.
Metaplanet’s move reflects the growing institutional interest in cryptocurrencies in Japan. As institutional confidence in Bitcoin increases, demand is expected to rise, potentially boosting Bitcoin’s price.
Key Points:
Metaplanet adds 108.78 BTC, now holding $40.5 million in Bitcoin.
The firm’s stock has risen by 532% since implementing its Bitcoin strategy.
Rising institutional demand in Japan could drive Bitcoin prices higher.
Galaxy Research: Harris More Supportive of Crypto Than Biden, But Trump Leads on Bitcoin
According to Galaxy Research, Kamala Harris is more supportive of cryptocurrencies than President Joe Biden, but she trails behind Donald Trump. Harris aims to improve regulations for crypto companies but holds negative views on Bitcoin mining, self-custody, and taxes.
In contrast, Trump strongly supports Bitcoin mining and self-custody, with the goal of making the U.S. a leader in the crypto industry.
Harris’ proposals for higher capital gains taxes may impact crypto ownership, while Trump’s pro-Bitcoin stance could positively influence market sentiment if his policies gain traction.
Key Points:
Harris supports crypto regulations but opposes Bitcoin mining and self-custody.
Trump is more bullish, backing Bitcoin mining and self-custody.
The stances of both candidates could shape future market sentiment for cryptocurrencies.
Bitcoin Price Analysis: Technical Outlook
Bitcoin has encountered significant resistance near $66,237, indicated by a triple-top pattern that is limiting upward momentum. The formation of a tweezer top pattern just below this resistance suggests a potential bearish correction.
Currently, Bitcoin is trading above its 50-day EMA at $63,635, indicating that short-term momentum remains bullish. However, failure to break above the key resistance could trigger further selling pressure.
Immediate support levels are seen at $64,421, with stronger support at $63,635 and $62,143. If Bitcoin breaks through the $66,237 resistance, a bullish breakout towards the next resistance at $67,310 may occur.
Bitcoin – Price Chart – Source: Tradingview
Key Insights:
Resistance
: $66,237 (Triple top), $67,310
Support
: $64,421, $63,635
RSI
: 71.03, indicating overbought conditions
In conclusion, a break above $66,237 could extend Bitcoin’s bullish trend, while failure to do so may lead to a deeper correction.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all of your capital.