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Bitcoin Price Prediction and Market Analysis
As of February 16, 2024, the enthusiasm surrounding Bitcoin ETFs and the anticipated increase in institutional investments have catalyzed optimism for Bitcoin’s future price trajectory. Coinbase Global’s recent revelation of its first quarterly profit in two years, buoyed by the SEC’s approval of Bitcoin ETFs, underscores a significant moment for the cryptocurrency market.
Coinbase Reports Profit Surge Post-Bitcoin ETF Approval
Coinbase Global Inc. has reported its first quarterly profit in two years, marking a significant turnaround in its financial performance. This achievement comes in the wake of the U.S. Securities and Exchange Commission’s (SEC) approval of spot bitcoin exchange-traded funds (ETFs), sparking renewed interest in the cryptocurrency market.
- The approval led to a substantial 57% increase in Bitcoin’s price in the fourth quarter of 2023
- Contributing to a 64% rise in Coinbase’s transaction revenue, which reached $529.3 million
The company’s success in the last quarter has set a positive tone for its future, with projections for its subscription and services division’s revenue to fall between $410 million and $480 million in the coming quarter.
Blackrock’s Bitcoin ETF Soars: A New Chapter in Cryptocurrency Investment
Blackrock’s Ishares Bitcoin Trust (IBIT) has swiftly become a major player in the cryptocurrency space, accumulating nearly $5 billion in net assets and approximately 110,000 bitcoins since its launch about a month ago.
- Spot bitcoin ETFs experienced a remarkable inflow of $339.8 million on February 14 alone, with IBIT capturing the largest share at $224.3 million
- Larry Fink, CEO of Blackrock, has publicly voiced his strong belief in bitcoin’s potential, further fueling investor enthusiasm despite concerns expressed by SEC Chairman Gary Gensler regarding bitcoin’s use in ransomware attacks.
Bitcoin ETFs Fuel Surge in Institutional Investments
Since the approval of ten spot Bitcoin exchange-traded funds (ETFs) in the US on January 11, a significant shift has occurred in the cryptocurrency investment landscape.
- These ETFs now represent a striking 75% of all new Bitcoin investments
- Spot Bitcoin ETFs Propel Market Growth, lifting its market capitalization to over $1 trillion for the first time since November 2021
Bitcoin Price Prediction
Bitcoin’s current pivot point stands around $51,500, facing resistance levels between $53,601 and $56,863, delineating the hurdles for upward progression. Conversely, support levels are established at $50,224, $48,441, and $46,736, offering a safety net against potential declines.
The Relative Strength Index (RSI) indicates a position at 64, hinting at an overbought scenario that may lead to a corrective pullback. The 50-Day Exponential Moving Average (EMA) at 49,020 supports a bullish outlook, yet the proximity to overbought territory suggests vigilance for a possible near-term retraction.
Top 15 Cryptocurrencies to Watch in 2023
Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptowire, ensuring expert advice and critical insights for your cryptocurrency investments. Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.