While the Bitcoin price actively tests the $30,600 level, and Ether has not been able to return to its monthly highs, discussions about the actions of the largest hedge funds in the United States continue to stir up the public. Last week, the world’s largest asset manager BlackRock filed an application to create its own Bitcoin exchange-traded fund (ETF). So far, there has been no response from the U.S. Securities and Exchange Commission (SEC), but many market experts believe that if approved, the price of Bitcoin could double, and this is the most conservative scenario.
Crypto Banter founder Ran Neuner recently stated that he is very optimistic about the filing of the BlackRock Spot Bitcoin ETF application. Many members of the crypto community note that the application has sparked institutional interest and led to an increase in cryptocurrency prices. However, some have speculated that the filing may be aimed at exerting pressure on influential figures in the crypto industry. Some crypto enthusiasts who have carefully studied the details of BlackRock’s ETF application have noted the mention of a Bitcoin fork, which has led to the assumption that BlackRock wants to take control of the development and division of the network.
However, the majority of the community still agrees that BlackRock’s intentions are not malicious and are driven more by financial interests and benefits. “Whether or not one party owns all the Bitcoin won’t make Bitcoin centralized,” said Neuner. “The only way that that can change is if the majority of the miners, over 50 percent of the miners around the world, agree that the rules need to change. Regardless of who owns the Bitcoin, the mining still remains decentralized.”
Neuner also noted that the BlackRock Spot Bitcoin ETF, combined with the upcoming halving scheduled for April 20, 2024, will lead to a price increase. In his opinion, the price could easily double its current value.
As for the technical picture of Bitcoin today, it can be said that talk of continued growth under current conditions can only happen after breaking the $30,640 level, which would provide a chance to establish a bullish market with the prospect of reaching $32,300. The ultimate target would be the $34,300 area, where significant profit-taking and a pullback in Bitcoin could occur. In the event of renewed pressure on the trading instrument and a break below $29,500, the focus will be to defend $28,440. Its breakdown would be a blow to the asset, opening the door to $27,390.
The focus of Ether buyers remains on defending the nearest support at $1,860 and breaking resistance at $1,925. Only after that can we expect a move towards $2,020, which would allow the bullish trend to continue and lead to a new surge in Ether towards the $2,120 range. If pressure returns to ETH, the $1,860 level will come into play, and its breakdown would lead to a test of $1,770. The area below that is around $1,700.
The material has been provided by InstaForex Company – www.instaforex.com
While the Bitcoin price actively tests the $30,600 level, and Ether has not been able to return to its monthly highs, discussions about the actions of the largest hedge funds in the United States continue to stir up the public. Last week, the world’s largest asset manager BlackRock filed an application to create its own Bitcoin exchange-traded fund (ETF). So far, there has been no response from the U.S. Securities and Exchange Commission (SEC), but many market experts believe that if approved, the price of Bitcoin could double, and this is the most conservative scenario.
Crypto Banter founder Ran Neuner recently stated that he is very optimistic about the filing of the BlackRock Spot Bitcoin ETF application. Many members of the crypto community note that the application has sparked institutional interest and led to an increase in cryptocurrency prices. However, some have speculated that the filing may be aimed at exerting pressure on influential figures in the crypto industry. Some crypto enthusiasts who have carefully studied the details of BlackRock’s ETF application have noted the mention of a Bitcoin fork, which has led to the assumption that BlackRock wants to take control of the development and division of the network.
However, the majority of the community still agrees that BlackRock’s intentions are not malicious and are driven more by financial interests and benefits. “Whether or not one party owns all the Bitcoin won’t make Bitcoin centralized,” said Neuner. “The only way that that can change is if the majority of the miners, over 50 percent of the miners around the world, agree that the rules need to change. Regardless of who owns the Bitcoin, the mining still remains decentralized.”
Neuner also noted that the BlackRock Spot Bitcoin ETF, combined with the upcoming halving scheduled for April 20, 2024, will lead to a price increase. In his opinion, the price could easily double its current value.
As for the technical picture of Bitcoin today, it can be said that talk of continued growth under current conditions can only happen after breaking the $30,640 level, which would provide a chance to establish a bullish market with the prospect of reaching $32,300. The ultimate target would be the $34,300 area, where significant profit-taking and a pullback in Bitcoin could occur. In the event of renewed pressure on the trading instrument and a break below $29,500, the focus will be to defend $28,440. Its breakdown would be a blow to the asset, opening the door to $27,390.
The focus of Ether buyers remains on defending the nearest support at $1,860 and breaking resistance at $1,925. Only after that can we expect a move towards $2,020, which would allow the bullish trend to continue and lead to a new surge in Ether towards the $2,120 range. If pressure returns to ETH, the $1,860 level will come into play, and its breakdown would lead to a test of $1,770. The area below that is around $1,700.
The material has been provided by InstaForex Company – www.instaforex.com
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