February 27, 2024

Taylor Daily Press

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Bitcoin is on track to drop in price, but its value could reach $80,000 this year

Bitcoin is on track to drop in price, but its value could reach $80,000 this year

Welcome to this new video analysis, in which I analyze the Bitcoin price extensively. Since the historic approval of exchange-traded funds (ETFs) last week, the stock has been on a downward trend. I share with you my vision and forecast for the near future, based on technical analysis.

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Bitcoin analysis

Bitcoin makes an ugly one “Shot” candlestick. On the weekly chart as happened several times before a larger correction occurred. In the short term, it is possible for a dead cat bounce to $45,000-$46,000. The correction will then likely continue to $35,000 and perhaps $25,000.

However, a correction like this would be more than healthy to continue racing again. After falling towards the above-mentioned prices, a bullish structure will emerge, which could take Bitcoin price to $80,000 before the end of the year.

This would exceed the current record price of $69,000, which was reached in November 2021.

ETF news and its impact on Bitcoin

The recent news that BlackRock has added nearly 500 bitcoins to its portfolio, worth $500 million, indicates a growing interest in the digital asset. The company now holds 11,000 bitcoins in spot Bitcoin ETFs. This can cause price fluctuations, but in the long run it is bullish.

With BlackRock's approval of Bitcoin ETFs and the continued implementation of Ethereum ETFs, the institutionalization of cryptocurrencies appears to be continuing.

While some major players, such as Vanguard, are hesitant, others, including Fidelity and Invesco, are showing increasing interest. These developments may cause volatility in the short term, but are considered bullish in the long term.

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John always ends his videos with “Happy Trading”. Because that's what it does for traders: it makes difficult things understandable YouTube videos and offers courses that make trading a “happy” endeavor. Thousands have already taken its courses and you can get started here Free introductory course. In addition to the weekly videos, you can also get more updates on his page Free telegram.

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