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The Bitcoin price dropped by 1.5% over the last 24 hours to trade for $61,492 as of 12:45 a.m. EST time on trading volume that plunged 35%.
The dominant theme in the market is inflows into spot BTC exchange-traded funds (ETFs), the main driver behind BTC’s 46% rally in a month.
And Bitwise, one of the issuers of the investment products, says Bitcoin ETFs are on the cusp of a new and bigger wave of capital inflows.
Bitwise CIO On Bitcoin Price Targets
Bitwise CIO Matt Hougan told CNBC that the first wave of Bitcoin ETF interest has come mainly from retail, hedge funds, and independent financial advisors.
The next wave will be driven by institutional players, he said, noting that institutions from Morgan Stanley to Bank of America’s Merrill Lynch and Wells Fargo are now aiming to offer Bitcoin ETF products to their huge institutional client bases.
💥 BREAKING: Wells Fargo and Bank of America’s Merrill are pushing #Bitcoin ETFs to clients! pic.twitter.com/trORFyrmSD
— Bitcoin Archive (@BTC_Archive) February 29, 2024
Hougan added that right now there is too much demand for Bitcoin and not enough supply, a view shared by MicroStrategy CEO Michael Saylor.
"With #Bitcoin right now … there is too much demand and not enough supply." – Matt Hougan, CIO Bitwise pic.twitter.com/1B0joUQ1Pp
— Michael Saylor⚡️ (@saylor) February 29, 2024
With institutional investors finally getting easy access to Bitcoin investments, Hougan says that Bitcoin ETFs have triggered a “new era of price discovery” for the king of cryptos,
$BTC is in price discovery phase. Maybe really for the first time since it’s been an asset as now the bulk of US wealth has easy access. Hard to predict where we stop.
— Mike Novogratz (@novogratz) February 28, 2024
Hougan said the next wave of institutional interest could push Bitcoin’s price “substantially higher.” Potentially, it could surpass Bitwise’s initial 2024 forecast of $80,000, reaching anywhere from $100,000 to $200,000 or even higher, he said.
BTC Market Outlook As Hougan Anticipates A New Era Of Bitcoin Price Discovery
The Bitcoin price is trading with a bullish bias despite the Wednesday correction. The level to beat remains the mean threshold of the supply barrier between $62,905 and $68,212, at $65,664. With the market still favoring he upside, the Bitcoin price could have another go at this supplier congestion zone. A break and close above the midline would pave the way for extended gains, giving BTC a chance to retake its all-time high of $69,000.
Looking at the Relative Strength Index (RSI), BTC is already massively overbought at 81. However, until the RSI closes below the 70 midline, the king of crypto is not ripe for selling. The RSI inclination to the north suggests rising buyer momentum, which could propel BTC further north.
The Moving Average Convergence Divergence (MACD) is also above its signal line (orange band), accentuating the bullish thesis. Its histogram bars flashing green, similar to those of the Awesome Oscillator, solidify the presence of the bulls in the market.
TradingView: BTC/USDT 1-day chart
On the other hand, enhanced seller momentum could see the Bitcoin price extend the fall below the $60,000 psychological level. A breakdown of this threshold could see BTC roll over to $55,000, or worse, dwindle to $50,000.
However, as the Bitcoin price confronts a formidable supply barrier, investors might want to consider diversifying some of their gains into a new ICO, GBTC, which offers greater upside potential.
Promising Alternative To Bitcoin
After raising over $1.3 million from investors drawn by the allure of the ongoing Bitcoin bull run, GBTC is on a roll. It is the ticker for the Green Bitcoin ecosystem, a predict-to-earn project built atop Ethereum’s infrastructure using the ERC-20 token standard.
It is a gamified staking platform with participants earning rewards by predicting Bitcoin price action.
Some analysts rank it as among the best penny crypto investments, while crypto analyst and YouTuber Jacob Bury rates it one of the best crypto altcoins to buy before the 2024 Bitcoin halving.
Combining staking with a gamified prediction platform for crypto enthusiasts, there are exponential rewards for GBTC holders and up to 100% token bonuses for the fresh challenges presented live every week.
There are daily and weekly BTC price prediction challenges that offer attractive rewards.
The experts weigh in on GBTC!
Bitcoin Price to Hit $200,000 by 2025: Standard Chartered – Can Green Bitcoin Outperform BTC?https://t.co/w2mT4kp0fo
— GreenBitcoin (@GreenBTCtoken) February 19, 2024
The project also presents a sustainable staking model called ‘Gamified Green Staking’ where users can earn passive income through staking rewards. The initiative embraces a sustainable approach, attracting eco-conscious investors and ESG-focused institutions.
Green Bitcoin leverages the Ethereum network’s energy-efficient proof-of-stake mechanism, resulting in a remarkable 10,000-fold reduction in energy consumption compared to Bitcoin’s proof-of-work model.
Did you know you can earn HUGE, simply by staking your Green Bitcoin?
If you haven't yet, go to our website and check out the Staking feature! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
Investors looking to buy GBTC can do so on the official website, where it is selling for $0.5362. This price tag will only last for the next four days before a price hike. So far, presale sales have reached upwards of $1.3 million out of a target objective of $1.475 million.
Get yours today before the price increases in a little more than four days.
NEW STAGE IS LIVE!
Join the Green Revolution before it's too late! pic.twitter.com/tptpN72nNo
— GreenBitcoin (@GreenBTCtoken) February 23, 2024
Also Read:
- Top Cryptos with Potential for 10x Returns in 2024 – Green Bitcoin, Scotty the AI, and Frog Wif Hat
- Bitcoin Price Prediction: BTC Soars 9% To Highest In 27 Months As BlackRock’s Bitcoin ETF Hits Record $1.3 Billion Inflow – Time To Buy BTC?
- Why You Should Check Out Green Bitcoin (GBTC) – The Next 50x Token Taking The Market By Storm
- Green Bitcoin (GBTC) Is A Token You Don’t Want To Miss Out – Learn About Its Gamified Green Staking
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