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Bitcoin Price Prediction: BTC Soars 10% As Morgan Stanley Mulls Offering Bitcoin ETFs To Customers – Too Late To Buy?

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Bitcoin price
Bitcoin price

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The Bitcoin price has exploded 10% in the last 24 hours to trade for $62,465 as of 5:40 a.m. EST time on a 98% surge in trading volume.

Amid heightened interest in the BTC token, a report by on-chain market intelligence firm Glassnode indicated that the levels of BTC supply over the counter (OTC) had plummeted to depletion levels.

Such a turnout could force institutions to buy Bitcoin from public exchanges, with the ensuing demand pressure likely to send the Bitcoin price further north. The depletion of BTC tokens over the counter is attributed to institutional demand, inspired by interest in spot BTC exchange-traded funds (ETF) investment products.

This is so much so that Bloomberg Intelligence ETF specialist Eric Balchunas recently indicated that the allure of BTC ETFs has surpassed that of Gold, adding that there is a decent chance that the assets under management (AUM) for Bitcoin ETFs could surpass those of Gold ETFs in less than two years.

The bullish sentiment seen in the Bitcoin price has analysts impressed by the trajectory, with one saying, “Bitcoin [price] has not seen a correction of more than 5%” for over a month. @DaanCrypto also recognizes that Bitcoin is on track for its second-best February in its history.

Rich Dad Poor Dad author Robert Kiyosaki says Bitcoin is doing its job to dethrone the dollar and restore integrity to money. With the BTC ETFs making headlines in the US market, CNBC host of Mad Money Jim Cramer says an ETH ETF could come soon.

Morgan Stanley Wants A Piece Of The Spot Bitcoin ETF Cake

Meanwhile, Morgan Stanley, one the most important financial consultancies globally with up to $1.3 trillion in assets under management (AUM), predicts that cryptocurrencies will disrupt the global financial system in 2024.

With this in mind, CoinDesk reported that the firm is conducting due diligence on whether to add a spot Bitcoin ETF product to its brokerage platform. The company is a leader in alternative investments and private markets, with more than $150 billion in assets under management.

Based on the report, the firm has started adding Bitcoin ETF language to its filings with the US Securities and Exchange Commission (SEC) for its in-house investment arm. Citing an excerpt from Wednesday’s filing for the Morgan Stanley Europe Opportunity Fund, “The Fund may obtain investment exposure to Bitcoin indirectly through investing in Bitcoin ETFs.”

Several Morgan Stanley funds have collectively been one of the largest holders of Grayscale’s GBTC.

Bitcoin Price Outlook As BTC ETF Narrative Drives Markets

The Bitcoin price is trading within the supply zone that extends between $62,905 and $68,212. To confirm the continuation of the uptrend, the price must flip the $65,664 resistance to a support level. Such a move would pave the way for a flip of the supply barrier into a bullish breaker, effectively providing the jumping-off point for the king of cryptocurrency to reclaim its all-time high above $69,000. As it stands, BTC is only 9% away from its peak price.

At 87, the Relative Strength Index (RSI) shows BTC is already massively overbought. However, considering this momentum indicator is still inclined north, buying pressure continues to increase. This coupled with the strong presence of the bulls in the BTC market, seen with the Awesome Oscillator (AO) and the Moving Average Convergence Divergence histogram bars in positive territory, accentuates the bullish supposition.

Bitcoin price

TradingView: BTC/USDT 1-day chart

On the other hand, if the supply zone holds as a resistance level, the Bitcoin price could suffer rejection. This could send the BTC price back to the $50,000 milestone.

However, as Bitcoin pumps, a new project called Green Bitcoin is attracting increasing investor attention.

Promising Alternative To Bitcoin

GBTC is the ticker for the Green Bitcoin ecosystem, serving as an environmentally conscious alternative to Bitcoin. It integrates Bitcoin’s legacy with the eco-friendly features that are characteristic of the Ethereum network.

The project introduces a prediction game that allows users to earn $GBTC rewards via the revolutionary Gamified Green Staking mechanism. This is called ‘Gamified Green Staking’ and allows users to earn passive income through staking rewards.

Some analysts rank Green Bitcoin 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.

So far, funds raised have soared past $1.249 million as it races towards its $1.475 million target.

Investors looking to buy GBTC can do so on the official website. The token is currently selling for $0.5362, a price tag that will hold for less than five days before an increase.

Visit and buy GBTC here.

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