{"id":471994,"date":"2024-01-14T12:14:37","date_gmt":"2024-01-14T12:14:37","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=471994"},"modified":"2024-01-14T12:50:17","modified_gmt":"2024-01-14T12:50:17","slug":"bitcoin-price-prediction-as-morgan-stanley-says-btc-etfs-are-a-potential-paradigm-shift-this-bitcoin-derivative-might-be-the-best-crypto-to-buy-now","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-morgan-stanley-says-btc-etfs-are-a-potential-paradigm-shift-this-bitcoin-derivative-might-be-the-best-crypto-to-buy-now","title":{"rendered":"Bitcoin Price Prediction: As Morgan Stanley Says BTC ETFs Are A ”Potential Paradigm Shift,” This Bitcoin Derivative Might Be The Best Crypto To Buy Now"},"content":{"rendered":"

The Bitcoin price has tumbled by 0.5% in the last 24 hours to trade at <\/span>$42.7K<\/span><\/a> as of 12:30 a.m. EST with BTC losing almost 3% in a week that saw the landmark launch of spot BTC ETFs (exchange-traded funds) in the US.<\/span><\/p>\n

Morgan Stanley said<\/span><\/a> that breakthrough development is “a potential paradigm shift in the global perception and use of digital assets.” Understanding the interplay and nuances between traditional fiat currencies, E-money, and stablecoins is crucial, said head of digital asset markets Andrew Peel.<\/span><\/p>\n

“This dynamic is set to significantly influence the future of international trade and finance, potentially reshaping the global economic and financial landscape,” he said. “Investors and policymakers alike must pay attention and keep informed with the rapidly changing digital asset ecosystem, considering wide-ranging implications on global businesses and nation-states, as well as the macro investor landscape.”<\/p>\n

Peel highlighted the ”remarkable” adoption of Bitcoin globally, with 106 million people now holding the king of cryptocurrencies worldwide, and the presence of Bitcoin ATMs in 84 countries. <\/span><\/p>\n

“A clear shift towards reducing dollar-dependency is evident, simultaneously fueling interest in digital currencies such as Bitcoin, stablecoins, and CBDCs [Central Bank Digital Currencies],” he said.<\/p>\n

Bitcoin Price Prediction: Technical Analysis<\/span><\/h2>\n

Looking at an in-depth analysis of 1 hour BTC\/USD charts, the crypto king could be headed toward a recovery in the short term, as shown by several indicators. The Relative Strength Index (RSI) moves north as it approaches the 50 mark, showing bullish momentum on BTC. <\/span><\/p>\n

The MACD has also maintained movement in the green zone after an earlier attempt to revert to the red zone. This shows fading bear momentum as bulls regain control. <\/span><\/p>\n

The Awesome Oscillator (AO), used in gauging market trends, is moving towards the zero line with green histograms. This shows a solid bullish trend on the Bitcoin price as bulls now look to break past the new $43.7K resistance level, with the price now moving within range.<\/span><\/p>\n

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1-hour BTC\/USD charts | Source: TradingView<\/a><\/p>\n

However, despite indicators pointing towards a bright future, Roman_Trading, addressing his 50K followers on X (formerly Twitter), believes Bitcoin is ultimately forming a head and shoulder reversal pattern, which will likely see a near 30% price correction in the next 25-30 days so long as the RS forms.<\/span><\/p>\n

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$BTC<\/a> 1D<\/p>\n

This is my scenario for the next 25-35 days.<\/p>\n

Ultimately forming an HS reversal & likely seeing a near 30% price correction so long as the RS forms.<\/p>\n

Too many bear divs, overall market wide exhaustion, & $SPX<\/a> \/ $DXY<\/a> confluence.#Bitcoin<\/a> #cryptocurrency<\/a> #cryptonews<\/a> pic.twitter.com\/8CtZ46953o<\/a><\/p>\n

— Roman (@Roman_Trading) January 13, 2024<\/a><\/p><\/blockquote>\n