{"id":472927,"date":"2024-01-17T16:39:22","date_gmt":"2024-01-17T16:39:22","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=472927"},"modified":"2024-01-17T16:39:22","modified_gmt":"2024-01-17T16:39:22","slug":"bitcoin-price-prediction-as-blackrock-fidelity-and-grayscale-dominate-insane-btc-etf-trading-experts-say-this-bitcoin-derivative-has-explosive-potential","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-blackrock-fidelity-and-grayscale-dominate-insane-btc-etf-trading-experts-say-this-bitcoin-derivative-has-explosive-potential","title":{"rendered":"Bitcoin Price Prediction: As BlackRock, Fidelity, And Grayscale Dominate ”Insane” BTC ETF Trading, Experts Say This Bitcoin Derivative Has Explosive Potential"},"content":{"rendered":"

The Bitcoin price dropped <\/span>slightly<\/span><\/a> over the past 24 hours to trade at $42,481.40 as of 9:10 am EST.  <\/span><\/p>\n

Bitcoin ETFs Post Remarkable Volumes<\/span><\/h2>\n

Spot Bitcoin <\/span>ETFs<\/span><\/a> (exchange-traded funds) generated a whopping $1.8 billion in volume on Jan. 16, or three times more than the combined volume on the same day of all 500 ETFs that were launched in 2023 in the US. Data from Yahoo Finance showed that Grayscale, BlackRock and Fidelity accounted for $1.6 billion of the day’s trading volume.<\/span><\/p>\n

“Let me put into context how insane $10b in volume is in first 3 days,” said Bloomberg ETF analyst Eric Balchunas in a recent X post<\/a>. “There were 500 ETFs launched in 2023. Today, they did a COMBINED $450m in volume. $IBIT alone is seeing more activity than the entire ’23 Freshman Class.”<\/span><\/p>\n

The Bitcoin Price Enters A Consolidation Channel<\/span><\/h2>\n

\"TradingView<\/p>\n

4-hour chart for BTC\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

The Bitcoin price has been in a consolidation phase between $41,530 and $43,670 over the past few days. After being rejected by the upper boundary of this channel earlier today, BTC has pulled back to trade at the middle level of the range. Should it fall below this mark, it may correct down to the $41,530 support in the next 24 hours.<\/span><\/p>\n

A break below the current sideways channel may lead to the Bitcoin price falling to the subsequent support level at $40,100 in the following couple of days. This bearish thesis may not play out if <\/span>BTC<\/span><\/a> is able to close two consecutive 4-hour candles above the middle bound of the consolidation channel. In this alternative scenario, the Bitcoin price may attempt to overcome the $43,670 threshold. As a result, the market leader may have the foundation needed to rise to the next major resistance level at $45,845 in the short term.<\/span><\/p>\n

Bulls Lay Dormant On BTC’s Charts<\/span><\/h3>\n

Technical indicators on BTC’s 4-hour chart suggested that a bullish move may not happen within the next 24 hours. The Moving Average Convergence Divergence (MACD) indicator showed signs of <\/span>BTC’s<\/span><\/a> trend beginning to transition into a bearish phase. Should the MACD line cross below the MACD Signal line soon, it may confirm that the Bitcoin price has entered into a short-term negative cycle. <\/span><\/p>\n

In addition to this, sellers seem to be gaining strength against buyers on BTC’s 4-hour chart. This is evident in the Relative Strength Index (RSI) indicator. Over the past few hours, the RSI line crossed below its Simple Moving Average (SMA) line. The RSI line is also breaking away below the SMA line. Not only does this signal that bears are now stronger than bulls, it also suggests that bears are growing stronger.<\/span><\/p>\n

While the Bitcoin price trades sideways, investors may want to take a look at <\/span>Bitcoin Minetrix<\/span> and its unique approach to BTC cloud mining.<\/span><\/p>\n

Cloud Mining Made Simple<\/span><\/h2>\n

Prior to <\/span>Bitcoin Minetrix<\/span><\/a>, cloud mining BTC was a complex operation that not only required a significant amount of technical understanding, but also a substantial amount of upfront capital. Expensive machinery dedicated to cloud mining had to be set up and constantly maintained.<\/span><\/p>\n

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Embarking on a new era of cloud mining with #BitcoinMinetrix<\/a>! 💎<\/p>\n

Users earn #BTCMTX<\/a> staking credits, controlling their mining power. <\/p>\n

Ethereum's smart contracts provide auto-managed, decentralized allocations for a secure experience. ⛏️🔐 pic.twitter.com\/m2QaOlXNlZ<\/a><\/p>\n

— Bitcoinminetrix (@bitcoinminetrix) January 16, 2024<\/a><\/p><\/blockquote>\n