{"id":561945,"date":"2024-08-07T15:15:00","date_gmt":"2024-08-07T15:15:00","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=561945"},"modified":"2024-08-07T15:15:00","modified_gmt":"2024-08-07T15:15:00","slug":"bitcoin-price-prediction-as-blackrock-boomers-hold-onto-btc-etfs-despite-the-market-crash","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-blackrock-boomers-hold-onto-btc-etfs-despite-the-market-crash","title":{"rendered":"Bitcoin Price Prediction As BlackRock Boomers Hold Onto BTC ETFs Despite The Market Crash"},"content":{"rendered":"

The Bitcoin price <\/span>pumped<\/span><\/a> over 3% in the last 24 hours to trade at $57,192.99 as of 7:30 a.m. EST as investors start accumulating the leading crypto following the recent market crash.<\/span><\/p>\n

While many investors panicked and sold crypto at the beginning of the week, boomers who bought into spot Bitcoin <\/span>ETF<\/span><\/a> (exchange-traded fund) were unfazed. <\/span><\/p>\n

Data from <\/span>Farside<\/span><\/a> shows these investment products recorded zero flows during the market crash on Aug. 6 as ETF holders opted to ride out the storm. That holds out the hope of a less volatile future for major cryptos as institutional adoption increases.<\/span><\/p>\n

The Bitcoin Price Could Undergo A Strong Move Soon<\/span><\/h2>\n

\"BINANCE:BTCUSDT<\/p>\n

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

The <\/span>Bitcoin<\/span><\/a> price is approaching the major resistance level at $57,737.69. A symmetrical triangle has also formed on the leading crypto’s 4-hour chart, which suggests BTC might undergo a strong move soon.<\/span><\/p>\n

Should the Bitcoin price breakout towards the upside, it could have the momentum needed to flip the $57,737.69 technical barrier into support. Thereafter, the crypto will have the space needed to potentially rise to as high as $62,372.95 in the following couple of days.<\/span><\/p>\n

On the other hand, the symmetrical triangle resulting in a price plunge could lead to the Bitcoin price falling to the immediate support level at $52,815.69.<\/span><\/p>\n

Technicals Suggest The Bitcoin Price Might Keep Rising<\/span><\/h2>\n

From a technical perspective, indicators on BTC’s 4-hour chart suggest the market leader’s price might continue to climb in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bullish signs.<\/span><\/p>\n

In the last 48 hours, the MACD line crossed above the MACD Signal line. Traders usually see this technical occurrence as an indication that a crypto has entered a positive trend. What’s more, the growing gap between the two lines suggests BTC’s positive momentum is intensifying.<\/span><\/p>\n

Throughout the past day of trading, the RSI line also broke above its Simple Moving Average (SMA) line to signal that buyers have gained an upper hand against sellers. With the RSI line positively sloped, it seems bulls are growing their strength against bears as well.<\/span><\/p>\n

A Promising Alternative Option<\/h2>\n

While BTC approaches a major resistance level, investors are rushing to buy the new Base meme coin <\/span>Base Dawgz (DAWGZ),<\/span><\/a> which crypto YouTuber ClayBro says shows expectations of 10x gains on launch.<\/span><\/p>\n