Is the Bitcoin Conference and Ethereum ETFs Driving the Crypto Boom Leading to Bitcoin Reaching 13 Million
The current surge in the cryptocurrency market has been primarily driven by the excitement surrounding the ongoing Bitcoin Conference 2024 and the buzz surrounding Ethereum ETFs. This renewed sense of optimism has led to a surge in investor interest in digital assets.
Bitcoin has seen an 8% recovery from a recent dip, with Ethereum’s price currently hovering around $3,275.
The Bitcoin Conference has been a key factor in this market uptick, with MicroStrategy’s Michael Saylor sharing his optimistic long-term forecast for Bitcoin. Saylor predicts that despite a potential slowdown in Bitcoin’s annual growth rate from 55% to 20% by 2045, the value of Bitcoin could skyrocket to an impressive $13 million per coin. This positive outlook aligns with Bitcoin’s recent surpassing of $68,000.
Saylor’s bullish stance is supported by MicroStrategy’s substantial Bitcoin holdings, totaling 226,331 BTC, valued at around $15 billion. Additionally, the hash ribbons indicator, which monitors Bitcoin’s hash rate moving averages, has recently signaled a buy. This indicator has only shown a buy signal once in the last year and three times over the past two years, each time leading to a bullish price trend.
The recent surge in the crypto market can also be attributed to the Bitcoin Conference 2024 and the anticipation surrounding former President Donald Trump’s Speech. During the event, David Bailey, CEO of Bitcoin Magazine, speculates that Bitcoin could reach new highs, especially during Trump’s speech. There are speculations that Trump might use this platform to advocate for the U.S. government to adopt Bitcoin as a strategic reserve asset.
In a panel discussion titled “From Strategy to Innovation: BlackRock’s Bitcoin Journey,” Robert Mitchnick, head of digital assets at BlackRock, highlighted that the firm’s clients have a strong preference for Bitcoin, followed by Ethereum, with limited interest in other digital assets. Mitchnick also mentioned that BlackRock does not plan to expand significantly beyond these two major assets in terms of crypto ETFs.
An analysis of Bitcoin’s daily chart reveals a surge in demand near the key support level of the 100-day moving average, leading to a significant rebound. Bitcoin is currently facing resistance between $67,000 and $68,300, with a potential move towards the all-time high range of $72,000 and possibly even $100,000 if it surpasses this resistance.
On the other hand, the recent launch of spot Ethereum ETFs, which saw a net inflow of $106.6 million on their first day, has sparked increased buying interest in Ethereum. Ethereum’s price has been consolidating above the 100-day and 200-day moving averages, signaling a bullish trend. With the introduction of the new ETH ETFs, upward momentum is expected to continue, and a breakout above $3,400 could potentially push the price to $3,700.