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The Bitcoin price rose 2% in the last 24 hours to trade at $71,392 as of 03:19 a.m. EST on trading volume that surged 72% to $48 billion.
It’s the first time BTC has passed the $71k level and the king of cryptos is now up more than 10% in a week and 49% in a month.
This comes as Bitwise says that institutions with trillions of dollars in assets are on the move to buy into spot Bitcoin ETFs (exchange-traded funds) and will do so by the end of June.
Who’s Buying Bitcoin ETFs (As Far As We Know)
An excerpt from Bitwise CIO @Matt_Hougan‘s weekly memo to investment professionals.
Bitcoin ETFs have attracted more than $7.5 billion in net new assets since launching in the U.S. on January 11, making many of them among the most… pic.twitter.com/jyIZHUsbn6
— Bitwise (@BitwiseInvest) March 8, 2024
According to Matt Hougan, Bitwise’s chief investment officer, there are ongoing discussions with large corporations and institutional consultants that are looking to increase their exposure to Bitcoin in the future.
Investors who are buying bitcoin ETFs today:
* Retail investors
* Registered Investment Advisors
* Family offices
* Hedge funds
* Venture capital funds
* Asset managersInvestors who I think will be buying bitcoin ETFs soon:
* Wirehouse advisors
* Corporations
* Institutional…— Matt Hougan (@Matt_Hougan) March 5, 2024
With Bitcoin surging past $71,000 and institutional investors looking for exposure to BTC via spot Bitcoin ETFs, how high can Bitcoin go?
Bitcoin Price Soars To A New All-Time High
The Bitcoin price bulls have continued to sustain the bullish momentum since the start of October 2023, with the price rising steadily past its previous all-time high of $68,000 to $72,000. BTC bulls are aiming at sustaining the bullish momentum, having breached the upper boundary of the bullish pennant.
Bitcoin is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the sustained bullish trend to the new highs. Furthermore, the 50-day SMA crosses above the 200-day SMA, with a golden cross at $28,444, supporting the bullish prospects of the BTC price.
The Relative Strength Index (RSI) is also trading within the overbought region at 78, showing a long-term trend of investor optimism as they continue to add to their positions. The Average Directional Index (ADX) supports this upward trend, currently at 55, showing a very strong bullish trend.
Moreover, the Moving Average Convergence Divergence (MACD) is also bullish, as the moving average line (blue) crosses over the signal line (orange), signifying a bullish crossover. The green bars on the histogram also extend upwards on the neutral line, showing positive momentum.
Bitcoin Price Prediction
The long-term analysis of the Bitcoin price shows bullish momentum, set to propel the price to $90,000, with the bulls using the bullish pennant to push the rally. Additionally, the ADX, MACD, and RSI are all in support of the bullish prospects of the BTC bullish move.
However, the RSI has already entered the overbought region, which may suggest an incoming correction. In such a scenario, the bears may take control of the price, driving BTC through a retrace back to the support zone at $60,000.
Meanwhile, as the BTC price soars, investors are also considering Green Bitcoin as an eco-friendly alternative to Bitcoin to capitalize on the BTC bull run. Crypto analyst Jacob Bury says GBTC has the potential to soar 10X on launch.
Green Bitcoin Presale Raises Over $3.2 Million In Early Funding: Best Eco-Friendly Crypto To Buy
The Green Bitcoin (GBTC) presale has rapidly secured over $3.2 million in early funding as it closes in on its $3.43 target.
$3 MILLION RAISED!
A massive milestone for the Green Bitcoin community. Green Bitcoin is still in presale–Get yours now! pic.twitter.com/46Jj7r0PDU
— GreenBitcoin (@GreenBTCtoken) March 10, 2024
Green Bitcoin is an eco-friendly alternative to Bitcoin using Ethereum’s Proof-of-Stake (PoS) consensus mechanism, which lowers the energy consumption compared to Bitcoin’s Proof-of-Work (PoW) model.
So the project combines the reputation of Bitcoin with the environmental sustainability of the Ethereum blockchain, effectively tackling the issues of carbon emissions associated with the king of cryptos.
Using the platform’s gamified prediction option, you can easily earn rewards by predicting the future price of Bitcoin, earning rewards every 10 minutes.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
Join us on our Gamified Green Staking Platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
Stake $GBTC, 141% Annual Rewards
Investors can also engage in the GBTC staking option, where they stake tokens to earn a passive income with an impressive 141% annual percentage yield (APY). There are over 4 million tokens that have already been staked.
Did you know you can earn HUGE, simply by staking your Green Bitcoin?
If you haven’t yet, go to our website and check out the Staking feature! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
Join the project by buying $GBTC at a reduced price of $0.8022 before it rises in less than five days.
To participate in the presale, buy $GBTC from the official Green Bitcoin website and exchange ETH or USDT for $GBTC tokens. You can also buy directly using your bank card.
Related News
Green Bitcoin – Gamified Green Staking
- Contract Audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict To Earn – Featured In Cointelegraph
- Staking Rewards & Token Bonuses
- $1+ Million Raised
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