2024-01-15 • Updated
Bitcoin halving occurs approximately every four years, reducing the rate at which new Bitcoin is created by half. The last three halvings happened in 2012, 2016, and 2020. The upcoming one is expected in April 2024. This mechanism is designed to control the supply of new Bitcoin, contributing to its scarcity and controlled issuance. It helps in managing inflation, ensuring a stable and valuable long-term asset. The economic impact of halving affects miners, and market competition, and has historically been associated with price increases due to decreased supply and rising demand. Despite potential positive impacts, it also leads to increased volatility in the Bitcoin market.
In other news, the U.S. Securities and Exchange Commission (SEC) has approved 11 bitcoin exchange-traded funds (ETFs), marking a significant milestone for both bitcoin and the broader crypto industry. This decision comes after a tweet from the SEC's account led to confusion and a spike in Bitcoin's price. The approved ETFs provide a more accessible way for investors to gain exposure to Bitcoin without directly owning the cryptocurrency. Large fund managers like BlackRock, Fidelity Investments, and Invesco will manage these funds, and trading is expected to commence soon. The SEC, while approving the ETFs, expressed continued skepticism about cryptocurrencies, emphasizing the associated risks. This development is considered a major win for the crypto industry, with expectations of increased demand for bitcoin and potential price spikes. Despite the positive news, some SEC commissioners have raised concerns about potential market flooding and risks associated with crypto ETFs. The approval is anticipated to bring Bitcoin further into the financial mainstream.
The weekly timeframe of BTCUSD chart shows a clear breakout of a previous supply zone, followed by a sharp rejection, which I consider to be a retest before the major move begins. Aside from the breakout, it is clear that the moving averages are also starting to switch over to a bullish array, which would be another confluence towards the bullish sentiment.
Analyst’s Expectations:
Direction: Bullish
Target: $51,000
Invalidation: $43,000
ETHUSD is currently being faced with a weak resistance area; one I’m particularly hoping price gets to break. A break above this resistance level would create a valid support that should push prices towards the $4,000 mark. The moving averages in this scenario also seem to be prepping for a clear bullish alignment, which would confirm my bullish sentiment.
Analyst’s Expectations:
Direction: Bullish
Target: $3470
Invalidation: $2765
Ripple (XRPUSD) has had a few shaky weeks, as far as the price action goes, but the recent push from the trendline support seems to have set the stage nicely for a proper bullish trend. With the recent adoption of Bitcoin ETFs in the United States, chances are that we get to see its impact in other cryptocurrencies as well.
Analyst’s Expectations:
Direction: Bullish
Target: 0.66410
Invalidation: 0.56298
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
Robert Kiyosaki, the author of "Rich Dad Poor Dad," has updated his bitcoin price forecast, now projecting the cryptocurrency to hit $100,000 by September. He plans to acquire more bitcoin before April, attributing his decision to the upcoming halving event. Kiyosaki advises investors to consider adding bitcoin to their portfolios and suggests...
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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