2024-09-26 00:13:45
Investing.com – O is at a critical point and could soon reach a new high of $90,000 or drop to the $44,000 range. Amid extreme volatility and uncertainty, investors and experts are closely monitoring the next moves. Two main scenarios could define the future of the world’s largest and most controversial cryptocurrency.
Michael Saylor, an ardent supporter of bitcoin and co-founder of MicroStrategy (NASDAQ: ), recently expressed his excitement about comments from Robbie Mitchnick, head of digital assets at BlackRock (NYSE: ). During an interview on Bloomberg Crypto, Mitchnick made some positive comments about bitcoin that caught the attention of the crypto community and could have wide implications.
Mitchnick emphasized that BlackRock sees bitcoin as a rising global monetary alternative. He described it as a scarce, global, decentralized, non-state asset, which was particularly popular amid concerns about excessive currency issuance, the devaluation of fiat currencies, and global political and financial challenges. This view resonates with many investors who view bitcoin as a hedge against economic instability.
Saylor takes this optimistic view and strongly supports Mitchnick’s views. He emphasizes that bitcoin combines the characteristics of both risky assets and safe haven assets, occupying a unique position in the financial market. Saylor’s support reinforces institutional conviction in bitcoin as a long-term store of value.
Mitchnick also cited the approval of bitcoin ETFs by the Securities and Exchange Commission (SEC) and other regulatory developments as key events affecting bitcoin’s fundamental value this year. Recently, BlackRock received approval for bitcoin options from the SEC, which was widely celebrated by the crypto community.
Despite optimistic statements, the future of bitcoin remains uncertain and full of challenges. A recent technical analysis from Smart Investing suggests that bitcoin could face an unprecedented rally or a severe correction. The analysis is based on the Elliott Wave principle (EWP), which predicts possible price movements in the future.
Analysis suggests that bitcoin could be a “Terminal Diagonal” targeting between $80,000 and $90,000, as long as the price above the September 6 low. This pattern is considered one of the strongest buy signals, suggesting a possible parabolic uptrend. However, there are important alert levels. The first alert occurs at $62,350, followed by another at $60,500. If the price of BTC breaks these levels, bullish expectations would be canceled, and investors should prepare for a drop to the range between 44,000 and 48,000 dollars.
While optimists expect bitcoin to hold above these warning levels and rise to $90,000 in the coming months, pessimists predict a sharp decline. This uncertainty creates additional tension in the market.
Bitcoin is at a critical point: the path could lead to a new high or a significant correction. BlackRock and Michael Saylor’s comments provide a positive outlook, but technical analysis points to important challenges and possible warning signs ahead.
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