Larry Fink, CEO of BlackRock, the world’s largest asset management firm managing over $10.6 trillion, recently revised his view on Bitcoin, labelling it as “digital gold” and a “legitimate financial instrument” in a CNBC interview.
This significant pivot marks a milestone for cryptocurrency acceptance in mainstream finance and supports a positive Bitcoin price prediction.
Revised Views on Financial Instruments
Once a sceptic, Fink changed his stance after closer analysis, stating, “I was wrong,” and now recognizes Bitcoin’s potential for offering returns not correlated with traditional assets.
He views Bitcoin as a beneficial asset in economies where national policies lead to currency devaluation, supporting the idea of Bitcoin as a hedge against inflation.
BlackRock’s Proactive Steps into Cryptocurrency; Bitcoin Price Up
Aligning with Fink’s new outlook, BlackRock launched the iShares Bitcoin Trust (IBIT) in January 2024, which quickly became the world’s largest Bitcoin ETF with over $18 billion in assets, $4 billion of which was acquired in the second quarter of 2024 alone.
The firm has also integrated Bitcoin ETF shares into its Strategic Income Opportunities Fund and Strategic Global Bond Fund, providing broader access to Bitcoin for income-focused investors.
Fink’s endorsement and BlackRock’s integration of Bitcoin influenced the cryptocurrency’s market value, leading to a surge in Bitcoin prices above $60,000 following the interview. This boost was mirrored by a significant uptick in institutional investments, with Bitcoin investment vehicles experiencing substantial inflows.
The Daily Modern Market Snapshot: Tue 16 Jul
Headlines
Blackrock CEO says he was wrong about BTC; good for when countries are debasing their currencies.”
From @yugacohler: “The largest asset manager in the world, Larry Fink, exhibits extraordinary humility by admitting that… pic.twitter.com/Tj5cSwIfFO
— BCheque (@BCheque1) July 16, 2024
BlackRock’s embrace of Bitcoin, catalyzed by Fink’s evolved perspective, underscores a broader shift in the financial industry’s approach to cryptocurrencies, enhancing Bitcoin’s legitimacy and potential mainstream adoption.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $63,512, up 0.51%. The 2-hour chart reveals significant price levels to monitor.
The pivot point is situated at $62,466, which serves as a crucial support level. Immediate resistance is found at $65,046, followed by additional resistance levels at $66,770 and $68,263.
On the downside, support levels are identified at $61,428, $61,156, and $59,901.
The Relative Strength Index (RSI) stands at 71.98, indicating strong buying interest and suggesting that the asset is approaching overbought territory.
The 50-day Exponential Moving Average (EMA) is positioned at $61,156, providing a supportive base for the current price trend.
Bitcoin Price Prediction – Source: TradingviewBitcoin has formed an upper channel, maintaining support around the $62,500 level.
The recent formation of a hammer candle just above this support level suggests a potential bullish bounce. This pattern is reinforced by the 50-day EMA and the RSI, both of which are held in the buying zone.
Consequently, Bitcoin is expected to trade bullishly above $65,000, with the potential to reach the $66,750 level. Should Bitcoin break above this resistance, the next target could be approximately $68,263.
In conclusion, the technical outlook for Bitcoin remains optimistic, supported by key indicators and chart patterns.
Traders should watch for a sustained move above $65,000, which could signal further upward momentum towards $66,750 and potentially $68,263.
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