Just a few days after voicing out an agreement with Coinbase, BlackRock says they will start a fund based on BTC. They say it’s an excellent option for institutions in the US to start investing money in crypto.
BlackRock is trying to follow BTC getting for them only a small portion of money needed for the fund itself to run.
Even looking at the fact that we have a bear market currently, there is still a big need for success and optimized cost to enter this crypto market from institutional investors – said BlackRock in their statement.
What is more – Cathie Wood from ARK Invest says that the entry of BlackRock into the crypto market will make BTC double its value.
Investors from institutions that want to enter crypto by BlackRock would like to spend about 2,5% of their financial portfolio. This kind of demand would make the BTCUSD price jump to $23 000.
BlackRock is currently worth about $40 trillion, so if you would take 2,5% of that, its demand would be around $1 trillion. This demand would make BTC rise even more than 2 times, says Wood.
Wood adds that other BTC signs show that the rise can be even higher. The liquid supply, according to their estimates is around 14 mln out of around 18 – 19 mln BTC in circulation. According to their calculations, only 3 mln units are really liquid. So when demand hits a $1 trillion increase, we would likely see a much higher price than mentioned doubling.
Another well-known trader Tone Vays says that BTC is forming outstanding bullish signals that confirmed the bottom on BTC during the bear markets in 2015 and 2018. In his new strategic session, he said to his viewers that he is looking at one specific indicator on the monthly chart of BTCUSD.
The indicator he watches is MRI as it’s a sign of turning the tides, which apparently shows incoming historical rising signs on BTC.
Vays states that we are at a Heikin-Ashi chart with a bull structure, and he is still waiting for a buy sign in about three weeks.
On 08.08.2022, BTC fell more than 3% to $23 000 USD which canceled all the raises from Monday. But 65% of investors say that BTC won’t fall below $17 500 – he said. Vays also states that we now have a candle structure that will close above the 200-week moving average. This could start the bull market but he still believes there is a dimple forming. It looks like it’s a nice time to buy, hoping for big rises.
So joining his thoughts about MRI and info concerning BlackRock Inc. it looks like we have a nice time for BTC to get high.
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