The Bitcoin price slid 2.43% over the last 24 hours to trade at $64,595 as of 4:00 a.m. EST.
This comes as fund management giant BlackRock says its clients focus ”overwhelmingly” on BTC.
“For our clients, Bitcoin is overwhelmingly the number one priority,” said head of digital assets Robert Mitchnick. “And then a little bit ethereum, and very little everything else.”
🚨NEW: @BlackRock’s Head of Digital Assets Robert Mitchnick addresses how the asset manager is thinking about other #crypto products:
“For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit ethereum, and very little everything else.”
He says…
— Eleanor Terrett (@EleanorTerrett) March 22, 2024
Bitcoin Price Prediction: Technical Analysis
In the 4-hour timeframe, the technical charts indicate a complex sentiment. Bitcoin’s price oscillates within the Ichimoku cloud, which typically suggests a trendless state.
However, the Average Directional Index (ADX) maintains a value over 25, signifying a strong trend presence. Coupled with the Money Flow Index (MFI) standing at 29.44, it hints at impending buying pressure yet to be reflected in the Bitcoin price.
4-hour BTC/USD Chart | Source: TradingView
Onchain data presents mixed signals, with mostly bearish sentiment as market hesitation is seen. The net network growth is down by 0.21%, and large transactions have seen a 0.65% increase, often a precursor to price volatility.
In contrast, the futures market momentum within the derivatives signals remains bullish, suggesting an underlying confidence among traders in Bitcoin’s future performance.
Exchange dynamics paint an equilibrium with total inflows and outflows at $16.47 billion and $16.59 billion, respectively, over the last week, indicating a balanced demand-supply relationship.
Despite today’s price pullback, the holder’s composition by time held shows a solid foundation with 69% holding for more than a year, which is a cushion against drastic price movements.
As the Bitcoin price falls, many investors are migrating to Green Bitcoin, an alternative Bitcoin play with a potential 100X upside.
Bitcoin Price Prediction: A Good Alternative To BTC?
Green Bitcoin employs Ethereum’s Proof of Stake consensus mechanism, which is more eco-friendly than Bitcoin’s Proof of Work consensus.
It also offers investors access to an attractive staking scheme that currently provides an annual yield of 80%.
Nothing can stop the GREEN REVOLUTION!
Join the Green Bitcoin presale TODAY pic.twitter.com/YgwUk11Ay8
— GreenBitcoin (@GreenBTCtoken) March 11, 2024
The native token, GBTC, has the potential to yield further benefits to holders, who can also win prizes by predicting the future Bitcoin price.
Investors are purchasing GBTC at a rapid rate as it moves to within a whisker of $8 million in funds raised.
That means it’s the last chance to buy before the presale ends. Tokens are priced at $1.1062 each. To purchase them, visit the project’s official website, link a wallet to the ICO platform, and use ETH, USDT or a bank card to buy.
Get your GBTC here.
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