Bitcoin Price Prediction: Hits $42,400 Amid ETF Ad Buzz & Election Pledges
In the realm of cryptocurrency, Bitcoin‘s trajectory has captured the market’s attention yet again. As whispers turn into conversations about Bitcoin price predictions, the digital currency has edged up by 0.41 percent, steadying at $42,403.
This subtle yet optimistic rise coincides with murmurs that Google could begin displaying advertisements for Bitcoin ETFs as early as Monday—a move that would undoubtedly send ripples through the crypto community.
Adding to the intrigue, political heavyweights Donald Trump and Robert F. Kennedy Jr. have vowed to halt any efforts by the Federal Reserve to launch a US Central Bank digital currency, should they secure their respective election bids.
This confluence of tech and politics is setting the stage for a potentially pivotal week in the world of Bitcoin.
Google’s Advertising Turnaround and Crypto Speculation
Google will let advertisements for specific cryptocurrency products on its search engine starting on Monday, potentially including Bitcoin exchange-traded funds (ETFs). The revised policy is in line with the SEC’s recent approval of 11 spot Bitcoin ETFs.
These exchange-traded funds (ETFs) provide investors a share in the fund’s Bitcoin holdings, satisfying Google’s advertising requirements. With 8.55 billion searches processed by Google every day, economists are hopeful about future inflows into Bitcoin ETFs.
Google is making a move in the crypto space by updating its ad policy to potentially allow advertisements for #Bitcoin from tomorrow!
This could be a game-changer for the #crypto industry.
But remember, great opportunities come with increased risks.
As more ads about… pic.twitter.com/UR1SFALmH0
— Sumit Kapoor (@moneygurusumit) January 28, 2024
The action was taken after the SEC approved the conversion of the Grayscale Bitcoin Trust into a spot Bitcoin ETF.
Spot Bitcoin ETFs are available to the public, unlike traditional Bitcoin trusts, which may make them a safer choice for advertising. The improved visibility and accessibility for regular investors could have a favorable impact on BTC pricing.
Election Promises Shake Up Crypto Regulation Outlook
Both Donald Trump and Robert F. Kennedy Jr. made separate promises to stop the creation of a U.S. central bank digital currency (CBDC) in the event that they were elected president. With his claim that a CBDC would grant the government “absolute control” over Americans’ finances, Trump highlighted the threat to freedom.
Kennedy promised to discontinue CBDC initiatives while in office and voiced worries about control and monitoring. Both contenders have expressed support for safeguarding individual wallets and Bitcoin.
Dr. Joseph @Mercola and I discuss financial freedom in the 21st century. As president, I will end the efforts to move toward a CBDC. #Kennedy24 pic.twitter.com/gao3D1HAeM
— Robert F. Kennedy Jr (@RobertKennedyJr) January 24, 2024
Thanks to Vivek Ramaswamy’s warning about the risks associated with CBDCs, Trump was able to win over Rep. Tom Emmer.
Although the Federal Reserve is not near to introducing a CBDC, the candidates’ resistance to it indicates an increasing lack of confidence.
Since growing mistrust of centralized currencies frequently spurs interest in decentralized alternatives like Bitcoin, this revelation could have a beneficial effect on the price of the cryptocurrency.
Bitcoin Price Prediction
Bitcoin (BTC) sees a modest rise to $42,160, marking a 0.32% increase within the 24-hour frame. The cryptocurrency maintains its standing, with a market capitalization in the billions and a supply in the millions.
The 4-hour chart reveals a pivot point at $42,161. Resistance levels are arrayed above, at $43,394, $44,372, and $45,581, challenging upward movements.
#BitcoinPricePrediction: BTC edges up to $42,160, a 0.32% rise. Market cap in billions, supply in millions. Pivot at $42,161 with resistance up to $45,581. Supports at $40,957 & lower. RSI at 60 & 50-day EMA at $40,888 hint at bullish trend. Eyes on $42k+ for stability. #Crypto
— Arslan Ali (@forex_arslan) January 29, 2024
Support levels below the pivot are at $40,957, $39,644, and $38,618, potentially providing floors for price dips.
Bitcoin Price Chart – Source: Tradingview
The Relative Strength Index (RSI) stands at 60, leaning towards a bullish sentiment without entering overbought territory. The 50-day Exponential Moving Average (EMA) at $40,888 underpins the current price, reinforcing the bullish bias.
Bitcoin’s trading pattern suggests choppiness around the $42,000 mark. It confronts resistance near $43,400, while the EMA and RSI readings favor an uptrend.
Conclusively, Bitcoin’s trend remains bullish as long as it stays above the $42,000 threshold. Below this level, caution is warranted, as it may signal a trend reversal.
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