Bitcoin Price Prediction as Bulls Target $47,000 Level – Time to Buy?
The quest for a robust Bitcoin price prediction intensifies as market bulls eye the $47,000 threshold. Currently, Bitcoin hovers around $44,500, climbing by 0.50% on February 8, signaling a potential pivot in investor sentiment.
This resurgence follows Bitcoin’s halt of a downward spiral, with its value finding support at approximately $43,000. The surge is buoyed by heightened network activity and the burgeoning utility of BRC 20 tokens, which together are catalyzing a price ascent.
Despite the backdrop of macroeconomic headwinds, such as elevated US Treasury yields and cautious Federal Reserve rate cut dialogues, the cryptocurrency’s recovery hints at a growing investor confidence, possibly stirred by endorsements of Bitcoin’s intrinsic value as ‘digital gold’.
Bitcoin Price Fluctuations: ETF Approvals & Miner Sales Effects
Bitcoin’s recovery has been tepid, particularly after the approval of 11 Bitcoin ETFs, which dampened optimism. Investor sentiment is mixed as the 2024 halving event approaches—traditionally a bullish catalyst, yet current wallet trends from Santiment, a blockchain analytics firm, suggest a decline in Bitcoin holdings, indicating investor caution or a shift in investment strategies.
In contrast, Bitcoin ETFs have seen a surge in capital, with a notable $68 million influx on February 5. Conversely, increased Bitcoin sales by miners, possibly to secure profits before the halving, have contributed to the cryptocurrency’s price plateau around $44,500.
Microstrategy’s Bitcoin Acquisition: Impact on BTC Market Value
Microstrategy has intensified its Bitcoin portfolio with a recent $37 million investment, matching its profits. Founder Michael Saylor disclosed the acquisition of 850 Bitcoin in January, bringing the company’s holdings to a staggering 190,000 Bitcoin—nearly 1% of the total Bitcoin supply, capped at about 19.6 million.
Microstrategy’s persistent investment over the last year underscores its commitment to Bitcoin.
In January, @MicroStrategy acquired an additional 850 BTC for $37.2 million and now holds 190,000 BTC. Please join us at 5pm ET as we discuss our Q4 2023 financial results and answer questions about our #bitcoin strategy and business outlook. $MSTR https://t.co/j5SbcELsue
— Michael Saylor (@saylor) February 6, 2024
Such significant and consistent buying by Microstrategy may bolster Bitcoin’s market value, stimulating demand and exemplifying institutional trust in the digital asset.
Robert Kiyosaki’s Bitcoin Advocacy: Potential Effects on BTC Pricing
Renowned ‘Rich Dad, Poor Dad’ author Robert Kiyosaki recently expressed his preference for Bitcoin over traditional assets like gold and silver in a discussion with Anthony Pompliano. Highlighting Bitcoin’s cost efficiency and ease of transfer compared to physical commodities, Kiyosaki emphasized Bitcoin’s advantages in terms of speed, weightlessness, and security costs.
His advocacy positions Bitcoin as a modern-day digital gold, potentially revolutionizing monetary transactions.
Kiyosaki’s backing, emphasizing Bitcoin’s economic benefits and its digital gold status, may bolster investor confidence. This endorsement could drive increased Bitcoin purchases, potentially elevating its market price.
Bitcoin Price Prediction
On February 8th, Bitcoin (BTC/USD) exhibits a modest ascent, trading at $44,574, marking a 0.50% increase within the four-hour chart window. Currently, Bitcoin finds itself just above the pivot point of $43,603. Resistance looms overhead at $44,611, $45,618, and a more substantial barrier at $46,801.
Support, however, firms up at $41,827, with additional safety nets at $40,563 and $39,006.
Bitcoin Price Chart – Source: Tradingview
The RSI hovers at an elevated 72, hinting at potential overbought conditions. Bitcoin recently breached a lateral channel, suggesting a bullish shift with the potential to test the resistance at $43,600. The 50-Day EMA at $42,985 further corroborates the bullish trend, provided Bitcoin sustains above the pivot line.
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