The recent surge in the crypto market is largely driven by the excitement surrounding the ongoing Bitcoin Conference 2024 and the hype around Ethereum ETFs. This renewed optimism has sparked increased investor interest in digital assets.
As a result, Bitcoin has experienced an 8% recovery from a recent dip, while Ethereum’s price is currently hovering around $3,275.
Why Crypto Market Up Today
At the Bitcoin Conference, MicroStrategy’s Michael Saylor shared his ambitious long-term forecast for Bitcoin. He predicted that while Bitcoin’s annual growth rate might slow from 55% to 20% by 2045, its value could still skyrocket to an impressive $13 million per coin. This optimistic outlook coincides with Bitcoin recently surpassing $68,000.
Saylor’s bullish stance is supported by MicroStrategy’s significant Bitcoin holdings. Over the past four years, the company has accumulated 226,331 BTC, now valued at around $15 billion.
Additionally, the hash ribbons indicator, which monitors Bitcoin’s hash rate moving averages, has just signaled a buy. This indicator has only flashed a buy signal once in the past year and three times over the last two years, each time leading to bullish price action.
The latest signal suggests that Bitcoin may experience further positive price movement in the near term.
Bitcoin Conference 2024 Effect
The recent surge in the crypto market is driven by the excitement surrounding the Bitcoin Conference 2024 and former President Donald Trump’s Speech. David Bailey, CEO of Bitcoin Magazine, speculates that Bitcoin could reach new highs during Trump’s speech at the event.
While some experts speculate that Trump might use this platform to advocate for the U.S. government to adopt Bitcoin as a “strategic reserve” asset.
In a related panel discussion titled “From Strategy to Innovation: BlackRock’s Bitcoin Journey,” Robert Mitchnick, head of digital assets at BlackRock, highlights that the firm’s clients show a strong preference for Bitcoin, followed by Ethereum, with limited interest in other digital assets.
Mitchnick also noted that BlackRock does not plan to significantly expand its range of crypto ETFs beyond these two major assets.
Bitcoin & Ethereum Analysis
However, a close look at Bitcoin’s daily chart shows a recent rise in demand near the key support level of the 100-day moving average, which has led to a significant rebound.
Although, Bitcoin is currently facing resistance between $67,000 and $68,300. If it surpasses this resistance, it could move towards the all-time high range of $72,000 and further to $100,000.
In contrast, the recent launch of spot Ethereum ETFs, which saw a net inflow of $106.6 million on their first day, has sparked increased buying interest in Ethereum.
The price of Ethereum has been consolidating above the 100-day and 200-day moving averages, signaling a bullish trend. With the new ETH ETFs, upward momentum is expected to continue, and a breakout above $3,400 could surge its price to $3700.
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