As an experienced analyst, I believe that Yann Allemann’s perspective on Bitcoin’s current market situation is insightful but cautiously optimistic. Based on his analysis of the Exponential Moving Average (EMA) as potential support and the $60,000 level acting as a robust bottom, he seems to be bullish on Bitcoin’s ability to attract buyers and reinforce the uptrend. However, I also acknowledge that the latest correction came after the underwhelming launch of Bitcoin and Ethereum ETFs in Hong Kong.
According to a recent post on social media platform X, Glassnode co-founder Yann Allemann has expressed his belief that the price of Bitcoin could potentially plummet and return to around $52,000 – a level where it may regain its footing.
He remains optimistic about the largest cryptocurrency, convinced it will continue to draw investors and strengthen its upward momentum.
Despite the recent substantial drop in value for the leading cryptocurrency during the weekend, I, Allemann, remain optimistic and notice some promising indicators of a potential recovery on the horizon.
As a crypto investor, I keep a close eye on technical indicators to make informed decisions about my investments. Currently, the Exponential Moving Average (EMA) serves as a potential support level for me. The Bitcoin price seems to have found a “solid footing” around $60,000 during this phase of range-bound trading.
As of the current moment in the market, the top cryptocurrency is priced at $60,860 across significant trading platforms. Based on information from the 100eyes Crypto Scanner, this digital currency has gained approval at a crucial horizontal support level.
An ETF market for ants
The most recent development occurred following the introduction of Bitcoin and Ethereum ETFs in Hong Kong, which unfortunately saw lackluster participation with a mere $12 million in trading activity.
Despite the criticism from some quarters, Eric Balchunas, an ETF analyst, asserts that the introduction of these ETFs was not a total failure. In reality, they generated approximately $141 million in investments. Considering the size of Hong Kong’s ETF market, this can be considered a notable achievement.
As a researcher studying the Hong Kong Exchange-Traded Funds (ETFs) market, I’ve discovered that their launch timing turned out to be quite advantageous, given the US market was slowing down. Consequently, the substantial inflows of over $141 million into these HK ETFs will more than compensate for the minor negative flows from the US markets.
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2024-04-30 19:09