Hong Kong, ETFs and Massive Rallies?
2023 and then early 2024 saw a major rally in the crypto markets based mainly on ETF news and emotion. That seemed to phase out once the bitcoin halving started to show up and we just stagnated between the 60-70 mark with some rather volatile trading happening.
There's lots of speculation now that by end of year we should be seeing near DOUBLE the bitcoin price at $140,000 per bitcoin at the end of 2024. While I still question this a bit and still holding on to my $114,000 peak price point for bitcoin as I stated about 2 years ago I do believe there could be a chance that bitcoin just continues to rise.
However there's a lot of pressure on the markets as of late. With the SEC and governments mainly trying to smash crypto and hold it back once again if anything history has taught us is that they simply can not unless the USA turns into some type of socialist's dictatorship which honestly feels like the direction it's been headed lately.
What we do know is that crypto is a world wide asset and it actully provides massive advantages to the every day person. For example it's easier then ever to actully earn a living through interacting with blockchains and social networks like you see right here on the Hive blockchain with InLeo
The Next ETF
Many thought that Ethereums ETF would be the next move however it ended up coming from Hong Kong as new Bitcoin ETFs have been released. While this might not seem like a big deal it actully opens up China investors into the mix who have been shut out. Hong Kong is it's own country even though China continues to try and say it's there and expand like they have done for the last number of years.
With this move we also saw talks between the leader of China and non other then the BlackRock CEO. This means China itself might be opening up possible solutions.
What's very clear though is the USD is no longer the only currency in town. You have BRICS which to be honest I don't trust any of those countries and most likely why it hasn't done very well. But you also have a now 15+ year old currency that has stood the test of time called Bitcoin!
This seems to be sparking bitcoin as a world power of which everyone wants to get their hands on. If you're reading this right now I would highly recommend getting your hands on at least one bitcoin and simply holding on to it as a long term investment. Of course do your own research and only invest what you can afford to lose because who knows what's going to happen with the SEC stomping all over everything.
Watch The Next Moves
I believe a lot of price action is going to come down to ETFs and Blackrock right now and how much those get adopted world wide. That seems to be the primary positive factor at the moment.
So there's two core things to watch on that...
The first being how many other countries release ETFs for bitcoin and maybe even Ethereum.
The second the lawsuits for the SEC.
Till next time keep stacking my friends!
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I think the most interesting part of the Hong Kong news is the fact that they approved the ETH ETF too. We all know that is a piece that has been moving at a snail's pace over here in the US. It will be interesting to see the reaction now that it has been approved elsewhere.
It seems like they are just trying to catch up with the US and even probably admitting it was a mistake not to jump the gun first, almost like trying to get ppls attention 🤷
Hong Kong news is a big and I think that its going to bring more money after halving
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Such an interesting time to be looking at the crypto market given the phase of adoption and the state of the world. Imagine knowing this back in 2017 (when I started watching at least)?
There is still so much that can happen with public sentiment and lawsuits, crackdowns and institutional purchase of BTC and Alts. The one thing I am encouraged by is by the publication of how much bitcoin is "lost", the number of HODLers who are not selling, and the need to purchase at market price in order to fill up the ETFs. The upward pressure will be significant and increase over time but how much?
The 3-year old resistance line I have in case it does go up is somewhere just below 90k. I will have to sit on my hands until then so that I don't slip back into the madness of day trading.
Awesome insight!