Bitcoin Price Forecast: US Recaptures BTC Dominance Amid Rising ETF Demand

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis…

Share

Last updated:

October 1, 2024 16:57 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Bitcoin (BTC) is trading bearishly around the $60,700 mark. This dip follows comments from Federal Reserve Chair Jerome Powell, who indicated that upcoming interest rate cuts may not be as aggressive as anticipated following the recent 50-basis-point reduction.

However, BTC’s losses may be short-lived, as rising demand for spot ETFs is boosting U.S. Bitcoin holdings. Additionally, the early release of CZ has sparked optimism for a potential market-wide rally.

U.S. Dominance in Bitcoin Holdings and CZ’s Release Boost Market Confidence

On a positive note, the U.S. is regaining its dominance in Bitcoin (BTC) holdings, according to Ki Young Ju, CEO of CryptoQuant. This resurgence is primarily driven by a growing demand for spot exchange-traded funds (ETFs) linked to Bitcoin.

Ju highlights that the U.S. now holds a larger proportion of Bitcoin compared to other countries, with participation largely limited to established entities.

Moreover, Bitcoin has demonstrated remarkable resilience this year, successfully navigating significant market challenges, including the Mt. Gox incident and substantial sales from Germany, without facing major price drops.

Besides this, the early release of Changpeng Zhao (CZ), the former CEO of Binance, from prison has sparked optimistic sentiments in the market. Ju believes that CZ’s return could potentially lead to a broader market rally.

The U.S. regaining dominance in Bitcoin holdings and the potential market rally from CZ’s early release could boost investor confidence, driving demand and possibly increasing Bitcoin’s price as established entities reinvest and market sentiment improves.

U.S. Bitcoin ETF Inflows and Corporate Interest Boost Investor Confidence

Furthermore, U.S. spot Bitcoin exchange-traded funds (ETFs) are experiencing robust inflows, with $61.3 million added over the past week, marking eight consecutive days of positive growth.

BlackRock’s IBIT led the charge with $72.15 million in inflows, while Fidelity’s FBTC contributed an additional $8.32 million. However, some funds, such as Ark and 21Shares, faced outflows.

In a positive development, Japanese investment firm Metaplanet Inc. increased its Bitcoin holdings by nearly $7 million, raising its total to 506.745 BTC, valued at approximately $32.2 million.

Metaplanet has been actively purchasing Bitcoin after designating it as a strategic reserve asset.

Similarly, speculation is rising around Michael Dell, CEO of Dell Technologies, who sold $1.22 billion worth of company shares. This has led to the conjecture that he might be considering investing in Bitcoin.

Meanwhile, Taiwan’s Financial Supervisory Commission has expanded investment options by allowing professional investors to access foreign virtual asset ETFs, aiming to enhance the competitiveness of Taiwan’s financial market.

Although Taiwan has been cautious about digital assets, this regulatory shift aligns it with other financial centers globally, allowing more investment opportunities while managing risks.

Therefore, the strong inflows into U.S. Bitcoin ETFs and increased corporate interest, like Michael Dell’s stock sales, could enhance investor confidence and demand for Bitcoin. This may increase price momentum as institutional and professional investments in BTC grow.

Bitcoin (BTC/USD) Daily Outlook – October 1, 2024

Bitcoin has broken below its ascending channel support at $61,717, signaling a potential bearish reversal. The next immediate support level lies at $60,058, followed by $58,909. If BTC fails to hold these levels, a deeper correction toward $57,513 is likely.

On the upside, immediate resistance is seen at $63,014, followed by stronger resistance at $64,148 and $65,432. The Relative Strength Index (RSI) is currently at 38.15, indicating bearish momentum.

Meanwhile, the 50-day Exponential Moving Average (EMA) at $63,943 acts as a critical barrier for any recovery attempts.

Key Insights:

• Immediate Support at $60,058: A break below could lead to further declines.
• RSI at 38.15: Signals weakening momentum and increased selling pressure.
• 50-EMA at $63,943: A critical resistance level for potential bullish reversals.

Overall, Bitcoin remains under pressure as it trades below key support levels. A rebound above $61,717 is needed to regain bullish sentiment.

Why Pepe Unchained ($PEPU) Is a Strong Addition to Your Crypto Portfolio

Pepe Unchained ($PEPU) has quickly gained attention as an emerging cryptocurrency with promising growth potential. Early investors are particularly interested in its presale phase and lucrative staking options.

Presale Advantage

Investing in $PEPU during its presale offers an opportunity for significant gains. With experts like Jacob Crypto Bury encouraging early participation, investors can capitalize on the next price increase.

Currently, the token is priced at $0.00989, and with the presale nearing its cap, the next price hike is imminent.

Passive Income Through Staking

The 499% APY staking feature is a major draw for investors seeking passive income. This high yield is a compelling reason why $PEPU is seen as a strong addition to any crypto portfolio. Already, 321 million $PEPU tokens have been staked, underscoring investor confidence in its long-term potential.

Pepe Unchained has raised over $16.5 million, nearly reaching its $16.7 million presale goal. This milestone, combined with thorough security audits by Coinsult and SolidProof, ensures that $PEPU is a transparent and secure investment.

Buy PEPU Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.