TECHNICALLY- BITCOIN AFTER FORMING THE BULLISH FLAG AT ABOUT $53/54,000 BROKE OUT AND HAD A BULLISH RUN TO ABOUT $61,000 FORMING A NEW ALL TIME HIGH WITH A REVERSAL TO THE DOWNSIDE DUE TO WEAKNESS OF BUYING MOMENTUM AS SEEN ON RSI , ILD TAKE THE SELL AS A RETEST OF THE PREVIOUS FLAG BREAKOUT LEVEL ($53/54,000) FOR A BIGGER MOVEMENT TO THE UPSIDE WHICH IS AN EFFECT OF THE FLAG BREAKOUT AND RETEST PATTERN , IM PERSONALLY LOOKING AT BITCOIN MOVING IN THE UPSIDE CHANEL TO HIT ABOUT $70-71,000 BEFORE A MASSIVE SELL TO THE DOWNSIDE AT ABOUT $58,000 WHICH IS A PERFECT SUPPORT LEVEL TO SEE $100,000 OR MORE …
FUNDAMENTALLY—
Morgan Stanley announces BTC is an investable asset class
Morgan Stanley announced to its financial advisors that wealth management clients will have access to BTC funds but limited to 2.5% of their total net worth. The announcement comes more than one month after Bloomberg News reported that Counterpoint Global, a unit of Morgan Stanley Investment Management, was evaluating whether to invest in Bitcoin.
The funds on offer to clients are run by Galaxy Digital, a firm founded by Mike Novogratz, and a third fund run by asset manager FS Investments and Bitcoin company NYDIG.
This is another example of Wall Street’s shifting perception of Bitcoin, going from outright rejection to gradual adoption. BTC is now formally defined by Morgan Stanley as an investable asset class that can provide portfolio diversification because it has the regulatory framework, liquidity, and growing investor interest.
"For speculative investment opportunities to rise to the level of an investable asset class that can play a role in diversified investment portfolios requires transformational progress on both the supply and demand sides. With cryptocurrency, we think that threshold is being reached. A firming regulatory framework, deepening liquidity, availability of products and growing investor interest—especially among institutional investors—have coalesced."
Morgan Stanley stated it would not commit to recommending any particular cryptocurrency and that their wealthier clients should get educated on getting exposure and limit their Bitcoin investing to publicly traded products.
Bitcoin price trend will benefit long-term from deepening liquidity
For the second day in a row, BTC rebounds from the extended neckline of the head-and-shoulders bottom at $54,000. The support area also aligns with the rising trendline beginning February 28.
A continuation of the consolidation is expected in the near term, but a daily close above the February 21 high at $58,367 will confirm the consolidation is complete, and Bitcoin price will resume the rally into new highs.
Short-term resistance for the rally will materialize around the 1.382 and 1.618 extension levels of the February decline at $64,230 and $67,850, respectively. The more bullish projection has BTC reaching the 2.618 extension level at $83,204. It would be a gain of over 40% from current price levels.
Note, the rally needs to be confirmed by the Relative Strength Index (RSI).
ALSO KNOW
Bitcoin is likely to flip bullish in the near-term as PlanB predicts the price rally as high as $288,000.
Bitcoin could soon flip bullish
Bitcoin embraced support around $53,150 following the colossal breakdown from the recently achieved all-time high. However, recovery has been lethargic for the bellwether cryptoasset. Meanwhile, higher support is needed for Bitcoin to flip bullish and recover the lost ground above $60,000.
The seemingly imminent bullish outlook has been accentuated by the SuperTrend indicator, as observed on the daily chart. This indicator has just given a signal to traders to go long on BTC. If stability returns to the market, Bitcoin will shift the focus back to $60,000.
PlanB, a pseudonymous prominent analyst, believes that Bitcoin is still beginning the bull run. The analyst’s Stock-to-Flow (S2F) model has been quite accurate amid the rally and has a prediction of $100,000 per BTC by the end of the year. However, PlanB says that the bull run will not stop here but will soar to highs around $288,000.
FUNDAMENTALLY—
Morgan Stanley announces BTC is an investable asset class
Morgan Stanley announced to its financial advisors that wealth management clients will have access to BTC funds but limited to 2.5% of their total net worth. The announcement comes more than one month after Bloomberg News reported that Counterpoint Global, a unit of Morgan Stanley Investment Management, was evaluating whether to invest in Bitcoin.
The funds on offer to clients are run by Galaxy Digital, a firm founded by Mike Novogratz, and a third fund run by asset manager FS Investments and Bitcoin company NYDIG.
This is another example of Wall Street’s shifting perception of Bitcoin, going from outright rejection to gradual adoption. BTC is now formally defined by Morgan Stanley as an investable asset class that can provide portfolio diversification because it has the regulatory framework, liquidity, and growing investor interest.
"For speculative investment opportunities to rise to the level of an investable asset class that can play a role in diversified investment portfolios requires transformational progress on both the supply and demand sides. With cryptocurrency, we think that threshold is being reached. A firming regulatory framework, deepening liquidity, availability of products and growing investor interest—especially among institutional investors—have coalesced."
Morgan Stanley stated it would not commit to recommending any particular cryptocurrency and that their wealthier clients should get educated on getting exposure and limit their Bitcoin investing to publicly traded products.
Bitcoin price trend will benefit long-term from deepening liquidity
For the second day in a row, BTC rebounds from the extended neckline of the head-and-shoulders bottom at $54,000. The support area also aligns with the rising trendline beginning February 28.
A continuation of the consolidation is expected in the near term, but a daily close above the February 21 high at $58,367 will confirm the consolidation is complete, and Bitcoin price will resume the rally into new highs.
Short-term resistance for the rally will materialize around the 1.382 and 1.618 extension levels of the February decline at $64,230 and $67,850, respectively. The more bullish projection has BTC reaching the 2.618 extension level at $83,204. It would be a gain of over 40% from current price levels.
Note, the rally needs to be confirmed by the Relative Strength Index (RSI).
ALSO KNOW
Bitcoin is likely to flip bullish in the near-term as PlanB predicts the price rally as high as $288,000.
Bitcoin could soon flip bullish
Bitcoin embraced support around $53,150 following the colossal breakdown from the recently achieved all-time high. However, recovery has been lethargic for the bellwether cryptoasset. Meanwhile, higher support is needed for Bitcoin to flip bullish and recover the lost ground above $60,000.
The seemingly imminent bullish outlook has been accentuated by the SuperTrend indicator, as observed on the daily chart. This indicator has just given a signal to traders to go long on BTC. If stability returns to the market, Bitcoin will shift the focus back to $60,000.
PlanB, a pseudonymous prominent analyst, believes that Bitcoin is still beginning the bull run. The analyst’s Stock-to-Flow (S2F) model has been quite accurate amid the rally and has a prediction of $100,000 per BTC by the end of the year. However, PlanB says that the bull run will not stop here but will soar to highs around $288,000.
