BlackRock CEO Larry Fink reiterated Bitcoin as a legitimate asset class and increased his support. Fink emphasized the asset’s benefits in portfolios amid recent macro factors. This comes amid a rebound in Bitcoin prices after days below $60,000. Meanwhile, Bitcoin legend Peter Brandt pointed out the interesting formation on the chart.
BlackRock CEO backs Bitcoin in portfolios
In a recent interview with CNBC, BlackRock CEO Larry Fink reiterated his faith in Bitcoin, which is making a recovery move amid macroeconomic uncertainties. According to him, BTC is a legitimate financial instrument and an asset class in which users are investing out of fear of traditional economic troubles. In this context, Fink made the following statement:
Bitcoin is a legitimate financial instrument that allows you to earn uncorrelated returns, it’s more of a tool that you invest in when you’re scared, it’s a tool that you use when you believe that countries are devaluing their currencies through excessive deficits… I believe there are countries where you fear your daily existence and we have the opportunity to invest in something outside of your country’s control.
As you have been following from Kriptokoin.com, Bitcoin is seen as a hedging tool due to countries devaluing their currencies and high inflation. This is because BTC’s price has been rising over the last decade, reaching an all-time high of over $73,000 this year. The BlackRock CEO expresses his belief in the adoption of Bitcoin in portfolios because of its ability to be digital gold and an alternative to a world where people fear their assets.
Peter Brandt captures interesting formation on Bitcoin price charts!
Bitcoin recently surpassed $63,000 and veteran analyst and trader Peter Brandt weighed in on this bullish price action. BTC is on track for its fourth consecutive day of gains, reaching $63,500 in today’s trading session after rebounding from Friday’s low of $56,538. According to Brandt, Bitcoin may be revealing the oft-repeated “Hump Slump Bump Dump Pump” chart structure, a pattern he has observed in the past.
“BTC may be revealing its oft-repeated Hump Slump Bump Bump Dump Pump chart structure,” Brandt wrote in a tweet. He also suggested that Bitcoin’s price action may be following a defined pattern. This chart structure is characterized by a “Hump” or price increase followed by a “Crash” or price drop. The “Bump” phase indicates a price increase, followed by another decrease, the “Dump”. Finally, the “Pump” phase represents the big upward movement, often resulting in new highs.
Are Bitcoin bears trapped?
Peter Brandt said, “The double top attempt on July 5 was a bear trap and was confirmed by the July 13 close. The most likely scenario now is that the bears are trapped. The close below $56,000 invalidates this interpretation.” According to Brandt, on July 5, Bitcoin tried to form a double top, a bearish pattern that went as low as $53,499.
However, Brandt described it as a bear trap, a false signal that led traders to believe the price would continue to fall. This view is not far-fetched, as BTC had been falling for days before this date. However, Brandt says a close below $56,000 would negate this bullish outlook. Therefore, it will remain a key level for traders to watch.
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Yazının devamı için BlackRock CEO Doubles His Support! Critical Prediction from Bitcoin Legend!