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Bitcoin Price Prediction: BTC Stays Bullish Near $48,500; More Buying Ahead?

Bitcoin maintains a bullish trajectory, trading near $48,500 on Monday, underscoring a positive outlook for Bitcoin price predictions. Amidst evolving market strategies, Kraken’s executive decision to bypass Super Bowl LVIII advertising highlights a shift from broad, hype-driven exposure to a focus on educational outreach within the cryptocurrency realm.

This strategic pivot reflects a broader industry trend towards building long-term legitimacy and fostering global adoption, diverging from the spectacle of previous crypto ads. The absence of Bitcoin ETF advertisements at such high-visibility events points to a nuanced approach to cryptocurrency marketing, balancing immediate visibility with sustainable growth and awareness.

Kraken Executive Claims Super Bowl Too American-Centric for Global Crypto Ads

Prominent cryptocurrency exchange Kraken has chosen not to run an advertisement during Super Bowl LVIII, stating that its American-centric strategy conflicts with its worldwide goals. This is in contrast to prior cryptocurrency appearances in advertisements, most notably FTX’s with comedian Larry David in 2022, right before its collapse.

Mayur Gupta, the chief marketing officer of Kraken, emphasizes a move away from hype and toward education in cryptocurrency marketing. With over 100 million people watching the Super Bowl every year, there was conjecture about possible Bitcoin ETF advertisements after the SEC approved them.

No spot bitcoin ETF ads during Super Bowl…

Not huge surprise given cost (& paltry ETF expense ratios), but would have created *enormous* buzz.

via @EleanorTerrett

— Nate Geraci (@NateGeraci) February 10, 2024

But big companies like BlackRock choose not to, supporting VanEck’s theory that there might be benefits to the lack of cryptocurrency advertisements. Although the Super Bowl’s absence of cryptocurrency may limit its immediate visibility, it shows a deliberate focus on larger educational programs as the event seeks to boost worldwide audience.

A Super Bowl with no crypto ads will be a good sign

— VanEck (@vaneck_us) February 7, 2024

This choice points to a more sophisticated strategy for marketing cryptocurrencies, one that may have an immediate effect on Bitcoin’s awareness but strengthens its long-term legitimacy and adoption efforts.

Bitcoin ETFs Surpass $10 Billion Milestone in Just One Month Post-Approval

Place Within a month of being approved, Bitcoin ETFs achieved a noteworthy milestone of $10 billion in assets under management. On January 9, nine ETFs experienced net flows of $2.7 billion, led by BlackRock’s IBIT fund, which has $4 billion worth of Bitcoin.

The billion-dollar threshold was also crossed by Fidelity’s FBTC and ARK 21Shares. Even with $6.3 billion in withdrawals from Grayscale’s GBTC, Bloomberg analyst Eric Balchunas noted the robustness of the ETFs.

Positive mood is further supported by BTC’s price consolidation above important technical levels in January and ARK Invest’s optimistic prediction that BTC will eventually surpass gold as a risk-off asset.

Bitcoin ETF Flow – 9th Feb

All data out. Strong day at $541.5m of net inflow

Invesco had an outflow, the first non-GBTC product to have an outflow day

— BitMEX Research (@BitMEXResearch) February 10, 2024

As long as macroeconomic conditions support Bitcoin’s antifragility, Bitcoin ETF flows should continue to climb. Therefore, the SEC’s approval represents a major turning point for the cryptocurrency market. According to this report, institutional interest in Bitcoin appears to be growing, which might lead to additional price growth and market uptake.

Hong Kong SFC Issues Alert on Fake MEXC Cryptocurrency Exchange Scam

The Hong Kong SFC released a warning regarding a fraudster pretending to be the cryptocurrency exchange MEXC, who is stealing money from unsuspecting investors. The fake organization deceives victims into putting money for investments through websites with domain names that contain “MEXC,” which makes withdrawal difficult. Eight dubious websites linked to the scam were found by the SFC.

This alert emphasizes how crucial it is to keep an eye out for phony cryptocurrency exchanges. The news emphasizes the significance of doing extensive due research and the dangers of investing on unregulated platforms.

Even though this particular occurrence might not directly affect Bitcoin, it raises more general questions regarding governmental oversight and investor safety in the cryptocurrency space.

Hong Kong SFC issues warning over imposter crypto exchange posing as MEXC
The Hong Kong SFC identified eight websites linked to the fraudulent entity posing as the crypto exchange MEXC, all containing the exchange’s name within the domain name.

— HeatherRoberts (@SinssHeather) February 10, 2024

A greater understanding of these types of frauds would motivate investors to place a higher priority on security and look for reliable exchanges, which could improve the ecosystem’s confidence and stability.

Bitcoin Price Prediction

Bitcoin (BTC/USD) experienced a minor setback, trading at $47,890, reflecting a 0.86% decrease over the past 24 hours. This movement places Bitcoin below its pivot point of $48,571, indicating potential challenges ahead.

The cryptocurrency faces immediate resistance levels at $49,441, $50,290, and $51,288, which must be overcome to signal a bullish reversal. Conversely, support levels are established at $47,127, $46,236, and $45,259, offering crucial fallback points in the event of further declines.

Bitcoin Price Chart – Source: Tradingview

The Relative Strength Index (RSI) at 68 suggests a nearing overbought condition, while the MACD’s divergence points to a mixed momentum, currently positioned for potential downward movement.

The 50-day Exponential Moving Average (EMA) at $45,062 further highlights a critical support zone, underscoring the asset’s current bearish tilt below the $48,850 level.

This situation hints at Bitcoin steadying under significant pressure, with a possibility of extending its bearish correction should it remain beneath the $48,850 threshold, potentially seeking support near the $47,125 level.

Conclusion: Bitcoin’s market posture remains cautiously bearish, pending a decisive movement beyond the $48,850 resistance.

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