Bitcoin Price Prediction – Upcoming BlackRock Summit Could Trigger Rally To $60K

• BlackRock Digital Assets summit to be held tomorrow
• Inflows into Bitcoin ETFs remain net positive 
• Selling volumes dry up even as Bitcoin remains range-bound

Bitcoin is down 1.17% in the last 24 hours. As of 08:11 GMT+3, Bitcoin was trading at $51,472. Trading volumes have dropped by 6%, too, to stand at $30.149 billion. 

Despite this slowdown in the price, there are pointers that Bitcoin is about to see more upside. A key factor in this direction is BlackRock Institutional Digital Assets Summit that will be held tomorrow. 

NEW: World’s largest asset manager BlackRock to hold an “Institutional Digital Assets Summit” tomorrow

Bullish for #Bitcoin 🚀 pic.twitter.com/Rg74J1cnuB

— Bitcoin Magazine (@BitcoinMagazine) February 21, 2024

The event shows BlackRock’s commitment to Bitcoin and could act as a major sales pitch for Bitcoin. That’s because not only is BlackRock one of the most respected financial institutions in the world, but is also now one of the biggest Bitcoin investors.  The summit is expected to encourage more institutional investors into Bitcoin, which could help give Bitcoin’s price some renewed momentum. 

Net ETF Inflows Remain Positive

The summit is also coming at a time when inflows into Bitcoin ETFs continue to rise steadily with each passing day. This is quite evident in ETF activity this week despite the price of Bitcoin remaining largely unchanged. 

On Monday, Bitcoin ETF inflows stood at $135 million. Similarly, high inflows continue to be recorded; yesterday, the total inflows stood at $89.1 million. This indicates that even when there is little movement in the price, institutions are still betting quite heavily on Bitcoin. A key pointer to the ongoing accumulation is that even with the price failing at the $52300 resistance, bears cannot drive Bitcoin back below $50k.

Bitcoin is currently rangebound, but the Blackrock Institutional Digital Assets occurring tomorrow is expected to create a new wave of excitement around BTC.

Bitcoin Rangebound But BlackRock Summit Could Trigger Bullish Breakout

Bitcoin is trading in a range, a continuation of the directionless trading that has characterized its trading for the better part of this week. 

Bitcoin is currently trading in a narrow range between $52,315 and 51, 494. However, with each passing day, selling volumes are drying up, an indicator that a bullish breakout is imminent. 

If the upcoming BlackRock digital assets summit triggers a push through the $52,315 resistance, Bitcoin could easily test $60k in the short term. Such a rally could also trigger FOMO that pushes Bitcoin to its all-time highs way ahead of the halving that is still two months away. 

However, two scenarios could play out if the BlackRock summit does not excite the market. The first would be a continuation of the rangebound trading that has prevailed since Monday. 

On the other hand, if bears take control and push Bitcoin through the $51,494 support level, there could be a chance that Bitcoin tests $48k or a quick test of $47k before a rally back with renewed momentum.  A drop to $47k could be triggered by speculative options trading. 

Bitcoin Price Prediction – Why BlackRock Summit Could Trigger Rally To $60k

While there is a chance that Bitcoin price could drop below $50k due to speculative options trading, the highest probability is that a breakout to $60k is most likely. That’s because the upcoming BlackRock Digital Assets Summit will likely entice more institutional investors to consider investing in Bitcoin. Also, the buzz that the event will attract in the mainstream media will probably drive more retail money into Bitcoin with the expectation of halving driven momentum.

Also, Bitcoin buying volumes continue to rise primarily through the ETFs. However, from the charts, selling volumes have dropped significantly in the last 48 hours. This presents a perfect case for a bullish breakout. All it would take is a sudden increase in buying volumes, and the BlackRock event could facilitate that through the buzz it will generate in the market. Bitcoin is already generating considerable attention, with top mainstream media houses like CNBC talking about Bitcoin. 

All these are pointers that a bullish Bitcoin breakout is getting closer, and once it happens, $60k or more would be a reasonable target. Expectations around the halving would trigger momentum toward such an outcome. 

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