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Perhaps on the back of incredibly bullish statements by Blackrock CEO Larry Fink, Bitcoin has set a new yearly high with expectations that it will go much higher.
Bitcoin bull market is building
The crypto bull market looks to be very much on this morning as bitcoin touches $31,500, a new high for this year. All that is needed is for bitcoin to get above this level and stay there for a few days in order to give the signal that the break is confirmed and that bitcoin can start traversing higher.
This new bullish environment may have been caused in part by the CEO of Blackrock, the biggest AUM company on the planet, saying on national TV yesterday that bitcoin was "digitising gold", and that it was an “international asset”.
This is also after Blackrock had filed for a Spot Bitcoin ETF along with some other large institutional entities. With Blackrock’s experience and fantastic success in getting the regulators to sign off on their many ETF filings, this one extra filing has the hallmarks of being an extremely good bet.
Bitcoin’s current good fortune is also shared with some of the cryptocurrency market. If bitcoin rides high then most of the crypto market will follow suit, at least as long as impending regulation will allow.
One of those high riders today is Solana. Itself a target of the SEC, which has labelled it a security. This lightning fast layer 1 has been beaten to a pulp, falling from its November 2021 high of $260 to as low as $8 in December of last year.
However, at $8 it could be imagined that the bottom was in for Solana, with a wick down to $12.60 possibly signalling a double bottom. A descending trendline has suppressed the price since July of 2022 and therefore the $SOL break of this line today could herald much greater things as long as the break is confirmed.
Stacks (STX) is another cryptocurrency to watch. It happens to be one of the only SEC-approved cryptocurrencies. It should certainly also benefit from the bitcoin narrative given that it's one of the very few bitcoin layer 2s, which enable apps to be built on top of bitcoin. It hit the 0.786 Fibonacci level yesterday and looks primed to go higher from here.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.