Bitcoin Dips Below $40K Amid 'Cramer Effect'; Market Braces for Fed Decision and Long-Term Bullish Outlook
January 31, 2024Bitcoin's price has recently fallen below the $40,000 mark, influenced in part by the so-called 'Jim Cramer effect'.
Despite short-term volatility, QCP Capital offers a bullish long-term perspective for Bitcoin, highlighting the significance of the forthcoming quadrennial halving event set for April or May.
Ahead of the Federal Reserve's interest rate decision and Jerome Powell's speech on January 31, 2024, Bitcoin was trading at approximately $43,000, with traders bracing for potential market fluctuations.
Technical analysis suggests Bitcoin may encounter resistance near $44,500, with the cryptocurrency currently exhibiting a rangebound pattern over extended timeframes.
The Grayscale Bitcoin Trust experienced notable outflows, with about 8,000 BTC leaving the fund, while ETF flows remain a point of optimism compared to the rate of new bitcoin production.
Tezos shows promise with increased visibility through a partnership with Manchester United and projected growth, while Borroe Finance's successful presale indicates potential in the Web3 funding space.
Investors are cautioned to perform due diligence and seek professional financial advice before engaging in cryptocurrency investments.
Summary based on 25 sources