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Jenny Johnson, CEO and President of Franklin Templeton, reiterated her strong support for blockchain technology at the 27th Annual Milken Institute Global Conference. Meanwhile, Bitcoin is showing signs that it might be gearing up for a significant rally reminiscent of its 2016 post-halving performance.
Franklin Templeton’s CEO Discusses the Transformative Impact of Blockchain
During her conversation with Bloomberg anchor David Westland, Johnson highlighted the cost-efficiency and investment opportunities arising from blockchain technology. Johnson focused particularly on tokenization. “Blockchain’s efficiency and the transparency it offers can drastically cut costs and open new investment avenues. Imagine mutual funds and ETFs operating on blockchain—that’s the future we’re looking at,” Johnson said.
Johnson shared a success story where Franklin Templeton conducted an experiment comparing blockchain with traditional methods for processing account records. The results? A considerable reduction in costs and processing times. “It’s a game changer,” Johnson enthused.
Crypto Experts Predict Bitcoin Could Hit New Highs Post-halving
Meanwhile, Bitcoin is catching the eye of investors following a trajectory similar to the one after the 2016 halving. Crypto trader Rekt Capital noted that BTC is nearing the bottom of its re-accumulation range. This suggests a potential surge akin to the 48% spike observed six months post-2016 halving. Currently, Bitcoin is trading just below the critical $61,081 mark, as per CoinMarketCap.
#BTC Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current Re-Accumulation range within a three-week window after the Halving$BTC #Crypto #Bitcoin https://t.co/5GHCnZrmB1 pic.twitter.com/QauIFZtX9p — Rekt Capital (@rektcapital) May 11, 2024
Adding to the bullish sentiment, Timothy Peterson of Cane Island Alternative Advisors predicts an ambitious future for Bitcoin. “Considering the adoption curves and previous drawdowns, we estimate Bitcoin could reach between $175,000 and $350,000 in the next nine months,” Peterson explained in a recent analysis post.
This shows the historical price behavior of #Bitcoin. When the value is at 0, Bitcoin is making a new all-time high. Remarkably, this period of new ATHs consistently lasts about 320 days (in green). Based on history, we can say that this bull market will end in January 2025.… pic.twitter.com/KgPc1dVqQk — Timothy Peterson (@nsquaredvalue) May 11, 2024
Supporting this view, the daily 100 moving average indicates that Bitcoin may be hovering around its local bottom. This might be setting the stage for a significant price rise similar to what occurred following the approval of 11 spot Bitcoin ETFs earlier this year.
As financial technologies like blockchain and cryptocurrencies continue to evolve, industry leaders like Johnson are not only embracing these changes but are also forecasting a transformation in traditional financial mechanisms. For investors, the current trends suggest that being informed and agile will be key to navigating this rapidly shifting landscape.
Bitcoin Price Technical Analysis
The Bitcoin price recorded a slight loss over the past 24 hours to trade at $60,933.78 at press time.
The crypto market has seen fluctuating movements in the price of Bitcoin (BTC) on the 4-hour chart. Subtle signals are emerging that may hint at upcoming trends. BTC has demonstrated a decline in closing prices from a high of $61,174.18 to a recent close of $61,014.01. This suggests a slight downward trend within a narrow range.
Meanwhile, the 9 Exponential Moving Average (EMA) has shown a decreasing trend, moving from $61,268.64 down to $61,094.11. Similarly, the 20 EMA has depicted a broader downtrend from $61,724.70 to $61,477.51. The gap between the 9 EMA and the 20 EMA is narrowing, which often signals decreasing bullish momentum or potential bearish crossover.
The Moving Average Convergence Divergence (MACD) also supports a bearish outlook. The latest values show the MACD line is below the signal line and the histogram values are negative, which indicates bearish momentum is present. Moreover, the histogram values are becoming less negative, suggesting that while bearish, the momentum may be waning.
Relative Strength Index (RSI) values have been below the midpoint of 50, ranging from 41.21 to 43.28, which supports the bearish sentiment but also points towards a potentially oversold market. This might trigger some corrective upward movement if buying interest returns.
Key Levels to Watch
In terms of price levels, Bitcoin is currently facing immediate resistance near the $62,387.9 mark, followed by stronger overhead resistances at $62,936.02 and $63,299.63. On the downside, support levels are observed at $60,684.01 and $60,304.95, with a significant psychological and technical support near the $56,886.0 level.
Considering the current technical setup, traders might look for potential short entries if the price fails to break above the current resistance levels. This could be true particularly if the RSI remains under 50 and the MACD continues to show weakness. A break below the immediate support at $60,684.01 could validate this bearish sentiment. It might offer a further downside target around $60,304.95 or even lower towards $56,886.0.
Conversely, should the price find support and the technical indicators show signs of reversal, such as a bullish MACD crossover or an RSI moving above 50, traders might consider a long position with a target at the nearest resistance levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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