DailyCoin Bitcoin Regular: BTC Faces Mixed Signals as Weekly Close Looms

• Bitcoin price has tumbled but analysts eye potential reversal with “bullish hammer” formation emerging.
• Experts have weighed in with price predictions as Bitcoin teeters between breaking its ATH or falling to $46,110.
• Technical indicators have suggested Bitcoin’s next move could be imminent. All eyes are on the weekly close.

Bitcoin (BTC) has seen a series of lower highs since mid-March, sparking concerns about a bygone bull run. Analysts remain optimistic though, viewing this as a healthy consolidation period following the halving event. Chart patterns even suggest a potential “bull flag” forming, hinting at a renewed surge toward record highs later in 2024.

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To keep our readers informed, the DailyCoin team is committed to providing comprehensive updates. In this Bi-Weekly DailyCoin Bitcoin Regular, compiled by our expert Kyle Calvert , we will explore recent developments surrounding Bitcoin and delve into explanations behind the recent price fluctuations. Additionally, we will cover community sentiments and analyst predictions.

Table of Contents

• News and Events
  • GBTC Records First Daily Inflow
  • Hong Kong Launches Spot Bitcoin and Ethereum ETFs
  • Bitcoin ETFs Coming to Australia in 2024
• Experts Forecast
• Current Outlook
• On the Flipside
• Why This Matters

News and Events

GBTC Records First Daily Inflow

Grayscale Bitcoin Trust (GBTC) recorded its first inflow on May 3, 2024, reversing a trend of outflows since its January launch. This ended an 82-day period during which the fund lost $17.46 billion. The inflow, totaling $63 million, marked a turning point for the world’s largest cryptocurrency investment vehicle.

Hong Kong Launches Spot Bitcoin and Ethereum ETFs

Hong Kong launched Asia’s first spot Bitcoin and Ethereum ETFs on April 30. ChinaAMC’s offerings are unique due to features like spot & physical subscriptions and multiple currencies. This attracted interest from miners, Asian investors, and even American family offices. Mainland Chinese investors are currently excluded.

Bitcoin ETFs Coming to Australia in 2024

Australia’s main stock exchange, ASX, is expected to approve the first Bitcoin ETFs by late 2024. This follows the U.S. and Hong Kong. Financial firms like VanEck and BetaShares are on board. The move could attract significant investment from Australia’s pension market.

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Experts Forecast

Bitcoin traders are eyeing a potential reversal in the downtrend with the emergence of a “bullish hammer” on the weekly price chart. Market intelligence firm Glassnode’s founders, Jan Happel and Yana Allemann, writing under their shared X account “Negentropic,” noted the hammer pattern on May 9.

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This particular candlestick formation indicates a potential reversal as the price closes near its opening after a significant drop during the week, suggesting buying pressure. Pseudonymous crypto trader Mister Crypto echoed this sentiment , suggesting an imminent reversal based on the hammer.

#BTC still looks like it is about to BLOW higher!

Last week's candle was a Reversal Candle – a Hammer with a long Wick. Price moved back into the Pennant Structure.
This candle still dominate the structure.

This week's pullback hence seems like healthy Correction before higher.… pic.twitter.com/cFRFBRVSRz

— 　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.