Bitcoin Price Forecast: BlackRock Labels Bitcoin ETF a ‘Unique Diversifier’ – Could This Fuel a BTC Price Surge?

Bitcoin is gaining traction as BlackRock’s recent white paper hails the cryptocurrency as a unique hedge against monetary and geopolitical risks.

This endorsement, coupled with growing institutional interest, has driven Bitcoin’s price toward $63,468, reinforcing its status as a safe-haven asset.

With potential resistance levels at $65,000 and $66,500, traders are eyeing further upward momentum, supported by BlackRock’s recognition and strong market fundamentals.

BlackRock’s Bitcoin White Paper Fuels Surge in BTC Price

On September 18, 2024, BlackRock released a white paper highlighting Bitcoin as a hedge against monetary and geopolitical risks.

The paper described Bitcoin as the world’s first “open-access monetary system,” praising its immunity to counterparty risks, banking crises, sovereign debt issues, and currency devaluations. This endorsement emphasized Bitcoin’s role as a standalone asset during global turbulence.

• BlackRock’s recognition has drawn institutional and retail investors, contributing to Bitcoin’s latest price surge.

This acknowledgment from the world’s largest asset manager has sparked renewed interest, further boosting Bitcoin’s price momentum.

Louisiana Accepts Bitcoin for State Services, Boosting BTC Adoption

Louisiana has become the first U.S. state to accept cryptocurrency payments for state services. Residents can now pay with Bitcoin, Bitcoin Lightning, and USD Coin.

Using Bead Pay, these payments are converted into U.S. dollars, minimizing volatility risks. The first transaction took place with the Department of Wildlife and Fisheries.

• This initiative offers residents more payment options, while enhancing security and reducing fraud.

By accepting Bitcoin for public services, Louisiana boosts the cryptocurrency’s utility, which could drive increased investor confidence and contribute to Bitcoin’s price rise.

Ransomware Attack at Seattle-Tacoma Airport Demands 100 Bitcoin Ransom

In late August 2024, Seattle-Tacoma Airport faced a ransomware attack, with hackers demanding 100 Bitcoin (around $6 million).

The attack disrupted key systems like ticketing and baggage handling before Labor Day weekend. While the FBI is involved, the airport refused to pay the ransom.

This incident highlights Bitcoin’s dual role: its use in cybercrime but also its liquidity and prominence in large-scale transactions.

Despite its association with illegal activities, Bitcoin remains a key player in high-value exchanges.

Bitcoin (BTC/USD) Daily Technical Outlook – September 20, 2024

Bitcoin (BTC/USD) is trading at $63,468, maintaining its bullish trend as it approaches key resistance levels. The price has surged within an ascending channel, with immediate resistance at $65,117. Further resistance lies at $66,581 and $68,078.

On the downside, immediate support is at $62,119, followed by $60,660 and the key 50-EMA level at $60,217.

The RSI is currently at 68.57, signaling slightly overbought conditions, which may lead to a minor pullback. However, as long as Bitcoin holds above the $62,119 support, the bullish trend remains intact.

BTC/USD Price Chart – Source: Tradingview

The 50-EMA at $60,217 continues to offer solid support, reinforcing the upward momentum. If Bitcoin breaks above the $65,117 resistance level, the next target is $66,581.

The RSI at 74.41 indicates overbought conditions, signalling potential profit-taking or a brief consolidation before further upward moves. Traders should monitor a possible correction towards $61,923, but as long as Bitcoin holds above $62,671, the trend remains bullish.

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