Bitcoin price is at $65,300 while altcoins turn green again. We explained the reason in detail in the last few hours. The environment is shifting from short-term net negative to neutral and positive. The latest employment data and today’s CPI were positive. So why are the next 6 months critical and what are the current predictions for CHZ Coin?
The Future of Cryptocurrencies
The first quarter for spot Bitcoin ETFs is over, and it was a great period. Compared to the Gold ETF, the Bitcoin product performed much better. Of course, comparing the monetary conditions of 20 years ago with now wouldn’t be very fair, but the difference is significantly large. Moreover, we learned a few hours ago that a single investment company holds $5.2 billion worth of ETFs. This reflects massive demand and potential in the future of crypto despite the risky environment of the first quarter.
Companies like Hightower Advisors allocated 0.05% of their assets to the current spot Bitcoin ETF. However, if this ratio rises to 1% over time, it means we will see an inflow of $1.2 billion from a single firm. So, imagine what will happen when this ratio reaches 1% while hundreds of professional, institutional investors are still allocating less than 1% and Bitcoin price exceeds $70,000. Moreover, ETF data will settle over the next 6 months, and we will see companies and advisors deciding on BTC ETFs.
CHZ Coin Commentary
BTC increased by 6% daily, so CHZ Coin returned to the $0.12 threshold and is trading at $0.117 as of writing. If the rise continues, the next stop will be $0.126. The point where the rise gains momentum will be the $0.14 threshold. The main targets are $0.17 and $0.21. We have pointed out these levels many times before, and the bulls were turned upside down by BTC’s untimely drop.
Since CHZ Coin has been responding quickly to BTC increases for a long time, it may make new attempts in the possible rise following the daily close on May 15. Both ETF data will likely be good today, and Asian investors will move early for a good start to the day. Of course, crypto is full of surprises, and Biden might suddenly issue an executive order related to crypto, disrupting everything, or there could be another negative development.
