$12 billion hedge fund manager unveils Bitcoin outlook
$12 billion hedge fund manager unveils Bitcoin outlook
Bitcoin’s recent price action has stalled between $66,700 and $69,400 for seven consecutive days. As institutional interest continues to support the cryptocurrency, the market waits for the next big move. But will it break higher or drop below this critical range?
After reaching an 11-week high on October 21, Bitcoin slipped from $69,400 to $66,700. The $66,700 level provided crucial support, preventing further losses, but buyers have struggled to push the cryptocurrency above $69,400.
Despite the choppy price action, institutional interest in Bitcoin remains strong. Billionaire hedge fund manager Paul Tudor Jones has recently revealed that he is long on both Bitcoin and gold, reinforcing the narrative of Bitcoin as a hedge against inflation. With $12 billion in assets under management, Jones’ support adds to the growing list of institutions backing the cryptocurrency.
Jones compared Bitcoin to gold in the 1970s, hinting that BTC could see similar explosive growth as inflation concerns linger. This perspective aligns with Bitcoin’s growing reputation as “digital gold” — a safe haven asset in uncertain economic times.
Bitcoin stalls between key support and resistance
Bitcoin’s price trajectory hinges on how it handles the $69,400 and $66,700 levels in the coming days. If it breaks higher, expect a push towards the long-awaited $74,000 mark. However, a dip below $66,700 could trigger further downside pressure.
As Paul Tudor Jones pointed out, all roads may lead to inflation, and Bitcoin is positioned as a potential winner in that scenario.
For now, all eyes are on Bitcoin’s next move. Will it be the bullish breakout that takes us to new heights, or a short-term dip? Stay tuned.
On the heels of Bitcoin 3.8% dip, BlackRock’s iShares Bitcoin Trust (IBIT) recorded a massive $329 million inflow.
