Bitcoin To Go Up Significantly: BlackRock Managing Director
September 12, 2021
Managing Director of BlackRock Inc. Rick Reider expressed his bullish Bitcoin (BTC) sentiment in a recent interview with CNBC’s “Squawk Box.” The MD said On Thursday that he could see the price of BTC “go up significantly.” This is a welcome development as the benchmark cryptocurrency struggled with the $46K area.
That said, Reider also cautioned against the volatility imbued in Bitcoin and questioned narratives about its hedging properties. At the interview, Reider stated that:
“First of all, I’ll say on crypto— people describe it as a hedge or alternative. I’m not sure it’s a really great hedge. I mean the correlation to equities, the correlation to risk assets. I’m not sure it’s a great hedge.
By the way— so when an asset moves ten to fifteen percent a day, it’s really hard to hedge big organic asset pools with that as a hedge.”
However, Reider remains a Bitcoin bull and told burgers that he holds a moderate amount of BTC in his portfolio, explaining that:
“Listen, I’ve said… part of why I own a small piece of bitcoin is I do think there are more people that are going to enter that fray over time. We have a very moderate position in our portfolio. I like assets quite frankly that are volatile, that have upside convexity, and I could see bitcoin like it’s done. I could see it go up significantly.”
Key Bitcoin Levels to Watch — September 12
Following its El-Salvador-linked crash on Tuesday, BTC has remained in a sideways momentum between $47K and $45K as bulls struggle to make any headway. That said, the benchmark cryptocurrency is back within the $46.5K – $46K pivot zone amid a drought of the trading volume.
We expect to see a bullish uptick towards the $48K in the coming hours and days, supported by the 50 SMA line ($45,450). Failure to break above the pivot zone in the coming hours could keep the flagship cryptocurrency in its sideways bias.
Meanwhile, our resistance levels are at $47,000, $48,000, and $49,000, and our key support levels are at $45,400, $45,000, and $44,400.
Total Market Capitalization: $2.13 trillion
Bitcoin Market Capitalization: $865 billion
Bitcoin Dominance: 40.7%
Market Rank: #1