Bitcoin Price Prediction as 2-Day ETF Inflows Surpass $1.2 Billion – Are Whales Expecting
Bitcoin, the world’s leading cryptocurrency by market capitalization, continues its upward momentum, trading around $71,300. This rally is driven by a significant influx into U.S. spot Bitcoin exchange-traded funds (ETFs), with a notable daily inflow of $886.75 million, contributing to over $1.2 billion in two days.
Investor confidence is further bolstered by the anticipation of a potential rate cut by the Federal Reserve and a weakening US dollar, sustaining Bitcoin’s price increase.
Bitcoin ETF Inflows Drive BTC Price Above $71,000
Bitcoin has demonstrated strong resilience, maintaining its value above $71,000. This stability is largely due to a significant inflow of $886.75 million into U.S. spot Bitcoin exchange-traded funds (ETFs), marking the second-highest daily inflow ever recorded. Since their launch, Bitcoin spot ETFs have attracted nearly $15 billion in total inflows, reflecting growing investor confidence.
This is massive.
+$1.37b of #Bitcoin ETF net inflows in the past 2 days alone. 📈
This is the strongest positive flow since launch. pic.twitter.com/nS4c9tL5Tg
— Miles Deutscher (@milesdeutscher) June 6, 2024
- Impact on Related Tokens: The surge in Bitcoin’s price has also sparked rallies in related tokens like ORDI and PUPS.
- Investor Confidence: The substantial inflows into Bitcoin ETFs underscore Bitcoin’s status as a robust investment.
Overall, the notable inflows into Bitcoin ETFs have driven Bitcoin’s price above $71,000, reinforcing its appeal as a strong investment and boosting related tokens.
Growing Acceptance of Bitcoin ETFs and Bullish Predictions Drive Bitcoin Price
Bitcoin ETFs are gaining global acceptance, with Thailand recently approving its first spot Bitcoin ETF, limited to wealthy and institutional investors. This move aligns Thailand with countries like the U.S., U.K., and Hong Kong, highlighting Bitcoin’s recognition as a legitimate financial asset.
Market optimism is strong, fueled by Galaxy Digital CEO Mike Novogratz’s prediction that Bitcoin could surpass $100,000 by year-end if it reaches $73,000 soon.
Bitcoin advocate Samson Mow also anticipates a price surge past its previous all-time high, driven by recursive demand, where rising prices fuel further demand.
Therefore, the growing acceptance of Bitcoin ETFs and bullish predictions from prominent investors are driving optimism, potentially pushing Bitcoin’s price past $100,000 by year-end if it reaches $73,000 soon.
Potential Impact of Federal Reserve Rate Cut on Bitcoin Price
Market enthusiasm is rising as investors anticipate a Federal Reserve rate cut. Expectations are for at least a 25 basis points reduction during the September meeting, with some hoping for a 50 basis points cut. The CME Fed Watch tool indicates this likelihood, boosting investor sentiment.
A rate cut would lower interest rates, making traditional savings less attractive and encouraging investors to seek higher returns in alternative assets like Bitcoin. This potential shift in investment strategy could increase demand for Bitcoin, driving up its price.
Therefore, the anticipation of a Federal Reserve rate cut could increase demand for Bitcoin as investors seek higher returns amidst lower interest rates, pushing its price higher.
Bitcoin Price Prediction
Bitcoin is currently trading at $71,166, having recently violated an asymmetric triangle pattern that previously provided resistance around the $69,600 level. The pivot point is at $70,436, which is a critical level for determining the market direction.
Bitcoin faces immediate resistance at $71,778. If the price can sustain above this level, the next resistance targets are at $73,424 and $74,982, suggesting potential upward momentum.
On the support side, the immediate support level is $69,652. Further support is found at $68,540 and $67,570, which could act as safety nets if the price experiences a dip.
Technical indicators support a bullish outlook. The RSI is at 65, indicating a moderately overbought condition. Meanwhile, the 50 EMA at $69,623 aligns closely with the current price action above the pivot point, reinforcing its significance.
Recently, Bitcoin failed to break through the resistance at $71,778, leading to a bearish correction that tested the psychological support level at $70,000. Both the 50 EMA and RSI suggest the potential for continued bullish momentum.
Conclusion: Given this technical setup, today’s strategy is to monitor the $70,500 level as closing of candles above this level is keeping Bitcoin price prediction bullish. A move above this level could confirm a continuation of the uptrend. Buy above $70,500 with a focus on bullish targets.
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