Bitcoin (BTC) has dipped below $70,000, falling to around $69,229 after reaching an intra-day low of $69,939. This decline is due to reduced investor demand amid uncertainty about a potential September Fed rate hike.
Additionally, recent ETF flow data shows mixed sentiments, with a significant drop in net inflows to $15.7 million. Investors are cautious, potentially holding back for the anticipated approval of a US ETH-spot ETF, affecting Bitcoin’s performance.
Bitcoin Price Predicted to Reach New All-Time Highs, Says Standard Chartered Analyst
Geoff Kendrick, Head of FX and Digital Assets Research at Standard Chartered Bank, forecasts that Bitcoin could surpass its previous high of $73,798 by the weekend. He attributes this potential rise to the expected approval of spot Ether ETFs, which he believes will enhance Bitcoin’s legitimacy and performance.
Kendrick is optimistic that Bitcoin could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Recent inflows into spot Bitcoin ETFs have reached a record $12.9 billion, further supporting his bullish outlook.
Key Points:
- Bitcoin could surpass $73,798 by the weekend
- Potential Ether ETF approval boosts Bitcoin’s legitimacy
- Inflows into spot Bitcoin ETFs hit $12.9 billion
These factors could drive Bitcoin to new all-time highs and support long-term growth.
BlackRock Bitcoin ETF Sees Major Inflows, Boosting Market Interest
BlackRock’s spot Bitcoin ETF dominated the U.S. market on May 21, drawing 95% of the $305.7 million inflow, with $290 million going into the iShares Bitcoin Trust. This surge is the highest since April 5, reversing previous low inflows.
Recent data shows over $1 billion flowed into spot Bitcoin ETFs in the past four days, amid Bitcoin’s volatile rally. BlackRock’s fund has now reached $16 billion in total inflows since its launch, approaching Grayscale’s $20 billion mark.
Key Points:
- BlackRock’s ETF: 95% of total inflows on May 21
- Total inflows past four days: over $1 billion
- Potential Ethereum ETF approval could further boost interest
These substantial inflows and the anticipated approval of Ethereum ETFs have significantly renewed interest in Bitcoin ETFs, likely contributing to Bitcoin’s price increase.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $69,675, showing little change with a -0.03% movement, suggesting a bullish Bitcoin price prediction.
The 4-hour chart reveals key price levels that traders should monitor. The pivot point is at $69,675, serving as a crucial benchmark. Immediate resistance levels are identified at $70,560, $71,944, and $73,300, suggesting potential upward targets if the bullish momentum continues.
On the downside, support levels are found at $68,990, $68,260, and $67,265, providing a safety net against further declines.
The Relative Strength Index (RSI) is 57, indicating neutral market momentum. Meanwhile, the 50-day Exponential Moving Average (EMA) is at $68,375, supporting the possibility of an uptrend continuation above $70,000.
The presence of an upward trendline further bolsters this bullish outlook. However, a break below the pivot point of $69,675 could trigger a sharp selling trend.
In conclusion, Bitcoin’s outlook remains bullish at $69,675, but a breach below this level could lead to significant downside pressure.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.