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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-could-hit-74000-soon" rel="noopener noreferrer nofollow">Bitcoin Could Hit $74,000 Soon</a><br></p>
<p style="text-align: justify">QCP Capital, based in Singapore, forecasts that <a href="https://en.bitcoinhaber.net/is-bitcoin-ready-for-fomc-outcomes" rel="noopener noreferrer nofollow">Bitcoin</a>‘s (BTC) price might climb to $74,000 in the upcoming weeks. This prediction is based on the recent decrease in US inflation figures and a surge in institutional interest in risky assets. Such a scenario is also favorable for altcoins, as their trends often mirror Bitcoin’s movements.</p>
<h2 id="what-drives-the-positive-outlook">What Drives the Positive Outlook?</h2>
<p style="text-align: justify">The US Consumer Price Index (CPI) for March saw a modest increase of 0.3%, below the anticipated 0.4%, leading to a notable upward breakout for Bitcoin. This surge enabled Bitcoin to regain the $66,000 mark for the first time since April, marking its most significant single-day gain since March. QCP Capital notes that this momentum, bolstered by demand from traditional <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">financial markets</a>, could propel Bitcoin to its March peak of $73,700.</p>
<h2 id="why-are-institutions-investing-in-bitcoin">Why Are Institutions Investing in Bitcoin?</h2>
<p style="text-align: justify">Major asset managers like Millennium and Schonfeld have shown growing interest in Bitcoin by investing in spot Bitcoin ETFs. QCP Capital pointed out that these managers have allocated around 3% and 2% of their assets under management (AUM) to Bitcoin spot ETFs. Filings reveal that other significant funds, including Millennium Management and Elliot Capital, also hold substantial amounts of these ETFs, signaling a rise in institutional interest.</p>
<p style="text-align: justify">On-chain analysts have observed a decrease in selling pressure from short-term Bitcoin <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a>. CryptoQuant reports that these investors are now selling at nearly zero profit, having depleted their unrealized gains in recent months. Additionally, the stabilization of Bitcoin balances on over-the-counter (OTC) desks suggests a reduced supply of Bitcoin entering the market through these channels.</p>
<p style="text-align: justify">After weeks of low volatility, where Bitcoin’s price hovered between $60,000 and $70,000, the recent softer CPI figures have boosted Bitcoin, altcoins, and other high-risk assets.</p>
<h2 id="market-influences-and-investor-behavior">Market Influences and Investor Behavior</h2>
<p style="text-align: justify">Additionally, a heightened appetite for riskier token bets has been partly influenced by individual investor Keith Gill’s recent activities. Renowned for his role in the 2021 GameStop short squeeze, Gill’s recent post on social media platform X, after a three-year hiatus, has sparked fluctuations in meme stocks and memecoins, indicating potential market volatility ahead.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">– Bitcoin’s price could reach $74,000 due to lower US inflation and increased institutional demand.<br> – Major asset managers are investing significantly in Bitcoin spot ETFs.<br> – Short-term Bitcoin investors are selling at minimal profits, indicating a reduction in market supply.<br> – The recent CPI <a href="https://newslinker.co/" rel="noopener noreferrer nofollow" target="_blank">data</a> has boosted momentum for Bitcoin and other risky assets.<br> – Keith Gill’s social media activity may signal upcoming market volatility in meme stocks and memecoins.</p>
<p style="text-align: justify">With these factors in play, Bitcoin and altcoins could experience significant gains in the coming weeks, driven by both institutional interest and broader market dynamics.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-could-hit-74000-soon" rel="noopener noreferrer nofollow">Bitcoin Could Hit $74,000 Soon</a></h5>

Bitcoin Could Hit $74,000 Soon

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