Bitcoin ETF

Bitcoin

Spot

Bitcoin price took a&nbsp;big&nbsp;leap with the news of a decline in US inflation rates. After the announcement of <a href="https://coingape.com/glossary/consumer-price-index-cpi/" rel="noopener noreferrer nofollow">Consumer Price Index (CPI)</a> data, Bitcoin surged from $62k to above $ 66k in a few hours only. The momentum of <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">BTC price</a> is still stable as it is presently trading at $65,949.63, with a 7% surge from yesterday.
<a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/"><img decoding="async" src="https://coingape.com/wp-content/uploads/2024/05/image-62.png" alt="Bitcoin Price Analysis" width="679" height="367"></a>
In this surge, one more factor also played an important role, which is the <a href="https://coingape.com/education/bitcoin-spot-etf/" rel="noopener noreferrer nofollow">Bitcoin Spot ETF</a>. The popularity of Bitcoin ETF is still maintained in the market and might continue for a long as the <a href="https://coingape.com/ethereum-etf-approval-hangs-in-balance-as-sec-issues-major-notice/" rel="noopener noreferrer nofollow">Ethereum ETF approval</a> is inclining more towards rejection.
Among these ETF options, Blackrock IBIT has come out as the most favored one by the investors as the analyst reported&nbsp; 414 holders in the&nbsp;fund’s&nbsp;first 13F season, which is higher than any old Bitcoin ETFs like&nbsp;Bitwise’s&nbsp;BITB,&nbsp;Fidelity’s&nbsp;FBTC, etc.
<h2 id="will-bitcoin-btc-price-surge-to-72k">Will Bitcoin (BTC) Price Surge to $72K?</h2>
Singapore-based QCP Capital has predicted the Bitcoin price rally to continue until it targets $72K and above. This prediction comes after analyzing the US inflation rates and current technical factors favoring the Bitcoin surge. As per the technical indicators, Bitcoin is in a strong buy zone where the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a> and the moving average fully indicate the buying pressure on the crypto.
The crypto analysts have also spoken of the same, where Dr Crypto Ninja has highlighted the possibility of Bitcoin price surging to $74k, $84k, and $100k.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 SHORT: <a href="https://twitter.com/hashtag/BTCUSD?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTCUSD</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> by <a href="https://twitter.com/btc?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BTC</a>-XLM
 Updated chart shows further price targets of $74k, $84k, and $100k, with 49 days until Bitcoin halving.
 JOIN: <a href="https://t.co/HtiNzU5hp4" rel="noopener noreferrer nofollow">https://t.co/HtiNzU5hp4</a><a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptocurrency</a> <a href="https://twitter.com/hashtag/market_analysis?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#market_analysis</a> <a href="https://t.co/SvFYNfRFHU" rel="noopener noreferrer nofollow">pic.twitter.com/SvFYNfRFHU</a>
 — Cryptoninja.eth (@DrCryptoNinja) <a href="https://twitter.com/DrCryptoNinja/status/1791120309556494727?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 16, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Moreover, the continuing support of the Bitcoin Support ETF&nbsp;is an aid to&nbsp;the Bitcoin rally.&nbsp;Just recently,&nbsp;the <a href="https://coingape.com/just-in-wisconsin-investment-board-invested-163m-in-blackrock-gbtc-bitcoin-etf/" rel="noopener noreferrer nofollow">State of Wisconsin</a> invested $99 Million in the BlackRock ETF, making it the trendiest Bitcoin ETF at the time.&nbsp;Moreover, the Hudge Fund Millenium Management has also disclosed their $1.94 Billion worth of holding in five famous Bitcoin ETF products.
QCP Capital has also highlighted the involvement of asset managers like Millennium and Schonfeld in Bitcoin Spot ETF, where each allocated 3% and 2% of their assets under <a href="https://coingape.com/glossary/assets-under-management/" rel="noopener noreferrer nofollow">AUM</a>. With time, this involvement will grow even higher, supporting the Bitcoin price in a rally.
Moreover,&nbsp;Bitcoin’s&nbsp;popularity&nbsp;isn’t&nbsp;declining despite&nbsp;the introduction of&nbsp;new assets.&nbsp;Talking of&nbsp;popularity, El Salvador Holding has also surged in the current market. The country now holds 5,751 BTC, worth more than $379 million. With such a supporting system backing Bitcoin, it might succeed in surging $72 K in the upcoming days.
<h2 id="final-thoughts">Final Thoughts</h2>
The current Bitcoin price rally has brought the <a href="https://coingape.com/trending/crypto-market-enters-the-greed-zone-start-of-bull-run/" rel="noopener noreferrer nofollow">crypto market</a> out of the neutral zone to greed. With this improvement today and the increasing demand for the Bitcoin spot ETF in the market, Bitcoin&nbsp;now aims at $72K before the month ends.
The post <a href="https://coingape.com/trending/can-bitcoin-btc-price-surge-to-72k-with-this-price-trend/" rel="noopener noreferrer nofollow">Can Bitcoin (BTC) Price Surge to $72K With This Price Trend?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Can Bitcoin (BTC) Price Surge to $72K With This Price Trend?

Table of Contents

Coingape News Media

Other articles published on May 16, 2024

RAIN Coin: A Store of Value in the Cryptocurrency Landscape

Which Altcoin Can Give the Best Returns in Market Pullback? Why MATIC, Algotech (ALGT), and Polka...

Ethereum: Mixed Signals Emerge After Recent Price Gains

We asked ChatGPT-4o what will be SHIB price at the end of 2024; Here’s what it said

Analysts Accumulate Bitcoin as Prices Stabilize

Notcoin (NOT) Trading Begins Today On Multiple Exchanges At 12 PM UTC

Join our free newsletter for daily crypto updates!