Bitcoin

Block

Davies

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Renowned entrepreneur and Bitcoin investor Lark Davies gave an exciting&nbsp;<a href="https://x.com/TheCryptoLark/status/1799055764419645714" rel="noopener noreferrer nofollow">prediction</a> regarding an imminent bullish run for the leading cryptocurrency. The forecast comes amid a broader crypto market rally, which saw&nbsp;<a href="https://u.today/bitcoin-btc-bears-should-prepare-themselves" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) rising to over $71,000.
<h2 id="here-s-why-bull-run-is-possible">Here's why bull run is possible&nbsp;</h2>
Davies highlighted several factors that could propel the crypto market to reach a bull run soon. Chief among them is the increased inflows amassed from the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the U.S.
Within the last 18 days, Davies disclosed that the ETFs purchased 56,150 BTC. This translates to over a four-month supply of BTC. In addition, the renowned investor believes Ethereum’s potential spot ETF launch will have a substantial influence on the market.&nbsp;
“Ethereum ETFs are about to start trading soon,” Davies opined.
Furthermore, Davies added that the continuous accumulation of Bitcoin from institutions like&nbsp;<a href="https://u.today/heres-how-much-michael-saylors-microstrategy-now-owns-in-bitcoin" rel="noopener noreferrer nofollow">MicroStrategy</a>, Block and Semler Scientific could also influence Bitcoin's future movement.
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 A face-melting bull run is about to hit us.Here's why:…— Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1799055764419645714?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 7, 2024</a>
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“Institutions, wealth managers, and pension funds worldwide are lining up to own a piece of the Bitcoin pie. This bull run is going to be way crazier than you think,” Davies concluded.
At press time, BTC is trading at $71,456, representing an increase of 0.27% in the last 24 hours. Trading volume increased by 14.5% to over $30 billion.
<h2 id="mixed-sentiment-on-spot-eth-etf-approval">Mixed sentiment on spot ETH ETF approval&nbsp;</h2>
There appears to be mixed sentiment regarding the approval of spot Ethereum ETFs. Jan van Eck, VanEck's CEO, says the approval of spot Ethereum ETF has marked a historic shift. As previously&nbsp;<a href="https://u.today/ethereum-etf-marks-historic-shift-says-vaneck-ceo" rel="noopener noreferrer nofollow">reported</a> by U.Today, the firm is among other applicants that have received approvals from the U.S. Securities and Exchange Commission (SEC).
In a contrary opinion, renowned banking giant JPMorgan claims the Ethereum ETFs could attract a much lower share of inflows than expected when it finally begins trading. The banking institution forecasts inflows of $3 billion for the ETH products this year. Nonetheless, the bank says this amount could double if staking is permitted.

Lark Davis Excites Community With Big Bitcoin Rally Prediction

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