Reserve

Bitcoin ETF

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s value has risen over 60% YTD due to capital inflows into its ETFs and anticipated Federal Reserve interest rate cuts.</li>
 <li>Bitcoin could potentially reach $75,000 by the end of June, based on various indicators.</li>
</ul>
<p>Bitcoin, the benchmark cryptocurrency, has seen a significant surge in 2024, with a rise of over 60% year-to-date as of May. This increase has been largely driven by capital inflows into its newly launched exchange-traded funds (ETFs) in the U.S. and the anticipation of interest rate cuts by the Federal Reserve. A combination of on-chain, fundamental, and technical indicators suggest that Bitcoin may see further gains in June, potentially reaching $75,000 by the end of the month.</p>
<h2 id="technical-indicators-point-to-possible-breakout">Technical Indicators Point to Possible Breakout</h2>
<p>From a technical standpoint, Bitcoin’s potential to reach $75,000 is linked to its prevailing symmetrical triangle pattern. This pattern is characterized by price consolidation between two converging trendlines that connect a series of sequential peaks and troughs. A symmetrical triangle formation during an uptrend usually signals a bullish continuation, which resolves when the price breaks above the upper trendline and rises by as much as the maximum distance between the upper and lower trendlines.</p>
<p>As of May 31, Bitcoin’s price was nearing the point where the triangle’s two trendlines converge. This could lead to a break above the upper trendline, which could propel its price towards $74,000-$75,000 in June, depending on the point of breakout.</p>
<h2 id="bitcoin-etf-inflows-indicate-positive-momentum">Bitcoin ETF Inflows Indicate Positive Momentum</h2>
<p>Bitcoin hit a new all-time high of approximately $73,000 in early March, which was accompanied by long-term holders selling a significant volume of their holdings. This led to a supply overhang that resulted in a correction and consolidation period. However, as prices dropped and sellers became exhausted, the market transitioned into a re-accumulation phase.</p>
<p>This shift is reflected in Bitcoin ETF flows, which experienced a period of net outflows throughout April. However, this trend has since reversed, with Bitcoin ETFs reporting a remarkable net inflow of $242 million per day last week. This indicates a resurgence in buy-side demand, and suggests that Bitcoin’s price is well-positioned to continue its rally into June.</p>
<h2 id="potential-approval-of-ethereum-etfs-in-june">Potential Approval of Ethereum ETFs in June</h2>
<p>Analysts suggest that U.S. spot Ether (ETH) exchange-traded funds (ETFs) have a “legit possibility” of launching by late June, following a key filing update by BlackRock. The successful launch of Ethereum ETFs could set a positive precedent for Bitcoin ETFs, potentially boosting investor confidence and increasing demand in the cryptocurrency market. This could further enable Bitcoin to achieve its symmetrical triangle breakout target of $75,000 in June.</p>

Bitcoin Set for Surge: Strong Indicators Point Towards $75K Value by June

Tabla de contenidos

crypto.ro global

Otros artículos publicados el 31 may 2024

Vitalik Buterin Slams Bitcoin Block Size Deniers

JasmyCoin price prediction: could Bitbot outdo JASMY?

53.7% of investors favor memecoins over Bitcoin, AMBCrypto’s exclusive report finds

WIF vs PEPE vs BONK: Which Memecoin is the Real Doge Killer?

MoonBag Presale Is Turning Heads By Amassing Over $900,000 In Stage 3 Of Presale Giving Tough Com...

3 brilliant reasons to buy Cardano before its Chang hard fork

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!