Bitcoin

Grayscale Bitcoin Trust

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-awaits-price-surge-to-aid-market-recovery/" data-wpel-link="internal">Bitcoin Awaits Price Surge to Aid Market Recovery</a><br></p>
<p style="text-align: justify">The leading cryptocurrency, <a href="https://en.coin-turk.com/the-reasons-behind-the-movement-in-bitcoin/" data-wpel-link="internal">Bitcoin</a> (BTC), is expecting a price increase that could aid the cryptocurrency markets in recovering from their recent losses. The price of Bitcoin is largely dependent on institutions for the current bull run, and the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> is witnessing the effects of this. Last week, Friday marked the first instance of a $63 million inflow into the Grayscale Bitcoin Trust (GBTC).</p> 
<h2 id="bitcoin-boosted-by-etf-launch">Bitcoin Boosted by ETF Launch</h2> 
<p style="text-align: justify">The launch of spot Bitcoin exchange-traded funds (ETFs) has provided significant support to the bull run. This can be seen in the net unrealized profit/loss indicator, which currently stands above 0.5, indicating market excitement.</p> 
<p style="text-align: justify">Since the halving indicates an upward trend, demand tends to increase following the reward cut. In the last bull cycle of 2020-2021, this state of euphoria was achieved eight months after the halving. However, this time it occurred about six months earlier. Therefore, with ETFs continuously boosting demand, recovery could progress swiftly.</p> 
<p style="text-align: justify">However, this demand is not limited to institutions, as individual <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> are likely to join the bandwagon. This is indicated by the Reserve Risk indicator, which is currently in a positive zone. This indicator measures the general confidence exhibited by investors. According to experts, with its low price, BTC offers a favorable risk-reward ratio for <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investment</a>.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-348197 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/bitcoin-2.jpg" alt="" width="848" height="360"></p> 
<h2 id="bitcoin-targets-92-000">Bitcoin Targets $92,000!</h2> 
<p style="text-align: justify">Ultimately, if BTC holders see profit potential, they might start accumulating, which could accelerate recovery. At the time of writing, Bitcoin was trading at $64,140, testing the upper boundary of the flag that the cryptocurrency has been stuck in since March. Analysts display this bullish formation with a 45% rise potential, setting the target at $92,505.</p> 
<p style="text-align: justify">However, experts aim to surpass Bitcoin’s all-time high of $73,000. This could happen when the support base of $65,000 is secured, and BTC breaks out of the pattern. On the other hand, if the breakout fails, Bitcoin’s price could drop to $61,000. Losing the mentioned support would result in BTC testing the flag’s lower trend line, potentially reaching as low as $56,600 and invalidating the bullish thesis.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-awaits-price-surge-to-aid-market-recovery/" data-wpel-link="internal">Bitcoin Awaits Price Surge to Aid Market Recovery</a></h5>

Bitcoin Awaits Price Surge to Aid Market Recovery

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