Bitcoin Forecasted to Reach $75,000 in June Amid Ethereum ETF Approval Speculations
Summary:
Bitcoin's value has grown over 60% in 2024 partially due to capital influx into newly-introduced ETFs and predicted interest rate cuts by the Federal Reserve. Technical indicators suggest that by the end of June, Bitcoin may reach $75,000. Additionally, the launch of Ethereum ETFs in the US, possibly by late June, could boost investor confidence and contribute to Bitcoin's potential increase in value.
Bitcoin has seen its value skyrocket over 60% since the start of the year until May 2024, largely due to capital pouring into new exchange-traded funds (ETF) in the U.S., along with predictions of the Federal Reserve cutting interest rates. A variety of factors, including on-chain analytics, fundamental assessments, and technical indicators suggest that the premier cryptocurrency could see an increase in value in June, potentially hitting a high of $75,000 before the month ends.
As per technical analysis, Bitcoin's potential rise to $75,000 is based on an existing symmetrical triangle pattern – a phase marked by price consolidating between two merging trendlines that link sequential crests and troughs.
Historically, when a symmetrical triangle forms during an upward trend, it often indicates that the bullish trend will continue, confirmed when the price shatters the upper trendline and climbs to the maximum distance between the top and bottom trendlines.
By May 31, the price of BTC seemed to be nearing the apex of the triangle where both trendlines meet. The currency now appears to be gearing up to break past the upper trendline, which as per the aforementioned technical rule, could push its value to between $74,000 and $75,000 in June, depending on the exact point of breakout.
Bitcoin's early March high surpassed all previous records, touching around $73,000. This uptick matched with long-term holders offloading a vast amount of their holdings, which caused an oversupply leading to a downward correction followed by a period of consolidation.
However, as prices fell and sellers diminished, the market gradually shifted towards a re-accumulation phase. This transformation is evident in the Bitcoin ETF flows, which went through a period of net outflows throughout April.
But this trend has since dramatically turned. Over the past week, Bitcoin ETFs have seen an astounding net influx reaching $242 million per day, suggesting a revival in purchase-side demand.
On another exciting note, spot Ether (ETH) exchange-traded funds (ETF) in the U.S. are likely to be approved by late June, analysts predict, following BlackRock's recent filing update.
On May 29, BlackRock updated its Form S-1 for its iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission, just a week after getting the regulator's green light for its 19b-4 filing.
This successful Ethereum ETF could pave the way for Bitcoin ETFs, possibly bolstering investor morale and amplifying demand in the cryptocurrency market. This could further facilitate Bitcoin to reach its symmetrical triangle breakout target of $75,000 by the end of June.
Published At
5/31/2024 3:41:38 PM
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