Bitcoin Set for Exponential Surge, Driven by Continued Inflows in U.S. Spot Bitcoin ETFs
Summary:
Bitcoin is poised for a rapid surge, propelled by ongoing deposits in U.S. spot Bitcoin exchange-traded funds (ETFs), say crypto experts. The continuous inflow trend in these ETFs could push Bitcoin's value past its all-time high of $73,835, set in March. Increased investor confidence in digital asset-based investments and perception of a more welcoming regulatory environment could also play a role in driving up Bitcoin's price. All investments and trading moves carry risks, and due diligence is necessary before making any decisions.
Bitcoin could potentially enter an exponential growth phase, driven by increasing deposits in US spot Bitcoin exchange-traded funds (ETFs), predict crypto experts. The ongoing inflow trend for spot Bitcoin ETFs has been maintained for 19 consecutive days, with nearly $1.7 billion identified this week alone, reveals data from Farside Investors. If this momentum continues, experts indicate Bitcoin's (BTC) value could go beyond its historical high of $73,835 marked in March. Bitcoin ETF streams chart. Credit: Farside InvestorsAs of June 6th, spot Bitcoin ETFs have attracted over $15.5 billion, amounting to around 5.2% of all circulating BTC, as per data from HODL15Capital. Consequently, experts are of the opinion that, amongst other determining factors, constant flows into ETFs would push BTC past critical resistance points into price exploration. On an online community platform X, independent trader Jelle posted a weekly BTC chart showing the price battling the $72,000 barrier, which perpetually resists and rebounds back into. With substantial ETF demand and neutral funding, Jelle believes it's merely a matter of time before the price increases. After witnessing a $379 million surge on the preceding day, “Fidelity is not taking it lightly,” commented Eric Balchunas, Senior ETF analyst at Bloomberg, in an X post dated June 5. Referring to the probable impact of the surges on BTC's price, Balchunas added that the 'third wave' was becoming a 'tsunami.' The recent acceleration in flows has happened alongside renewed interest in digital asset-related investments, with May witnessing a $2 billion inflow, reflecting increasing investor confidence in these assets and the perception of regulators being more welcoming. Pseudonymous analyst and trader Moustache identified that the leading cryptocurrency's price is on the brink of pushing past a crucial resistance line on the five-day chart. Moustache claimed in an X post on June 7 that this cross signifies Bitcoin's ultimate exponential surge every 4 years i.e., 2012, 2016, 2020 and now, 2024. Indicating the "2024 cross is just around the corner," he advised against fading such signs, hinting at exciting months ahead. Jelle shared a similar sentiment, noting that BTC's price had surpassed its record highs on the weekly chart. Emphasizing how this level served as resistance for over ten weeks before finally breaking above it on June 5, Jelle suggested BTC would begin a parabolic trend if it remains above this level. Currently, Bitcoin is trading above $71,000, nearly unchanged over the previous 24 hours, and 3.6% off its peak of above $73,835 from March 14. However, the asset has shown a weekly gain of over 4% and a 68% increase year-to-date. This piece does not provide investment advice or suggestions. All investments and trading actions carry risks. Readers should perform their own investigations before making any decisions.
Published At
6/7/2024 8:13:59 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.