Bitcoin prices rose sharply on news of falling US inflation. Following the release of the Consumer Price Index (CPI) data, Bitcoin soared from $62,000 to over $66,000 in just a few hours. BTC price momentum remains steady, currently trading at $65,949.63, up 7% from yesterday.
Another factor also played a role in this surge. It’s the Bitcoin Spot ETF. The popularity of Bitcoin ETFs remains in the market and could continue for a long time as the approval of Ethereum ETFs is leaning towards being rejected.
Among these ETF options, BlackRock IBIT has been found to be the most favored by investors, as analysts reported it had 414 holders in the fund’s first 13F season, which is higher than older Bitcoin ETFs such as Bitwise Inc.’s BITB and Fidelity Inc.’s FBTC.
Will Bitcoin (BTC) price skyrocket to $72,000?
Singapore-based QCP Capital predicts that Bitcoin price growth will continue until it targets above $72,000. This prediction was obtained after analyzing the US inflation rate and current technical factors favoring Bitcoin’s surge. According to technical indicators, Bitcoin is in a strong buy zone, with MACD and moving averages perfectly indicating buying pressure on the cryptocurrency.
Cryptocurrency analysts are saying the same thing, with Dr. CryptoNinja highlighting the possibility of Bitcoin prices skyrocketing to $74,000, $84,000, and $100,000.
short: #BTCUSD $BTC by @BTC-XLM
The updated chart shows additional price targets of $74,000, $84,000, and $100,000 with 49 days left until Bitcoin’s halving.
Join: https://t.co/HtiNzU5hp4#cryptocurrency #Market analysis pic.twitter.com/SvFYNfRFHU
— Cryptoninja.eth (@DrCryptoNinja) May 16, 2024
Additionally, continued support for the Bitcoin Support ETF will help Bitcoin rally. Just recently, Wisconsin invested his $99 million in the BlackRock ETF, which became the most trending Bitcoin ETF at the time. Additionally, Hajj Fund Millennium Management also revealed holdings worth $1.94 billion in five popular Bitcoin ETF products.
QCP Capital also highlights that asset managers like Millennium and Schoenfeld are involved in the Bitcoin Spot ETF, with each allocating 3% and 2% of assets based on AUM. Over time, this involvement will become even greater, supporting Bitcoin price growth.
Moreover, despite the emergence of new assets, Bitcoin’s popularity has not waned. Speaking of popularity, El Salvador Holding is also surging in the current market. The country currently holds 5,751 BTC worth over $379 million. With such a support system backing Bitcoin, Bitcoin could successfully soar to $72,000 within a few days.
final thoughts
The current rise in Bitcoin prices has taken the crypto market out of the neutral zone of greed. With this improvement today and increased demand for Bitcoin Spot ETFs in the market, Bitcoin is on track to hit $72,000 by the end of the month.
The published content may include the personal opinions of the author and may be subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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