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Bitcoin Price Forecast: BTC Dips, Eyes Next Level

Bitcoin (BTC) takes a dip below $70,000, settling around $69,229 after hitting an intraday low of $69,939
May 23, 2024

Bitcoin (BTC) recently took a dip below the $70,000 mark, hovering around $69,229 after hitting a low of $69,939. This decline comes amidst reduced investor demand, fueled by uncertainty surrounding a potential Fed rate hike in September.

Adding to the complexity, recent ETF flow data reveals a mix of sentiments, with a notable drop in net inflows to $15.7 million. Investors appear cautious, possibly awaiting the anticipated approval of a US ETH-spot ETF, impacting Bitcoin's performance.

Geoff Kendrick, the Head of FX and Digital Assets Research at Standard Chartered Bank, offers an optimistic forecast for Bitcoin's trajectory. Kendrick suggests that Bitcoin could surpass its previous high of $73,798 by the weekend, attributing this potential surge to the expected approval of spot Ether ETFs. He anticipates further milestones, projecting Bitcoin to hit $150,000 by the end of 2024 and $200,000 by the end of 2025. Notably, recent inflows into spot Bitcoin ETFs have surged to a record $12.9 billion, supporting Kendrick's bullish outlook.

BlackRock's spot Bitcoin ETF has emerged as a dominant player in the US market, drawing in 95% of the $300 million inflow on May 21, with $290 million flowing into the iShares Bitcoin Trust. This surge marks the highest since April 5, reversing previous low inflows. Over the past four days, data indicates a staggering influx of over $1 billion into spot Bitcoin ETFs, amidst Bitcoin's volatile rally. BlackRock's fund has now amassed $16 billion in total inflows since its launch, inching closer to Grayscale's $20 billion mark. The potential approval of Ethereum ETFs further amplifies interest in Bitcoin ETFs, likely fueling Bitcoin's price surge.

Presently, Bitcoin (BTC/USD) trades at $69,675, showing minimal movement with a -0.03% change, signaling a bullish prediction. The 4-hour chart highlights key price levels for traders to monitor, with the pivot point at $69,675 serving as a critical benchmark. Immediate resistance levels stand at $70,560, $71,944, and $73,300, indicating potential upward targets if bullish momentum persists. Conversely, support levels are identified at $68,990, $68,260, and $67,265, offering a safety net against further declines. The Relative Strength Index (RSI) sits at 57, indicating neutral market momentum, while the 50-day Exponential Moving Average (EMA) at $68,375 supports the possibility of an uptrend continuation above $70,000. Despite the bullish outlook, a breach below the pivot point could trigger significant downside pressure.

As Bitcoin navigates through fluctuations, the outlook remains bullish, with potential for further growth driven by ETF inflows and regulatory developments. The anticipation surrounding Ethereum ETFs and BlackRock's significant market impact underscore the dynamic nature of the crypto landscape. As investors await Bitcoin's next move, the journey towards new all-time highs appears promising, setting the stage for continued excitement and opportunity in the crypto sphere.

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