Last updated: May 21, 2024 05:26 EDT | 3 minutes reading

Bitcoin Price Prediction

Bitcoin price predictions are gaining significant attention as the cryptocurrency’s value approaches its all-time high. Recent surges have propelled Bitcoin to $71,000, fueled by strong inflows into Bitcoin spot ETFs and renewed interest from institutional investors such as Morgan Stanley and JPMorgan.

The overall positive market sentiment, reinforced by the potential approval of Ethereum ETFs, further supports the bullish outlook. As Bitcoin approaches its peak, speculation about its future performance intensifies among investors and analysts.

Rising Investments in Digital Assets Boost Bitcoin Flows

Recent data shows a notable increase in investments in digital asset products despite lower global trading volumes. Total inflows reached $932 million for the second week in a row, driven primarily by an unexpected Consumer Price Index (CPI) report.

This report spurred an increase in investment, with 89% of inflows occurring in the last three trading sessions. Bitcoin recorded substantial inflows of $942 million, indicating growing investor confidence.

• Other cryptocurrencies like SolanaChainlink and Cardano have also attracted investment.
• Ethereum faced $23 million in outflows due to ETF approval concerns.
• Blockchain-related stocks have faced challenges with exits.
• The US led the way with $1.002 billion in inflows, supported by positive developments at Grayscale.
• Switzerland and Germany saw modest gains, while Hong Kong and Canada saw outflows.

The increase in investment in digital asset products, especially Bitcoin, highlights the positive market sentiment and confidence in its future performance.

Approval of Ethereum ETF Boosts Market Sentiment and Bitcoin Price

Ethereum price jumped more than 16% as Bloomberg analysts raised the probability of Ethereum ETF approval to 75%, citing potential political pressure on the SEC.

However, the resignation of Grayscale’s CEO complicates the situation ahead of SEC decisions on VanEck and Ark 21Shares’ ETF applications, expected on May 23 and 24.

To update: @JSeyff and I’m increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing talk this afternoon that the SEC could be doing a 180 on this (increasingly political issue), so now everyone is scrambling (as we , everyone assumed they would be denied). To see… https://t.co/gcxgYHz3om

-Éric Balchunas (@EricBalchunas) May 20, 2024

Nate Geraci described the SEC’s ETF approval process, indicating that approval of 19b-4 filings could lead to eventual S-1 approvals. Despite initial doubts due to the CEO’s resignation, the ETF’s improved odds of approval suggest a positive outlook for Ethereum.

• Ethereum price rose 16%
• Increased odds of ETF approval to 75%
• Grayscale CEO’s resignation adds complexity
• SEC rulings scheduled for May 23 and 24

The potential approval of Ethereum ETFs will likely increase market sentiment, which could also positively influence the price of Bitcoin due to the correlation between major cryptocurrencies.

Bitcoin (BTC/USD) currently trades at $71,254, down 0.75% amid the correction, but Bitcoin Price Prediction remains optimistic. The 4-hour chart indicates several important price levels to monitor. T

The pivot point is set at $71,995, with immediate resistance at $73,306, followed by additional resistance levels at $74,567 and $75,656. On the downside, immediate support is at $70,560, with additional support levels at $69,695 and $68,263.

Technical indicators suggest a cautious outlook. The Relative Strength Index (RSI) is at 80, indicating overbought conditions that often precede a pullback. The 50-day exponential moving average (EMA) is positioned at $65,588, highlighting the underlying uptrend despite recent volatility.

Bitcoin Price Prediction

Bitcoin recently closed a Doji candle, followed by solid bullish candles, which typically signal a possible bearish correction. On the downside, BTC could fall to the 38.2% Fibonacci retracement level around $69,500.

On the other hand, a bullish breakout above $72,000 could pave the way for further gains towards $73,275 or even $74,500.

Current trend: BItcoin’s technical outlook is bearish, below $72,000. A break above this level could shift sentiment towards a more bullish bias, targeting $73,275 and beyond.

Conversely, failure to hold above immediate support at $70,560 could lead to further declines towards $69,695 and $68,263.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.

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