Bitcoin Price Prediction as BTC Blasts Toward All-Time High – Are Whales Buying Again?
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 like Morgan Stanley and JPMorgan.
The overall positive market sentiment, bolstered by the potential approval of Ethereum ETFs, further supports the bullish outlook. As Bitcoin nears its peak, speculation about its future performance intensifies among investors and analysts alike.
Increased Digital Asset Investments Boost Bitcoin Inflows
Ethereum ETF Approval Boosts Market Sentiment and Bitcoin Price
Ethereum’s price jumped over 16% as Bloomberg analysts raised the likelihood of spot Ethereum ETF approval to 75%, citing potential political pressure on the SEC.
However, Grayscale’s CEO stepping down complicates the situation ahead of the SEC’s decisions on VanEck’s and Ark 21Shares’ ETF applications, expected on May 23 and 24.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Nate Geraci outlined 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 improved ETF approval odds suggest a positive outlook for Ethereum.
Ethereum price surged by 16%
Increased ETF approval odds to 75%
Grayscale’s CEO resignation adds complexity
SEC decisions due on May 23 and 24
The potential approval of Ethereum ETFs is likely to boost market sentiment, which could also positively influence Bitcoin’s price due to the correlation between major cryptocurrencies.
Bitcoin Price Prediction
Bitcoin (BTC/USD) currently trades at $71,254, down 0.75% amid correction, yet Bitcoin price prediction remains bullish. The 4-hour chart indicates several key price levels to monitor. T
he pivot point is set at $71,995, with immediate resistance at $73,306, followed by further 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) stands at 80, indicating overbought conditions that often precede a pullback. The 50-day Exponential Moving Average (EMA) is positioned at $65,588, underscoring the underlying bullish trend despite recent volatility.
Bitcoin Price Prediction
Bitcoin has recently closed a Doji candle, followed by solid bullish engulfing candles, which typically signal a potential bearish correction. On the downside, BTC could drop to the 38.2% Fibonacci retracement level around $69,500.
Conversely, 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 to a more bullish bias, targeting $73,275 and beyond.
Conversely, failure to hold above immediate support at $70,560 may lead to further declines towards $69,695 and $68,263.
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