Bitcoin Price Prediction Surges as 2-Day ETF Inflows Exceed $1.2 Billion – Are Whales Anticipating a Rally?
Bitcoin, the dominant cryptocurrency globally in terms of market capitalization, continues to climb, currently trading around $71,300. This upward trend is fueled by substantial investments pouring into U.S. spot Bitcoin exchange-traded funds (ETFs), with a remarkable daily inflow of $886.75 million contributing to a total of over $1.2 billion in just two days.
Investor confidence is on the rise, supported by expectations of a potential interest rate cut by the Federal Reserve and the weakening of the U.S. dollar, both factors contributing to Bitcoin’s price surge.
ETF Inflows Propel Bitcoin Price Beyond $71,000
Bitcoin has demonstrated remarkable strength, maintaining its value above $71,000. This stability is primarily due to a significant influx of $886.75 million into U.S. spot Bitcoin exchange-traded funds (ETFs), marking one of the highest daily inflows ever recorded. Since their introduction, Bitcoin spot ETFs have attracted close to $15 billion in total inflows, indicating growing investor trust.
Impact on Related Tokens:
The increase in Bitcoin’s price has also led to rallies in related tokens such as ORDI and PUPS.
Investor Confidence:
The substantial investments in Bitcoin ETFs underscore its status as a resilient investment option.
Overall, the substantial inflows into Bitcoin ETFs have pushed Bitcoin’s price above $71,000, reinforcing its attractiveness as a lucrative investment and boosting related tokens.
Rising Acceptance of Bitcoin ETFs and Bullish Projections Drive Bitcoin Price
Bitcoin ETFs are gaining traction globally, with Thailand recently approving its first spot Bitcoin ETF, accessible to wealthy and institutional investors. This move positions Thailand alongside countries like the U.S., U.K., and Hong Kong, underscoring Bitcoin’s recognition as a legitimate financial asset.
Market sentiment is optimistic, fueled by Galaxy Digital CEO Mike Novogratz’s forecast that Bitcoin could surpass $100,000 by the end of the year if it reaches $73,000 soon.
Bitcoin proponent Samson Mow also foresees a surge in price past its previous all-time high, driven by recursive demand where increasing prices stimulate further demand.
Therefore, the growing acceptance of Bitcoin ETFs and positive projections from influential investors are fostering optimism, potentially propelling Bitcoin’s price above $100,000 by year-end if it reaches $73,000 soon.
Potential Impact of Federal Reserve Rate Cut on Bitcoin Price
Market enthusiasm is mounting as investors anticipate a Federal Reserve rate cut. Expectations point towards at least a 25 basis points reduction during the September meeting, with some hoping for a 50 basis points cut. The CME Fed Watch tool indicates a high probability of this move, boosting investor sentiment.
A rate cut would decrease interest rates, making traditional savings less appealing and encouraging investors to seek higher returns in alternative assets like Bitcoin. This potential shift in investment strategy could drive up demand for Bitcoin, elevating its price.
Hence, the anticipation of a Federal Reserve rate cut might boost demand for Bitcoin as investors pursue greater returns amid lower interest rates, pushing its price higher.
Bitcoin Price Forecast
Bitcoin is currently trading at $71,166, having recently broken through an asymmetric triangle pattern that previously acted as resistance around the $69,600 level. The pivot point stands at $70,436, a crucial level for determining market direction.
Bitcoin faces immediate resistance at $71,778. If the price can sustain above this level, the next resistance targets are at $73,424 and $74,982, indicating potential upward momentum.
On the support side, the immediate support level is $69,652. Additional support levels are located at $68,540 and $67,570, serving as safety nets in case of a price dip.
Technical indicators support a bullish outlook. The RSI stands at 65, suggesting a moderately overbought condition. Moreover, the 50 EMA at $69,623 closely aligns with the current price action above the pivot point, reinforcing its importance.
Recent attempts by Bitcoin to breach the resistance at $71,778 resulted in a bearish correction testing the psychological support level at $70,000. Both the 50 EMA and RSI indicate the potential for sustained bullish momentum.
In conclusion, based on this technical setup, the strategy for today is to monitor the $70,500 level as candle closures above this mark keep the Bitcoin price prediction bullish. A move above this level could confirm a continuation of the uptrend. Buying above $70,500 with a focus on bullish targets is recommended.
Early Bird Opportunity with 99Bitcoins Presale
99Bitcoins is transforming crypto education with its ‘learn-to-earn’ platform, empowering users to expand their knowledge and earn $99BTC tokens. These tokens provide access to premium content and perks within the community.
Exclusive Early Access to 99Bitcoins
The ongoing presale offers 99Bitcoin tokens at $0.00107 each. So far, $1.9 million has been raised towards the $2.48 million goal, with just over a day remaining until the next pricing stage.
Early investors can take advantage of immediate staking opportunities.
Limited Time Offer
Seize the opportunity to invest in 99Bitcoin at the current price and start enjoying the platform’s benefits. Secure your 99Bitcoins today before the price escalates in the next stage.
Learn more about this opportunity and engage with the community on Twitter, Telegram, and Discord.
Secure Your 99Bitcoins Today
Follow Us on Google News
Disclaimer: The above text is an advertorial article and not part of Cryptonews.com’s editorial content.
