Economy 06-05-2024 12:01 13 Views

Bitcoin Price Prediction: $64K Surge Amid ETF Inflows & 1B Transactions

Bitcoin Price Prediction:

Bitcoin (BTC) kicked off the week with robust momentum, maintaining a position well above the $64,000 mark and reaching a high of $64,496.

The total market capitalization for cryptocurrencies has surged to $2.36 trillion, reflecting a 1.19% increase within 24 hours.

This rise is partly due to investor responses to softer US NFP data, which has heightened expectations for a Federal Reserve rate cut in September, enhancing Bitcoin’s appeal.

Additionally, significant inflows into Bitcoin ETFs, including a notable $63 million to Grayscale Bitcoin Trust, underscore increasing investor confidence.

The launch of Hong Kong’s Bitcoin ETFs further emphasizes this trend, coupled with the landmark achievement of Bitcoin surpassing 1 billion on-chain transactions, all pointing to a vibrant market trajectory for the leading cryptocurrency.

Bitcoin Hits 1 Billion Transactions: A New Era of Digital Payment Adoption

According to Clark Moody’s Bitcoin dashboard, Bitcoin’s blockchain has now recorded over 1 billion transactions, demonstrating its growing role as a major payment system.

This milestone was recently achieved, highlighting the increasing importance of Bitcoin as a global currency.

This achievement underscores the digital currency’s rapid adoption and the high level of trust and security it offers, comparable to traditional payment giants.

Total number of transactions processed on the Bitcoin network. Source: Clark Moody

Bitcoin achieved this in just 15 years, surpassing Visa’s timeline of 25 years for the same milestone, which points to its accelerated growth trajectory.

Market experts anticipate that Bitcoin’s adoption will continue to surge, driven by increasing institutional interest and the introduction of new financial products such as spot Bitcoin ETFs.

#Bitcoin has officially processed over 1 billion transactions.

— Wicked (@w_s_bitcoin) May 5, 2024

Currently, Bitcoin’s adoption rate is about 4.7%, mirroring the internet’s early adoption phases, indicating vast potential for further expansion.

In summary:

Bitcoin’s transaction count hits a historic 1 billion, underscoring its utility and security.
Institutional interest and new financial products are expected to propel further adoption.
The rapid adoption rate parallels early internet growth, predicting significant expansion ahead.

Grayscale Bitcoin Trust Sees Positive Inflow After 11 Weeks, Sparking Optimism for BTC Price

On the other side, the Grayscale Bitcoin Trust (GBTC) finally experienced a positive gain of $63 million after 11 straight weeks of outflows.

This shift comes amid strong competition from spot Bitcoin ETFs that have gained popularity since January, impacting GBTC’s market position.

Despite recent losses, GBTC remains the largest Bitcoin spot ETF with $18.7 billion in assets and around 297,000 bitcoins. Meanwhile, the BlackRock iShares Bitcoin Trust (IBIT) holds $17.2 billion.

To regain ground, Grayscale proposes a “mini” Bitcoin ETF with lower fees. This positive news for Grayscale surprised the market, with some analysts expressing astonishment at GBTC’s turnaround.

Thus, the positive inflow into the Grayscale Bitcoin Trust ETF (GBTC) signalled renewed investor interest and confidence, contributing to upward pressure on the BTC price amidst competition from spot Bitcoin ETFs.

Bitcoin Price Prediction

Bitcoin‘s current pivot point stands at $64,655, keeping bitcoin price prediction bearish under this level and bullish above this. Should Bitcoin surpass this level, it will encounter resistance at $67,084, followed by $69,356, and $71,309.

Bitcoin Price Prediction – Source: Tradingview

Conversely, support levels are identified at $61,531, $59,164, and $56,677, which will be crucial if the downward pressure persists.

The Relative Strength Index (RSI) is currently at 61, indicating neither overbought nor oversold conditions, while the 50-day Exponential Moving Average (EMA) at $61,652 could offer additional support.

The market sentiment is bearish below $64,655, but crossing above this could shift to a more bullish outlook.

Secure Early Advantages with the 99Bitcoins Presale

99Bitcoins, a leader in digital education, is transforming the way users learn about cryptocurrency through its ‘learn-to-earn’ platform. Participants can enhance their knowledge while earning $99BTC tokens, effectively growing both their expertise and their investment portfolios.

The current presale of $99BTC tokens is catching the attention of savvy investors, offering an enticing entry price for early participants.

Exclusive Early Access to 99Bitcoins

This presale presents a rare chance for early investors to secure $99BTC tokens at a competitive price of $0.00103 each. These tokens are not just a reward mechanism but also provide access to premium content and additional perks within the community.

Act Fast—Limited Time Offer

To date, the presale has amassed $1,012,568., progressing towards a goal of $1,711,230. With just over three days left until the next pricing stage, this is a pivotal moment to invest in $99BTC and start benefiting from immediate staking opportunities.

Secure Your 99Bitcoins Today

The post Bitcoin Price Prediction: $64K Surge Amid ETF Inflows & 1B Transactions appeared first on Cryptonews.

Other news