- Bitcoin could potentially surpass its all-time highs of $74,000 as early as next week due to increasing institutional demand and risk appetite for assets.
- The U.S.-listed spot exchange-traded funds (ETFs) tracking Bitcoin have seen four straight days of inflows, with BlackRock’s IBIT receiving $94 million on Thursday, signaling a shift in investment sentiment.
As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market volatility. But the recent developments in Bitcoin’s price action have me bullish like never before. Institutions are piling in, and the demand for cryptocurrencies as an alternative asset class is on the rise.
Some traders believe that the increased institutional investment and growing interest in riskier assets could lead Bitcoin‘s price to surpass its previous record high of $74,000 as soon as the coming week.
As a market analyst at FxPro, I’ve observed Bitcoin retreating towards the $65,000 mark on Thursday. However, I see it making efforts to recover above $66,000 this Friday morning. If the global risk appetite improves significantly on Friday, Bitcoin might surge past $70,000 by the weekend. Institutional investments, as indicated by increased inflows into spot Bitcoin ETFs, could contribute positively to this trend.
In my opinion, a test of the $71,000 to $74,000 price range is likely to occur as soon as the coming week, potentially leading to another bout of fear of missing out (FOMO).
Singapore-based QCP Capital gave out similar price targets in a client note earlier this week.
Recently, U.S. listed ETFs that follow the asset class have experienced four consecutive days of investment inflows totaling $257 million as of Thursday. This represents a significant shift from the past few weeks during which some large ETFs recorded no new investments on certain days.
This week, various regulatory disclosures revealed that notable investment firms like Millennium Management and Elliot Capital owned significant amounts of Bitcoin exchange-traded funds (ETFs) in their investment portfolios, valued in the millions.
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2024-05-17 14:51