Bitcoin
Analyst predicts that Bitcoin will reach its all-time high in the next 48 hours
Bitcoin is on the verge of historic change, fueled by a huge surge in investment. With almost US$1 billion flooding Bitcoin ETFs Only on June 4th, the stage is set for a potential price explosion. After a strategic pause to gather liquidity around $69,000, could Bitcoin be poised to break its all-time high in the next 48 hours?
Dive deeper to discover the key factors driving this anticipated surge and why experts believe this time could be different.
What’s Driving Bitcoin’s Rise
BTC ETFs flood the market
The driving force behind this surge is the influx of funds into Bitcoin exchange-traded funds (ETFs), with a staggering $886 million flooding in on June 4 alone. This inflow underlines the growing interest of institutional investors and further stimulates the market’s upward momentum.
The calm before the storm
Experts interpret Bitcoin current price consolidation as a promising sign, similar to the calm before a storm, indicating that Bitcoin is preparing for an upward bounce. Historical data supports this notion, with similar phases preceding significant price increases in the past.
Halving events: triggering supply shock
Another factor fueling the predicted rise is the recent Bitcoin halving event, which restricted its supply, leading to a supply shock in the market. Historical trends indicate that following such events, the price of Bitcoin typically experiences substantial growth, promoting optimism among investors regarding Bitcoin’s future trajectory.
Bitcoin remains strong
A comparison of Bitcoin’s current performance with previous halving events reveals even stronger performance this time around. This resilience bodes well for Bitcoin’s potential for further price appreciation.
Market analysis
At the moment, Bitcoin is trading at $70,913, showing a slight increase over the last 24 hours. However, turnover decreased by 28%, standing at US$27 billion. Bitcoin’s market capitalization is $1.39 trillion, reflecting the market’s continued stability amid upward momentum.
As institutional interest, supply dynamics, and historical patterns continue to shape Bitcoin’s price trajectory, all eyes remain fixed on the future!
Could this be the beginning of a new era for Bitcoin? Only time will tell…
Read too: Will Ethereum (ETH) Price Rise Beyond $4K in June Amid Increased Market Volatility?