Bitcoin
Bitcoin Poised for Bullish Breakout, Says Experienced Crypto Trader, Targets 25% Upside
Bitcoin prices showed strength on Friday, recovering from a recent dive to hover about $66,894.45. This rally, coupled with positive inflows into spot bitcoin exchange-traded funds (ETFs), has attracted $1.3 billion in inflows this month, offsetting the $344 million in withdrawals seen last month.
Notably, renowned crypto trader Captain Faibik predicts a 25% rally by June if key resistance levels are cleared.
Bitcoin is expected to rise by 25% in June
According to Captain Faibik, Bitcoin bulls need to overcome the $68K resistance level to confirm a breakout of the bull flag. This technical pattern is often seen as a precursor to significant price movements, and the break of this resistance could signal the start of a new upward trend.
Once the $68K resistance level is broken, Faibik predicts a strong bull rally, with Bitcoin expected to gain another 25% in June. This bullish forecast is based on the current market trend and historical price patterns, which often show significant upward movements following major resistance breaks.
From now on, Bitcoin is currently trading at $66,843, reflecting a 2% increase in the last 24 hours. Despite the price increase, trading volume decreased by 9%, while the market value rose to 1.31 billion dollars.
Bitcoin ETFs record inflows of $1.3 billion
Positive market momentum is supported by consistent inflows into bitcoin ETFssuggesting that institutional investors are also optimistic about the cryptocurrency’s prospects.
Spot Bitcoin exchange-traded funds (ETFs) saw significant inflows in May, attracting $1.3 billion in inflows this month, offsetting the $344 million in withdrawals seen last month.
In April, spot Bitcoin ETFs saw substantial outflows, with around $51.5 million withdrawn on April 29 alone. Grayscale’s converted fund, GBTC, was a major contributor to these outflows. Despite this, May saw a notable turnaround, with US spot Bitcoin ETFs recording net inflows of $116.8 million on May 13, ending four weeks of net outflows.
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