Trader Predicts Bitcoin Could Surpass $70K This Weekend Due to Risk of Growing Interest in alternative assets.
Bitcoin might reach a new high of $74,000 next week thanks to rising interest from big investors. U.S.-listed Bitcoin ETFs have had four days of continuous inflows. BlackRock’s IBIT alone took in $94 million on Thursday, showing a change in investment trends.
Institutional demand and growing interest in risk assets could push Bitcoin to surpass its all-time high of $74,000 as early as next week
A test of the $71K-$74K high area, in our view, could happen as early as next week if nothing goes wrong.
This optimistic forecast coincides with U.S.-listed spot ETFs tracking Bitcoin experiencing four consecutive days of inflows, reaching $257 million by Thursday. This marks a dramatic reversal from recent weeks, during which some of the largest ETFs saw no inflows on certain days.
BlackRock’s IBIT saw $94 million in inflows on Thursday, the highest among its peers. GrayScale’s GBTC, which has mostly experienced outflows since January, received over $4.6 million in inflows.
Earlier this week, regulatory filings revealed that several major funds, including Millennium Management and Elliott Capital, held millions of dollars worth of Bitcoin ETFs in their portfolios.
Regarding CPI: The softer-than-expected U.S. Consumer Price Index (CPI), which rose 0.3% compared to the forecasted 0.4%, caused Bitcoin to break out of its range on Wednesday. The cryptocurrency regained the $66,000 mark for the first time since April and recorded its largest single-day gain since March.