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Bitcoin Price Prediction as Bulls Defend $67,000 Level – Time to Buy?

Arslan Butt
Last updated: | 4 min read
Bitcoin Price Prediction
Bitcoin Price Prediction

Despite hawkish remarks from Federal Reserve officials and stronger-than-expected U.S. economic data, which have reduced the likelihood of a Fed rate cut, Bitcoin (BTC) has managed to regain some traction. The cryptocurrency edged slightly higher, reaching around $67,785 and hitting an intraday high of $68,848.

BlackRock’s Bitcoin ETF, IBIT, has become the largest Bitcoin fund with nearly $20 billion in assets under management, further supporting BTC. However, the strengthened US dollar (USD) and ongoing geopolitical tensions may limit Bitcoin’s future gains, leading to potential volatility.

Looking ahead, traders will closely monitor the Fed’s Beige Book and John Williams’ speech, along with the upcoming US Core Personal Consumption Expenditures Price Index (Core PCE) release, for further cues on Bitcoin price movements.

Federal Reserve Hawkish Comments and Consumer Confidence Weigh on BTC

Hawkish comments from Federal Reserve officials and better-than-expected economic data have reduced the likelihood of a Fed rate cut in September, strengthening the US dollar and limiting gains for Bitcoin (BTC).

Fed Governor Michelle Bowman supports a slower pace of reducing stimulus, while Fed Minneapolis President Neel Kashkari emphasizes waiting for significant progress on inflation before considering rate cuts, expecting at most two rate cuts in 2024.

These remarks signal a cautious approach by the Fed, impacting both USD and BTC performance.

  • Consumer confidence in May improved to 102.0 from 97.0 in April.
  • The index surpassed the expected 95.9, indicating growing optimism.
  • Positive consumer sentiment could boost economic activity and market sentiment.

This cautious approach and improved consumer confidence suggest a mixed outlook for USD and BTC in the near term.

BlackRock’s Bitcoin ETF Surpasses Grayscale’s GBTC, Boosting Bitcoin Market Sentiment

BlackRock’s Bitcoin ETF (IBIT) has overtaken Grayscale’s GBTC to become the largest Bitcoin fund, with nearly $20 billion in assets under management (AUM). This milestone, achieved on May 28, saw IBIT recording over $100 million in inflows. In just four months, IBIT amassed $19.79 billion in AUM, while GBTC’s AUM declined by around $18 billion during the same period.

The significant net inflows into BlackRock’s ETF have led to its market dominance, with ETFs now controlling 5% of Bitcoin’s total supply. This development could positively impact BTC price sentiment, signaling heightened institutional involvement and stimulating further investment in the cryptocurrency market.

  • BlackRock’s IBIT now holds nearly $20 billion in AUM.
  • Grayscale’s GBTC has seen a decline in AUM, losing about $18 billion.
  • ETFs control 5% of Bitcoin’s total supply, indicating strong institutional interest.

TechDev Predicts Altcoin Surge, Boosting Bitcoin Price Sentiment

The cryptocurrency market is currently volatile, with Bitcoin’s price dropping by $2,000 before stabilizing around $68,400. TechDev, a respected crypto analyst, predicts a potential market surge, particularly for altcoins. He notes similarities to 2020’s market conditions and points to technical indicators like Bollinger Bands and Gauss channels as signs of possible breakouts and bullish cycles for Ethereum and other altcoins.

These insights suggest monitoring these indicators for low volatility and potential price turning points, indicating significant growth opportunities for both Bitcoin and altcoins.

This prediction of an upcoming market surge based on technical indicators may positively impact BTC price sentiment, signaling potential growth opportunities ahead.

  • Bitcoin’s price stabilizes around $68,400 after recent volatility.
  • TechDev forecasts a surge, particularly for altcoins, based on technical indicators.
  • Bollinger Bands and Gauss channels suggest possible bullish cycles for Ethereum and other altcoins.

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