Bitcoin Price Forecast for May 22: BTC Falls Below $70,000 – Here’s the Next Level to Monitor
Bitcoin (BTC) has experienced a drop below the $70,000 mark, reaching a price of around $69,229 after hitting an intra-day low of $69,939. This decline can be attributed to decreased investor demand due to uncertainty surrounding a potential interest rate hike by the Federal Reserve in September.
Furthermore, recent data on ETF flows indicates mixed sentiments, with a significant decrease in net inflows to $15.7 million. Investors are exercising caution, possibly awaiting the approval of a US ETH-spot ETF, which could impact Bitcoin’s performance.
Standard Chartered Analyst Predicts Bitcoin to Reach New All-Time Highs
According to Geoff Kendrick, the Head of FX and Digital Assets Research at Standard Chartered Bank, Bitcoin has the potential to surpass its previous peak of $73,798 by the end of the week. Kendrick attributes this potential increase to the expected approval of spot Ether ETFs, which he believes will enhance Bitcoin’s credibility and performance.
Kendrick is optimistic about Bitcoin’s future, predicting that it could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. The recent influx of funds into spot Bitcoin ETFs, totaling $12.9 billion, further supports his bullish outlook.
Key Points:
– Bitcoin could exceed $73,798 in the coming days
– Approval of Ether ETFs could boost Bitcoin’s credibility
– Inflows into spot Bitcoin ETFs have reached $12.9 billion
– These factors could drive Bitcoin to new all-time highs and support long-term growth.
BlackRock Bitcoin ETF Attracts Significant Inflows, Boosting Market Interest
On May 21, BlackRock’s spot Bitcoin ETF dominated the US market, drawing in 95% of the $300 million inflow, with $290 million going into the iShares Bitcoin Trust. This surge represents the highest level of inflows since April 5, reversing the previous trend of low inflows.
Recent data reveals that over $1 billion has flowed into spot Bitcoin ETFs in the past four days, coinciding with Bitcoin’s volatile rally. BlackRock’s fund has now accumulated a total of $16 billion in inflows since its launch, approaching Grayscale’s $20 billion milestone.
Key Points:
– BlackRock’s ETF accounted for 95% of total inflows on May 21
– Total inflows in the past four days exceeded $1 billion
– Approval of Ethereum ETFs could further boost market interest
– These substantial inflows and the anticipated approval of Ethereum ETFs have reignited interest in Bitcoin ETFs and likely contributed to the increase in Bitcoin’s price.
Bitcoin Price Prediction
Currently, Bitcoin (BTC/USD) is trading at $69,675, showing minimal change with a -0.03% movement, indicating a bullish Bitcoin price prediction.
The 4-hour chart reveals important price levels that traders should monitor. The pivot point is set at $69,675, serving as a crucial benchmark. Immediate resistance levels are identified at $70,560, $71,944, and $73,300, suggesting potential upward targets if the bullish momentum continues.
On the downside, support levels are found at $68,990, $68,260, and $67,265, providing a safety net against further declines.
The Relative Strength Index (RSI) is currently at 57, indicating a neutral market momentum. Additionally, the 50-day Exponential Moving Average (EMA) stands at $68,375, supporting the possibility of an upward trend continuation above $70,000.
The presence of an upward trendline further strengthens this bullish outlook. However, a break below the pivot point of $69,675 could trigger a sharp selling trend.
In conclusion, Bitcoin’s outlook remains bullish at $69,675, but a breach below this level could lead to significant downward pressure.
You might also be interested in:
– Bitcoin Price Forecast 2024 – 2034
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could potentially lose all of your invested capital.
