Bitcoin Price Prediction Surpasses $1.2 Billion in 2-Day ETF Inflows – Are Large Investors Expecting a Surge?
Bitcoin’s price continues to rise, currently trading around $71,300, driven by a substantial influx into U.S. spot Bitcoin exchange-traded funds (ETFs), with a remarkable daily inflow of $886.75 million, totaling over $1.2 billion in just two days. This surge is supported by investor confidence in the anticipation of a potential rate cut by the Federal Reserve and a weakening U.S. dollar, contributing to Bitcoin’s upward trajectory.
Bitcoin’s Price Soars Above $71,000 Due to ETF Inflows
Bitcoin has maintained its value above $71,000, thanks to a significant inflow of $886.75 million into U.S. spot Bitcoin exchange-traded funds (ETFs), marking one of the highest daily inflows recorded. Since their launch, Bitcoin spot ETFs have attracted nearly $15 billion in total inflows, reflecting a growing belief in Bitcoin as a robust investment. This surge has also influenced related tokens like ORDI and PUPS.
Rising Acceptance of Bitcoin ETFs and Positive Forecasts Boost Bitcoin Price
The acceptance of Bitcoin ETFs is increasing globally, with Thailand approving its first spot Bitcoin ETF for wealthy and institutional investors. This aligns Thailand with countries like the U.S., U.K., and Hong Kong, showcasing Bitcoin’s legitimacy as a financial asset. Market optimism is fueled by predictions from industry figures like Galaxy Digital CEO Mike Novogratz and Bitcoin advocate Samson Mow, who anticipate Bitcoin surpassing $100,000 by year-end.
Potential Impact of Federal Reserve Rate Cut on Bitcoin Price
Investor enthusiasm is growing as the Federal Reserve is expected to cut rates, with predictions indicating a potential reduction during the September meeting. A rate cut would make traditional savings less appealing, prompting investors to seek higher returns in assets like Bitcoin. This shift in investment strategy could boost demand for Bitcoin, leading to a price increase.
Technical Analysis and Conclusion
Bitcoin is currently trading at $71,166, with technical indicators suggesting a bullish outlook. The RSI indicates a moderately overbought condition, while the 50 EMA reinforces the significance of the pivot point at $70,436. Today’s strategy involves monitoring the $70,500 level, with a focus on bullish targets above this level.
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