Bitcoin Price Prediction as BTC Blasts Toward All-Time High – Are Whales Buying Again?
Bitcoin price predictions are gaining significant attention as the cryptocurrency’s value approaches its all-time high. Recent surges have propelled Bitcoin to $71,000, fueled by strong inflows into Bitcoin spot ETFs and renewed interest from institutional investors like Morgan Stanley and JPMorgan.
The overall positive market sentiment, bolstered by the potential approval of Ethereum ETFs, further supports the bullish outlook. As Bitcoin nears its peak, speculation about its future performance intensifies among investors and analysts alike.
Recent data shows a notable rise in investments in digital asset products, despite lower overall trading volumes. Total inflows reached $932 million for the second consecutive week, primarily driven by an unexpected Consumer Price Index (CPI) report.
This report spurred a surge in investment, with 89% of inflows occurring in the last three trading days. Bitcoin saw substantial inflows of $942 million, indicating growing investor confidence.
The increased investment in digital asset products, particularly Bitcoin, highlights the market’s positive sentiment and confidence in its future performance.
Ethereum’s price jumped over 16% as Bloomberg analysts raised the likelihood of spot Ethereum ETF approval to 75%, citing potential political pressure on the SEC.
However, Grayscale’s CEO stepping down complicates the situation ahead of the SEC’s decisions on VanEck’s and Ark 21Shares’ ETF applications, expected on May 23 and 24.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied).
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