Bitcoin Price Prediction as BTC Is Back Above $60,000 Before the Weekend – Bullish Week Incoming?
Bitcoin’s price shows a robust ascent, now trading at approximately $63,200, with recent highs of $64,446. This activity is part of a wider trend that has seen the global crypto market cap increase to $2.36 trillion, up over 7% over the last day.
The uptick is influenced by the Federal Reserve’s decision, as indicated by Chair Jerome Powell, to halt further interest rate increases, a policy move that often favors investments like Bitcoin by enhancing their appeal.
The surge is also supported by significant inflows into Bitcoin ETFs and the successful launch of similar products in Hong Kong, highlighting a renewed and growing confidence among investors.
The combination of these factors indicates a possible increase in the price of Bitcoin.
Bitcoin ETFs have recently witnessed a notable surge in inflows, totaling $378 million on May 3, marking a recovery after a week of outflows.
This influx includes a significant $63 million investment in Grayscale’s Bitcoin ETF (GBTC), its first since January. This is notable considering Grayscale’s previous $17.5 billion loss attributed to higher fees compared to competitors.
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