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Bitcoin price took a big leap with the news of a decline in US inflation rates. After the announcement of Consumer Price Index (CPI) data, Bitcoin surged from $62k to above $ 66k in a few hours only. The momentum of BTC price is still stable as it is presently trading at $65,949.63, with a 7% surge from yesterday.
In this surge, one more factor also played an important role, which is the Bitcoin Spot ETF. The popularity of Bitcoin ETF is still maintained in the market and might continue for a long as the Ethereum ETF approval is inclining more towards rejection.
Among these ETF options, Blackrock IBIT has come out as the most favored one by the investors as the analyst reported 414 holders in the fund’s first 13F season, which is higher than any old Bitcoin ETFs like Bitwise’s BITB, Fidelity’s FBTC, etc.
Will Bitcoin (BTC) Price Surge to $72K?
Singapore-based QCP Capital has predicted the Bitcoin price rally to continue until it targets $72K and above. This prediction comes after analyzing the US inflation rates and current technical factors favoring the Bitcoin surge. As per the technical indicators, Bitcoin is in a strong buy zone where the MACD and the moving average fully indicate the buying pressure on the crypto.
The crypto analysts have also spoken of the same, where Dr Crypto Ninja has highlighted the possibility of Bitcoin price surging to $74k, $84k, and $100k.
SHORT: #BTCUSD $BTC by @BTC-XLM
Updated chart shows further price targets of $74k, $84k, and $100k, with 49 days until Bitcoin halving.
JOIN: https://t.co/HtiNzU5hp4#cryptocurrency #market_analysis pic.twitter.com/SvFYNfRFHU
— Cryptoninja.eth (@DrCryptoNinja) May 16, 2024
Moreover, the continuing support of the Bitcoin Support ETF is an aid to the Bitcoin rally. Just recently, the State of Wisconsin invested $99 Million in the BlackRock ETF, making it the trendiest Bitcoin ETF at the time. Moreover, the Hudge Fund Millenium Management has also disclosed their $1.94 Billion worth of holding in five famous Bitcoin ETF products.
QCP Capital has also highlighted the involvement of asset managers like Millennium and Schonfeld in Bitcoin Spot ETF, where each allocated 3% and 2% of their assets under AUM. With time, this involvement will grow even higher, supporting the Bitcoin price in a rally.
Moreover, Bitcoin’s popularity isn’t declining despite the introduction of new assets. Talking of popularity, El Salvador Holding has also surged in the current market. The country now holds 5,751 BTC, worth more than $379 million. With such a supporting system backing Bitcoin, it might succeed in surging $72 K in the upcoming days.
Final Thoughts
The current Bitcoin price rally has brought the crypto market out of the neutral zone to greed. With this improvement today and the increasing demand for the Bitcoin spot ETF in the market, Bitcoin now aims at $72K before the month ends.
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