Bitcoin Price Prediction as ETFs Hit $757 Million
Bitcoin continues to move upward as selling pressure decreases and market sentiment improves, but will it hit analysts' sky high estimates?
Quick overview
- Bitcoin (BTC) has surpassed $114K, driven by a significant increase in ETF inflows totaling $757 million.
- Market sentiment is optimistic due to positive inflation data, which could lead to an interest rate cut from the Fed.
- Analysts predict a potential Bitcoin price of $360K, indicating the start of a super-cycle despite recent selling pressure from whales.
- If Bitcoin maintains its momentum, it could establish a higher support level, but a drop below $110K may hinder future gains.
Bitcoin (BTC) is back above $114K, gaining bullish momentum as Bitcoin ETF daily inflows surge, reaching $757 million on Wednesday.
It looks like Bitcoin is bullish now thanks to a drastic increase in ETF inflows, as Bitcoin has managed to achieve a price of $114,485 (BTC/USD). This is the first time in weeks Bitcoin has been this high, and it may be able to hold onto some of those gains due to improved market sentiment on the economy and inflation.
BTC/USDThe stock market is climbing this morning as investors anticipate positive numbers from the CPI report for August. The PPI report released on Wednesday showed better than expected inflation data, and a repeat for Thursday could solidify an interest rate cut from the Fed. All of this bodes well for Bitcoin, which can use the positive sentiment from these events as a springboard to a new and higher price point.
Bitcoin Headed to $300K?
There are some analysts calling for a $360K Bitcoin price in the future, indicating that the coin’s recent movement points toward the start of a super-cycle. They have pointed to two inverse head and shoulders patterns on the weekly Bitcoin chart.
Bitcoin is definitely climbing, but it also has a lot of selling pressure to deal with. Over the last week, whales sold off lots of bitcoins as they saw the price dip to its lowest point in weeks. They appeared tired of waiting for a new record high and just cut their losses. That selloff caused the price to decline further, but this week has seen Bitcoin slowly gain back some of the lost ground.
If Bitcoin does continue to surge this week, it could establish a higher support level that will help it climb to $120K soon. However, there may be some pushback from whales and smaller investors who have been waiting for the coin to go higher. Even when the stock market has done well in the last month and when market sentiment is very positive, Bitcoin has still struggled. We may see that pattern continue into next week as well.
However, a positive report for CPI as well as a new interest rate cut could be enough to convince investors to hold out on selling Bitcoin and to wait for it to climb much higher. If the coin falters over the next few days, however, and if it falls below $110K, we may not see a new record high for the coin for months.
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