Bitcoin Bulls Back in Charge as Price Surpasses $69,000, Fueled by Global ETF Launch Wave

Bitcoin (BTC) staged a comeback after a sluggish weekend, surging past the $69,000 mark on the back of bullish momentum and the upcoming

Arslan Butt•Monday, June 3, 2024•2 min read

Bitcoin Bulls Back in Charge as Price Surpasses $69,000, Fueled by Global ETF Launch Wave

Bitcoin (BTC) staged a comeback after a sluggish weekend, surging past the $69,000 mark on the back of bullish momentum and the upcoming launch of Australia’s first Bitcoin ETF.

BTC is up 1.3% in the last 24 hours, currently trading at $69,168. This price increase comes after a brief dip over the weekend. Bitcoin’s market capitalization has surpassed the $1.35 trillion mark, with a daily trading volume of $22.7 billion.

The anticipated launch of Australia’s Bitcoin ETF tomorrow is fueling optimism in the market, with expectations of a surge similar to what was witnessed in other countries. Recent large investments in the Bitcoin ecosystem, including a $70 million raise by Bitcoin staking protocol Babylon and a $150 million investment in Bitdeer by Tether, are adding further fuel to the bullish fire.

However, data from Santiment reveals a decline in the number of active addresses on the Bitcoin network over the past four days, potentially indicating a decrease in short-term trading activity. Despite the dip in active addresses, the total supply of Bitcoin in profit has seen a slight increase, suggesting holders remain confident.

A Golden Bull Run on the Horizon?

The global rollout of Bitcoin ETFs is seen as a major catalyst for mainstream adoption and a potential price surge. Australia’s entry into the ETF market comes after successful launches in the US and other countries, all of which witnessed significant interest from investors. Analysts predict this trend to continue in Australia, potentially leading to a supply shock for Bitcoin due to exchange reserves sitting at an all-time low.

Bitcoin Learns from Ethereum?

Bitcoin also holds potential in replicating Ethereum’s explosive growth by adopting some of its features. While Bitcoin boasts its own layer-2 solutions, native tokens, NFTs, and DeFi protocols, a lack of interoperability and standardized token issuance might hinder its potential. By embracing features like universal standards, Bitcoin could unlock a new era of growth in active users, total value locked (TVL), and active wallets.

BTC/USD Technical Analysis

The Bitcoin Relative Strength Index (RSI) sits at 54, indicating the coin is still in good territory for continued bullish momentum.

Bitcoin Price Predictions

The sentiment surrounding Bitcoin remains overwhelmingly bullish, with predictions for the next peak ranging from $100,000 to a staggering $500,000. Whether Bitcoin can replicate the parabolic surges witnessed in the past or outperform expectations based on strong on-chain metrics remains to be seen.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.