Bitcoin Price Prediction as BTC Explodes to All-Time High: Are Whales Buying Again?

Last Updated: May 21, 2024 5:26am EDT | 3 minute read

Bitcoin price prediction

Bitcoin price predictions are gaining a lot of attention as the cryptocurrency’s value approaches its all-time high. Recent surges have pushed Bitcoin to $71,000, fueled by strong inflows into spot Bitcoin ETFs and renewed interest from institutional investors such as Morgan Stanley and JPMorgan.

Overall positive market sentiment, bolstered by the potential approval of Ethereum ETFs, further supports the bullish outlook. As Bitcoin approaches its peak, speculation about its future performance intensifies among investors and analysts alike.

Increased investment in digital assets spurs Bitcoin inflows

Recent data shows a notable increase in investment in digital asset products, despite lower overall trading volumes. Total inflows reached $932 million for the second consecutive week, driven primarily 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 recorded substantial inflows of $942 million, indicating growing investor confidence.

• Other cryptocurrencies like SolanaChainlink and Cardano have also attracted investments.
• Ethereum faced outflows of $23 million due to concerns over ETF approval.
• Blockchain-related stocks have faced challenges related to outflows.
• The US leads with inflows of $1.002 billion, supported by positive developments in Grayscale.
• Switzerland and Germany saw modest gains, while Hong Kong and Canada saw outflows.

The increase in investment in digital asset products, particularly Bitcoin, highlights the market’s positive sentiment and confidence in its future performance.

Ethereum ETF Approval Boosts Market Sentiment and Bitcoin Price

Ethereum price jumped above 16% AS Bloomberg analysts relaunch Ethereum ETF spot approval probability is at 75%, citing potential political pressure on the SEC.

However, the resignation of Grayscale’s CEO complicates matters ahead of SEC decisions on VanEck and Ark 21Shares’ ETF filings, expected May 23-24.

Nate Geraci outlined the SEC’s ETF approval process, indicating that approval of 19b-4 filings could lead to eventual S-1 approvals. Despite initial doubts due to the CEO’s resignation, the improved odds of ETF approval suggest a positive outlook for Ethereum.

• Ethereum price increased by 16%
• Increased odds of ETF approval to 75%
• The resignation of Grayscale’s CEO adds complexity
• SEC decisions expected May 23 and 24

The potential approval of Ethereum ETFs will likely increase market sentiment, which could also positively influence the price of Bitcoin due to the correlation between major cryptocurrencies.

Bitcoin (BTC/USD) it is currently trading at $71,254, down 0.75% despite the correction Bitcoin price prediction remains bullish. The 4-hour chart indicates several key price levels to monitor. T

The pivot point is set at $71,995, with immediate resistance at $73,306, followed by further resistance levels at $74,567 and $75,656. On the downside, immediate support is at $70,560, with additional support levels at $69,695 and $68,263.

Technical indicators suggest a cautious outlook. The Relative Strength Index (RSI) is at 80, indicating overbought conditions that often precede a pullback. The 50-day exponential moving average (EMA) is positioned at $65,588, underlining the underlying bullish trend despite the recent volatility.

Bitcoin price prediction

Bitcoin recently closed a Doji candle, followed by solid bullish engulfing candles, which typically signal a potential bearish correction. On the downside, BTC could fall to the 38.2% Fibonacci retracement level around $69,500.

Conversely, a bullish breakout above $72,000 could pave the way for further gains towards $73,275 or even $74,500.

Current trend: BItcoin’s technical outlook is bearish below $72,000. A break above this level could shift sentiment to a more bullish bias, targeting $73,275 and above.

Conversely, failure to hold above the immediate support at $70,560 could lead to further declines towards $69,695 and $68,263.

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