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Bitcoin Price Prediction:
Bitcoin (BTC) commenced the week with strong momentum, sustaining a position well above the $64,000 threshold and achieving a peak of $64,496.
The overall market capitalization for cryptocurrencies has risen to $2.36 trillion, indicating a 1.19% increase within the last 24 hours.
This uptick is partially attributed to investor reactions to softer US NFP data, which has raised expectations for a Federal Reserve rate reduction in September, thereby enhancing Bitcoin’s attractiveness.
Moreover, substantial inflows into Bitcoin ETFs, including a significant $63 million to Grayscale Bitcoin Trust, highlight growing investor confidence.
The introduction of Bitcoin ETFs in Hong Kong further underscores this trend, along with the notable milestone of Bitcoin surpassing 1 billion on-chain transactions, all suggesting a dynamic market trajectory for the leading cryptocurrency.
Bitcoin Hits 1 Billion Transactions: A New Era of Digital Payment Adoption
As reported by Clark Moody’s Bitcoin dashboard, Bitcoin’s blockchain has now surpassed 1 billion transactions, illustrating its expanding role as a significant payment system.
This milestone was recently reached, emphasizing Bitcoin’s increasing significance as a global currency.
This accomplishment highlights the rapid adoption of the digital currency and the high degree of trust and security it provides, comparable to traditional payment leaders.
Total number of transactions processed on the Bitcoin network. Source: Clark Moody
Bitcoin achieved this in just 15 years, outpacing Visa’s timeline of 25 years for the same achievement, indicating its accelerated growth path.
Market analysts expect that Bitcoin’s adoption will continue to rise, fueled by increasing institutional interest and the launch of new financial products such as spot Bitcoin ETFs.
#Bitcoin has officially processed over 1 billion transactions. pic.twitter.com/kS704YYoW5
— Wicked (@w_s_bitcoin) May 5, 2024
Currently, Bitcoin’s adoption rate is approximately 4.7%, reflecting the early phases of internet adoption, suggesting significant potential for further growth.
In summary:
- Bitcoin’s transaction count reaches a historic 1 billion, highlighting its utility and security.
- Institutional interest and new financial products are anticipated to drive further adoption.
- The rapid adoption rate parallels early internet expansion, indicating substantial growth ahead.
Grayscale Bitcoin Trust Sees Positive Inflow After 11 Weeks, Sparking Optimism for BTC Price
Conversely, the Grayscale Bitcoin Trust (GBTC) has finally recorded a positive inflow of $63 million after 11 consecutive weeks of outflows.
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This change occurs amid strong competition from spot Bitcoin ETFs that have gained traction since January, affecting GBTC’s market standing.
Despite recent declines, GBTC remains the largest Bitcoin spot ETF with $18.7 billion in assets and approximately 297,000 bitcoins. Meanwhile, the BlackRock iShares Bitcoin Trust (IBIT) holds $17.2 billion.
To regain market share, Grayscale is proposing a “mini” Bitcoin ETF with reduced fees. This positive development for Grayscale surprised the market, with some analysts expressing astonishment at GBTC’s recovery.
Thus, the positive inflow into the Grayscale Bitcoin Trust ETF (GBTC) indicated renewed investor interest and confidence, contributing to upward pressure on the BTC price amidst competition from spot Bitcoin ETFs.
Bitcoin Price Prediction
Bitcoin’s current pivot point is set at $64,655, maintaining a bearish outlook below this level and a bullish perspective above it. If Bitcoin exceeds this level, it will face resistance at $67,084, followed by $69,356, and $71,309.
Bitcoin Price Prediction – Source: Tradingview
On the other hand, support levels are identified at $61,531, $59,164, and $56,677, which will be critical if downward pressure continues.
The Relative Strength Index (RSI) is currently at 61, indicating neither overbought nor oversold conditions, while the 50-day Exponential Moving Average (EMA) at $61,652 could provide additional support.
The market sentiment is bearish below $64,655, but moving above this could lead to a more bullish outlook.
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The post Bitcoin Price Prediction: $64K Surge Amid ETF Inflows & 1B Transactions appeared first on Cryptonews.
