Bitcoin Price Ranges Around $70,000 Resistance Mark - Bitcoin Price Prediction 23rd of May 2024
The price of Bitcoin is at the moment, ranging around the $70,000 resistance mark. Bitcoin began this week in bull, and its price reached the highest level at $71,957. Making about 13% gains in the last week.
Bitcoin price surged as a result of the inflows into spot Bitcoin ETFs, and the anticipation for spot Ethereum ETFs getting approved by the Securities and Exchange Commission (SEC). The spot Bitcoin ETFs in the United States have experienced a significant surge.
And notably BlackRock's IBIT, had seen a 94.86% of the new inflows, which was about $280 million out of the total new inflows of $305.7 million. BlackRock's IBIT presently holds about 282,000 Bitcoin, which is getting closer to the holdings of Grayscale's BTC Trust.
Due to the increase in interest of institutional investors in spot Bitcoin ETFs, crypto expert Kaleo, forecasted that the real bull run hasn't started in the cryptocurrency industry. And he further predicted that Bitcoin price may hit $200,000, with Ethereum price hitting about $12,000.