Bitcoin (BTC) has experienced a substantial surge of over 60% since the beginning of the year, thanks to the introduction of exchange-traded funds (ETFs) in the U.S. and the anticipation of interest rate cuts by the Federal Reserve. These factors have contributed to Bitcoin’s positive momentum, and it is predicted that the cryptocurrency may continue to see significant gains in June, potentially reaching a price of $75,000 by the end of the month.
One indicator that supports this prediction is Bitcoin’s symmetrical triangle pattern. This pattern is formed when the price of Bitcoin consolidates between two converging trendlines, and it often indicates a bullish continuation when it occurs during an uptrend. In the case of Bitcoin, the price is currently approaching the apex of the triangle, where the two trendlines meet. If the price breaks above the upper trendline, it could propel Bitcoin’s price towards the $74,000-75,000 range in June.
Another factor that suggests a positive outlook for Bitcoin is the return of buyers to Bitcoin ETFs. After reaching a new all-time high in March, Bitcoin experienced a correction and consolidation period as long-term holders sold off a significant portion of their holdings. However, as sellers became exhausted and prices dropped, the market transitioned into a re-accumulation phase. This shift is evident in the flows of Bitcoin ETFs, which saw a period of net outflows in April but have since experienced a sharp reversal. Last week, Bitcoin ETFs reported a net inflow of $242 million per day, indicating a resurgence in buy-side demand. This increased demand, coupled with the daily sell pressure from miners, suggests that Bitcoin’s price is well-positioned for further gains in June.
Furthermore, there is a possibility that Ethereum ETFs may be approved in June, which could have a positive impact on the Bitcoin market. Analysts believe that United States spot Ether (ETH) ETFs have a legitimate chance of launching by late June, following a filing update by BlackRock. If Ethereum ETFs are successfully launched, it could set a precedent for Bitcoin ETFs and boost investor confidence in the cryptocurrency market, potentially driving up demand for Bitcoin.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.