Bitcoin Traders Target $74K Next Week as BTC Spot ETFs Log Four Days of Inflows
One trader said rising risk appetite for alternative assets could cause bitcoin to exceed the $70,000 level over the weekend.
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Bitcoin could potentially surpass its all-time highs of $74,000 as early as next week due to increasing institutional demand and risk appetite for assets.
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The U.S.-listed spot exchange-traded funds (ETFs) tracking Bitcoin have seen four straight days of inflows, with BlackRock's IBIT receiving $94 million on Thursday, signaling a shift in investment sentiment.
Institutional demand and rising appetite for risk assets could cause bitcoin to breach all-time highs of $74,000 as early as next week, some traders say.
“Bitcoin was pulling back towards $65K on Thursday but is already trying to regain its footing above $66K on Friday morning. If cryptocurrencies get support from the global risk appetite on Friday, Bitcoin could exceed $70K over the weekend,” shared Alex Kuptsikevich, FxPro senior market analyst, in a note to CoinDesk, referring to increased inflows from spot ETFs.
“A test of the $71K-$74K highs area, in our view, could happen as early as early next week, triggering a new episode of FOMO,” Kuptsikevich.
Singapore-based QCP Capital gave out similar price targets in a client note earlier this week.
Such bullish outlooks come as U.S.-listed spot exchange-traded funds (ETFs) tracking the asset have logged four straight days of inflows, ending Thursday at $257 million in net inflows. This is a nearly 180-degree turn from the action of the past few weeks – with some of the biggest ETFs seeing zero inflows on some days.
Bitcoin ETF Flow (US$ million) - 2024-05-16
TOTAL NET FLOW: 257.3
(Provisional data)
IBIT: 93.7
FBTC: 67.1
BITB: 1.4
ARKB: 62
BTCO: 6.2
EZBC: 3.8
BRRR: 18.5
HODL: 0
BTCW: 0
GBTC: 4.6
DEFI: 0
For all the data & disclaimers visit:https://t.co/4ISlrCgZdk— Farside Investors (@FarsideUK) May 17, 2024
BlackRock’s IBIT received $94 million in inflows on Thursday, the largest among peers. GrayScale’s GBTC, which has mostly seen outflows since its January listing, received over $4.6 million in inflows.
Earlier this week, multiple regulatory filings showed that several big-name funds, such as Millennium Management and Elliot Capital, held millions worth of bitcoin ETFs in their portfolios.
The softer-than-expected US Consumer Price Index (CPI), which rose 0.3% versus 0.4% in March amid economist forecasts for 0.4%, triggered a break out of the range for BTC on Wednesday. The asset regained the $66,000 mark for the first time since April and posted its biggest single-day gain since March.
