3 strong Bitcoin indicators that predict BTC price will rise to $75K in June
Bitcoin (BTC) is up more than 60% since May 2024, aided by capital inflows into newly introduced exchange-traded funds (ETFs) and an expected rate cut by the Federal Reserve.
Based on a mix of chain, fundamental and technical indicators, the benchmark cryptocurrency may witness further gains in June, possibly reaching $75,000 by the end of the month. Let's discuss these indicators in detail.
Bitcoin is on the verge of breaking into a symmetrical triangle.
From a technical perspective, Bitcoin's potential to reach $75,000 comes from an increasingly symmetrical triangle pattern, characterized by consolidating price between two converging trendlines by connecting successive peaks and troughs.
Typically, a symmetrical triangle formation during a high indicates a high.
As of May 31, BTC price was approaching the top of the triangle, where the two trend lines meet. The cryptocurrency can now take the price to $74,000-$75,000 in June with the technical rule mentioned above, which will see a break above the upper trend line.
This breakout point could be around $69,000, a level that coincides with Bitcoin's next rising trendline support (magenta line).
Bitcoin ETF buyers return
In early March, Bitcoin hit a new all-time high of around $73,000. This increase led to a period of correction and consolidation as long-term holders sold large amounts of holdings, creating a supply glut.
As prices fell and sellers weakened, the market gradually moved into a rallying phase.
This shift is evident in Bitcoin ETF flows, which saw a system of net outflows throughout April. During the sale of the market, the lowest in the area to $ 57,500, ETFs experienced a high net flow, which daily – 148 million dollars.
This period of flow is a type of micro-capitalization, but the trend has since changed dramatically.
Last week, Bitcoin ETFs reported a net inflow of $242 million per day, indicating a resurgence in buy-side demand. Considering the natural daily selling pressure of $32 million miners per day since the recent Bitcoin halving, this ETF's buying pressure is eight times greater.
This will relatively reduce the ETF's significant upside impact on the market and the impact of future declines. As a result, Bitcoin price is well positioned to continue its rally through June.
Chances of approval of Ethereum ETF in June
US spot ether (ETH) exchange-traded funds (ETFs) have a “legitimate chance” to launch in late June, analysts said following a key filing update by BlackRock.
On May 29, BlackRock updated its Form S-1 with the Securities and Exchange Commission for iShares Ethereum Trust (ETHA), about a week after the regulator approved its 19b-4 filing. Both approvals are required for the ETF to begin trading.
“This is a good sign. We'll see the rest soon,” Bloomberg ETF analyst Eric Balchunas said in a May 29 post on X.
The successful launch of the Ethereum ETF sets a positive precedent for Bitcoin ETFs, which could boost investor confidence and increase interest in the cryptocurrency market. This will also allow him to reach his target of $75,000 in June.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
