Bitcoin breaks $70,000 resistance? Investors pile into BTC in anticipation of a bull run
The cryptocurrency giant Bitcoin (BTC) has failed to break above the psychological $70,000 resistance level. However, the positive sign is that the buyers haven't ceded much ground to the sellers. In fact, BTC has seen a modest decline of less than 1% in the past week. Bitcoin's range-bound behavior over the past few days hasn't deterred inflows into spot Bitcoin exchange traded funds (ETFs). According to data from financial information platform Farside Investors, there have been net inflows of more than $2.1 billion into Bitcoin ETFs since May 14th. This suggests that investors are accumulating Bitcoin in anticipation of a bull run, Cointelegraph reports.
Peter Brandt, a well-known US trader, was also bullish on Bitcoin's long-term future. “Bitcoin could rise to $234,400 in as many as 18 months,” Brandt wrote in a post on X. “Currently, an ounce of gold costs $234,400,” he said. “Currently, an ounce of gold is trading at $2344, and the BTC/GLD ratio is at 29.1. I expect 1 BTC to be worth the equivalent of 100 ounces of gold in the future. Based on this, it means that BTC will rise to $234,400.”
Wall Street investment bank Bernstein also reported that “the Bitcoin and Ethereum (ETH) ETF market is expected to grow to $450 billion. This translates to more than $100 billion in inflows into BTC and ETH ETFs over the next 18 to 24 months. We also believe that Bitcoin will reach $90,000 by the end of this year and up to $150,000 next year,” he said, adding to the optimism.
