Bitcoin Price Prediction
Bitcoin rebounded strongly, surpassing $65,930 and reaching a peak of $66,591 on Thursday. Softer-than-anticipated U.S. inflation data fueled this rally by increasing the likelihood of interest rate cuts and boosting investor confidence across the crypto market.
As Bitcoin climbed, it catalyzed gains across other major cryptocurrencies like Ethereum, Dogecoin, and Ripple, pushing the global cryptocurrency market cap to $2.39 trillion, a 24-hour surge of more than 5%.
Adding to the positive market dynamics, Millennium Management, a prominent hedge fund, has significantly invested in Bitcoin ETFs, holding nearly $2 billion in assets, underscoring strong institutional support for Bitcoin.
Millennium Management Leads in Bitcoin ETF Investments with Nearly $2 Billion Holdings
Millennium Management, an international hedge fund, has made a substantial investment in spot Bitcoin ETFs, holding nearly $2 billion as of the first quarter of 2024. According to their latest 13F filing with the SEC, Millennium’s investment spread across five prominent ETFs totaled approximately $1.94 billion by March 31.
JUST IN: Millennium Management discloses $2 billion spot #Bitcoin ETF portfolio.
— Watcher.Guru (@WatcherGuru) May 15, 2024
These investments were diversified among several key products, including the ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF.
Largest Holdings: BlackRock’s Bitcoin fund, with over $844 million, and Fidelity’s fund, closely following at just over $806 million.
Market Impact: Bloomberg’s Eric Balchunas highlighted Millennium as having 200 times the exposure of typical new ETF investors.
The significant engagement of professional investors like Millennium suggests a robust institutional interest in Bitcoin, reinforcing a positive outlook for its future. Matt Hougan of Bitwise has expressed optimism, noting that the scale of professional investment might lead to a combined AUM nearing $5 billion. This trend underscores the growing acceptance of Bitcoin among seasoned investors, enhancing its profile in the investment community.
BTC Rises Above $66,000 Amid Expectations of Potential Rate Cuts on Softer US Inflation Data
Bitcoin surged above $66,000 yesterday, achieving its highest single-day gain in nearly two months. The most recent US Consumer Price Index (CPI) data, which showed a slower inflation rate of 0.3% month-over-month for April, below the anticipated 0.4%, was the driving force behind this significant uptrend.
This unexpected slowdown heightened investor expectations for potential rate cuts. Meanwhile, Retail Sales for the same period remained stagnant, further underscoring economic softness and bolstering the case for monetary easing.
Core PPI rose by 0.5% month-over-month, surpassing expectations.
Softer CPI and stalled retail sales have increased optimism for potential rate cuts.
This amalgam of economic indicators has sparked a bullish outlook for Bitcoin, as softer inflation could prompt the Federal Reserve to ease monetary policy sooner.
Bitcoin ETFs See Record Inflows, Driving BTC Price Surge to $66,000
On May 15, Bitcoin ETFs in the United States experienced a significant boost in inflows, totaling $303 million, the largest since early March. This influx was led by Fidelity’s FBTC fund, which attracted $131 million, and Bitwise’s BITB fund, receiving $86 million. Notably, Millennium Management is the largest institutional holder in this space with an investment totaling $2 billion across various Bitcoin ETFs.
Top Fund Inflows: Fidelity’s FBTC ($131 million) and Bitwise’s BITB ($86 million).
Key Driver: Bitcoin’s 7% price increase to $66,000, spurred by US inflation data suggesting potential rate cuts.
This remarkable inflow into Bitcoin ETFs, combined with favorable economic indicators, has significantly bolstered Bitcoin’s market value, pushing its price to $66,000. This trend underscores the growing investor confidence in cryptocurrencies as a viable investment amid shifting economic conditions.
Bitcoin Price Prediction
With a bearish Bitcoin price prediction, BTC is experiencing a slight downturn, trading at $65,930, marking a 0.44% decrease. The cryptocurrency is hovering just below its pivotal point of $66,260, a critical juncture that could determine the next directional move.
The Relative Strength Index (RSI) is elevated at 74, indicating that BTC is possibly overbought, which might precede a pullback if bullish momentum does not sustain.
Bitcoin Price Prediction – Source: Tradingview
Immediate support and resistance levels are crucial to watch. The first significant resistance lies at $67,820, with subsequent barriers at $69,084 and $70,643. A push above these levels could signal a strong bullish continuation. Conversely, support levels are set at $64,732, followed by $63,438 and $61,438. A breach below these could confirm a bearish trend, especially if the price falls beneath the pivot point.
The 50-Day Exponential Moving Average (EMA) stands at $62,687, further supporting the idea that the mid-term trend has been bullish, but caution is warranted given the current RSI levels.
Current Trend: Cautiously bearish unless BTC decisively clears the $66,260 pivot point.
Secure Early Advantages with the 99Bitcoins Presale
99Bitcoins, a leader in digital education, is transforming the way users learn about cryptocurrency through its ‘learn-to-earn’ platform. Participants can enhance their knowledge while earning $99BTC tokens, effectively growing both their expertise and their investment portfolios.
The current presale of $99BTC tokens is catching the attention of savvy investors, offering an enticing entry price for early participants.
Exclusive Early Access to 99Bitcoins
This presale presents a rare chance for early investors to secure $99BTC tokens at a competitive price of $0.00103 each. These tokens are not just a reward mechanism but also provide access to premium content and additional perks within the community.
Act Fast—Limited Time Offer
To date, the presale has amassed $1,284,373, progressing towards a goal of $2,036,443. With just over three days left until the next pricing stage, this is a pivotal moment to invest in $99BTC and start benefiting from immediate staking opportunities.
Secure Your 99Bitcoins Today
The post Bitcoin Price Prediction as Millennium Management Holds $2B in ETFs – Bullish Signal for BTC? appeared first on Cryptonews.