Bitcoin’s path to $150,000: how likely is it?
With
Bitcoin
surging
to
$66,700,
could
a
new
all-time
high
be
on
the
horizon,
fueled
by
easing
U.S.
inflation
and
talk
of
Fed
rate
cuts?
Bitcoin
(BTC)
has
recently
surged
in
price,
reaching
as
high
as
$66,700
on
May
16,
with
the
current
price
standing
at
$65,800
levels.
This
uptick
follows
the
release
of
the
U.S.
economic
data.
Inflation
across
the
U.S.
eased
slightly
last
month,
with
the
consumer
price
index
(CPI)
rising
at
an
annual
rate
of
3.4%
in
April,
down
from
3.5%
the
previous
month.
CPI
data
suggests
a
potential
downward
trend
in
the
cost
of
living,
prompting
speculation
of
a
Fed
rate
cut.
Other
central
banks
such
as
the
Bank
of
England
(BOE)
and
the
European
Central
Bank
(ECB)
are
also
expected
to
cut
rates
in
June,
indicating
improved
market
liquidity
for
risk
assets,
including
crypto.
BTC,
like
other
risk
assets,
is
influenced
by
changes
in
the
monetary
policies
of
major
central
banks.
When
the
cost
of
borrowing
fiat
money
is
expected
to
decrease,
BTC
tends
to
rally.
Meanwhile,
Salim
Ramji,
a
former
Blackrock
executive,
has
been
appointed
as
the
new
CEO
of
Vanguard.
His
appointment
has
raised
industry
speculation
on
whether
Vanguard
will
introduce
spot
Bitcoin
ETFs
under
his
leadership,
given
his
pro-Bitcoin
and
blockchain
technology
perspective.
However,
Ramji
has
stated
that
he
intends
to
maintain
consistency
with
Vanguard’s
investment
philosophy
and
product
offerings.
What
does
all
of
this
mean
for
BTC
and
its
price
action
in
the
coming
days?
Let’s
find
out.
Public
reaction
and
speculations
In
response
to
the
recent
surge
in
Bitcoin’s
value,
public
sentiment
has
generally
been
positive.
Andrew
Tate,
known
for
his
controversial
statements,
expressed
a
strong
desire
to
move
away
from
traditional
fiat
currencies
and
fully
embrace
Bitcoin.
He
tweeted
about
moving
over
100
million
into
BTC,
citing
a
loss
of
faith
in
traditional
banking
systems
and
viewing
Bitcoin
as
a
more
secure
and
reliable
store
of
value.
On
the
institutional
side,
there
has
been
growing
interest
and
participation
in
Bitcoin.
ETF
analyst
Eric
Balchunas,
renowned
for
his
insights
at
Bloomberg,
mentioned
about
the
diversity
of
institutional
investors
participating
in
the
spot
Bitcoin
ETF
IBIT.
In
its
first
13F
filing
season,
IBIT
reported
414
holders,
a
number
typically
achieved
years
after
a
product’s
launch.
To
simplify,
a
13F
filing
is
a
report
that
institutional
investment
managers
must
file
with
the
Securities
and
Exchange
Commission
(SEC).
It
discloses
their
holdings
in
public
companies
and
provides
insight
into
their
investment
strategies.
The
fact
that
IBIT
has
attracted
so
many
institutional
investors
early
on
is
a
strong
indicator
of
the
growing
institutional
interest
in
Bitcoin.
Meanwhile,
Anthony
Scaramucci,
founder
of
SkyBridge
Capital,
notes
that
skeptics
are
now
embracing
Bitcoin
for
the
long
term
after
conducting
thorough
research,
suggesting
a
cycle
of
increasing
acceptance
among
mainstream
investors.
Some
in
the
community
are
even
predicting
that
the
third
and
fourth
quarters
of
2024
will
be
particularly
fruitful
for
Bitcoin
in
terms
of
price
gains.
This
optimism
is
fueled
by
expectations
of
continued
institutional
adoption,
regulatory
clarity,
and
increasing
awareness
and
acceptance
of
Bitcoin
as
a
legitimate
asset
class.
BTC
price
prediction
Bitcoin
is
once
again
showing
signs
of
strength,
with
the
recent
breach
of
the
$65,000
resistance
level
hinting
at
a
potential
move
towards
a
new
all-time
high.
TradingShot,
a
prominent
crypto
trading
expert,
has
set
an
ambitious
target
of
$150,000
for
BTC
by
August
2024.
TradingShot’s
prediction
is
supported
by
Bitcoin’s
current
behavior,
as
evidenced
by
its
recent
25%
correction
and
the
subsequent
rebound,
which
TradingShot
considers
a
normal
occurrence
within
bull
cycles.
price
chart
|
Source:
TradingView
The
analyst
also
noted
that
Bitcoin
has
closed
above
the
one-day
moving
average
of
50
(MA50)
after
facing
two
rejections,
signaling
promising
upward
growth.
Meanwhile,
renowned
analyst
Michaël
van
de
Poppe
has
noted
that
BTC
has
maintained
strong
support
at
$60.5K
and
predicts
a
period
of
calm,
upward
movement
for
BTC.
Van
de
Poppe
suggests
that
this
period
of
stability
could
lead
to
increased
confidence
in
the
market,
potentially
benefiting
altcoins
as
well.
Similarly,
another
well-known
analyst,
Titan
of
Crypto,
has
made
a
conservative
prediction
for
BTC’s
price
cycle
top,
suggesting
it
could
reach
$108,000
based
on
Fibonacci
circles.
However,
Titan
of
Crypto
believes
that
BTC’s
price
could
exceed
this
prediction,
indicating
a
bullish
outlook
for
BTC.
Peter
Brandt,
a
respected
trader
and
analyst,
has
also
expressed
optimism
about
BTC’s
future
price
movement.
Brandt
has
shared
a
chart
that
suggests
a
positive
roadmap
for
BTC,
indicating
that
his
preferred
interpretation
of
the
data
aligns
with
a
bullish
outlook
for
the
cryptocurrency.
However,
as
with
any
investment,
it’s
important
to
conduct
your
own
research
and
consider
your
risk
tolerance
before
making
any
decisions.
Always
remember
that
predictions
can
go
wrong,
so
you
should
never
invest
more
than
you
can
afford
to
lose.
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