3 Key Indicators Suggest Bitcoin Could Hit $75K in June
Discover 3 key indicators suggesting Bitcoin's potential rise to $75K in June, including technical patterns, ETF trends, and market analysis.
Bitcoin is showing signs of a significant price increase to $75,000 by the end of June. Let's examine the main indicators:
Symmetrical Triangle Breakout
Bitcoin (BTC) has surged by over 60% year-to-date as of May 2024, driven by capital inflows toward its newly-introduced exchange-traded funds (ETF) in the U.S. and anticipated interest rate cuts by the Federal Reserve.
Bitcoin's symmetrical triangle pattern suggests a breakout is imminent. This pattern forms when the price consolidates between two converging trendlines, connecting a series of peaks and troughs.
A symmetrical triangle usually indicates a bullish continuation during an uptrend. When the price breaks above the upper trendline, it can rise as much as the maximum distance between the upper and lower trendline.
As of May 31, BTC's price was near the triangle's apex, where the two trendlines converge. A breakout above the upper trendline, around $69,000, could push the price to $74,000-$75,000 in June.
Increased Bitcoin ETF Activity
Bitcoin reached a new all-time high of around $73,000 in early March. Long-term holders sold a significant volume of their holdings, creating a supply overhang and leading to a correction.
As prices dropped and sellers became exhausted, the market transitioned into a re-accumulation phase.
This is evident in the Bitcoin ETF flows, which experienced net outflows throughout April. During the market sell-off to around $57,500, ETFs saw substantial net outflows, averaging -$148 million daily.
However, this trend reversed sharply last week, with Bitcoin ETFs reporting a net inflow of $242 million per day, indicating strong buy-side demand. This ETF buy pressure is almost eight times greater than the natural daily sell pressure from miners of $32 million per day since the recent Bitcoin halving.
This resurgence in ETF demand significantly boosts the market, positioning Bitcoin for a continued rally into June.
Ethereum ETF Launch Likely in June
Analysts suggest that U.S. spot Ether (ETH) exchange-traded funds (ETFs) could launch by late June, following a key filing update by BlackRock.
On May 29, BlackRock updated its Form S-1 for its iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission, after the regulator approved its 19b-4 filing. Both approvals are required for the ETF to start trading.
"This is a good sign. We’ll probably see the rest roll in soon," Bloomberg ETF analyst Eric Balchunas noted in a May 29 post on X.
The successful launch of Ethereum ETFs could boost investor confidence and demand in the cryptocurrency market, potentially aiding Bitcoin in achieving its symmetrical triangle breakout target of $75,000 in June.
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