The crypto market is on the rise, with Bitcoin’s price is expect to surge upwards, this is driven by a surge in BTC ETFs net inflow, which nearly reached $1 billion on June 4. After gathering more liquidity during last week’s dip to $69,000, Bitcoin is now poised to hit its all-time high (ATH) in the next 48 hours.
Along with this big increase in funds, other factors are also helping to drive the expected price rise.
Key Factors Driving Bitcoin Surge
Firstly, the current period of consolidation in Bitcoin’s price is seen as a positive sign, experts say that Bitcoin is currently in a phase where its price is staying steady. They compare it to a calm before a storm, where Bitcoin is getting ready to jump to a higher price. This has happened before, and it could be happening again now.
Secondly, the recent Bitcoin halving event has led to a reduction in its supply, creating a supply shock in the market. History shows that after these events, Bitcoin’s price usually goes up a lot, this has made investors hopeful for Bitcoin’s future.
Moreover, the recent approval of Bitcoin spot exchange-traded funds (ETFs) has significantly increased demand for Bitcoin investment. On June 4th, a record-breaking inflow of $886 million flooded into Bitcoin ETFs, underscoring growing interest from institutional investors and further propelling Bitcoin’s market momentum.
What’s Next
When we compare Bitcoin’s performance now to how it did after previous halving events, it looks like Bitcoin is doing even better this time. This suggests that Bitcoin’s price could go up a lot more.
As of now, bitcoin is trading at $70,913, showing a slight increase over the past 24 hours. However, trading volume has decreased by 28%, settling at $27 billion, with a market capitalization of $1.39 trillion.
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