Bitcoin Price Prediction 22 May: BTC Dips Below $70,000 – Here’s the Next Level to Watch
Bitcoin (BTC) has dipped below $70,000, falling to around $69,229 after reaching an intra-day low of $69,939. This decline is due to reduced investor demand amid uncertainty about a potential September Fed rate hike.
Additionally, recent ETF flow data shows mixed sentiments, with a significant drop in net inflows to $15.7 million. Investors are cautious, potentially holding back for the anticipated approval of a US ETH-spot ETF, affecting Bitcoin’s performance.
Geoff Kendrick, Head of FX and Digital Assets Research at Standard Chartered Bank, forecasts that Bitcoin could surpass its previous high of $73,798 by the weekend. He attributes this potential rise to the expected approval of spot Ether ETFs, which he believes will enhance Bitcoin’s legitimacy and performance.
Kendrick is optimistic that Bitcoin could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Recent inflows into spot Bitcoin ETFs have reached a record $12.9 billion, further supporting his bullish outlook.
Key Points:
These factors could drive Bitcoin to new all-time highs and support long-term growth.
BlackRock’s spot Bitcoin ETF dominated the U.S. market on May 21, drawing 95% of the $305.7 million inflow, with $290 million going into the iShares Bitcoin Trust. This surge is the highest since April 5, reversing previous low inflows.
Recent data shows over $1 billion flowed into spot Bitcoin ETFs in the past four days, amid Bitcoin’s volatile rally. BlackRock’s fund has now reached $16 billion in total inflows since its launch, approaching Grayscale’s $20 billion mark.
Key Points:
These substantial inflows and the anticipated approval of Ethereum ETFs have significantly renewed interest in Bitcoin ETFs, likely contributing to Bitcoin’s price
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