Bitcoin Price Reclaims $110,000: Is ATH Next?
Bitcoin surged to $110,587, close to its all-time high of $112,000, driven by ETF inflows and significant institutional purchases. Retail investors show low engagement, and predictions vary on its price potential, with a 60% chance of reaching $115,000 this June.
Bitcoin, the dominant player in the cryptocurrency arena, soared to a remarkable $110,587 on Monday, marking its highest price since May 23 of this year. It’s thrilling to note that the cryptocurrency is on the brink of potentially reaching a new all-time high, with its current record sitting at $112,000 on the Bitstamp exchange, established just a day before on May 22. As of the latest updates, Bitcoin is trading at approximately $109,387 after pulling back slightly from its recent peak.
Several factors seem to be propelling this impressive rally. The consistent inflow of investments into exchange-traded funds (ETFs) plays a significant role. Data from the analytics platform SoSoValue revealed that the ETF sector recorded $386 million in total inflows on Monday alone. Furthermore, there’s an interesting dynamic at play where the Fidelity Wise Origin Bitcoin Fund outperformed its counterparts, netting $173 million while the iShares Bitcoin Trust ETF attracted $121 million in inflows.
Additionally, there has been an uptick in purchases from larger entities, indicated by Strategy’s recent acquisition of $110 million worth of bitcoin. However, it is noteworthy that retail investors appear to be holding back, as seen through a considerable decrease in social media engagement compared to last year. This lack of enthusiasm is a bit surprising, particularly with the cryptocurrency so close to reaching what could be a new record high.
Looking ahead, the market is buzzing with speculation. According to insights from Polymarket bettors, there is a 60% likelihood that Bitcoin could reach $115,000 this June. The odds of surpassing $120,000 are pegged at 31%. However, for those dreaming big, the prospect of Bitcoin hitting $150,000 seems remote, with only a 3% probability assigned to such a surge happening this month. Moreover, bettors foresee a 38% chance for Bitcoin to achieve that lofty goal by the end of 2025.
In summary, Bitcoin has recently reclaimed significant value, hitting $110,587, as it inches closer to a new all-time high. Influenced by strong ETF inflows and institutional investments, while retail investors remain cautious, the market is rife with differing predictions about Bitcoin’s future price movements. As speculations circulate, all eyes are on Bitcoin to see whether it can achieve record-breaking heights in the near future.
Original Source: u.today
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