Bitcoin prices made a strong recovery on Friday after recent fluctuations, making investors happy. This recovery was supported by positive inflows, particularly into spot bitcoin exchange-traded funds (ETFs). According to the latest data, the $1.3 billion investment attracted by ETFs this month more than offset the $344 million outflow experienced the previous month. This helped restore confidence in the cryptocurrency market and created a positive atmosphere among investors.
The prediction of the famous crypto analyst Captain Faibik also reinforced this optimistic atmosphere. Captain Faibik predicts a 25% bullish rally by June if Bitcoin breaks through key resistance levels. This prediction aroused great interest in the market and caused investors to reconsider their strategies. Here are the details…
Details of the Analysis
Captain Faibik’s latest assessment indicates that Bitcoin’s uptrend is strengthening. According to the analyst, the $68,000 resistance level must be overcome for Bitcoin bulls to take control in the market. Passing this level is of great importance in confirming technical formations such as the bullish flag.
According to this analysis, a strong bullish rally may begin in Bitcoin with a break of the $68,000 resistance level. In this case, the analyst predicts that Bitcoin could experience a value increase of up to 25% in June. Captain Faibik’s optimistic forecast is based on historical price patterns and uptrends that are often seen after breaking key resistance levels. However, the cryptocurrency market is still a fairly young and developing field and therefore it can always be difficult to accurately predict future price movements.
As of now, Bitcoin is currently trading at $66,825, reflecting a 1.31% increase in the last 24 hours.
Bitcoin ETFs
The positive momentum in the market is supported by consistent inflows into Bitcoin ETFs, indicating that institutional investors are also optimistic about the future of the cryptocurrency. Spot Bitcoin exchange-traded funds (ETFs) attracted $1.3 billion in inflows in May, offsetting the $344 million in withdrawals seen last month.
In April, spot Bitcoin ETFs saw significant outflows, with approximately $51.5 million withdrawn on April 29 alone. Grayscale’s converted fund, GBTC, was a major contributor to these outflows. Despite this, May saw a remarkable comeback; US spot Bitcoin ETFs recorded net inflows of $116.8 million on May 13, ending four weeks of net outflows.
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