Bitcoin Price Prediction | Could it reach US$150 thousand?

With Bitcoin rising to $66,700, could a new all-time high be on the horizon, fueled by reduced US inflation and rumors of Fed rate cuts?

Bitcoin (Bitcoin) has recently emerged in price, reaching $66,700 on May 16, with the current price at $65,800 levels.

This increase follows the publication of the US economic data. US inflation eased slightly last month, with the consumer price index (CPI) rising at an annual rate of 3.4% in April, down from 3.5% the previous month.

CPI data suggests a potential downward trend in the cost of living, sparking speculation of a Fed rate cut.

Other central banks, such as the Bank of England (BOE) and the European Central Bank (ECB), are also expected reduce rates in June, indicating greater market liquidity for risky assets, including cryptocurrencies.

BTC, like other risk assets, is influenced by changes in the monetary policies of major central banks. When the cost of borrowing fiat currency is expected to decrease, BTC tends to rise.

Meanwhile, Salim Ramji, a former Blackrock executive, has been named Vanguard’s new CEO. His appointment raised industry speculation about whether Vanguard will launch spot Bitcoin ETFs under his leadership, given his pro-Bitcoin and blockchain technology outlook.

However, Ramji stated which aims to maintain consistency with Vanguard’s investment philosophy and product offerings.

What does all this mean for BTC and its price action in the coming days? Let’s find out.

Public reaction and speculation

In response to the recent rise in Bitcoin’s value, public sentiment has been generally positive.

Andrew Tate, known for his controversial statements, has expressed a strong desire to move away from traditional fiat currencies and fully embrace Bitcoin.

He tweeted about moving over 100 million into BTC, citing a loss of faith in traditional banking systems and seeing Bitcoin as a more secure and reliable store of value.

On the institutional side, there has been growing interest and participation in Bitcoin.

ETF analyst Eric Balchunas, known for his insights on Bloomberg, mentioned the diversity of institutional investors participating in the Bitcoin IBIT spot ETF.

In its first 13F filing season, IBIT reported 414 holders, a number typically reached years after a product launch.

To put it simply, a 13F filing is a report that institutional investment managers must file with the Securities and Exchange Commission (SEC). It discloses its holdings in public companies and provides information about its investment strategies.

The fact that IBIT has attracted so many institutional investors since its inception is a strong indicator of the growing institutional interest in Bitcoin.

Meanwhile, Anthony Scaramucci, founder of SkyBridge Capital, notes that skeptics are now embracing Bitcoin long-term after conducting thorough research, suggesting a cycle of increasing acceptance among mainstream investors.

Some community members are even predicting that the third and fourth quarters of 2024 will be particularly fruitful for Bitcoin in terms of price gains.

This optimism is fueled by expectations of continued institutional adoption, regulatory clarity, and increased awareness and acceptance of Bitcoin as a legitimate asset class.

BTC Price Prediction

Bitcoin is once again showing signs of strength, with the recent breach of the $65,000 resistance level suggesting a potential move towards a new all-time high.

TradingShot, a prominent crypto trading expert, has established a ambitious target $150,000 for BTC by August 2024.

TradingShot’s forecast is supported by Bitcoin’s current behavior, as evidenced by its recent 25% correction and subsequent recovery, which TradingShot considers a normal occurrence within bull cycles.

BTC price chart | Source: TradingView

The analyst also noted that Bitcoin closed above the 50-day moving average (MA50) after facing two rejections, signaling promising upward growth.

Meanwhile, renowned analyst Michaël van de Poppe noted that BTC maintained strong support at $60.5K and predicts a period of calm, upward movement for BTC.

Van de Poppe suggests that this period of stability could lead to increased confidence in the market, potentially benefiting altcoins as well.

Similarly, another well-known analyst, Titan of Crypto, made a conservative prediction for the top of the BTC price cycle, suggesting it could reach $108,000 based on Fibonacci circles.

However, Titan of Crypto believes that BTC price could exceed this prediction, indicating an optimistic outlook for BTC.

Peter Brandt, a respected trader and analyst, also expressed optimism about the future price movement of BTC.

Brandt shared a chart that suggests a positive roadmap for BTC, indicating that his preferred interpretation of the data is in line with a bullish outlook for the cryptocurrency.

However, as with any investment, it is important to carry out your own research and consider your risk tolerance before making any decisions. Always remember that predictions can go wrong, so you should never invest more than you can afford to lose.

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