Bitcoin Bullish Momentum Persists Despite Market Volatility, $100K Target in Sight

June 13, 2024

The bullish momentum of Bitcoin continues to build, with an expert predicting a surge towards $100,000 by the year’s end, despite recent market volatility. Strong institutional demand, global adoption, and favorable economic conditions fuel this optimistic outlook, suggesting Bitcoin’s upward trajectory remains firmly on track.

The king of crypto and the pioneering crypto asset dipped below the $68,000 threshold on Wednesday and Thursday, following the Federal Reserve’s announcement to hold interest rates steady while signaling expectations of only one rate cut this year. As of Thursday, Bitcoin was trading in the red zone at $67,680.90, showing a 3.45% dip in value.

Despite this recent setback, the overall trend for Bitcoin remains bullish. Matteo Greco, research analyst at the publicly listed digital asset and fintech investment business Fineqia International, in a note to The Shib Daily, highlighted several key indicators of Bitcoin’s bullish momentum. “BTC Spot ETFs continued to see strong inflows, recording net inflow on every trading day last week,” Greco noted. “This marks the fourth consecutive week of net inflows and 19 consecutive trading days with positive inflows, indicating robust momentum for financial products with BTC as the underlying asset.”

Greco further emphasized the significance of Bitcoin’s expanding integration into traditional finance. “Following the launch of the first BTC Spot ETF in Australia, the Thailand Securities and Exchange Commission (SEC) recently approved One Asset Management to introduce Thailand’s first BTC Spot ETF,” he said, underscoring the growing global acceptance of Bitcoin.

The macroeconomic landscape also plays a significant role in Bitcoin’s bullish outlook. Greco pointed to the recent decision by both the Bank of Canada (BOC) and the European Central Bank (ECB) to cut interest rates as a positive sign. “The rate cuts signal positive expectations from governments about their ability to control inflation while promoting less restrictive monetary policies,” he explained. “Less restrictive monetary policies are generally favorable for risk-on assets such as stocks and digital assets, especially when rate cuts do not foreshadow an impending recession.”

While short-term volatility is expected, the underlying bullish sentiment for Bitcoin remains strong. The combination of sustained demand, increasing adoption, and positive macroeconomic factors, as highlighted by Greco and echoed by a crypto trader known by the handle @AltcoinSherpa, suggested that Bitcoin is well-positioned for continued growth in the months ahead. Investors are advised to look beyond the short-term fluctuations and focus on the bigger picture, as Bitcoin’s potential to reach $100,000 by the end of the year remains a strong possibility.

Crypto analyst Altcoin Sherpa’s perspective reinforced this optimism. He dismissed recent price fluctuations as mere “noise,” emphasizing that Bitcoin is still in a consolidation phase with a bullish long-term outlook. Sherpa advised investors to focus on higher timeframes, which reveal a clear upward trend, and remain “tranquilo” (calm) about short-term volatility.

As of 10:49 a.m. ET on Thursday, Bitcoin was trading at $67,506.96 with a robust 24-hour trading volume up by 13.13% at $34,557,628,257. This represents a 3.19% dip in value in the past 24 hours, a 5.53% plummet over the last seven days and a 7.54% spike in the past 30 days.

The king of crypto has a market cap of $1,331,441,934,199 and a circulating supply of 19,711,775 BTC, according to the latest data from CoinMarketCap.

Disclaimer: Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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