$492 Million Inflows Sparked, BTC On Target For $72K?


"Hmm can this week BTC price go higher?"

The price of cryptocurrency king Bitcoin (BTC) on June 6 yesterday showed a strengthening up to $71,636 after the nine spot ETFs collectively finally managed to collect a net inflow of $492 million.

The inflow has fueled positive sentiment in the broader crypto market, with one of its major contributors BlackRock adding 2,186 BTC worth $155.86 million bringing its total holding to 297,644 BTC worth $21.22 billion.

According to crypto market watchers, the influx of capital into the BTC ETF has highlighted the growing institutional interest and confidence in the digital asset, so here it can be seen that the price of BTC has the potential to break through $72,000 in the near future.

Through observation, the prediction of the increase is a follow-up of three on-chain indicators which are the regrouping of whales BTNVT golden cross BTC price and BTC volatility including the ratio of the market value to the realized value of MVRV.

There is no denying that the main technical chart pattern shows BTC could head towards the $85,000 level, but its weekly close needs to be at $71,300 to confirm more upside momentum.

It is also worth noting that Standard Chartered's head of forex and digital assets research Geoffrey Kendrick predicts that the price of BTC will reach $150,000 by the end of 2024 and then continue its rise up to $200,000 by the end of 2025.

As of this writing, BTC price has surged by 3.65% to $70,839 in the last 24 hours with a market cap of $1.3 trillion and is up 11.42% over the past week.