Bitcoin (BTC) has remained stable above the $66,000 mark and recently hit an intra-day high of $66,500. The current Bitcoin price prediction suggests a strong bullish trend, driven by a growing institutional interest in the cryptocurrency. BlackRock’s iShares Bitcoin Trust (IBIT) has garnered significant investment, with 414 individual or institutional investors in the first few months. The trust has rapidly grown to manage $16.65 billion in assets since its launch in January, making it a popular choice for regular investors. Major firms like Millennium Management and Schonfeld Strategic Advisors have also invested in IBIT, indicating strong institutional interest that is positively affecting Bitcoin’s price.
CME Group, a major Chicago-based futures exchange, is planning to enter Bitcoin spot trading in response to increasing demand. The exact launch date is yet to be determined, but CME has a strong presence in the crypto market, having introduced Bitcoin futures in 2017 and micro-Bitcoin futures in 2021. The demand for spot trading has risen following the introduction of spot Bitcoin ETFs earlier this year, with inflows of $303 million on Wednesday. CME’s entry into Bitcoin spot trading is expected to boost liquidity and institutional participation, potentially impacting Bitcoin’s price positively.
Bitwise Chief Investment Officer Matt Hougan is optimistic about the prospects of spot Bitcoin exchange-traded funds (ETFs) due to the growing institutional investments in the space. Over 900 professional firms now invest in Bitcoin ETFs, holding a total of $3.5 billion. Despite this growth, professional investors only account for 7–10% of total Bitcoin ETF assets under management (AUM), indicating significant potential for further expansion. Hougan believes that future allocations by institutions could drive Bitcoin ETF growth and increase market participation.
In terms of Bitcoin price prediction, the cryptocurrency could be poised for a retracement after surpassing the $66,600 mark. A critical support level at $64,750, which also serves as the pivot point, will be crucial to monitor for a potential bullish rebound. Resistance levels are seen at $66,600, $67,820, and $69,000, while on the downside, key support levels are at $63,300, $63,150, $61,500, and $61,200. The Relative Strength Index (RSI) currently indicates continued bullish momentum for Bitcoin.
99Bitcoins is offering exclusive early access to its presale of $99BTC tokens, allowing investors to acquire tokens at a competitive price of $0.00103 each. These tokens not only act as a reward mechanism but also provide access to premium content and additional perks within the community. With the presale progressing towards its goal and just over three days left until the next pricing stage, investors have a limited time opportunity to secure $99BTC tokens and benefit from immediate staking opportunities. However, it is important to note that investing in cryptocurrency carries high risk and individuals should exercise caution.
