Bitcoin Could Approach $80,000 By June: 10x Research
Portfolio Pulse from Khyathi Dalal
10x Research predicts Bitcoin could approach $80,000 by June, citing strong buy signals and institutional inflows. Bitcoin ETFs saw a $1 billion increase in purchases, and futures leverage climbed significantly. The Bitcoin Greed & Fear Index turned bullish, and a key milestone is Bitcoin staying above $71,000 for three days.
May 21, 2024 | 7:22 pm
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POSITIVE IMPACT
Bitcoin ETFs, including BITO, saw a $1 billion increase in purchases, indicating strong institutional interest and potential for further price appreciation.
The significant increase in Bitcoin ETF purchases, including BITO, highlights strong institutional interest, which could drive further price appreciation in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
10x Research predicts Bitcoin could approach $80,000 by June, driven by strong buy signals and institutional inflows. A key milestone is Bitcoin staying above $71,000 for three days.
10x Research's bullish indicators and the significant increase in institutional inflows suggest a strong upward momentum for Bitcoin. The key milestone of staying above $71,000 for three days could trigger further buying, pushing the price towards $80,000.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Despite significant growth in futures open interest for Ethereum, 10x Research suggests Bitcoin remains the more attractive play due to stronger buy signals and institutional inflows.
While Ethereum has seen significant growth in futures open interest, 10x Research's focus on Bitcoin's stronger buy signals and institutional inflows suggests a neutral short-term impact on Ethereum.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 50