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Bitcoin bulls push BTC price above $68,000. Will $70,000 be next?
Alex Dovbnja
Bitcoin aims to reach $70,000 after hitting its highest level since early April
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The price of Bitcointhe leading cryptocurrency, rose to a new intraday high of $68,276 today on the Bitstamp exchange.
The cryptocurrency hit its highest level since April 12, after plummeting as low as $56,500 on May 1 on stagflation fears.
It is worth noting that ETF flows remain correlated with price action. Last week, Bitcoin ETFs recorded positive inflows across all five trading weeks, recording total net flows of approximately $950 million.
According to Bitcoin analyst Alessandro Ottaviani, BlackRock’s IBIT and other spot Bitcoin ETFs are record-breaking more inflowsBitcoin price may end up surpassing the $70,000 level in the near future.
Bitcoin’s previous attempt to gain a position above the above-mentioned level turned out to be a failure. After breaking above $70,000 and reaching $72,756 on April 8, the cryptocurrency ended up plummeting 17% in just nine days.
AS reported by U.Today, the price of Bitcoin recently rallied substantially following the latest CPI report, which showed US inflation cooling. Bitcoin is expected to benefit from several rate cuts this year.
This Monday, the largest cryptocurrency recorded a peak in tandem with the Nasdaq 100, which is up 0.82%. The correlation between Bitcoin and technology stocks recently reached its peak the highest level in almost a year.
The largest cryptocurrency by market capitalization peaked at $73,737 on March 14. It is currently 7.4% from its peak. AS reported by U.Todayanalyst Tom Lee believes the cryptocurrency will reach $150,000 in 2024.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.