Bitcoin's Record Surge and Dip Ahead of CPI Report, ETF Impact, and Bullish Predictions

April 9, 2024
Bitcoin's Record Surge and Dip Ahead of CPI Report, ETF Impact, and Bullish Predictions
  • Bitcoin reached a new all-time high of $73,500 before a slight decline ahead of the US CPI report, which may influence Federal Reserve interest rates.

  • The market anticipates a potential reduction in inflation and a high probability of rate cuts starting from July, affecting Bitcoin and altcoin prices.

  • The post-halving period is predicted to be explosive for Bitcoin, with significant price increases expected.

  • U.S. Bitcoin spot ETFs have seen a net inflow of $12.3 billion, impacting market dynamics and representing a substantial portion of trade volume.

  • Glassnode reports increased BTC distribution from long-term holders, similar to previous bull runs, with GBTC experiencing outflows yet minimal NAV decline.

  • SEC's extension of the review period for Bitcoin ETFs has caused a decline in crypto investments and raised questions about regulatory credibility.

  • The CEOs of VanEck and CoinShares express doubt over the SEC's approval of U.S. spot Ethereum ETFs, anticipating potential rejections.

  • Crypto enthusiast Jeremy DaVinci's analysis indicates a possible Bitcoin rally, with predictions of the price potentially surpassing $130,000.

  • Investor Dan Tapiero supports a bullish outlook for Bitcoin, suggesting it could exceed $200,000 due to macroeconomic factors and its scarcity.

  • Despite recent fluctuations, Bitcoin remains resilient, trading above $69,000, as investors are encouraged to research before investing.

Summary based on 159 sources


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