Bitcoin Price Prediction as BTC Blasts Up Above $62,000 – New Rally Starting?

Bitcoin (BTC), the world’s most valuable cryptocurrency, began the new week with significant bullish momentum, surging past the $62,000 mark. This recent uptick in BTC’s price has reignited interest in Bitcoin price predictions.

The market’s optimism is fueled by several factors, including speculation around an alleged assassination attempt on pro-crypto US presidential candidate Donald Trump, which has seemingly boosted his election odds to 70%.

Additionally, Germany’s completion of its Bitcoin sale and rising expectations of a Federal Reserve interest rate cut in September have further bolstered BTC’s value.

As investor sentiment improves, the global cryptocurrency market cap has risen to $2.29 trillion, reflecting a 3.80% increase in the past 24 hours.

Global Crypto Trading Volume to Surpass $108 Trillion by 2024

Global cryptocurrency trading volume is projected to exceed $108 trillion by the end of 2024, a 90% increase from 2022, according to a study by CoinWire. Europe is expected to lead this growth, accounting for 37% of the market with transactions anticipated to reach $40.5 trillion. This increase is driven by advancing regulatory frameworks such as the Markets in Crypto-Assets (MiCA) regulation. In addition, Asia is set to capture 36% of the market share, with a projected volume exceeding $39.3 trillion, bolstered by significant contributions from China and Japan. Other regions like Africa, South America, and North America also show robust growth, highlighting the rising global interest in digital assets. Key Points: Europe: Expected to reach $40.5 trillion in transactions.

Asia: Projected to surpass $39.3 trillion in trading volume. This anticipated surge in global cryptocurrency trading volume reflects a positive market sentiment, likely supporting upward movements in Bitcoin and Ethereum prices.

Impact of Spot Bitcoin ETFs on Market Dynamics and Investor Confidence

Spot Bitcoin ETFs in the US have sparked significant interest since their launch, with total net inflows reaching $15.811 billion as of July 15. BlackRock’s IBIT ETF drew significant attention with $18.262 billion in inflows, highlighting investor confidence in BlackRock’s management. Similarly, Fidelity’s FBTC ETF saw substantial interest, attracting $9.719 billion. In contrast, Grayscale’s GBTC ETF faced challenges with an outflow of $18.638 billion, indicating a preference among investors for newer and more competitive ETF options. Key Points: BlackRock’s IBIT ETF: $18.262 billion in inflows.

Fidelity’s FBTC ETF: $9.719 billion in inflows.

Grayscale’s GBTC ETF: $18.638 billion in outflows. The strong inflows into BlackRock’s and Fidelity’s Bitcoin ETFs show growing investor confidence and mainstream adoption, likely supporting upward pressure on Bitcoin’s price amid broader acceptance and market reshaping.

Bitcoin Price Prediction Bitcoin (BTC/USD) is trading at $62,870, up 3.39% on the day. The 4-hour chart indicates a bullish sentiment as Bitcoin maintains its position above the pivot point at $62,340. Key resistance levels to watch are $63,740, $65,060, and $66,430. These levels could act as potential barriers to further upward movement. Bitcoin Price Prediction – Source: Tradingview On the support side, immediate support is found at $61,240, with additional levels at $59,920 and $58,550. These supports are crucial in preventing a deeper pullback. The RSI is currently at 79, indicating overbought conditions, which may signal a possible short-term correction. The 50-day Exponential Moving Average (EMA) is at $58,830, reinforcing the bullish trend as Bitcoin remains well above this average. However, traders should be cautious. A break below the pivot point of $62,340 could lead to a sharp selling trend, reversing the current bullish outlook. You might also like Bitcoin Price Prediction 2024 – 2034 99Bitcoins Presale Is Live! Limited-Time Offer The 99Bitcoins presale is in its final hours! Don’t miss your chance to secure 99BTC tokens at the current price of $0.00113 before the price increases in the next stage. With over $2.4 million USDT raised out of the $3.2 million goal, this is your last opportunity to invest in the future of crypto education and earn rewards while you learn. Benefits of Investing Now: Immediate Access to Staking Opportunities: Start earning rewards right away.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.