Bitcoin (BTC) Price Analysis: Is Rally to New High Imminent?

The Bitcoin price witnessed a notable drop in volatility over the past two weeks, largely trading sideways within a range of $71,500 to $66,500. This sideways movement impacted the broader crypto market, with most major altcoins also entering a phase of correction or consolidation. However, increasing inflows into spot BTC ETFs and rising whale accumulation hint at a bullish scenario.

While commenting on the Bitcoin price prediction, our team of analysts noted that the apex crypto began a renewed recovery trend in May, rallying from $56,000. This bullish turnaround saw the asset gain over 26% in value, with BTC trading at $71,211 at the time of writing, while the market cap stood at $1.4 Trilliona

Substantially supported by trading volume and increasing inflows into spot Bitcoin ETFs, this rally indicates sustainable growth. On June 6, 2024, Bitcoin ETF net inflows reached $218 million, marking the 18th consecutive day of positive inflows, according to on-chain data tracker Spot On Chain.

This streak marks the longest in history, indicating strong investor interest in Bitcoin ETFs. The single-day inflow of BlackRock's IBIT ETF rebounded to $350 million, being the highest in the last two trading months. On the other hand, Grayscale's GBTC ETF experienced an outflow once again after two days of inflows.

Moreover, the appetite of large investors, or “whales,” for Bitcoin returned strongly, with a recent analysis by CryptoQuant highlighting their renewed buying power, indicating that they are now showing interest in buying and accumulating BTC at current prices. Also Read: Bitcoin (BTC) at the Forefront: Argentina and El Salvador Strengthen Crypto Ties and Why 5thscape Is Leading

#Bitcoin: The whales’ appetite for buying has returned strongly

They are now returning with strong buying power once again, which indicates that the current prices are suitable for buying and accumulating.” – By @abramchart

Full post ?https://t.co/lYGUHk72Hf

— CryptoQuant.com (@cryptoquant_com) June 7, 2024

The chart from CryptoQuant shows the total whale holdings and their monthly percentage change, indicating a significant uptick in whale activity.