Bitcoin Price Forecast: BTC Falls Below $70,000 as Trending VR Coin 5thScape Achieves $6.1M in Presale
Bitcoin (BTC) has recently fallen below the crucial $70,000 mark, dropping to around $69,229 after reaching a low of $69,939. This decline is mainly due to decreased investor demand caused by uncertainty surrounding a potential September Fed rate hike. Additionally, recent data on ETF flows shows mixed sentiments, with net inflows dropping to $15.7 million. Investors are cautious as they await the anticipated approval of a US ETH-spot ETF, which could impact Bitcoin’s performance.
Key Points:
Potential Approval of Ether ETF: Geoff Kendrick, Head of FX and Digital Assets Research at Standard Chartered Bank, predicts that Bitcoin could surpass its previous high of $73,798 by the weekend. He believes this potential increase is due to the expected approval of spot Ether ETFs, which would enhance Bitcoin’s legitimacy and performance. Kendrick is optimistic that Bitcoin could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Recent inflows into spot Bitcoin ETFs have reached a record $12.9 billion, further supporting his bullish outlook.
Inflows into BlackRock Bitcoin ETF: BlackRock’s spot Bitcoin ETF dominated the US market on May 21, attracting 95% of the $300 million inflow, with $290 million going into the iShares Bitcoin Trust. This surge is the highest since April 5, reversing previous low inflows. Recent data shows that over $1 billion flowed into spot Bitcoin ETFs in the past four days during Bitcoin’s volatile rally. BlackRock’s fund has reached $16 billion in total inflows since its launch, approaching Grayscale’s $20 billion mark.
Potential Approval of Ethereum ETF: The anticipated approval of Ethereum ETFs could further boost interest in Bitcoin ETFs. These significant inflows have renewed interest in Bitcoin ETFs, likely contributing to Bitcoin’s price increase.
Technical Analysis: Bitcoin (BTC/USD) is trading at $69,675, showing little change with a movement of -0.03%. Key price levels to monitor include the pivot point at $69,675, immediate resistance levels at $70,560, $71,944, and $73,300.
Reasons Behind Bitcoin’s Recent Pullback: Bitcoin (BTC) has experienced a sharp decline recently, and several factors have contributed to this. Strong US factory data and the strengthening of the US dollar index have triggered the dip. Higher interest rate expectations and a correction in the crypto market, including a decline in Ether (ETH) and smaller cryptocurrencies like SOL, DOGE, and AVAX, have also contributed to the pullback. The total crypto market capitalization has shed nearly 18% in May, the largest decline since June 2022.
Trending VR Coin 5thScape Raises Over $6.1 Million in Presale: 5thScape, a trending VR coin, has surpassed the $6.1 million mark in its presale phase. This project aims to revolutionize the VR gaming landscape by combining cutting-edge hardware, hyper-realistic games, and a community-centric token ecosystem. The project offers a range of VR games and is developing its own line of advanced VR hardware. The native token, 5SCAPE, plays a crucial role in the ecosystem, with a total supply of 5.21 billion tokens. Once the presale concludes, 5SCAPE will be listed on leading exchanges with an expected listing price of $0.01 and a projected market cap of $15 million.
Final Thoughts: Bitcoin’s recent decline has caused uncertainty among investors, making innovative projects like 5thScape appealing. With its advanced VR hardware and hyper-realistic games, 5thScape aims to redefine the VR gaming experience. The convergence of Bitcoin’s potential resurgence and the advancements of 5thScape presents an intriguing opportunity for investors. Experts forecast that early investors in 5thScape could see profits of 600x by 2025.
