Once again, it's the spot ETFs coming to Bitcoin's rescue.
The spot Bitcoin ETFs are again acting as a risk proxy, with two straight days of significant inflows. Yesterday on July 8th, the ETFs saw a cumulative inflow of nearly $300 million, with BlackRock and Fidelity the biggest gainers per usual.
However, in a surprising development, even Grayscale’s GBTC saw $25 million in inflows.
Good morning,Yesterday's ETF flows were positive for $294.8 million.Blackrock did $187.2 million, Fidelity $61.5 million. Even GBTC had $25 million of inflows.Price bouncing around between $54k-$58k.Germany sent 15k BTC to exchanges yesterday. 2 more days like this and… pic.twitter.com/40bZYWGGNK
— WhalePanda (@WhalePanda) July 9, 2024
The ETF inflows have provided much-needed respite to the bulls and sparked a potential recovery in BTC. Indeed, the Bitcoin price is currently trading at $57,300, up 6% from this week’s low of $54,000 which may end up being the local bottom.
Bitcoin Price Prediction For July
Bitcoin has seen significant selling pressure over the past month, declining 17% over the period. Continued sell-offs from the German and US governments, on top of the Mt. Gox repayment program proved too much for several crucial support levels on the BTC chart.
A few experts are still giving bearish Bitcoin price predictions. For instance, Abigail Doolittle of Bloomberg believes that BTC could correct to $40k while others have touted $51k and $48k as possible targets.
Bitcoin may fall to $40K, here's why $XBT pic.twitter.com/dvHCARrw6W
— Abigail Doolittle (@TheChartress) July 8, 2024
Not if the daily inflow trend in spot BTC ETFs holds strong. For instance, Arkham Intelligence has revealed that the German government sent nearly $362 million worth of BTC to exchanges today on Friday.
However, the Bitcoin price has shown barely any decline and continues to trade above the $57,000 mark. This is very likely because the market expects the spot Bitcoin ETFs to buy any dip and act as a risk proxy for an upside move.
Unsurprisingly, BTC’s technicals are suddenly painting a bullish picture. For instance, popular trader MacroCRG highlights that Bitcoin has confirmed two separate bullish divergences in the daily timeframe. This comes after BTC’s RSI entered the oversold territory, which has historically proved to be an extremely bullish signal.
Investors can expect a few retests of the weekly low in the coming days. In fact, popular trader Crypto Tony has hinted at the possibility of a bear trap retest of $53,000, which he expects the bulls to defend.
BEAR TRAP AT $53,000 THEN TO THE MOON $90,000It is all we ask #Bitcoin
— Crypto Tony (@CryptoTony__) July 8, 2024
According to our Bitcoin price prediction for July, BTC will likely flip its 200-day simple and exponential moving averages, both of which are hovering above the $58,000 mark. Experts also expect the Bitcoin price to breach the $64,000 resistance and push towards the $70,000 mark.
Ethereum, Solana To Also Benefit From ETFs
There is a growing consensus amongst experts that the next bull market leg will be dominated by altcoins. Already, altcoins are showing much stronger recovery, with meme coins such as Bonk, Brett and Pepe leading the charge.
After all, the spot Ethereum ETFs are just days away from hitting the market. According to the latest developments, all issuers have filed their S-1 applications to the SEC’s Division of Corporate Finance.
JUST IN: All spot #Ethereum ETF applicants filed updated S-1's • Fidelity• VanEck• Franklin• 21Shares• Grayscale• BlackRock
— Watcher.Guru (@WatcherGuru) July 8, 2024
The ETH ETFs could start trading from the very next week.
Similarly, Solana should receive a significant boost from the ETF buzz as well. VanEck and 21Shares have already filed their applications, with BlackRock and Fidelity expected to join the race soon.
The likelihood of Solana ETFs getting the SEC’s nod is expected to skyrocket if Republican candidate Donald Trump wins his bid for the White House in November. As it turns out, he has emerged as the favourite over Democrat Joe Biden.
New Crypto Coins Also In High Demand
New crypto coins are also in high demand, especially now that a Bitcoin price recovery looks very likely.
For instance, a new BRC-20 token 99Bitcoins has quickly raised nearly $2.4 million in its ICO. The new project has already gained favourable reviews from several smart money traders, with some even hinting at the possibility of 10x returns.
As such, BRC-20 tokens are expected to show a strong correlation with Bitcoin. More importantly, 99Bitcoins already has a strong community backing, with nearly 3 million subscribers across its website and YouTube.
After all, it has been a top crypto educational platform since even before the Ethereum blockchain was launched.
Thanks to its lucrative learn-to-earn and staking rewards, along with its ongoing airdrop program, 99BTC could emerge as a top-performing token post-launch.
Similarly, experts are bullish on WienerAI, an ERC-20 meme coin with cutting-edge AI utility. As such, Ethereum meme coins could deliver outsized returns in the coming weeks, with the spot ETH ETFs expected to start trading soon.
However, WAI is not an ordinary utility-less token. The developer team behind the project is building an AI Trading Bot for the token holders, which they are portraying as the ChatGPT of crypto.
Owing to its unique value proposition, some analysts even believe that WienerAI could potentially be the next 100x meme coin.
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