The price of Bitcoin, the leading cryptocurrency, surged to a new intraday high of $68,276 earlier today on the Bitstamp exchange.
The cryptocurrency has touched its highest level since Apr. 12 after plunging to as low as $56,500 on May 1 due to stagflation fears.
It is worth noting that ETF flows remain correlated with the price action. Last week, Bitcoin ETFs experienced positive inflows on all five trading weeks, recording total net flows of roughly $950 million.
According to Bitcoin analyst Alessandro Ottaviani, if BlackRock's IBIT and other spot Bitcoin ETFs record more inflows, the Bitcoin price could end up surpassing the $70,000 level in the near future.
Bitcoin's previous attempt to gain a footing above the aforementioned level resulted in a failure. After topping $70,000 and surging as high as $72,756 on Apr. 8, the cryptocurrency ended up crashing as much as 17% within just nine days.
As reported by U.Today, the Bitcoin price recently experienced a substantial rally following the most recent CPI report, which showed cooling US inflation. Bitcoin is expected to benefit from multiple rate cuts this year.
This Monday, the largest cryptocurrency has spiked in tandem with the Nasdaq 100, which is up 0.82%. The correlation between Bitcoin and tech stocks recently hit its highest level in almost a year.
The largest cryptocurrency by market capitalization peaked at $73,737 on March 14. As of now, it is 7.4% from its peak. As reported by U.Today, analyst Tom Lee is convinced that the cryptocurrency is eventually going to hit $150,000 in 2024.
Dan Burgin
Vladislav Sopov