Bitcoin’s Path to $150k: Latest Milestones

The good news continues: Standard Chartered reaffirms its Bitcoin price target of $150k, the ECB cuts interest rates, more public companies buy Bitcoin, Robinhood acquires a crypto exchange, and more.

Bitcoin’s Path to $150k: Latest Milestones

BTC Temperature

It's been an uneventful two weeks for Bitcoin. Bitcoin prices remain range-bound at around $70k, and the BTC temperature remains in the Neutral zone at 3.2.

The graph below shows Bitcoin's price and temperature for a year. For the last three months, Bitcoin's price and temperature have been range-bound, and it is currently in a consolidation phase.


Bitcoin ETF Inflows Pause This Week

Bitcoin ETF total net inflows increased from 210,000 Bitcoin in mid-May to 265,000 Bitcoin last month, an increase of 25% in a month. The Bitcoin price continues to consolidate near all-time highs at around $70k.


Standard Chartered Reaffirms $150k Price

Link: https://finance.yahoo.com/news/standard-chartered-sees-bitcoin-soaring-085848557.html
  • Geoff Kendrick, head of digital assets research at Standard Chartered, has forecasted that Bitcoin could soar to $100,000 as the election approaches and potentially reach a staggering $150,000 by year-end if Donald Trump wins.
  • A price of $150,000 would place Bitcoin's market capitalization at $3 trillion, comparable to NVIDIA's recent milestone valuation.

ECB Cuts Interest Rates

Link: https://www.ft.com/content/97543fe0-32cb-4427-a1d2-aac2ea5180fc

After many years, the EU, Denmark, and Canada cut interest rates last week. All eyes are now on the Fed. However, the market expects no changes in interest rates in the next FED meetings, the one tomorrow or the one after on 31 July.


Public Listed Companies Buy Bitcoin

Link: https://bitcoinmagazine.com/business/semler-scientific-to-raise-150m-to-buy-more-bitcoin

Semler Scientific, Defi Technologies, and Metaplanet are the three newest public companies that have added Bitcoin to their company's balance sheet.


Robinhood Acquires Crypto Exchange

Link: https://techcrunch.com/2024/06/06/robinhood-acquires-global-crypto-exchange-bitstamp-for-200m/

Robinhood, the famous stock trading app, has purchased a crypto exchange. This marks the growing trend of trade-fi companies taking aggressive steps towards crypto. The stock is up 10% since the announcement last week.


Summary

Bitcoin continues to consolidate near its all-time high of $73k. The macro news improved last week, and the good news around cryptos continues. The stage seems to be set for positive price moves.


Please give your comments and feedback on this report. See you in the next block.

Sandeep Goenka