Welcome to Extreme Investor Network, where we provide unique insights and analysis into the world of trading, the Stock Market, and all things related to Wall Street. Today, we are taking a closer look at the recent ETF inflow of 92% gains in just six weeks and what it could mean for the future of Bitcoin.
It is important to note that such a significant inflow of ETFs will need to be balanced out, leading to a potential large consolidation phase in the coming weeks. If Bitcoin were to break below the $60,000 level, we could see it retesting support at $52,000 where we have seen resistance in the past.
On the other hand, if Bitcoin manages to push above the $74,000 level, it could open up the doors for further upside potential. While there is chatter about the upcoming halving event, the current market sentiment seems to be driven by Wall Street’s interest in this new asset class. It is always wise to be cautious as Wall Street is known for its pump and dump strategies, but at the moment, there is nothing indicating that Bitcoin cannot regain its momentum. Therefore, my outlook remains cautiously optimistic.
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