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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: BTC Nears $70K as Institutional Inflows and Long-Term Holders Drive Bullish Momentum
Oct 23, 2024 at 08:14 pm
Bitcoin has been experiencing a strong bullish rally, driving its price to levels not seen since mid-2024. As optimism grows in the market, Bitcoin surged to $69,500 on October 21, nearing the psychologically significant $70,000 mark.
Bitcoin Surges Past $69K, Driven by ETF Inflows, while Minotaurus Presale Sparks Interest in Blockchain Gaming
Bitcoin price surged to $69,500 on Monday, approaching the key psychological level of $70,000 as the cryptocurrency continues to rally. Meanwhile, blockchain game Minotaurus ($MTAUR) is garnering attention with its presale, offering early buyers lower prices and exclusive benefits.
Bitcoin Surges Past $69K, ETF Inflows Boost BTC Price
Bitcoin price rallied on Monday, surging past the $69,000 level as the cryptocurrency continues to show bullish momentum. BTC price reached a 24-hour high of $69,500, approaching the key psychological resistance of $70,000.
Bitcoin price 24-hour chart. Source: TradingView
After hitting its peak, Bitcoin price pulled back slightly, dipping to $67,693.50 at one point. However, the overall market sentiment remained positive, with analysts predicting further upward momentum.
One factor driving Bitcoin’s rally is the capital inflows into Bitcoin ETFs. On October 11, 2024, Bitcoin-related ETFs saw net inflows of $555.9 million in a single day, marking the highest level of inflows since June.
These ETFs allow holders to gain exposure to Bitcoin without directly holding the asset, making it a more accessible option for both institutional and retail holders. As of mid-October, the total value of Bitcoin ETF assets had risen to $66.11 billion, highlighting the strong institutional interest in the cryptocurrency.
“It was a huge day for the industry and something we highly anticipated with the demand for bitcoin,” said Nate Geraci, President of the ETF Store.
“Over the past year, Bitcoin ETFs have attracted around $20 billion in net assets, indicating steady institutional demand. Large holder are referring to the Bitcoin asset as an inflation hedge and are increasingly backing the cryptocurrency which also drives its price up.”
Bitcoin Holder Demand Offsets ETF Inflows, Driving up Price
Despite the increased inflows into ETFs, on-chain data suggests that demand for Bitcoin from those who are in it for the long haul, also known as “HODLers,” has been outpacing ETF inflows.
These are long term wallet holders which also mean they are not trading the Bitcoin frequently as they have confidence in the ability of the coin to hold value.
On-chain analytics firm Glassnode shows that BTC’s liquidity supply – coins held in wallets that do not frequently trade – has risen sharply.
It shows that more holders are getting involved with the cryptocurrency to ‘hodl’, which is the bullish narrative of the asset. Let’s assume that by end of October 2024 the number of people with long-term perspective increased significantly and set an absolute record.
Meanwhile, the bitcoin reserve on centralized exchanges declined to 2.64 million BTC, close to the level of historical lows, as reported by CryptoQuant. This suggests reduced selling pressure on exchange, as the number of coins held by exchange decreases and available for immediate selling.
This tendency of rising illiquidity and even greater demand from hodlers enhances the Bitcoin’s upward prognosis.
Minotaurus Presale: A New Contender in Blockchain Gaming
In the realm of digital assets, while Bitcoin continues to be the talk of the town, the blockchain gaming sector is also making waves.
One project that has captured the attention of early traders is Minotaurus ($MTAUR). This new gaming project combines casual gaming with the potential of cryptocurrency, offering players an immersive world where they can navigate mazes, battle monsters, and collect in-game tokens.
The Minotaurus presale provides an opportunity for early market participants to buy $MTAUR tokens at a lower price, with a starting presale price of USDT 0.00005967—70% lower than the anticipated listing price.
This presale has already attracted significant interest, receiving over USDT 100,000 in early stages. Traders who join the presale not only benefit from lower token prices but also receive referral bonuses and access to premium in-game features.
Tapping into the Growing Casual Gaming Market
Minotaurus is designed to cater to the vast casual gaming market, which is valued at USDT 14.78 billion globally.
With a solid roadmap and security audits completed by firms like SolidProof and Coinsult, the project aims to establish itself as a trusted player in the blockchain gaming space.
The integration of cryptocurrency into gaming offers an exciting opportunity for both gamers and crypto enthusiasts to witness significant development while engaging in entertaining gameplay.
Website: minotaurus.io Whitepaper:https://minotaurus.gitbook.io/paper Project USPs:https://minotaurus
Disclaimer:info@kdj.com
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