Bitcoin News Today: Bitcoin Doubles From April Lows Reaching $122,838, Driven By Institutional ETF Inflows

Bitcoin's price has surged, doubling from its April lows and reaching a peak of $122,838 earlier this week. This parabolic upsurge has lifted the price of other major cryptocurrencies, including Ethereum and Ripple’s XRP, contributing to a combined market capitalization of $4 trillion for the first time in history. Analysts are predicting that this upward trend is far from over.

In a recent report, analysts at Cooper Research predicted that Bitcoin would reach $140,000 by September and surge further to $150,000 by October. The analysts noted that across various data metrics, Bitcoin appears primed for another significant leg upward. According to Cooper Research, Bitcoin’s meteoric surge now seems inevitable as institutional investors continue to pour huge amounts of money into spot exchange-traded funds (ETFs).

These ETFs have attracted over $6.6 billion in net inflows in the past 12 days. This inflow streak comes as the GENIUS Act was signed into law, which is seen as a massive validation for crypto firms. The cumulative total net inflow into the dozen BTC ETFs has now reached $54.75 billion, with total assets under management standing at $152.4 billion, equivalent to 6.51% of Bitcoin’s total market cap. These inflows are expected to be a positive catalyst for Bitcoin’s price, as the alpha crypto has jumped an average of 1.8% for every 10,000 Bitcoins added to ETF holdings.

While the analysts foresee a full-blown bull phase for Bitcoin, they also expect the top crypto to become less volatile. “With smarter capital taking the reins and leverage-driven retail mania fading into history, Bitcoin’s price action may now follow a more tempered path,” they explained. At Bitcoin’s current price of just above $118,000, the asset would need to gain roughly 27% to hit the $150,000 milestone by early October.

Bitcoin's price trajectory has been driven by several factors, including its increasing adoption as a store of value, its limited supply, and growing institutional interest. The limited supply of Bitcoin, capped at 21 million coins, creates a supply-demand imbalance as demand continues to rise. This dynamic is further exacerbated by halving events that occur approximately every four years, reducing the block reward for miners and decreasing the supply of new Bitcoins entering the market.

Institutional interest in Bitcoin has been on the rise, with major corporations and investment firms adding the cryptocurrency to their portfolios. This trend is driven by the recognition of Bitcoin as a hedge against inflation and a store of value, similar to gold. As more institutions allocate capital to Bitcoin, the demand for the asset increases, further driving up its price.

The increasing adoption of Bitcoin as a means of payment and a store of value is another factor contributing to its price trajectory. As more merchants and businesses accept Bitcoin as a form of payment, the utility of the cryptocurrency increases, making it more attractive to investors and users alike. This trend is further supported by the development of new technologies and platforms that make it easier to use and store Bitcoin, such as hardware wallets and decentralized exchanges.

However, it is important to note that the forecast of Bitcoin reaching $150,000 by October is based on the analyst's forecast and should not be taken as a guarantee of future performance. The cryptocurrency market is highly volatile and subject to a wide range of factors, including regulatory developments, market sentiment, and technological advancements. As such, investors should conduct their own research and exercise caution when investing in Bitcoin or any other cryptocurrency.