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5 Reasons Bitcoin Will Hit $70K Next Week: Expert Insights

5 Reasons Bitcoin Will Hit $70K Next Week: Expert Insights

Alessandro Ottaviani, co-host of the Store of Bitcoin podcast, recently shared five strong arguments for why he thinks Bitcoin (BTC) will reach $70,000 in the coming week. Ottaviani’s research is based on institutional investment practices and current market developments, so it presents a strong argument for a noteworthy upward trend in the price of Bitcoin.

Bitcoin Will Reach $70K in 5 Reasons

1. Bitcoin ETF Inflows And Market Performance

Ottaviani lists the significant net influx into Bitcoin Exchange-Traded Funds (ETFs) since early May 2024 as the primary justification. This month, ETFs have had inflows of $1.5 billion, indicating a healthy level of investor confidence. In particular, these ETFs experienced a net positive flow of $221.5 million on May 17 alone. Among the notable contributions are

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Bitwise’s BITB ETF contributed $20.8 million, Blackrock’s IBIT ETF brought in $38.1 million, and Fidelity Wise’s FBTC led with $99.4 million. In the meantime, the Ark 21Shares Bitcoin ETF (ARK) experienced an inflow of $10 million. At the same time, Grayscale’s GBTC ETF continued its trend of inflows, posting $31.6 million.

Additionally, Valkyrie’s BRRR and VanEck’s HODL provided $6.4 million and $9.5 million, respectively. The week’s inflow was $948.3 million. The $343 million outflow in April contrasts sharply with this inflow, suggesting a significant change in market sentiment.

2. The GBTC Inflows for Grayscale

Second, Ottaviani emphasised Grayscale’s GBTC ETF, which concluded the current week with a net inflow and individual days with positive inflows. This continuous institutional interest in and confidence in Bitcoin as a long-term asset is highlighted by this investment into GBTC.

A net inflow of $12.3 million occurred throughout the week, which is noteworthy given Grayscale’s 77-day withdrawals since launch. This suggests that the market’s dynamics have changed and that the use of this ETF product has increased. Reducing GBTC outflows may help the price of Bitcoin by creating positive flows that increase liquidity.

3. Adoption by Institutions Additionally, 13F Filings

Ottaviani’s third point highlights the expanding institutional use of Bitcoin ETFs, supported by recent 13F filings with the SEC. According to these disclosures, 937 international institutional investors have expressed interest in investing in U.S. Spot Bitcoin ETFs. Moreover, they contributed over $10 billion in assets under management (AUM).

The US is the leader in this adoption, with investments totalling $9.27 billion. Leading U.S. institutions, including Wells Fargo and Morgan Stanley, have revealed extensive holdings in Bitcoin ETFs, a significant step towards assimilating digital assets into conventional financial systems.

Furthermore, Millennium Management is the most significant institutional investor with $2 billion in Bitcoin ETFs. It is followed by companies like Susquehanna International Group and Boothbay Fund Management, which has invested over $377 million in various ETFs.

4. The Institutional Adoption of the BlackRock Bitcoin ETF Soars

The institutional community’s encouraging signals about Bitcoin ETFs are the subject of the fourth justification. It has been reported that more than 400 hedge funds currently possess BlackRock’s IBIT ETF. This suggests that many knowledgeable investors accept and have faith in this ETF product. As one of the well-known ETF products is BlackRock’s IBIT, additional adoption of other ETFs is anticipated.

5. Reports Regarding Increased Bitcoin Offerings

Ottaviani concludes by mentioning speculations that Wells Fargo and Morgan Stanley are about to broaden their Bitcoin offerings to include all of their customers. They are expected to advocate for purchasing the most significant virtual currency. Should these institutions move forward with these intentions, it would significantly support Bitcoin. Additionally, it might encourage more institutional and retail investment, which would raise the price.

By the end of the weekend, Bitcoin Maxi predicts that BTC will close above $69,000. He added that this might pave the way for Bitcoin to reach $70,000 on Monday, May 20. Should it be successful, Bitcoin would surpass that threshold for the first time since April.

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