Inflation Data Surprise
The Consumer Price Index (CPI) data released on May 15 showed inflation was lower than expected, coming in at 0.3% instead of the forecasted 0.4%. This suggests that inflation may be slowing down in the US.
Institutional Investments
Reports indicate that notable institutions are investing heavily in Bitcoin. The State of Wisconsin invested $99 million in BlackRock’s Spot Bitcoin ETF, while Hedge Fund Millenium Management holds $1.94 billion in Spot Bitcoin ETFs.
Technical Analysis
Bitcoin’s price was primed for a rally based on technical analysis. Crypto analyst Rekt Capital observed that Bitcoin had broken out of the “Danger Zone” and was displaying a cup and reversal pattern on the weekly chart.
What’s Next?
Crypto trading firm QCP Capital predicts that Bitcoin could reach its previous high of $74,000 due to increased institutional demand and activity in the derivatives market. They suggest that this could mark the resumption of the bull market.
Expert Opinions
Rekt Capital believes that the downtrend for Bitcoin is over and that the bull market is not yet finished.
