Is Bitcoin Poised to Hit a New Record High? BTC Price Prediction for June

Bittime - A recent surge in bullish news has awakened Bitcoin from its stagnant phase, driven by significant ETF inflows. On March 14, 2024, Bitcoin [BTC] reached an all-time high against the US Dollar, hitting $73,777. This surpassed the previous peak of $69,000, set on November 10.

Bitcoin Performance Against Other Fiat Currencies

Bitcoin has hit all-time highs against several other fiat currencies, including the Turkish Lira, Argentine Peso, Philippine Peso and Indian Rupee. This suggests that while the US Dollar experiences lower inflation rates compared to these currencies, Bitcoin is increasingly being viewed as a hedge or inflation-resistant instrument.

The Reason Behind Bitcoin's Attraction: It Hasn't Excited The Market Enough

A recent report from AMBCrypto explored the Thermo Cap ratio metric, revealing strong network fundamentals and a steady increase in value invested into the Bitcoin network.

However, the Network Value to Transactions metric was observed to decline, indicating that transaction volume is not enough to justify the current price of BTC. Nonetheless, investor confidence is growing, supported by the narrative of Bitcoin as a hedge against inflation.

ETF Inflows Spark New Interest

The critical catalyst for the recent surge in Bitcoin prices has been substantial inflows into US Bitcoin ETFs. On June 4, 2024, $886 million flowed into the Bitcoin ETF, providing the bullish momentum needed to revive BTC price action.

On-Chain Metrics and Market Analysis of Bitcoin

Crypto analyst Axel Adler highlighted on X (formerly Twitter) that Bitcoin price performance on higher time frames has not shown a parabolic trend. Contrasting the parallel picture with the 2017-18 bull run, which saw 380 days of steady gains followed by 351 days of parabolic uptrend, Adler suggested that Bitcoin could experience another 12 months of upward movement if this pattern repeats.

Short Term Bitcoin Holder Metrics

Short-Term Holder (STH) Net Unrealized Profit/Loss (NUPL), which helps gauge market sentiment, is yet to peak. According to Adler, NUPL needs to rise above 0.4 to signal the end of the current bull run. The highest peak reached was 0.29 in March, after which Bitcoin underwent a significant correction, consolidating over the past two months.

Conclusion

With Bitcoin hitting new record highs and significant ETF inflows boosting market sentiment, the cryptocurrency seems poised for further gains. Although some metrics suggest that the bull run is not over, ongoing monitoring of on-chain data and market conditions will be critical. For now, Bitcoin's new record high seems only a matter of time.

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You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.