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Apr 15, 11:11 AM
Bitcoin Dominance Hits 3-Year High on ETF Demand; Price Targets at $91k and $650k; Bullish Market Outlook
Crypto

Bitcoin Dominance Hits 3-Year High on ETF Demand; Price Targets at $91k and $650k; Bullish Market Outlook

Authors
  • Bloomberg Markets
  • Bloomberg Crypto
  • Willy Woo
8

Bitcoin's dominance in the crypto sector has reached a three-year high, driven by strong demand for US exchange-traded funds holding the largest digital asset amid a challenging period for smaller tokens. New Bitcoin ETFs have price targets of $91k at the bear market bottom and $650k at the bull market top, with expectations that Bitcoin will surpass gold market cap when ETF investors fully deploy. Stock futures suggest a positive week ahead for cryptocurrencies like Bitcoin and Ethereum. Bitcoin's price has rebounded to $64,000 after a recent market crash, which saw the leading cryptocurrency drop below $61,000 due to tensions in the Middle East. Analysts view the current market conditions as bullish for Bitcoin, emphasizing the market's improved health following a correction.

Written with ChatGPT (GPT-3).

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