Bitcoin approaches $98,000 mark, market expects to surpass historical peak
At 8:58 a.m. on May 8, the price of Bitcoin (BTC) reached 97,803 USD, up 0.77% over the previous 24 hours. This is the highest level since the beginning of March, marking a strong recovery of the world's largest digital currency.
According to data from TradingView, within 1 month, Bitcoin increased by 23.58%, and if calculated since the beginning of the year, the increase was recorded at 4.76%. Compared to the same period last year, Bitcoin increased by 56.9% and if considered in 5 years, the increase was up to 877%.
Bitcoin's rally was supported by the US Federal Reserve's decision to keep interest rates unchanged at its meeting on May 7. At the same time, concerns about the risk of stagflation (high inflation with slow growth) have led investors to seek shelter assets such as Bitcoin.
ETF cash flow Differentiates, market sentiment is cautious
Data from Farside Investors shows that on May 8, Franklin and WisdomTree's Bitcoin ETFs both recorded net cash flow at 0, reflecting the caution of institutional investors. In contrast, Fidelity's ETF attracted 39.9 million USD, showing differentiation in capital flow.
The Market dominance Index (BTC dominance) is currently at 64%, the highest level since 2021, showing that cash flow is focusing on Bitcoin rather than altcoin.
Some analysts predict that Bitcoin could reach $121,000 next week if it maintains its current upward momentum. In the long term, Unchained expects BTC to reach $250,000 by the end of 2025 and $1 million by 2030, based on scarcity and wide acceptance by organizations.
Note: In Vietnam, Bitcoin and other cryptocurrencies are not recognized as legal payment vehicles and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
