Bitcoin Price Fluctuates Amid Predictions And Transaction Fee Surge

Bitcoin experienced a volatile trading session today, with its price fluctuating between highs of $65,000 and lows of $62,000. Analysts are closely monitoring these fluctuations and making predictions about future price movements using advanced models.

According to predictions by The spotonchain’s analyst team utilizing Vertex AI from Google Cloud, Bitcoin’s price is expected to range from $56,000 to $70,000 during May, June, and July, with a 48% probability of it falling below $60,000. 

The @spotonchain's analyst team conducted several models using Vertex AI from Google Cloud, and the below is our prediction for $BTC price:

– We anticipate $BTC prices ranging from $56k to $70k during May, June, and July, with a 48% probability of the price falling below $60k.… pic.twitter.com/4zPgMXyrf2

— Spot On Chain (@spotonchain) April 24, 2024

Furthermore, there is anticipation of significant movement in Bitcoin prices in the second half of 2024, with a 63% probability of reaching $100,000 during that period. Looking ahead to the first half of 2025, there is a 42% chance of Bitcoin prices surpassing $150,000, increasing to 70% for the entire year.

Bitcoin transaction fees surged significantly this week, primarily driven by the introduction of the Runes.

On April 20th alone, daily fees reached a new peak, exceeding $80 million. pic.twitter.com/JITgaSGpsU

— IntoTheBlock (@intotheblock) April 26, 2024

Bitcoin Trading Fees Surge And ETF Net Inflow Turns Negative 

However, Bitcoin transaction fees have surged notably this week, mainly due to the introduction of the Runes protocol. On April 20th alone, daily fees reached a new peak, exceeding $80 million. This increase in transaction fees highlights the growing activity and demand within the Bitcoin network.

In addition to price predictions and fee surges, Bitcoin ETF net inflow data for April 25, 2024, shows a negative trend, summing up to -$218 million. 

$BTC #ETF Net Inflow Apr 25, 2024: -$218M!

• The net inflow has been negative for 2 consecutive trading days.

• Overall, 5 out of 10 #Bitcoin #ETFs had outflows.

• #Grayscale Bitcoin Trust $GBTC further increased their single-day outflow.

• #BlackRock iShares Bitcoin… pic.twitter.com/8w1WFPqOY1

— Spot On Chain (@spotonchain) April 26, 2024

This negative net inflow has persisted for two consecutive trading days, with five out of ten Bitcoin ETFs experiencing outflows. Notably, Grayscale Bitcoin Trust (GBTC) further increased its single-day outflow, while BlackRock iShares Bitcoin Trust (IBIT) continued to experience zero flow.

Overall, these developments underscore the dynamic nature of the cryptocurrency market, with Bitcoin’s price movements, predictions, and transaction fees shaping investor sentiment and market dynamics in the coming months.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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