Bitcoin dey target $96K by June as spot ETF demand outrun new supply
Bitcoin (BTC) dey hold after e pull back to around $79,200, after small push wey carry am pass $80,000. Charles Edwards from Capriole Investments talk say institutions dey absorb more than 500% of Bitcoin daily mined issuance, meaning institutional demand dey grow (~0.0139% rate of change) more than five times faster than new supply (~0.0022%).
Dem point demand catalysts like steady inflows to US spot Bitcoin ETFs and Strategy dey accumulate BTC steady (about 70,000 BTC buy for April vs ~13,500 BTC wey dem mined). Edwards still tok say historical pattern dey: when institutional absorption pass 500% of daily issuance, BTC don average about +24% for next month—support potential $96,000 June target.
On-chain signals still confirm: CryptoQuant data show BTC dey near early spot ETF participants average cost basis, wey fit act as support. But traders dey warn of bearish risk—Bitbull say if breakdown happen from $60,000–$62,000 bear-flag structure e fit drag BTC below $50,000 if key trendlines fail. Meanwhile, Matthew Hyland call the move above $80,000 a “disbelief rally,” so follow-through depend on whether BTC fit defend key levels.
Bullish
Di main point na gbe na e good for BTC: institution dem dey absorb daily mined supply reportedly pass 500% and e dey grow faster than new issuance, with historical follow-through average around +24% for next month—this one fit support $96K by June. ETF inflows and Strategy accumulation dey add real, steady demand. On-chain data wey show BTC dey defend the early spot ETF cost basis also reduce immediate downside risk.
Still, the move get short-term uncertainty. Possible bear-flag breakdown under $60k–$62k (Bitbull) and the “disbelief rally” framing (Matthew Hyland) mean volatility and fit bring deeper pullbacks if BTC lose key trendlines. Net: bias na bullish, but traders suppose watch technical breakdown triggers well well.