As a seasoned analyst with over two decades of experience in financial markets, I have seen my fair share of market fluctuations and trends. However, the cryptocurrency sphere, particularly Bitcoin (BTC), has been an intriguing and dynamic addition to my career.
Regardless of the numerous Bitcoin (BTC) crashes experienced recently, optimism for its price continues to be robust due to a surge in exchange-traded fund (ETF) investments. This bullish outlook is being led by crypto analyst Micky Bull, who has made another positive prediction, estimating that the BTC price will exceed $100,000.
Bitcoin ETFs Positive Inflow To Trigger Bitcoin Price Surge
On September 12, 2024, U.S.-listed Bitcoin ETFs attracted approximately $39.02 million in investments, marking a shift from the low investment volumes seen earlier. Meanwhile, Ethereum ETFs witnessed a net withdrawal of about $20.14 million on that day, with certain funds showing no change.
Normally, inflows into ETFs (exchange-traded funds) are considered positive when the investor’s initial cost for these ETF shares (the original Bitcoin value used for tax purposes) is higher than the current market price of Bitcoin. As stated by CryptoQuant CEO Ki Young Ju, the cost basis for “New Custodial Wallets/ETFs” is approximately $62,000 per Bitcoin, while the current trading price is around $57,000. This suggests that most ETF investors are currently experiencing a loss on their investments.
As a researcher, I’ve noticed an intriguing alignment of factors: escalating Exchange-Traded Fund (ETF) investments, substantial institutional buying, and recurring historical patterns. This convergence seems to suggest that Bitcoin (BTC) could be on the brink of a notable upward surge, according to the consensus among analysts.
Example of a rephrased sentence: Miky Bull recently increased his prediction for Bitcoin’s price to $112,000, showing faith that it could surpass its former peak values. In a recent post on X, he suggests that Bitcoin might be preparing for a steep upward trend (parabolic rally), potentially reaching its cycle peak within the upcoming months. His analysis is founded exclusively on trends observed after past Bitcoin halvings.
According to his words: “History has proven itself true. In the fourth quarter of both 2016 and 2020, after halving, there was a dramatic surge towards a peak in price, known as a parabolic rally. It is predicted that Bitcoin will reach its first target of $112,000 this year. Given speculation, the recent increase in ETF investments could potentially act as a trigger, encouraging investment and usage.
BTC Will Hit The $65,000 Mark First
Bitcoin’s recent movements have shaped an intriguing chart formation that, if it fully materializes, might indicate a bullish turnaround and potentially push Bitcoin to reach $65,000. This pattern resembles an inverted head and shoulders (H&S), implying a possible price objective of approximately $65,000. However, this is contingent on Bitcoin breaking above its current consolidation level ($62,000). Such a breakout might spark another wave of selling pressure.
If Bitcoin (BTC) moves past its Head and Shoulders neckline at approximately $59,500, it could kick off a strong upward trend aiming for around $65,000 in another buying spree, followed by a pullback. However, if BTC manages to overcome the $65,000 barrier with substantial volume, it may trigger a more robust rally, possibly exceeding its previous record high to hit the projected target of $112,000 as suggested by analyst Mikky Bull.
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2024-09-15 09:11