During the first quarter of 2024, Bitcoin‘s (BTC) value continued to climb upwards, boosting the overall market to record-breaking levels. Lately, optimistic investors have forecast even greater heights for the market following the anticipated approval of a Bitcoin spot ETF by the US Securities and Exchange Commission (SEC).
According to a recent study by cryptocurrency research firm CryptoQuant, there’s a strong indication that Bitcoin’s price will rise significantly in the upcoming months. Although we haven’t reached the peak of this market cycle yet, minor price adjustments have occurred recently as a result of broader economic influences.
The peak of a bull market is determined by the influx of new investors
Based on current market conditions, it’s likely that Bitcoin (BTC) has not yet reached its maximum value. With the upcoming approval of Bitcoin ETFs, there is a strong possibility for increased investments in BTC, potentially leading to a significant price surge. – Paraphrased by me, AI language model.
Link …
— CryptoQuant.com (@cryptoquant_com) April 11, 2024
New Investors Trickling In
The market’s peaks and ultimate conclusion will depend on the amount of money flowing into it. With spot ETF inflows yet to reach their maximum, there’s a good chance we’ll see more market highs in the near future.
In simpler terms, Crypto Dan, an expert on digital assets, shared that the number of Bitcoin (BTC) holdings among the six largest investors decreased, indicating that they have been shifting their investments into the crypto market. The fourth quarter of 2023 witnessed a surge in interest from traditional investors, leading them to expand their exposure to this asset.
“An decrease in the percentage of Bitcoins that have been held for over 6 months indicates an increase in the number of Bitcoins bought and sold within the past 6 months. This implies that a larger influx of new investors is likely to be responsible for this trend.”
Bitcoin Previous Peaks Trigger Projection
Based on historical trends, it typically takes around 7 to 9 months for the market price to hit its maximum following a significant investment surge. During the 2017 bull market, new records were set 9 months after the influx of funds.
In 2021, the price of the asset reached new heights after increasing for seven consecutive months, peaking at over $64,000. However, following this period of growth, the market entered a downturn, referred to as the bear season. Conversely, during the past three months of 2021, there have been continuous inflows into the market due to the approval of ETFs, signaling a potential rise in investment figures.
With a cautious outlook, it’s reasonable to assume that the Bitcoin market hasn’t peaked yet. And with the anticipated launch of US spot Bitcoin ETFs, there’s a strong possibility for a significant price increase in Bitcoin during the year 2024.
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2024-04-12 08:13