9.8 C
New York
Saturday, April 13, 2024

Bitcoin Price Prediction as Bitcoin ETFs Record Third Largest Daily Inflows – $100,000 BTC Possible?

Must read

Bitcoin Price Prediction
Bitcoin Price Prediction

In the dynamic world of cryptocurrency, Bitcoin continues to capture headlines with its recent surge to $46,000, propelled by significant developments in exchange-traded funds (ETFs) and economic warnings that have caught the attention of investors worldwide.

Amidst a landscape where economic indicators and market sentiment can pivot rapidly, Bitcoin’s price trajectory offers a compelling narrative of resilience and potential.

BREAKING: $BTC BREAKS $47K pic.twitter.com/xw72wzGftI

— DEGEN NEWS 🗞 (@DegenerateNews) February 9, 2024

As the digital currency navigates through the complexities of regulatory environments, technological advancements, and shifts in investor behavior, its price prediction becomes a focal point for both seasoned traders and newcomers eager to understand the forces shaping the cryptocurrency market.

This analysis delves into the recent price movements of Bitcoin, examining the undercurrents of ETF inflows, whale accumulation, and broader economic factors that contribute to its valuation.

Unprecedented Surge in Bitcoin ETF Inflows Ignites Market Rally

Bitcoin ETFs witnessed an extraordinary surge, attracting $403 million in investments and marking the third-largest inflow to date.

Despite the Grayscale Bitcoin Trust experiencing a significant loss of over $100 million, these ETFs have amassed over $2.1 billion since their inception on January 11th, showcasing strong investor demand.

This surge coincided with Bitcoin’s price escalation to $47,000, flirting with its annual high.

New post (Bitcoin ETFs record third-largest inflow day as BTC price rises above $46,000) has been published on Crypto Gurlz – https://t.co/d74Txu6AKc – pic.twitter.com/jSaSHi2j7u

— HEYBlockchainJane (@BlockchainJanes) February 9, 2024

A standout performer, BlackRock’s iShares Bitcoin Trust, reported a trading volume of $204 million, outperforming Grayscale.

This trend highlights a growing investor interest, with approximately 8,698 Bitcoins, equivalent to $403 million, being transferred to cold storage, signaling substantial institutional engagement as the Bitcoin halving event draws near.

Hence, the remarkable inflows into Bitcoin ETFs, coupled with a surge in price and institutional interest, are poised to further elevate BTC’s value, potentially setting the stage for unprecedented market highs.

Bitcoin Price Prediction

Bitcoin‘s market behavior remains a focal point for investors, with the current price perched at $47,475, reflecting a modest 0.12% retreat within the last 24 hours. This premier digital asset commands the market with a formidable $931.8 billion capitalization.

The 4-hour chart reveals key technical thresholds: a pivot point at $46,716 offers a fulcrum for price movements. Resistance levels loom overhead at $47,279, $47,599, and $48,199, while support levels underpin the price at $45,567, $45,097, and $44,597.

The 50-Day Exponential Moving Average (EMA) tracks at $43,721, suggesting a bullish trend as prices stay elevated above this average.

Bitcoin Price Chart
Bitcoin Price Chart – Source: Tradingview

Technical indicators signal caution; the Relative Strength Index (RSI) is in the overbought territory, hinting at potential pullback.

Particularly, a candle closing with a long wick beneath the $48,200 could indicate that the bullish momentum is waning, with the possibility of sellers taking over to drive a corrective dip.

The trend leans bullish, but investors should consider a strategy to buy above the $46,700 threshold and be prepared to sell below $48,200, watching for signals of trend reversals or exhaustion among buyers.

Top 15 Cryptocurrencies to Watch in 2023

Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

See the 15 Cryptocurrencies

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.

The post Bitcoin Price Prediction as Bitcoin ETFs Record Third Largest Daily Inflows – $100,000 BTC Possible? appeared first on Cryptonews.

More articles

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Latest News