Bullish Bitcoin Price Prediction
A crypto analyst named Ki Young Ju has expressed a bullish stance on Bitcoin’s price, predicting a potential increase of almost 160% for the coin. According to Ju, Bitcoin could reach as high as $112,000 this year or at least trade around $55,000 in a conservative scenario. Based on a chart he presented, the projected ceiling price for Bitcoin when it was priced around $47,100 was $89,500, while the floor price was $17,200.
Impact of Current Price
The current price of Bitcoin is around $48,070.69, and this new price has visibly affected the coin’s floor and ceiling prices.
Positive Outlook for Bitcoin
Another renowned Bitcoin trader named John Bollinger also shares a positive outlook on Bitcoin’s future. He believes that the introduction of ETFs and the upcoming BTC halving will drive the shift in momentum for the cryptocurrency.
Inflows into Spot Bitcoin ETFs Surge
The spot Bitcoin ETF market has been performing well since its approval by the United States Securities and Exchange Commission (SEC) a month ago. Inflows into spot Bitcoin ETFs have been increasing significantly. Last week Tuesday alone, net inflows of $33 million were recorded, and on Friday of the same week, there was a net inflow of $542 million. Within one month of launch, the Bitcoin ETF market has seen inflows totaling up to $9.5 billion.
Factors Driving Inflows
The increasing inflows into spot Bitcoin ETFs are believed to be driven by FOMO (Fear Of Missing Out). Investors fear missing out on potential profits in the market, especially with recent indications of a bull run in Bitcoin’s price.
Inflows by Leading ETFs
Among all the spot Bitcoin ETFs, BlackRock (IBIT), Fidelity (FBTC), and Ark 21Shares (ARKB) Bitcoin ETF recorded the largest inflows, with $250.7 million, $188.4 million, and $136.5 million respectively.
Grayscale Outflows
While there have been outflows from Grayscale, the figures from Friday indicate the lowest outflow since its approval by the U.S. SEC. Approximately $51.8 million in outflows were recorded for Grayscale’s GBTC. Some market observers attribute these outflows to shifts in investor sentiment, changes in regulations, or evolving market conditions.
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