Key Factor That Could Push Bitcoin to Six Figures ๐
If inflows of Bitcoin exchange-traded funds (ETFs) maintain around 20,000 BTC per week, Nicholas Merten, the host of DataDash, believes Bitcoin (BTC) could skyrocket beyond $100,000. Hereโs what you need to know:
Signs of Bitcoinโs Potential Bull Run ๐
- Weekly inflows of 20,000 BTC to ETFs could indicate a broader upward move
- This trend may signal the start of a new bullish phase with Bitcoin soaring to six figures
- Consistent purchasing of tens of thousands of Bitcoin shows strength and potential for new highs
Warnings of a Potential Correction โ ๏ธ
- Decrease in ETF inflows might lead to Bitcoin retesting $50,000 levels
- Single-digit thousand-week inflows may trigger corrections down to moving averages
- Price levels could dip to the 100-day or 200-day moving averages
- Correction might take Bitcoin back to the $50,000 ballpark range
Hot Take: BTCโs Future Trajectory ๐
Bitcoinโs trajectory hinges on ETF inflows and the potential for a new bullish phase. Monitor weekly BTC purchases to gauge Bitcoinโs direction and stay informed about potential price movements. Keep an eye on these key indicators for insights into Bitcoinโs future performance.
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