Cryptocurrency Analyst Predicts Bitcoin Price Acceleration Based on Inflows into Spot Bitcoin ETFs
Cryptocurrency analyst and trader Michaël van de Poppe believes that the recent net inflows into spot Bitcoin exchange-traded funds (ETFs) are a positive sign for Bitcoin’s price. According to van de Poppe, over the past three trading days, more than $1.5 billion has flowed into the market through these ETFs, with $500 million coming in daily. He sees this as an indication of institutional interest and maturity in the Bitcoin market, suggesting that it will lead to further acceleration.
Potential Rally for Bitcoin and Increased Demand for Ethereum
Bitcoin is currently trading at $51,510, marking a nearly 20% increase over the past week. Van de Poppe predicts that if the price holds above $46,000, it could rally to between $53,000 and $57,000 before the upcoming halving in April. Additionally, he suggests that Ethereum may experience increased demand due to institutional investors filing spot Ethereum ETF applications. Notable names such as VanEck, ARK, Hashdex, BlackRock, Fidelity, Grayscale, and Invesco have submitted their applications in Q4 2023. Franklin Templeton recently joined the race by filing its own application for a spot Ethereum ETF.
Ethereum Trading at $2,753
At present, Ethereum is trading at $2,753. With growing interest from institutional investors and spot Ethereum ETF applications being filed, van de Poppe believes that a rotation towards ETH is imminent.
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