Bitcoin Reclaims $43,000 Mark as Selling Pressure Decreases
Bitcoin has experienced a positive turn of events as it regained the $43,000 mark, thanks to a significant reduction in selling pressure from asset manager Grayscale. The reversal in Bitcoin ETFs during day 12 of trading has seen more inflows than outflows. Fidelity and Blackrock recorded a combined $400 million across their Bitcoin ETFs under the ticker names FBTC and IBIT, respectively.
Bitcoin ETFs Record Third-Largest Money Day
According to market expert James Mullarney, there has been a noticeable reduction in selling pressure for Grayscale Bitcoin Trust (GBTC). Day 12 of trading showed a substantial inflow compared to outflow, marking the third-largest money day ever in net money flow, bringing in $256 million. Mullarney further states that adding new Bitcoin ETFs has contributed to a net positive of $1 billion in ETFs, with an estimated 25,000 Bitcoin added to the market. The new Bitcoin ETFs now hold a total of 150,000 BTC in aggregate.
Miners Sell Most Coins Since May 2023
Despite the positive developments with Bitcoin ETFs, there is an ongoing increase in selling pressure from miners. A recent CryptoQuant report reveals that miners have sold the most coins since May 2023. The flow of coins from miner wallets to spot exchanges reached its highest value since May 16, 2023, with over 4,000 Bitcoin amounting to approximately $173 million in selling pressure. However, CryptoQuant asserts that the market has absorbed this pressure calmly and highlights that mining portfolios’ reserves have remained at the same level since January.
New All-Time High For Bitcoin After November?
Renowned crypto analyst CryptoCon warns against the belief that “this time is different” for Bitcoin, emphasizing the recurring nature of its market cycles. Historical patterns, including the launch of Bitcoin ETFs, have consistently influenced Bitcoin’s price trajectory. Despite the anticipation surrounding the launch of ETFs, historical evidence suggests that they have coincided with local price highs rather than instant new all-time highs. CryptoCon argues that these repeated patterns should serve as a reminder that “this time is different” often proves to be an illusory belief.
Hot Take: Bitcoin’s Future Price Trajectory
Based on CryptoCon’s analysis, a period of sideways movement is expected to commence soon after the ongoing correction, with BTC retracing to the $38,500 level. This phase is predicted to last approximately four months, culminating in a second early price peak in June 2024. Following this, there is a possibility of new all-time highs occurring after November 28th, 2024. However, it is crucial to note that the cycle’s peak will occur within approximately 21 days from this date, around November 28th, 2025.
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