- February 12, 2024
- Posted by: [email protected]
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As the weekend unfolded, Bitcoin’s price prediction gained traction with the surge of exchange-traded funds (ETFs), reaching an impressive milestone of $10 billion in assets under management (AUM) within a mere 20 sessions. BitMEX Research highlighted the surge, which included a significant net flow of $2.7 billion into nine ETFs.
BlackRock’s IBIT fund is leading the charge in this ETF surge, boasting a substantial $4 billion in Bitcoin holdings. Following closely behind are Fidelity’s FBTC, amassing over $3.4 billion, and ARK 21Shares, crossing the billion-dollar mark in its Bitcoin portfolio valuation.
Despite these gains, Grayscale’s GBTC faced a significant challenge, witnessing $6.3 billion in outflows over the last month alone, with the smallest daily withdrawal recorded on February 9th. This dynamic raises a compelling question in Bitcoin price prediction discussions: Can Bitcoin reach a $100,000 valuation within the next two months given this bullish ETF momentum?
The swift accumulation of $1 billion in assets under management by new spot Bitcoin ETFs within just 20 sessions after launch is an important factor to consider. BitMEX Research’s data underscores the substantial influx into nine ETFs on January 9th, with BlackRock’s IBIT fund securing a massive $4 billion in Bitcoin, followed closely by Fidelity’s FBTC managing over $3.4 billion. Additionally, ARK 21Shares has joined the billion-dollar club.
Despite the substantial outflows from Grayscale’s GBTC, Bloomberg’s Eric Balchunas observes the strength of ETFs, signaling optimism in the market. Anticipations for increased Bitcoin ETF flows remain high as trading firms intensify their due diligence.
From a technical standpoint, Bitcoin has showcased resilience, with ARK Invest citing support above key levels, including $29,902 (200-day MA) and $33,487 (on-chain mean). The cryptocurrency has inched up 0.6% to $42,585. ARK Invest positions Bitcoin as a new gold alternative, anticipating the trend of a twenty-fold price increase relative to gold since 2017 to persist.
Bitcoin is expected to remain stable amid changing economic conditions, even with potential shifts in banking deposits. The SEC’s approval of Bitcoin ETFs from various firms marks significant progress since the initial 2013 Winklevoss Bitcoin Trust application.
Technically, Bitcoin finds support near $47,680, with a bullish sentiment indicated by a recent bullish engulfing candlestick on the four-hour timeframe. If Bitcoin successfully breaches the $49,000 barrier, it may pave the way for a move toward $49,994 and potentially $51,288.
Most technical indicators, including the 50-day exponential moving average and the Relative Strength Index (RSI), suggest a bullish outlook. However, a drop below the crucial support line of $47,680 could signal potential declines toward $47,000, $46,600, or $45,550.
The Bitcoin price’s pivotal level to monitor is $47,680, as maintaining above this juncture could signify a bullish reversal in Bitcoin’s trajectory. Meanwhile, Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform, has garnered substantial investor attention, raising over $10 million through its token offering. The platform aims to revolutionize Bitcoin mining by enabling users to mine Bitcoin through staking BTCMTX tokens. With a user-friendly approach and promising mining opportunities, Bitcoin Minetrix has quickly become a focal point for investors. The current token price is $0.0134, and with funds raised inching towards the $11,556,753 target, investors have a limited window to participate before potential price increases.
