$52,000 And Climbing: Bitcoin Eyes New Highs This March, Predicts Top Firm
15 Februar 2024 - 12:30PM
NEWSBTC
Bitcoin has been on an absolute tear, surpassing $52,000 for the
first time since December 2021. The leading digital asset has
already climbed over 23% in 2024, and a major driver of this
meteoric rise has been the influx of institutional money entering
the space through spot Bitcoin ETFs. Related Reading: Bitcoin
Price Alert: X Account’s Analysis Suggests Sub-$10K Drop – Here’s
The Reasoning Bitcoin’s mainstream credibility among traditional
investors has been growing since the beginning of February, with
ETFs registering between $400 million and $650 million in daily
inflows in the past week. At the same time, BTC call options have
seen a massive rise. This bullish sentiment has prompted
investors to begin anticipating the moment when BTC would achieve a
new all-time high. According to analysts at QCP Capital, a crypto
asset trading firm, Bitcoin is set to reach a new all-time high
before the end of March 2024. Top Firm Predicts Bitcoin Can Reach
New All-Time High Before April Bitcoin’s current all-time high of
$69,044 has looked like an insurmountable mountain for the past two
years, especially during the prolonged bear market in 2022, which
saw BTC trading below $17,000. However, things have changed since
that time, and current metrics point to the price of Bitcoin
blasting past this price point in the coming months. This
change in sentiment can mainly be attributed to the attention
around spot Bitcoin ETFs. Although Bitcoin seemed to struggle
behind a sell-the-news event for weeks after these ETFs hit the
market, the situation has since turned positive. According to data
from BitMEX Research, Bitcoin ETFs have witnessed massive inflows
led by BlackRock’s ETFs in the past week. At the same time,
outflows from Grayscale’s GBTC have slowed down. Consequently, the
ETFs have received a steady $400 million to $650 million in daily
inflows, which works out to 8,000 to 12,000 BTC bought daily.
Notably, trading hit historic highs on February 14th, with the top
nine ETFs hitting $1.5 billion in trading volume. What’s Driving
The BTC Price Rally? QCP Capital credits this increasing
institutional investment in Bitcoin as a critical driver of future
growth. Analysts expect this inflow to continue as BTC becomes
increasingly popular among traditional investors and global
liquidity rotates into the spot ETFs, allowing it to break past its
all-time high before April. Related Reading: Bitcoin Price
Rally To $75,000 Imminent Due To Massive Cup And Handle Pattern The
analysts also looked at the massive purchases of BTC call options,
noting how $10 million was spent in the past week on premiums for
$60,000 to $80,000 strikes expiring from April to December. This
price point is exciting, as it indicates many investors are already
looking forward to Bitcoin breaking past $69,000 in the coming
months. Predictions can be hit or miss, but Bitcoin seems
poised to continue its meteoric rise in value. It’s also important
to note that the next Bitcoin halving, slated for April 2024, is
steadily approaching. Cover image from Dall-E, Chart from
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