Bitcoin Price Prediction
On Sunday, Bitcoin price prediction remains bullish with exchange-traded funds (ETFs) recently reaching an impressive $10 billion in assets under management after just 20 sessions. This significant achievement is bolstered by data from BitMEX Research, which highlights a robust $2.7 billion net flow into nine ETFs.
Leading the charge is BlackRock’s IBIT fund, with an imposing $4 billion in Bitcoin holdings. Not far behind, Fidelity’s FBTC amasses over $3.4 billion, while ARK 21Shares strides past a billion-dollar valuation in its Bitcoin portfolio.
Bitcoin ETF Flow – 9th Feb
All data out. Strong day at $541.5m of net inflow
Invesco had an outflow, the first non-GBTC product to have an outflow day pic.twitter.com/UCFDVAaKD3
— BitMEX Research (@BitMEXResearch) February 10, 2024
Amidst these gains, Grayscale’s GBTC faced $6.3 billion in outflows in the last month alone, with the smallest daily withdrawal recorded on February 9th. These market dynamics prompt a compelling question in Bitcoin price prediction discourse: with this bullish ETF momentum, is a $100,000 Bitcoin valuation within reach in the next two months?
Bitcoin ETFs Triumph: $10 Billion AUM in 20 Sessions
New spot Bitcoin ETFs have swiftly amassed $fbillion in AUM just 20 sessions post-launch.
BitMEX Research notes a $2.7 billion influx for nine ETFs on January 9, with BlackRock’s IBIT fund securing $4 billion in Bitcoin, followed by Fidelity’s FBTC managing over $3.4 billion.
ARK 21Shares joins the billion-dollar club with $1 billion in Bitcoin, while Grayscale’s GBTC registers $6.3 billion in outflows, with the least on February 9, at $51.8 million.
Bloomberg’s Eric Balchunas observes the ETFs strengthening despite GBTC’s outflows.
Anticipations for increased Bitcoin ETF flows are high as due diligence by trading firms intensifies.
Bitcoin price resilience is evident, with ARK Invest citing its January support above $29,902 (200-day MA) and $33,487 (on-chain mean), inching up 0.6% to $42,585.
ARK Invest posits Bitcoin as the new gold alternative, highlighting a twenty-fold price increase relative to gold since 2017 and expecting the trend to persist.
Amid changing economic conditions, Bitcoin is tipped to stay robust, even with potential shifts in banking deposits.
The SEC has greenlit Bitcoin ETFs from several firms, marking progress since the initial 2013 Winklevoss Bitcoin Trust application.
Bitcoin Price Prediction: Poised for Potential Gains
Delving into Bitcoin‘s technical landscape, the cryptocurrency finds formidable support near the $47,680 mark, reinforced by an ascending trend line that also serves as Sunday’s pivot point. The emergence of a bullish engulfing candlestick on the four-hour timeframe signals a robust bullish sentiment among traders. With this momentum, Bitcoin is positioned to potentially breach the $49,000 barrier.
A successful ascent past this threshold could further catapult the asset toward the $49,994 mark—teetering on the brink of the psychologically significant $50,000 level. Moreover, sustained demand may even thrust Bitcoin to approximately $51,288.
Bitcoin Price Chart – Source: Tradingview
Most technical indicators advocate a bullish outlook, particularly the 50-day exponential moving average, which bolsters the uptrend by remaining steadfast above the $44,440 level.
Furthermore, key indicators like the Relative Strength Index (RSI) hover around 77, corroborating the likelihood of continued bullish momentum.
Conversely, should Bitcoin falter beneath the key support line of $47,680, it may face a slide toward an immediate cushion at $47,000. Breaching this floor could lead to further declines toward the $46,600 or $45,550 benchmarks.
In conclusion, the pivotal level to monitor is $47,680; maintaining above this juncture could signify a bullish reversal in Bitcoin’s trajectory.
Bitcoin Minetrix Surpasses $10 Million Milestone
Bitcoin Minetrix (BTCMTX), Ethereum-based stake-to-mine platform has captivated investors, garnering over $10 million through its highly anticipated token offering.
Here’s why Bitcoin Minetrix is attracting such significant investor attention:
It pledges to transform Bitcoin mining by allowing users to mine Bitcoin (BTC) through staking BTCMTX tokens.
The process is straightforward: staking BTCMTX yields mining credits, which can then be used to acquire Bitcoin hashing power.
Participants not only share in the Bitcoin mined but also receive staking rewards in the form of new BTCMTX tokens.
With its user-friendly approach, Bitcoin Minetrix is poised to draw a considerable user base looking for lucrative mining opportunities.
Currently, BTCMTX tokens are priced at $0.0134 each, with the purchasing process being as simple as visiting the official Bitcoin Minetrix website, connecting a software wallet, and buying the tokens.
Investors have a limited window before the price increases, with the current funds raised standing at $10,666,913.07, inching towards the $11,556,753 target.
The post Bitcoin Price Prediction as BTC ETFs Hit $10 Billion Milestone – Can BTC Reach $100,000 in 2 Months? appeared first on Cryptonews.