Bitcoin Surges on $2.3 Billion ETFโฃ Inflow, Signaling Potential Price Increase
New York – Bitcoin is showing strong signs of a potential price surge following a โmassive โค$2.3 billion inflow into U.S. spot Bitcoin โขexchange-tradedโ funds (ETFs) over the past five days,accordingโค to data from SoSoValue. Despite recent market volatility, analysts believe this influx demonstrates continued strong demand and suggests the current โdipโ may not represent a cycle top.
The substantial investmentโข comes as the market digests September’sโค fiscal year-end selling โpressure, which brought increased volatility โคand short-term pain, according toโ market analyst Benjamin Dawson. โขHowever,โ Dawson believes “falling rates, institutional positioning, and bullish derivatives markets”โข indicate the recent pullback is unlikely toโฃ be the peak of the current cycle. He predicts Bitcoin will reach $140,000 by year-end, with โa conservative cycle top of $200,000 and aโค potential climb to $250,000 if institutional investment continues.
Illia Otychenko, led analyst at crypto-trading platform โคCEX.IO, confirmed the ETF inflowsโฃ “underscore the continued strong demand forโ Bitcoin.” Supporting this bullish sentiment, options data from Deribit reveals open interest is heavily concentrated around $140,000 โto $200,000 strike prices for December โฃexpiry, with call โคoptions significantly outweighing put options.
Numerous industry figures have echoedโ these optimistic forecasts throughout the year. โคArthur Hayes,founder of BitMEX,has predicted Bitcoin reaching $250,000 in 2024,while analysts at Bitwise,Bernstein,and Standard Chartered have projected a $200,000 price target.โ Coinbase โCEO Brian Armstrong has offered an even bolder prediction, forecasting a $1 million Bitcoin by 2030, a sentiment shared by Eric Trump, executive at โฃthe Trump Association’s crypto ventures.
Asโฃ of today,Bitcoin is trading โat $115,100,down 0.8% over the โpast 24 hours. Ethereum is down 3.2% in the same period, tradingโ at $4,520.