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Bitcoin price could reach $112,000 with rising ETF inflows

Bitcoin price could reach $112,000 with rising ETF inflows

GrafaGrafa2024/09/16 00:00
By:Liezl Gambe

Despite recent market volatility, Bitcoin’s (CRYPTO:BTC) price is predicted to surge beyond $100,000, driven by positive exchange-traded fund (ETF) inflows and bullish chart patterns. 

Crypto analyst Micky Bull has forecasted Bitcoin to reach $112,000, citing historical trends and increasing institutional investments as key triggers. 

His analysis is based on historical parabolic rallies that followed Bitcoin halvings, like those seen in the fourth quarters of 2016 and 2020.

On September 12, 2024, U.S. spot Bitcoin ETFs recorded positive inflows of $39.02 million, reversing the trend of low volumes. 

In contrast, Ethereum ETFs experienced a net outflow of $20.14 million. 

The spike in Bitcoin ETF inflows, coupled with a convergence of historical patterns and institutional accumulation, suggests a significant price rally may be imminent. 

Ki Young Ju, CEO of CryptoQuant, noted that the cost basis for “New Custodial Wallets/ETFs” is $62,000, while Bitcoin is currently trading around $57,000. 

This difference implies that many ETF investors are operating at a loss, which could lead to a buying spree as investors seek to recover or capitalize on potential gains.

Micky Bull's prediction sees Bitcoin reaching a cycle top of $112,000 in the coming months, suggesting the recent spike in ETF inflows could be a catalyst for this surge. 

He explained, “In Q4 of both 2016 and 2020, post-halving, we witnessed the start of a parabolic rally to a cycle top. Bitcoin is headed for a first target of $112,000 this year.”

At the time of reporting, the Bitcoin (BTC) price was $59,281.59.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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