Bitcoin Price Prediction as BTC Hits All-Time High Above $69,000 – $100,000 Coming This Month?
The Bitcoin (BTC) price just hit new all-time highs to the north of $69,000 on Coinbase.
As per TradingView, BTC/USD changed hands for as much as $69,324.58 on the exchange, before abruptly dropping back towards $65,000.
The immediate drop back from all-time highs shouldn’t come as a surprise.
Many investors and traders would have viewed Bitcoin clinching new all-time highs as a signal to take profits.
Bitcoin has been pumping as of late on a surge of new demand from spot Bitcoin ETFs.
Net inflows to the ETFs hit a new record high on Monday as FBTC inflows surged and GBTC outflows subsided.
Bitcoin ETF gross inflows hit all-time high high thanks to record surge in Fidelity's FBTC. GBTC outflows ease for 3rd day pic.twitter.com/X7HQpU5FeG
— zerohedge (@zerohedge) March 5, 2024
As per Lyn Alden, around $8 billion in cumulative net inflows into the new ETFs since January has contributed to a $300 billion rise in bitcoin’s market cap.
About $8 billion in cumulative net ETF inflows (along with some other opaque exchange inflows) contributed to bitcoin rising in market cap by well over $300 billion.
This is because during bear markets, coins rotate into long-term hands with a low propensity to sell. pic.twitter.com/M7tjikBfFP
— Lyn Alden (@LynAldenContact) March 5, 2024
The sudden surge in new ETF demand comes ahead of an imminent Bitcoin supply shock.
Bitcoin’s “halving” in April will see the rate of new BTC token issuance to miners fall by 50%.
That will substantially ease sell pressure from Bitcoin miners.
Global liquidity conditions are also set to be a major tailwind for the crypto sector in the coming years.
The Fed is expected to start cutting interest rates this year.
And most other major central banks are also expected to begin easing
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