Despite multiple crashes over the past few months, Bitcoin (BTC) price expectations remain incredibly high after Sharp rise in ETF inflowsThis prediction is led by cryptocurrency analyst Mickey Paul, who revealed another bullish prediction, stating: Bitcoin price Over the coveted $100,000 mark.
Positive Bitcoin ETF Flows Could Lead to Bitcoin Price Rally
US Bitcoin ETFs saw positive inflows of $39.02 million on September 12, 2024, a reversal from previous low volumes. Conversely, Ethereum ETFs saw net outflows of $20.14 million, with some ETFs reporting no change.
Positive inflows typically occur when the cost basis of ETF investors (the original value of bitcoin for tax purposes) exceeds the current price of bitcoin. According to CryptoQuant CEO Ki Young Joo, Cost basis The average price of “new portfolios/ETFs” is $62,000, while Bitcoin is trading at around $57,000, meaning most ETF investors are currently at a loss.
The convergence of rising ETF inflows, institutional accumulation, and historical patterns has led analysts to agree that Bitcoin (BTC) is poised for a major rally.
For example, Mickey Ball has raised Bitcoin target price To $112,000, expressing his confidence in the cryptocurrency’s ability to surpass its previous highs. According to his post on X, Bitcoin may be ready for a parabolic rally, reaching the top of the cycle in the coming months. His analysis is based solely on historical trends following previous Bitcoin halvings.
As he noted: “History has already prevailed. In Q4 2016 and 2020, after the halving, we saw the beginning of a parabolic rally to the cycle high. Bitcoin is heading towards an initial target of $112,000 this year.” Thus, according to speculation, the recent surge in ETF inflows could act as a catalyst that influences investment and adoption.
Bitcoin will reach $65k first
Bitcoin’s recent price action has been an interesting event. chart pattern This, if completed, could signal a bullish reversal and push Bitcoin towards $65,000. An inverted head and shoulders (H&S) pattern is emerging, indicating a potential price target of around $65,000. However, this would require a break above the current consolidation zone ($62,000), which could trigger another sell-side liquidity hunt.
A break above the H&S neckline, located at $59,500, could start a rally to the top of the range, potentially reaching $65,000 on a second wave of buy-side liquidity before a pullback. However, a break above $65,000 with confirmed volume could lead to a more significant rally, potentially surpassing the previous all-time high to reach the $112,000 mark that analyst Mickey Paul has been predicting.
Featured image created using Dall.E, chart from Tradingview.com