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?
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 toRead more on cryptonews.com