Bitcoin Price Forecast as BTC ETFs Surpass $10 Billion Mark – Is a $100,000 BTC Possible Within Two Months?

Bitcoin Price Prediction

As of Sunday, the outlook for Bitcoin prices remains optimistic, with exchange-traded funds (ETFs) recently achieving a remarkable $10 billion in assets under management within just 20 sessions. This notable milestone is supported by findings from BitMEX Research, which indicates a substantial $2.7 billion net inflow into nine ETFs.

At the forefront is BlackRock’s IBIT fund, boasting an impressive $4 billion in Bitcoin assets. Close behind, Fidelity’s FBTC has accumulated over $3.4 billion, while ARK 21Shares has surpassed a billion-dollar valuation in its Bitcoin holdings.

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

In the midst of these advancements, Grayscale’s GBTC experienced $6.3 billion in outflows over the past month, with the smallest daily withdrawal noted on February 9th. These market developments raise an intriguing question in the Bitcoin price prediction conversation: with this positive ETF momentum, could a $100,000 Bitcoin valuation be attainable within the next two months?

Bitcoin ETFs Achieve Success: $10 Billion AUM in 20 Sessions

• New spot Bitcoin ETFs have rapidly gathered $fbillion in AUM just 20 sessions after their launch.
• BitMEX Research reports a $2.7 billion influx for nine ETFs on January 9, with BlackRock’s IBIT fund holding $4 billion in Bitcoin, followed by Fidelity’s FBTC managing over $3.4 billion.
• ARK 21Shares enters the billion-dollar category with $1 billion in Bitcoin, while Grayscale’s GBTC records $6.3 billion in outflows, with the lowest on February 9, at $51.8 million.
• Bloomberg’s Eric Balchunas notes the ETFs gaining strength despite the outflows from GBTC.
• Expectations for increased Bitcoin ETF inflows are high as due diligence by trading firms intensifies.
• Bitcoin’s price resilience is apparent, with ARK Invest highlighting its January support above $29,902 (200-day MA) and $33,487 (on-chain mean), rising 0.6% to $42,585.
• ARK Invest suggests Bitcoin as a new alternative to gold, emphasizing a twenty-fold price increase relative to gold since 2017 and anticipating the trend to continue.
• Amid shifting economic conditions, Bitcoin is expected to remain strong, even with possible changes in banking deposits.
• The SEC has approved Bitcoin ETFs from various firms, marking progress since the initial 2013 Winklevoss Bitcoin Trust application.

Bitcoin Price Prediction: Positioned for Possible Gains

Examining Bitcoin’s technical framework, the cryptocurrency finds significant support near the $47,680 level, reinforced by an upward trend line that also acts as Sunday’s pivot point. The appearance of a bullish engulfing candlestick on the four-hour chart indicates strong bullish sentiment among traders. With this momentum, Bitcoin is set to potentially surpass the $49,000 threshold.

A successful rise beyond this level could propel the asset toward the $49,994 mark—hovering near the psychologically important $50,000 milestone. Furthermore, sustained demand may even drive Bitcoin to around $51,288.

Bitcoin Price Chart – Source: Tradingview

Most technical indicators support a bullish perspective, particularly the 50-day exponential moving average, which reinforces the uptrend by remaining above the $44,440 level.

Additionally, key indicators like the Relative Strength Index (RSI) are around 77, supporting the likelihood of continued bullish momentum.

On the other hand, if Bitcoin falls below the critical support line of $47,680, it may encounter a decline toward an immediate support level at $47,000. Breaking this support could lead to further drops toward the $46,600 or $45,550 levels.

In summary, the crucial level to watch is $47,680; staying above this point could indicate a bullish reversal in Bitcoin’s path.

Bitcoin Minetrix Surpasses $10 Million Milestone

Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform, has captured investor interest, raising over $10 million through its eagerly awaited token offering.

Here’s why Bitcoin Minetrix is drawing such considerable investor interest:

• It promises to revolutionize Bitcoin mining by enabling users to mine Bitcoin (BTC) through staking BTCMTX tokens.
• The process is simple: staking BTCMTX generates mining credits, which can then be utilized to obtain Bitcoin hashing power.
• Participants not only share in the Bitcoin mined but also earn staking rewards in the form of new BTCMTX tokens.
• With its user-friendly model, Bitcoin Minetrix is set to attract a substantial user base seeking profitable mining opportunities.

Currently, BTCMTX tokens are priced at $0.0134 each, with the purchasing process being as straightforward as visiting the official Bitcoin Minetrix website, connecting a software wallet, and acquiring the tokens.

Investors have a limited timeframe before the price rises, with the current funds raised totaling $10,666,913.07, approaching the $11,556,753 target.

Visit Bitcoin Minetrix Now

The post Bitcoin Price Prediction as BTC ETFs Hit $10 Billion Milestone – Can BTC Reach $100,000 in 2 Months? appeared first on Cryptonews.