Latest Bitcoin news saw US Spot Bitcoin ETF fund flows taking the crypto market by storm, reflecting the soaring institutional confidence towards the asset.
In addition, it might have also helped gain in Bitcoin price recently, sending it to near its all-time high.
Bitcoin (BTC USD) price has continued to stay in the green, nearing the $124k mark in the last 24 hours. It also marks its highest level since mid-August, when it touched its all-time high.
Although the crypto has retraced from near the $124k mark, the market participants are anticipating a major breakout ahead.
Notably, it appears that the “Uptober” optimism is already in play, coinciding with the robust fund flow into the Bitcoin ETF.
This has sparked discussions, inviting the prediction of Bitcoin price potentially reaching $200k by the year-end.
While some analysts warn of some consolidation in the coming days, the long-term trajectory of the flagship crypto looks promising.
$3 Billion Bitcoin ETF Inflow Lifts Market Optimism
The US Spot Bitcoin ETF is one of the hottest topics in crypto town now, especially due to the recent robust fund flow into it.
According to Farside Investors’ data, the BTC ETF recorded an influx of $985.1 million on October 3. The inflow on October 3 was led by BlackRock’s IBIT, contributing $791.6 million alone.
Notably, the weekly inflow into the investment instrument totaled $3.23 billion through Friday, indicating robust institutional interest in the asset.
It’s worth noting that the fund flow into Bitcoin ETF turned negative last week, amid a broader crypto market selloff.
However, the latest inflow this week suggests that the institutions have regained confidence, which might help in continuing gains in Bitcoin (BTC USD) price.
Meanwhile, this comes as the crypto market participants are anticipating a robust breakout, buoyed by the “Uptober” optimism.
The crypto market, including BTC USD price and altcoins, tends to offer positive returns in October. According to CoinGlass data, the average return of the Bitcoin price stands at 21% in October.
In addition, the overall final quarter also brings good news for the broader market.
Tracking Bitcoin news, back to its historical data, the average BTC returns in Q4 are around 79%. However, investors should note that historical performance doesn’t guarantee future returns.
Despite that, the recent performance indicates the bullish sentiment hovering in the market. In addition, these have also resulted in bullish Bitcoin price predictions, potentially to $200k in the near term.
Bitcoin Price Prediction of $200k in Focus
As Bitcoin ETF inflow has fueled investors’ sentiment, market pundits further bolstered confidence with their latest Bitcoin price prediction, in recent news.
In a recent analysis, Standard Chartered said that the Bitcoin (BTC USD) price is likely to benefit from the US government shutdown.
The analysis has highlighted Bitcoin’s positive correlation with Treasury term premiums. Looking at the price projection, the bank expects the flagship crypto to hit a new all-time high of $135,000 in the near future.
For the year-end target, the bank said that the Bitcoin price is poised to reach $200k. Simultaneously, analyst Ali Martinez also shared a similar short-term target for the Bitcoin price.
The expert said that as long as BTC price holds the $117,650 support, the target at $139,800 remains validated.
Considering the robust Bitcoin ETF fund flow and positive projections from experts, it appears that BTC is likely to continue its upward move in the coming days.