- Bitcoin is predicted to breach its all-time-high price of $73,794 to reach between $79,028 and $85,832 in the near term.
- Analysts believe that this bullish thesis is supported by the consecutive net inflow of US spot Bitcoin ETF and the aggressive accumulations by whales.
Bitcoin (BTC) broke crucial resistance levels on October 15 to hit $67k for the first time since July 29 after its market capitalization reached an impressive $1.33 trillion to mark what seemed to be the beginning of the much-anticipated bull run.
At press time, the asset had marginally pulled back into the $66k zone. Meanwhile, its 24-hour return had surged by 1.8%. Our data also shows that the Bitcoin price has recorded a 14% gain in the last 30 days and a 7% uptick in the last seven days.
According to analysts, Bitcoin could likely extend its bullish run into the $80k zone with five key factors confirming this outlook.
$926M Net Inflow of Bitcoin ETFs in 3 Days
The US Bitcoin Exchange Traded Fund (ETF) market has recorded a third consecutive day of inflows. On Monday, October 14, a net total inflow of $253 million was recorded, with $555 million recorded on Tuesday, October 15. BlackRock’s IBIT contributed the most, with an inflow of $288.84 million. This implies that BlackRock is currently the largest US spot ETF for Bitcoin with a holding of $25.06 billion, followed by Grayscale Investments, which holds $14.74 billion worth of the asset.
In just three days, a cumulative amount of $926M net inflow has been recorded according to data. This has brought the US spot Bitcoin ETF to a total net asset of $63.13 billion (4.80% of the total supply of Bitcoin.)
Aggressive Accumulation by Whales
One notable observation is that Bitcoin whales have been very active in the market. This is evident in the reports that institutional investors, excluding exchanges and miners, have acquired a staggering 67,000 BTC in the last 30 days. This brings the total holdings to more than 3.9 billion BTC. According to CryptoQuant data, the accumulation is largely occurring on Coinbase, Bitfinex, Binance, and Bybit. To analysts, the Bitcoin price could likely record a significant gain to reflect the aggressive accumulations as we earlier reported.
Bullish Speculations in the Derivative Market
The Bitcoin Open Interest reportedly stands at $38.45 billion after $77.19 million positions were liquidated in the last 24 hours. Out of this, $52.61 million in liquidations came from the short positions. According to analysts, the activities of Binance’s top traders are currently a long-to-short ratio and are almost crossing the 1.18 territory. According to analysts, this signals that traders are anticipating a bullish outlook.
Crucial Channel Broken
Analysts have spotted a breakout of a high-supply resistance trend line in the daily chart of Bitcoin. Also, the asset has staged a double-bottom reversal from its 200-day EMA to mark a channel breakout. According to the analysts, the bullish momentum has been in a considerable surge as the asset approaches the 78.60% Fibonacci level at $69,471.
Looking at other indicators, we observed that the Relative Strength Index (RSI) was approaching the overbought territory of 70% with a higher chance of bullish continuation. If the momentum continues, Bitcoin could breach its all-time-high level and hit between $79,028 and $85,832 in the near term.
Bullish Prediction by Analyst
Renowned analysts identified as Ali have predicted that Bitcoin could hit the local top of $86,600 once it surpasses the $67,400 resistance level.
If #Bitcoin can break past $67,400, the next potential local top could be around $86,600! pic.twitter.com/xIWq0hFqvQ— Ali (@ali_charts) October 16, 2024
Source: https://www.crypto-news-flash.com/bitcoin-breaks-67000-5-things-you-need-to-know-as-btc-bulls-target-86600/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-breaks-67000-5-things-you-need-to-know-as-btc-bulls-target-86600