The crypto market is finding its footing again following a highly volatile weekend which saw Bitcoin price roll back significantly from its new all-time high of $68,208. Following the sharp drop to $64,528 on Sunday, the Bitcoin price prediction shows renewed bullish pressure backed by the rush by investors to buy the dip.
Bitcoin Price Prediction: ETF Inflow Volume Hit New All-Time High
Bitcoin ETF net inflow volume continues to rise as more institutional investors embrace new investment alternatives. Data by SoSoValue reveals a commendable increase to $12.15 billion – the highest cumulative total net inflow.
BlackRock’s IBIT is leading with the highest daily net inflow, closing at $139 million on Friday. On the other hand, Grayscale’s GBTC is experiencing the biggest outflows at $139 million. Other ETF operators are gaining momentum including Fidelity’s FBTC with $155 million in net daily inflow volume.
Bitcoin ETF market data | SoSoValue
The current CEO of Binance, Richard Teng, who took over the leadership of the largest crypto exchange company by trading volume from Changpeng Zhao in November 2023 believes that Bitcoin price could potentially reach $80,000 before the end of the year.
Teng reckoned that “with supply reducing and demand continuing to come through,” BTC will trade in a bullish environment in 2024.
Bitcoin is among select assets that have achieved all-time highs since the bull run started in Q4 last year piggybacking on the interest BTC ETFs are getting.
Beyond Binance, other firms have also been adjusting their outlook on Bitcoin and the entire market bullishly.
For instance, Standard Chartered (STAN) reviewed its yearly prediction for Bitcoin to $150,000. Institutions including family offices and endowment funds are expected to start allocating portions of their portfolios to buy ETFs, which will therefore increase demand.
Bitcoin halving is another market-altering event likely to send Bitcoin skyrocketing to new highs. This event takes place every four years. Halving controls the inflation of the coin by reducing supply when miner rewards per block are slashed in half.
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Why Bitcoin Could Reclaim $70,000 Resistance
Bitcoin hovers slightly below the previous day’s open after settling above support at $68,000. Although the flash drop last weekend pushed prices below the Ichimoku could levels, bulls managed to regain control thus preventing the market from flipping extremely bearish.
Based on the prevailing technical structure, Bitcoin has the potential to climb above $70,000 this week and also close in on the ATH.
Bitcoin price prediction chart | Tradingview
Some of the key levels investors should look out for are the immediate $68,000 support and the 20-day Exponential Moving Average (EMA) (the line in blue on the chart at $68,300).
Several four-hour candle closes above those two key levels would ensure that Bitcoin bulls have an upper hand. On the upside, breaking above $70,000 could market another FOMO-driven rally targeting new record highs toward $80,000.
If Bitcoin price closes the day below $68,000 the outlook could begin to lean on the sell-side, creating fresh uncertainty, especially with market watchers expecting a pre-halving retrace.
Other support areas below $68,000 to keep in mind are $66,000, $64,000, and the 200-day EMA (purple line on the chart) at $61,909.
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