Despite experiencing multiple crashes over the past few months, expectations for the Bitcoin (BTC) price remain incredibly high. This optimism follows a spike in exchange-traded fund (ETF) inflows, with crypto analyst Micky Bull leading the bullish predictions. He has recently forecasted that the BTC price could surpass the coveted $100,000 mark.
Bitcoin ETFs Positive Inflow To Trigger Bitcoin Price Surge
On September 12, 2024, U.S. spot Bitcoin ETFs saw positive inflows amounting to $39.02 million, marking a significant reversal from the previous low volumes. In contrast, Ethereum ETFs experienced a net outflow of $20.14 million, with some ETFs showing no change.
Advertisement Banner
Typically, positive inflows occur when the cost basis for ETF investors exceeds Bitcoin’s current price. According to CryptoQuant CEO Ki Young Ju, the cost basis for “New Custodial Wallets/ETFs” is $62,000, while Bitcoin is trading at around $57,000. This implies that most ETF investors are currently at a loss.
The convergence of increased ETF inflows, institutional accumulation, and historical patterns has led analysts to agree that Bitcoin (BTC) is on the verge of a significant rally. Micky Bull, for example, has raised his Bitcoin price target to $112,000, expressing confidence in the cryptocurrency’s potential to surpass previous highs. According to his post on X, BTC could be set for a parabolic rally, reaching a cycle top in the coming months. His analysis is based solely on historical trends following past Bitcoin halvings.
“History has indeed prevailed. In Q4 of both 2016 and 2020, post-halving, we witnessed the start of a parabolic rally to a cycle top. Bitcoin is headed for a first target of $112,000 this year.” – Micky Bull
Thus, by speculation, the recent spike in ETF inflows could serve as a catalyst, influencing investment and adoption.
BTC Will Hit The $65,000 Mark First
Bitcoin’s recent price action has formed an intriguing chart pattern that, if completed, could signal a bullish reversal and propel Bitcoin towards $65,000. An inverted head and shoulders (H&S) pattern is emerging, suggesting a potential price target of around $65,000. However, this requires a break above the current consolidation zone ($62,000), which could trigger another sell-side liquidity hunt.
A break above the H&S neckline, which lies at $59,500, could initiate a surge to the top of the range, potentially reaching $65,000 in a second buy-side liquidity run before retracing. However, a break above $65,000 with confirmed volume could lead to a more significant rally, potentially surpassing the previous all-time high to reach the $112,000 mark predicted by the analyst Micky Bull.
In conclusion, while Bitcoin has faced several downturns recently, the positive inflow in Bitcoin ETFs and historical patterns suggest a potential for substantial growth. As analysts like Micky Bull remain optimistic, the cryptocurrency market could witness a significant bullish trend in the coming months.
