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08 Feb 2024

Bitcoin Price Climbs Above $46,000 with Support from Latest ETF Inflows

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Bitcoin (BTC) has surged above $46,000, marking its highest level in a month.

The recent rally is fueled by consistent inflows into various spot-based US funds and anticipation surrounding April’s halving event. Currently trading around $46,246, Bitcoin has seen a 7.3% increase over the past week.

New spot Bitcoin ETFs have attracted significant interest, with 10 consecutive days of net inflows totaling $8 billion as of this week. This trend underscores strong investor demand for cryptocurrency.

Two major funds, BlackRock and Fidelity’s ETFs, have notably performed well in this regard. BlackRock’s iShares Bitcoin Trust (IBIT) ranked eighth with approximately $2.6 billion in net flows, while Fidelity Wise Origin Bitcoin ETF (FBTC) secured the 10th spot with $2.2 billion in net flows, according to a recent Morningstar report.

Looking ahead, Bitcoin typically experiences an 11% rally around Chinese New Year, which starts on February 10. This historical trend, observed over the past nine years, indicates a bullish sentiment for Bitcoin during this period.

Bitcoin’s rise above its 50-day moving average confirms a bullish trend, easing concerns about a major correction, according to Alex Kuptsikevich, a senior market analyst at FxPro. Despite brief price spikes earlier in the year due to intra-week volatility, Bitcoin has surpassed its December-January closing levels on a weekly basis.

The upcoming halving event in April is expected to add further momentum to Bitcoin's upward movement. Predictions suggest that Bitcoin will reach a peak of $88,000 in 2024, with half of experts anticipating a new record high six months following the halving event.

Overall, Bitcoin's current performance, combined with growing attention from major investors and the upcoming halving event, suggests a promising outlook for the cryptocurrency in the near future.

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