The newly launched spot Bitcoin ETFs have been incredibly successful, attracting billions of dollars in fresh inflows into the market. These ETFs have been reaching new highs on a daily basis, with BlackRock’s iShares Bitcoin ETF (IBIT) alone pulling in approximately $500 million in a single day earlier this week on Tuesday.
The recent survey from QCP Capital indicates a global liquidity shift towards Bitcoin ETFs. As a result, it is expected that the price of BTC will reach at least $70k to $80k by the end of March.
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Bitcoin ETF Inflows Set to Push BTC to New ATH Level
Bitcoin (BTC) has surged past the $52,000 milestone, reaching a level not seen in over two years. This remarkable achievement can be attributed to the significant inflows from BTC spot exchange-traded funds (ETFs), which have been averaging between $500 million to $650 million per day.
With this influx, approximately 10,000 to 13,000 BTC are being acquired on a daily basis. The growing interest and investment in Bitcoin continue to shape the cryptocurrency market.
According to QCP Capital, there is growing anticipation for a continuous flow of global liquidity into spot Bitcoin ETFs. This is particularly notable as institutions like Fidelity have recently allocated 1-3% of their All-in-One conservative ETFs to cryptocurrencies, highlighting the increasing acceptance of crypto assets in the mainstream.
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Additionally, Bitcoin ETFs have already begun to impact the market share of gold, the world’s largest asset class.
In addition to the spot market activity, there has been a significant increase in the purchase of the BTC Coin call options. Just in the current week, an impressive amount of almost $10 million has been spent on premiums for call options.
These options have strike prices ranging from $60,000 to $80,000 and will expire between April and December. This surge in call option purchases indicates growing interest and optimism in the Bitcoin market.
With the recent influx of significant capital, analysts at QCP Capital predict that Bitcoin has the potential to exceed its previous record highs by the end of March. This projection underscores the increasing confidence among investors and the prevailing positive sentiment in the cryptocurrency market.
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How High Will Bitcoin Go in 2024
As we found on CoinMarketCap, Bitcoin is currently trading at around $52,316.27 with a 6% increase in price over the last 24 hours. The market cap of the BTC Token has surpassed 1 trillion with an impressive trading volume of 432 billion in the last 24 hours.
As per our expert’s analysis, the BTC Coin can reach a maximum price value of $89,319.62 with an average price of $80,893.24 by the end of 2024. Moreover, the minimum price level of Bitcoin can fall as low as $75,837.42 in 2024 if the market shows a bearish event or any negative news surrounding the cryptocurrency market.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
