With exchange-traded funds (ETFs) recently hitting an astounding $10 billion in assets under management in just 20 sessions, the outlook for the price of bitcoin is still optimistic. Data from BitMEX Research, which shows a strong $2.7 billion net flow into nine ETFs, supports this noteworthy accomplishment.
BlackRock’s IBIT fund is leading the way, holding an impressive $4 billion in Bitcoin. Not long behind, ARK 21Shares’ Bitcoin portfolio surpasses a billion-dollar valuation, while Fidelity’s FBTC accumulates over $3.4 billion. In spite of these increases, $6.3 billion was taken out of Grayscale’s GBTC in the last month alone, with the smallest daily withdrawal occurring on February 9. With this bullish ETF momentum, a compelling issue in the discourse surrounding Bitcoin price prediction is raised by these market dynamics: is a $100,000 Bitcoin valuation achievable in the next two months?
Examining Bitcoin’s technical picture reveals that the cryptocurrency finds strong support at the $47,680 level, which is bolstered by a rising trend line that acts as the pivot point for Sunday. A bullish engulfing candlestick that appears on the four-hour timeframe indicates that traders are feeling quite positive. With this momentum, there is a chance that Bitcoin will surpass the $49,000 barrier. The asset is currently hovering around the psychologically critical $50,000 level, but a successful climb above this barrier might propel it even closer to the $49,994 mark. Furthermore, persistent demand might possibly drive Bitcoin to about $51,288.
The majority of technical indicators, especially the 50-day exponential moving average, support a bullish view. It sustains the uptrend by staying above $44,440.
Moreover, important indicators such as the Relative Strength Index (RSI) are centered around 77, which supports the possibility of sustained bullish momentum.On the other hand, if Bitcoin breaks below the crucial support level of $47,680, it can descend towards an instant cushion of $47,000. A breach of this floor might cause more drops in the direction of the $46,600 or $45,550 benchmarks.
In conclusion, $47,680 is a critical milestone to keep an eye on. If this level is maintained above, it may indicate a bullish turnaround in the direction of Bitcoin.