The price of Bitcoin rises on Saturday, over 3.25% higher and approaching $47,450. This momentum coincides with a notable ascent beyond the $46,000 barrier and signals the biggest weekly increase in Bitcoin’s history in the last four months. Meanwhile, Bitcoin ETFs are benefiting from this frenzy of excitement and have seen their third largest one-day inflow amid rumors that they may cross the coveted $50,000 barrier.
The NBA is facing legal repercussions for promoting Voyager Digital during a time when the digital currency market is booming, which adds even more mystery to the story of Bitcoin price prediction as less money left ETFs and anticipation for the April halving event increased, the price of bitcoin surged 5% to reach a one-month high of $47,453. The approval of the first spot Bitcoin ETFs in the US lifted spirits, and the price of bitcoin rose accordingly.
Analysts attribute the increase to pre-halving purchases and a decline in ETF outflows. The goal of the April halving is to limit the amount of Bitcoin, which has historically caused price surges following the event.
Moreover, Bitcoin often performs well during halving cycles, which occur in the years preceding US elections. Reduced ETF withdrawals suggest that spot bitcoin prices are sustained, particularly from Grayscale. While, historically a stronger dollar has been detrimental to cryptocurrencies, this effect is expected to diminish. The good news could bolster the bullish sentiment and drive further increases in the price of bitcoin.