Bitcoin (BTC) enthusiasts have been expressing their bullish sentiments on social media platform X as the price of BTC continues to soar. Currently trading at $68,300, up 7% over the past 24 hours, Bitcoin is approaching a new all-time high of $69,000.
The recent discussion has focused on Bitcoin’s behavior after reaching new all-time highs. Analyst Dylan LeClair highlighted that in March 2013, Bitcoin rallied 158% in a month, with its price doubling in just 10 days. Similar patterns were observed in November 2013 and December 2020, where Bitcoin surged after surpassing its previous all-time highs.
Despite the upcoming halving event scheduled for April 20, 2024, Bitcoin has already neared its all-time high. Jaran Mellerud, a founder and chief strategist at HashLabs Mining, believes that Bitcoin will experience a significant surge a few months after the halving.
Bitcoin’s score on the Crypto Fear & Greed Index has reached 90 out of 100, indicating extreme greed in the market. This surge in greed is accompanied by a resurgence in searches for “Bitcoin” on Google as its price surpassed $50,000 and $60,000.
The demand for Bitcoin is further fueled by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. These ETFs have seen net inflows of $7.35 billion since January 11. BlackRock’s iShares Bitcoin Trust (IBIT) has been the best performer, reaching $10 billion in assets faster than any other ETF in US history.
Investor Ric Delman predicts that Bitcoin ETF flows will reach at least $150 billion by the end of 2025, citing a survey that reveals 77% of independent financial advisors want to add Bitcoin to their portfolios. This increased demand could lead to an even greater influx of institutional capital once major wirehouses start offering Bitcoin ETF trades.
The ratio of Bitcoin bought by ETF issuers relative to the Bitcoin mined suggests that demand is exceeding supply, leading to a shortage. This high demand is expected to push Bitcoin’s price substantially higher.
Bitcoin’s market cap has made it the ninth largest asset, only 0.9% away from surpassing Silver. It has also surpassed the Swiss franc in terms of market cap, solidifying its position among state-issued currencies.
Overall, Bitcoin’s rise in price, coupled with increasing demand from ETFs and institutional investors, signals a strong future for the cryptocurrency.