One of the market’s leading analysts is making statements about the possibility of a potential Bitcoin explosion. At the same time, the analyst advises investors to accumulate Bitcoin in preparation for a significant price rally. According to the analyst’s view shared on X, a short consolidation in BTC could be seen in the $40,000 to $45,000 range before the expected “Halving.”
How Much Will Bitcoin Be Worth?
According to well-known crypto analyst Captain Faibik, Bitcoin could experience a short pause between $40,000 and $45,000 before reaching $57,000 by mid-April.
Meanwhile, he attributes the potential price rally in the coming months to the expected halving event. On the other hand, he calls on investors to accumulate BTC.
Despite a sharp decline at the beginning of 2024, Bitcoin continues to remain the focus of investors and appears more attractive due to the upcoming events. In 2023, the approval of Exchange Traded Funds (ETFs) contributed to Bitcoin’s price tripling, pleasing its investors.
Historical data shows the significant impact of past halvings on BTC value. For example, Bitcoin’s price went from $12 to over $1,200 after the 2012 halving.
On the other hand, after the 2020 halving, Bitcoin’s price climbed from $9,000 to $67,000, reaching its all-time high. As of today, with months to go before the halving, Bitcoin continues to trade just above $43,000.
Balance of Inflows and Outflows in ETFs
Amidst the rising market expectations, market indicators are signaling increasingly favorable conditions for investors expecting a rise in BTC. According to data provided by CoinGlass, Bitcoin Futures Open Interest (OI) has increased by 2.57% in the last 24 hours to 409.79 thousand BTC or $17.64 billion.
While this was happening, on the CME exchange, there was a 2.49% increase to 104.15 thousand BTC or $4.48 billion, and on Binance‘s side, there was a 3.32% increase to 99600 BTC or $4.29 billion.
On the other hand, according to data provided by BitMex Research, the 15th trading day of Spot Bitcoin ETFs brought hope. Since the ETFs started trading, BlackRock has led the list with an inflow of $163.9 million, while Fidelity saw an inflow of $35.8 million.
Despite these inflows, an outflow of $182 million from Grayscale seems to have balanced the positive atmosphere in the ETF space.
