Bitcoin price recently exceeded $49,000, marking a new high for 2024 at $49,140. After a drop to $38,555 following sales that started on January 11 at $48,969, the price has once again turned upwards. The positive outlook in spot Bitcoin ETFs is a fundamental reason for this rise.
Why Is Bitcoin Rising?
Spot Bitcoin ETF issuers, excluding GBTC, have reserves surpassing $10 billion. Net inflows are over $2 billion, and GBTC sales have fallen from $600 million to $52 million. These factors have laid the foundation for the spot Bitcoin ETF-supported increase. We have often discussed how ETF approvals would support a long-term rise for BTC.
Moreover, experts had stated that even in the short term, significant losses would not be triggered. Although a $5 billion spot sale could have sparked a sell-off on false news, the ETF approval did not resemble other deals, partnerships, or announcements, so the sales did not last long.
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AAPLNow, it is expected that the Bitcoin price will continue its rise to $52,000 and, with sustained closes above that level, aim for $60,000. Although there hasn’t been a significant increase in altcoins, it is likely that they will also start to rise when BTC begins to consolidate at higher levels.
