Weekend trading volumes are usually weak, and we have seen significant volatility increases on these days over the past two years. Will a similar pattern occur again? Time will tell, but for bulls or bears, this is normal during their dominant periods. Let’s now take a look at the latest market predictions from experts. Will the Bitcoin price increase continue?
Bitcoin (BTC)
BTC’s price has returned to the levels last seen in January for the first time since the end of 2021. Its weekly growth rate is reminiscent of the impressive days of October. Popular cryptocurrency analyst Jelle shared his latest market assessment on his social media account, writing;
“The last hurdle Bitcoin needs to overcome has been broken, and after that, there are hardly any obstacles to reaching all-time highs.”
Although the price has broken the mentioned $48,000, it has yet to make convincing closes above it, so there is still potential for this to be a deviation. Analyst Skew mentioned that volatility is expected to remain strong. Keith Alan, CEO and founding partner of Material Indicators, also wrote;
“There is something you need to consider before FOMO-ing into BTC at this level. Between here and $50,000, there is ~$175 million in accumulated BTC demand liquidity (also known as resistance) and only ~$50 million in bid support down to $43,000.”
According to him, even if it’s above $45,000, a higher weekly close will be beneficial for the bulls. In this scenario, as the movement towards $50,000 continues, short positions are in great danger.
“If you’re considering taking a short position, be ready for a squeeze. If the whales manage to push above $50,000, there is very little resistance up to $55,000 right now.”
Spot Bitcoin ETFs
While Keith Alan targets $55,000 for the king cryptocurrency, data from spot Bitcoin ETFs is maturing in favor of the bulls. The initial phase was a sell-the-news period, followed by price deterioration due to GBTC sales. Now, as GBTC sales weaken, inflows into BlackRock and Fidelity ETFs are strengthening. This is significant because it represents the early stage of the third period. This scenario suggests a stable upward trajectory for BTC price with increasing net inflows.
According to data shared by Bloomberg Intelligence ETF analyst James Seyffart, Grayscale Bitcoin Trust (GBTC) is seeing exits as expected, while the cumulative net flows of the remaining nine ETFs were the third-largest since their launch on January 11th.
