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Bitcoin price has continued its rapid ascent since February 6, producing only one red candlestick in the last 9 days. Although it reached a new peak at $52,816 today, at the time of writing, it continues to find buyers above $52,000. A popular cryptocurrency commentator suggests that time is running out.
The Bull Run for Crypto Begins
After a prolonged bear market, the Bitcoin price has returned to its December 2021, November levels. The market value has surpassed $1 trillion, and the cumulative value of cryptocurrencies is on the verge of exceeding the $2 trillion threshold again. While Spot Bitcoin ETFs are seeing inflows of over $600 million a day, everyone’s eyes are on the halving countdown.
With the block reward halving scheduled for April, the new BTC issuance by miners will be cut in half. This means that, based on daily ETF inflows, demand from just Spot Bitcoin ETFs could be 20 times the daily supply.
Considering the demand from centralized cryptocurrency exchanges, DeFi, and companies like MicroStrategy, we are likely to see a demand wave far exceeding 20 times. This opens the door to parabolic rallies, especially when we consider that a significant portion of Bitcoin supply is thought to be dormant. Currently, there is a supply of $200 billion ready for sale in exchanges and other channels, which can change hands in the short term.
Crypto Commentator’s Prediction
A popular analyst, known by the pseudonym el_crypto_prof on account X, reminds us of the 4-year cycles and says the time has come, especially with positive developments including Fed‘s interest rate cuts expected in 2024. The analyst shared the following chart and wrote;
“In EVERY cycle of BTC, the 0.618 Fibonacci line was a strong resistance, but once it was breached, the parabolic curve began.
The month is not over yet, but Bitcoin is currently above this line.
Every 4 years… fits well, doesn’t it?”
If BTC can indeed continue to close strongly at its current level, reaching a six-figure price target within the next 12 months is likely based on historical data. Experts from CrpytoQuant and other platforms predict prices above $60,000 in the medium term if the demand in the spot Bitcoin ETF channel continues at this pace.
