Bitcoin price’s recent surge past $50,000 has bolstered optimistic predictions for 2024. The crypto market is buoyed by numerous events this year. The latest was the approval of Spot Bitcoin ETFs in January, which led to official recognition and legitimization of Bitcoin by the SEC, propelling BTC and altcoins to new peaks.
Crypto Market Expert Opinions
A report published by on-chain analysis firm CryptoQuant sheds light on the ongoing market rally. According to the report released on February 14, over three-quarters of new Bitcoin investments in the past two weeks came from ETFs, excluding GBTC.
“We estimate that over 75% of new Bitcoin investments came from these ETFs. Moreover, the investment from these ETFs, when measured by the realized market value, has risen to 2% of the total historical investment in Bitcoin in just one month.”
As of the time of writing, BTC is trading at $52,140, having reached a two-year high of $51,000 on February 14, and today it set a new peak at $52,500. For the first time since the ATH period in November 2021, Bitcoin’s market value has surpassed the critical threshold of 1 trillion dollars. The cumulative value of cryptocurrencies is approaching the 2 trillion dollar mark, and the rise is expected to continue up to the resistance area of 2.1 trillion dollars.
Crypto Market Predictions
A report by CryptoQuant’s head of research, Julio Moreno, highlights the role of spot Bitcoin ETFs in the rally. This actually supports the view that strong inflows expected to continue throughout 2024 will lead the price to new ATH levels. There was a net inflow of around 3 billion dollars in just one month of trading days, and this is expected to increase over time as more investors are targeted to capitalize on the opportunity here.
According to data from Farside Investors, spot Bitcoin ETFs have accumulated a total of 4,115 Bitcoins worth approximately 215 million dollars. BlackRock captured the largest share of these inflows.
The CryptoQuant research report suggests that Bitcoin’s next significant price level will exceed $56,000.
“The next target for Bitcoin, from a network valuation perspective, stands at the $56,000 level. Valuation indicators do not show a significant price correction risk.”
Analyst Cole Garner mentions that due to intensified profit-taking, the resistance around the $52,300 region may not be breached as quickly as anticipated.
