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Despite the latest inflation data and weakening expectations for interest rate cuts, BTC has set a new peak for the past two years. BTC rose to $52,043, thus revising the peak in January upwards. Does the recent increase in BTC price indicate the end of the rise? What does the current outlook tell us?
Bitcoin (BTC)
Bitcoin‘s market value once again surpassed the $1 trillion threshold, and spot Bitcoin ETFs saw over $600 million in net inflows on February 13. To better understand the size of the total inflow, it might be sensible to compare it with miner issuance. The $600 million in BTC roughly corresponds to ten times the total daily issuance. After the halving in April, this will be twenty times the newly issued supply.
Anthony Pompliano, founder of Pomp Investments, highlighted in an interview with CNBC that due to 80% of Bitcoin’s total supply being inactive, only $200 billion worth of assets can be traded. Therefore, the $600 million inflow corresponds to a much larger figure when considered in terms of the available supply for sale.
On February 13, the greed index once again rose to 79, one of its historically high levels. We last saw this during the price’s all-time high journey in mid-November 2021.
Bitcoin Price Prediction
Risk appetite is increasing, ETF inflows are fueling excitement, and there’s strong buyer demand at lower levels. All these indicate the potential to see a larger peak before the halving. The price initiated the next phase of the rise by breaking the $48,970 resistance two days ago. The long tail in the candlestick following the recent decline indicates strong buying.
The rising 20-day exponential moving average ($45,826) serves as motivation for buyers, but the RSI suggests that the ongoing price movement is faster and more extreme than expected. Accordingly, a new interim correction in the coming days would not be surprising.
If we see closures below $48,970 in a potential decline, it could jeopardize the continuation of the rise. However, if BTC consistently stays above $52,000, the clear target will be $60,000. At the time of writing, the Bitcoin price was at $51,659.
