Bitcoin Price Taps $70K: Are BTC ETFs About To Push BTC USD To 100K?
Bitcoin price is rising, will it breach $74,000 and flow to $100,000? Spot Bitcoin ETFs might add the fuel BTC USD needs to break high.
At spot rates, many permabulls brag that the surge above $70,000 was inevitable.
As it is, the world’s most valuable coin is trading above the psychological round number and appears not to be slowing down as market makers push to punish over-leveraged derivatives markets.
$700 trillion in $BTC shorts opened up.
Send it to $200k. pic.twitter.com/VnIsZIHm2Y
— Charlie (@btc_charlie) October 29, 2024
Bitcoin Price is Back Above $70,000
If anything, what’s happening is a huge relief, especially considering the weakness throughout Q3 2024.
From German authorities unloading billions worth of BTC to distributing Mt. Gox coins, these developments negatively impacted prices.
At the same time, it is not forgetting the “weak miner” flush out now that revenue fell by nearly 50% post-Halving.
Now that Bitcoin is trading at a three-month high, soaring above $70,000 and likely to breach $72,000, the only natural question is: What’s driving demand?
True, the rising odds of former President Donald Trump winning the upcoming election are big, but there are critical external, crypto market-driven events.
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If he follows through on his promises, a win for Trump will mean a pro-crypto America and a hub for crypto mining.
The GOP candidate even floated the idea of a strategic Bitcoin reserve.
All of these would undoubtedly drive BTC USD price growth.
However, for now, and say Kamala Harris wins, will the market be looking at politics or adjusting to realities?
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Politics Aside: Institutions Pouring Millions To Spot Bitcoin ETFs
Regardless of the winner, net flows of spot Bitcoin ETFs will massively affect price, just as they did in Q1 2024 before the April 20 Halving.
The latest data from SosoValue , released on October 28, shows that all spot Bitcoin ETF issuers in the United States posted net inflows of nearly $500 million.
( Source )
Top of the list, institutions bought over $315 million worth of BlackRock’s IBIT shares.
Interestingly, there were no outflows from Grayscale’s GBTC.
Ark and 21 Shares’ ARKB also saw over $59 billion of inflows, while Fidelity’s FBTC posted more than $44 million.
Whenever institutions are involved, prices tend to be more volatile.
If these major players continue to invest heavily in spot Bitcoin ETFs —regardless of the issuer—in the coming sessions, the world’s most valuable coin is likely to surpass $74,000.
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BTC USD Readying For $100,000?
A glance at the daily chart shows that Bitcoin is being rejected at around $72,000. The reaction line marks June 2024 highs. A high volume breakout lifting offers above this level may be the basis for a sharp expansion that will see BTC retest all-time highs.
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Further gains, driven by macroeconomic factors, including the rising global liquidity mainly due to accommodative monetary policies, could pump Bitcoin to $100,000.
The United States Federal Reserve plans to cut interest rates in Q4 2024 and early 2025, shifting its focus away from inflation and offering a “soft landing” for the economy.
Meanwhile, the PBoC in China is pouring billions, stimulating the economy.
In an accommodative, dovish environment, inflation will tick higher. Subsequently, conservative traders looking to preserve wealth will pour billions into safe-haven assets, Bitcoin being the top pick.
Bitcoin also correlates with altcoins. If BTC soars, it will trigger an altcoin season.
So far, Pepe Unchained is emerging as a top BTC beta play and stands to 100X in the coming bull run.
The PEPU presale is ongoing, raising over $22 million—an all but important signal of investor interest.
VISIT PEPU HERE
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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