This week the US Spot ETF has received a huge amount of cash in flow of over $2 billion dollars. This move is making a lot of people, especially the crypto community believe that Bitcoin could explode in price very soon. Some financial experts are also speculating that Bitcoin could reach more than $130k in price.
Huge Bitcoin ETF Investment in the US
Currently, the spot Bitcoin ETF is receiving a lot of attention from individual and institutional investors in the US. And more than $2 billion has been poured into the investment this week alone according to data from Farside.
Two of the leading companies championing this big move are Blackrock, with its IBIT funds, and ARK, with the ARKB investment fund. According to reports, BlackRock gathered $1.14 billion, while ARK brought in $306.1 million into the US Bitcoin ETF market. In general, the total amount of money poured into the Bitcoin ETF since its approval in January 2024 is currently at $21 billion.
Strong interest from prominent investors and Wall Street has helped improve Bitcoin’s reputation, leading to the current price increase. In fact, BTC recently hit the $69,000 price range before pulling back into $68k, and other cryptocurrencies are also performing well. Putting all these together shows cryptocurrency is getting wider adoption, and people are becoming more confident in it.
Bitcoin Could Hit $130k
As institutional investors with huge funds begin investing into Bitcoin ETF, financial experts believe the move will affect Bitcoin price positively. A notable figure among them is Peter Brandt, a popular crypto trader. According to Brandt, Bitcoin has the ability and potential to reach the $135,000 price level. He arrived at this conclusion based on fundamental and technical analysis.
Here is the macro picture of Bitcoin $BTCObservations:-Huge gains come in post-half of halving cycles-Period since Mar 2024 appears as insignificant, brief pause in ongoing trend-My target is $135,000 in Aug/Sep 2025-Close below $48K negates my chart analysis pic.twitter.com/niptj2Umu7
— Peter Brandt (@PeterLBrandt) October 9, 2024
Another popular analyst who supports Brandt’s Bitcoin price prediction is an X user with the account name Internbrah. He made his prediction using a unique indicator that has successfully predicted Bitcoin’s 2x price increase many times over the years. If the prediction is accurate again, BTC could reach $130k from its current $68k.
The McRib is back. BTC historically goes up >2x after the McRib returns. Don't fade the McRib. Not financial advice. pic.twitter.com/HSsEcWHj2a
— internbrah ⨀ (@internbrah) October 18, 2024
Why are People Speculating That Bitcoin Will go up?
A lot of crypto enthusiasts believe Bitcoin price will skyrocket because of different factors. However, we will point out some of the notable ones here.
The US election is one of the tangible reasons for this optimism, as the leading presidential candidates are all taking non opposing stances on cryptocurrency. This gives the entire crypto ecosystem some relief as they believe whoever wins the election will not strangle crypto growth in the country.
Furthermore, historical price data has shown October to be a bullish month for cryptocurrency, and digital assets tend to perform well towards the end of the year. With all these positive pointers in favor of Bitcoin and other digital assets, investors are closely watching and hoping Bitcoin will reach a new all-time high.
What to expect next from Bitcoin
The current excitement around Bitcoin is due to big money in flow from institutional investors into US Bitcoin ETF. Over time, this move will attract more investors into cryptocurrency which will help increase the demand for BTC.
Also, with new interest from big institutional investors like BlackRock, ARK and Wall Street – the future is beginning to look promising for Bitcoin and the entire crypto space. Although there’s a 15% drop in Bitcoin one-day trading volume, a lot of people still believe $BTC will explode in price very soon.
The post Bitcoin to Hit $130k: US Spot Bitcoin ETF Sees Huge Cash In flow appeared first on Coinfomania.
