After surpassing the $64,000 level, there are a number of predictions made regarding Bitcoin price movements from now until the end of the year.
Two hypotheses are being considered: reaching a new all-time high (ATH) and reaching the fateful level of $100,000.
Currently, the ATH of Bitcoin price in US dollars is still holding at 69,000 USD in November 2021. There are three things that need to be clarified in this regard:
First, the current $69,000 is not far away: it would only take +5.888% to reach the above price so it is entirely possible;
The second point is the fact that perhaps the first reference point should have been $64,000, an all-time high in April 2021 that was surpassed just seven months later;
Third is that the conditions for an increase to $70,000 seem to be in place, not only in the short term but especially in the medium term;
It is important not to forget that the 2024 halving has not yet happened and it is precisely after the halving that the highest increase will theoretically come.
However, the current situation is completely unusual so at this time, it seems impossible to use the past as a reference to predict future developments, but the +8% level at this time seems realistic. achievability.
FOMO appears in the market
Indeed, there is clearly FOMO (Fear Of Missing Out) in the Bitcoin market, which has pushed its price up a staggering +21% in just the past seven days, bringing the gain to +45% in Past 30 days and up +132% since mid-October.
There is no denying that there is FOMO nowadays. Consider that yesterday Coinbase was literally attacked by retail investors and speculators, to the point of collapse.
The issue was completely resolved after a few hours, after causing a bit of panic among users, but it shows how many people flocked to the main US cryptocurrency exchange at the same time.
What's even crazier is the stock exchange trading volume of the new Bitcoin ETF.
If Monday and Tuesday set new records, exceeding the total daily trading volume by more than 2 billion USD, yesterday they increased to 7.7 billion USD, including the Grayscale ETF and those that existed before January 11.
The new record for official#BitcoinETFtrading volume is 7.69 billion USD. The previous record was 4.66 billion USD since launch. It remains an absolute record having destroyed the previous record of 4.6 billion on January 11.
Just yesterday, BlackRock's Bitcoin ETF (IBIT) recorded inflows of over $600 million, more than the total amount of all ETFs the previous day.
All data is included. Today was a record inflow day, with a net inflow of 673.4 million USD. This was driven by Blackrock, which also had a record day, with cash inflows of $612.1 million.
The number of searches for bitcoin on Google also skyrocketed 5 times compared to Monday. At this point, it is not surprising that many people still make optimistic predictions about the price of Bitcoin.
According to analysts at Bitfinex, beyond the short term or push to the end of the year, BTC price could reach $100,000, or even $120,000, by Q4 2024. They state:
“Our analysis includes a conservative price target of $100,000-120,000 to be achieved by Q4 2024 and reach the peak of the cycle in 2025 in terms of total crypto market capitalization. The ETF introduced “passive demand,” meaning demand coming from investors largely independent of price. They see Bitcoin as a store of value rather than a volatile tradable asset, as was the case in the few years before the ETF came into existence.”
The fact that we now have an ETF means any further decline after the peak of the current cycle is likely to be less severe than previous recessions. We have seen a similar steady trajectory in prices following the sharp increase following the launch of the gold ETF. However, from an investment perspective, it is advisable to evaluate the situation and various parameters of the futures market and on-chain after the end of the cycle to have a more certain view.
The new ETFs may even have changed the fundamental structure of the Bitcoin market, specifically the nature of investors. If previously speculators dominated, now the role of long-term investors has become more important and meaningful. The rest is being taken by the scarcity of BTC, in fact, BTC is almost continuously decreasing on exchanges.
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