Despite the many crashes in recent months, expectations for the Bitcoin (BTC) price remain incredibly high after a spike in exchange-traded fund (ETF) inflows. Leading this prediction is crypto analyst Micky Bull, who has revealed another bullish prediction, the BTC price above the coveted $100,000 mark.
Positive Inflow into Bitcoin ETFs Will Cause Bitcoin Price Surge
US spot Bitcoin ETFs saw positive inflows of $39.02 million on September 12, 2024, marking a reversal from previous low volumes. Conversely, Ethereum ETFs experienced net outflows of $20.14 million, with some ETFs registering no change.
Positive inflows typically occur when the cost basis for ETF investors (the original value of BTC for tax purposes) exceeds the current price of Bitcoin. According to CryptoQuant CEO Ki Young Ju, the cost price basis for “New Custodial Wallets/ETFs” is $62,000, while Bitcoin is trading at around $57,000, implying that most ETF investors are currently incurring losses.
The confluence of increased ETF inflows, institutional accumulation, and historical patterns has led analysts to agree that Bitcoin (BTC) is poised for a significant rally.
For example, Miky Bull has his Bitcoin price target to $112,000, expressing confidence in the cryptocurrency’s potential to surpass previous highs. According to his post on X, BTC could be poised for a parabolic rally, reaching a cycle top in the coming months. His analysis is based solely on historical trends following previous Bitcoin halvings.
As he said, “History has indeed triumphed. In Q4 of both 2016 and 2020, post-halving, we saw the beginning of a parabolic rally to a cycle top. Bitcoin is on track for an initial target of $112,000 this year.” So, by speculation, the recent spike in ETF inflows could serve as a catalyst, influencing investment and adoption.
BTC will be the first to reach the $65,000 mark
Bitcoin’s recent price movement has left an intriguing impression chart pattern which, if completed, could signal a bullish reversal and propel Bitcoin towards $65,000. An inverse head and shoulders (H&S) pattern is forming, suggesting a potential price target around $65,000. However, this would require a break above the current consolidation zone ($62,000), which could trigger a fresh liquidity hunt on the sell side.
A break above the H&S neckline, which sits at $59,500, could initiate a rise to the upper end of the range, potentially reaching $65,000 in a second buy-side liquidity run before falling back. However, a break above $65,000 with confirmed volume could lead to a more significant rally, potentially surpassing the previous all-time high to reach the $112,000 mark predicted by analyst Mikky Bull.
Main image created with Dall.E, chart from Tradingview.com