Although Bitcoin (BTC) has faced several downturns recently, expectations for its price remain optimistic, particularly following a notable increase in inflows for exchange-traded funds (ETFs). Crypto analyst Micky Bull has shared an encouraging outlook, predicting that Bitcoin’s value could exceed the significant $100,000 threshold.
Positive ETF Inflows Expected to Boost Bitcoin Prices
On September 12, 2024, U.S. spot Bitcoin ETFs reported a healthy inflow of $39.02 million, reversing earlier low activity. In contrast, Ethereum ETFs saw a net outflow of $20.14 million, with some remaining unchanged.
Positive inflows are often observed when the investment basis for ETF holders (the original tax value of BTC) surpasses Bitcoin’s market price. According to CryptoQuant’s CEO, Ki Young Ju, the investment basis for “New Custodial Wallets/ETFs” is around $62,000, while Bitcoin is currently valued at roughly $57,000. This suggests that most ETF investors find themselves at a loss at present.
Analysts are increasingly aligned in their view that Bitcoin (BTC) is poised for a major upward movement, owing to rising ETF inflows, growing institutional investment, and historical trends.
Micky Bull has recently updated his BTC price target to $112,000, underscoring his belief that the cryptocurrency can surpass its previous peaks. In his analysis on X, he notes that BTC might be gearing up for a parabolic rise, potentially reaching this target within the next few months, based on past trends following Bitcoin halvings.
Micky Bull states, “History has shown us that in Q4 of both 2016 and 2020, Bitcoin experienced a significant rally post-halving, leading to a top cycle. This year, BTC is aiming for a first target of $112,000.” Therefore, the recent ETF inflows might act as a spark for increased investment and wider adoption.
Bitcoin Aiming to Hit $65,000 Initially
Recent patterns in Bitcoin’s price suggest a promising chart formation that could indicate a bullish reversal, pushing Bitcoin towards the $65,000 mark. An emerging inverted head and shoulders (H&S) pattern showcases an anticipated price target around $65,000. However, this scenario requires surpassing the current consolidation level of $62,000, potentially triggering additional sell-side liquidity activity.
If Bitcoin breaks through the H&S neckline at $59,500, it could initiate a rise towards the upper range, with a possible target of $65,000 in a subsequent buy-side liquidity event before a potential pullback. A confirmed break past $65,000 could lead to a more robust rally, possibly taking Bitcoin beyond its previous all-time high and aligning with Mikky Bull’s $112,000 forecast.
