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Analyst Discusses Bitcoin Price Path To Heighten Fear Factor

MilkyBull, a well-known personality in the world of cryptocurrency analysis, has drawn attention lately for his analysis of Bitcoin’s price trajectory and his prediction of a situation that might cause more fear in the market.

MilkyBull’s analysis delves into the subtleties of Bitcoin’s movement, identifying patterns and trends that could have a big impact on investor mood. 

Bitcoin Triggering Anxiety In The Market

According to the analyst, the market will get even more fearful of the Bitcoin price path before it bottoms out and continues to rise. The analyst claimed that because of the current price of BTC, Blackrock iShares Bitcoin Trust (IBIT) saw its first-ever outflows since the approval of the Bitcoin Spot Exchange-Traded Funds (ETFs).

Furthermore, he reminded us that positive news always denotes the peak of a Bitcoin bull cycle, while negative news denotes the bottom. With this notion, investors could position themselves for the next trajectory BTC takes.

To further explore his narrative, MilkyBull drew attention to a previous analysis regarding Bitcoin’s final local bottom in this cycle. Given that BTC is following the PA (Price Action) of 2017, MilkyBull believes that the crypto asset might have bottomed out or come close to it.

Historically, the bull market support band strongly sustains the Bitcoin market in bull cycles. As a result, the analyst is confident that Bitcoin’s price may wick through the support and recover.

Another aspect highlighted by the expert is the Global liquidity during past bull cycles. Presently, Global liquidity is closely linked to Bitcoin at a level where it recovered in October 2022 and October 2023, which led to the inception of a massive surge in the digital assets markets, sparking a massive surge in the whole cryptocurrency market. 

With the macro volatility on Tuesday, MilkyBull stated that Bitcoin is at a pivotal juncture for the last local bottom before it resumes its rise to the cycle peak. Though the market does not always respond to such expectations, the majority of members in the crypto space are requesting a correction to $48,000.

BTC Poised For A Breakout On The Upside

Another crypto analyst Captain Faibik has also spotted the largest cryptocurrency asset undergoing a price recovery lately. According to the expert, although BTC is currently seeing a rebound, it is still moving inside the falling wedge formation.

Related Reading: Bitcoin Loses Historical Level, Analyst Says “Reclaim And Bounce, Or Die”

Thus, Bitcoin’s bullish investors must overcome the $61,000 resistance level for the digital asset to break out from this formation. Should BTC break out from this formation successfully, Captain Faibik anticipates a notable move on the upside toward $78,000.

Given that BTC is already trading above $61,000, all eyes are now set on the $78,000 price level. At the time of writing, BTC was situated at $61,701, indicating a rise of over 5% in the past day. Data from CoinMarketCap shows that its market cap has increased by 5%, while the trading volume is down by 21%.

Bitcoin

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Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving

Once again, there is hope for Bitcoin (BTC) as Michael Van De Poppe, a cryptocurrency expert, has spotlighted the potential for the crypto asset’s price to reach a new all-time high before the highly anticipated Halving event commences.

One Final All-Time High For Bitcoin Before Halving

The price of Bitcoin is presently exhibiting new bearish activity, which might trigger negative sentiments in the market over the next few days. Despite the notable decline, Michael Van De Poppe is optimistic that BTC will attain a new height prior to Bitcoin Halving expected to occur this month’s end.

According to the analyst, the digital asset is currently in a consolidation zone. He further identified two distinct crucial levels within the lower timeframes such as the $67,000 threshold as a support level and the $71,700 mark as a final break out towards the peak.

It is worth noting that Michael Van De Poppe previously forecasted that Tuesday is probably when the real moves are expected to begin as Bitcoin consolidates. Thus, if the coin holds the $67,000 level, he will propose a one-last peak test ahead of the halving.

Bitcoin

Poppe seems to be confident about his prediction now as he asserts that if one of the two aforementioned crucial levels develops, it will determine the direction of Bitcoin. Due to this, he believes BTC will experience one final pre-halving all-time high.

The post read:

Bitcoin is calmly consolidating. Crucial levels (lower timeframes): $67,000 to hold for support, $71,700 for a final breakout towards the ATH. If either of the two happens, probably direction is chosen. I think we will have one final ATH test before halving happens.

Following the recent decline, Poppe has issued a warning to the crypto community on how to interact with the price action. “You do not want to chase those massive green candles,” he stated.

He advocates entering the market when BTC‘s price is down by 15% to 40%. Additionally, he addressed those considering investing in altcoins, urging them to invest when altcoins are down by 25% to 60%.

Possible Triggers For The Correction

As of press time, Bitcoin’s price is trading at $65,843, demonstrating a decline of over 5% in the daily timeframe. Its trading volume has seen a significant uptick of 66% in the past day, while its market cap has decreased by 5%.

Since its peak of $73,000, achieved in early March, the price of Bitcoin has dropped by nearly 10%. One factor considered to have contributed to the retracement was the influx of funds into US Spot Bitcoin Exchange-Traded funds (ETFs), which has since started to calm down gradually.

Data from Wu Blockchain revealed that the products saw an overall net outflow of $85.84 million on Monday. BlackRock ETF IBIT recorded a net inflow of $165 million, while Grayscale ETF GBTC experienced a single-day net outflow of $302 million. Presently, the historical cumulative net inflow for the BTC spot ETFs is pegged at $12.04 billion.

Bitcoin

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Analyst Labels Bitcoin Rally Strongest Pre-Bull Cycle Yet

The entire cryptocurrency space is fueled with excitement as the price of Bitcoin rallied today, demonstrating immense resilience, reaching the $59,000 threshold and even further in the past 26 months.

Bitcoin Rally Kicks Off The Strongest Pre-Bull Cycle So Far

Bitcoin is currently in the limelight as the crypto asset continues to rally, leading to several analysts identifying the surge as the start of the “biggest bull cycle ever.”

Analyst and trader Crypto Jelle has labeled the recent uptick as the “strongest start to a new cycle” as his analysis examines the strength of BTC‘s surge.

Jelle claims this resulted from Bitcoin’s latest “break out from the 0.618 Fibonacci retracement.” According to the analyst, “this marks the first time” the asset has made this kind of move “before the Bitcoin Halving event happens.”

Bitcoin

He also claims that with the ongoing rally, it seems like the market is “in for a new regime,” he believes things will play out “differently” in the market from how they usually do.

The post read:

This is the first time Bitcoin breaks that 0.618 Fibonacci retracements before the halving event even takes place. By far the strongest start to a new cycle, ever. Looks like we are in for a new regime, where things work a little different than how they used to.

The analyst claims that a shift in the narrative is ushering in a “new era of dynamics in the cryptocurrency landscape.” As a result, “exciting moments await” the space in the future.

Crypto Jelle declared that nothing can stop Bitcoin at the moment. “With BTC rising by another 2% in the past few hours, there seems to be no stopping it right now,” he stated.

Additionally, most of yesterday’s gains occurred outside the Exchange-Traded Funds’ trading hours. However, the analyst is waiting to see if they will “force boomers to pursue price.”

BTC ETFs See Massive Inflow

Research company BitMEX reported that Bitcoin Spot ETFs have seen increased adoption, witnessing a massive surge in daily inflow. Data from the platform shows that ETFs have witnessed a significant inflow of 10,167 BTC valued at $576.8 million.

BitMEX underscored that Blackrock’s iShares BTC ETF (IBIT) made up $520 million of the total inflow. Consequently, this marks the highest inflow the company has seen since the products were approved. 

So far, Blackrock’s asset holdings have risen to over 141,000 BTC, and its net inflow sits above $6.5 billion. Currently, Bitcoin is trading at $59,254, indicating a rise of over 4% in the past 24 hours. 

Bitcoin BTC BTCUSDT chart 1

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Bitcoin ETF Surges: Last 4 Days Inflows Outpace Initial Weeks

Bitcoin (BTC) Spot Exchange-Traded Funds (ETFs) are currently in the limelight as the products have seen massive net inflows in the past few days than in the initial weeks of introduction, dominating the market of crypto investment products.

Bitcoin ETF Inflows Surges In The Last 4 Days

Thomas Fahrer, the co-founder of Bitcoin tracking platform Apollo, took to the social media platform X (formerly Twitter) to share the development with the community. Fahrer pointed out that BTC spot ETFs are presently experiencing a “total acceleration” of inflows.

Meanwhile, the products in the past 4 days have witnessed an inflow of 43,000 BTC tokens valued at $2.3 billion. This latest surge in inflows suggests renewed adoption of the products from crypto players and investors.

Data from Apollo reveals that Grayscale is the leading firm in Assets Under Management (AUM). Registered as Grayscale Bitcoin Trust (GBTC), the company boasts a whopping $23.7 billion AUM.

However, this is a notable drop from $28 billion in assets it had on January 11, after transitioning to an ETF. This is due to the daily net outflows the fund has seen since it was approved by the US Securities and Exchange Commission (SEC).

Blackrock comes in second after Grayscale, with an asset under management of over $5 billion since it started trading. It is followed by Wise Origin Bitcoin Trust (FBTC) and Ark/21Shares Bitcoin Trust (ARKB), which come in third and fourth place, respectively.

Investment firm Bitwise’s Bitcoin ETF (BITB) is the latest company to reach the billion-dollar milestone. As of the press, the company’s BTC ETF is the fifth largest behind the aforementioned asset management companies.

Blackrock Records Its Largest Inflow

On Tuesday, Blackrock recorded its largest inflow day ever since Bitcoin ET products were approved. A senior Bloomberg Intelligence analyst, Eric Balchunas, revealed information regarding the update on X.

He stated that Blackrock’s BTC ETF was booming on Tuesday, seeing almost “half a billion” inflow. According to the data shared by Balchunas, IBIT made $493 million in revenue during the trading day.

IBIT’s previous largest daily net inflow was $386 million, recorded on the second trading day of January 12. Consequently, Blackrock’s Bitcoin ETF overall inflow exceeded the $5 billion mark after the Tuesday event. So far, of all ETFs, Blackrock’s IBIT leads by “7% by size in just 23 days of trading.”

These developments came in light of the recent rally around Bitcoin in the past few days, which took BTC’s price above $ 50,000. Many market enthusiasts believe that a major factor in the rally is the reason surrounding the BTC ETF flows.

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BlackRock’s IBIT Maintains Lead In BitcoETF Market, Crosses $2 Billion In Inflows

According to data from BitMEX Research, BlackRock’s Bitcoin spot ETF – IBIT –  has now set a new record, achieving a total net inflow of $2 billion. This feat allows IBIT to maintain its position as the best-performing fund of the bunch, following the approval of 11 Bitcoin spot ETFs by the US Securities and Exchange Commission on January 10.

BlackRock’s IBIT Maintains Dominance As Total Net Flows Reach $744.6 Million

On January 25, which marked the tenth trading day of the Bitcoin spot ETF market, BlackRock’s IBIT produced an unsurprising positive performance, notching $170.7 million in inflows. This gain allowed the investment fund to move into an exclusive list as the first Bitcoin spot ETF to amass $2 billion in market cap.

Commenting on this feat, Bloomberg analyst James Seyfarrt has credited the recent rise in BTC’s price as a major contributing factor. He said:

Yes, the #Bitcoin price has pushed $IBIT‘s assets beyond $2 billion. This plus likely new flows today should mean it will be above $2 billion at close.

Following the trading debut of BTC spot ETFs on January 11, IBIT quickly emerged as an investor’s favorite, recording the highest individual daily inflows of the market at $386 million on January 12. BlackRock’s BTC spot ETF has managed to retain this investors’ attention over the first two trading weeks, evidenced by its consistent positive performances, which has culminated in a total flow of $2.086 billion.

IBIT’s performance is closely followed by Fidelity’s FBTC, which recorded $101 million in inflows on January 25, moving its total flows to $1.825 billion. Meanwhile, other Bitcoin spot ETFs with notable performances include Bitwise’s BITB and Ark Invest’s ARKB, both of which boast individual cumulative AUMs of over half a billion dollars.

In other news, the outflows in Grayscale’s GBTC remain a constant trend; however, there has been a notable decline in selling volume over the last few days. At the time of writing, GBTC’s total outflow is valued at $4.786 billion. In comparison with a cumulative inflow of $5.53 billion, total flows in the Bitcoin spot ETF market stand at $744.6 million. 

Bitcoin Price Overview

At press time, Bitcoin is currently trading at $41,725.19 following a 4.52% price gain in the past day, according to data from CoinMarketCap. This recent uptick is quite significant, considering the asset’s previous bearish form, marked by a 20% decline over the last two weeks which resulted in BTC’s dipping below $39,000. 

Bitcoin’s price has been negatively affected by GBTC’s massive outflows; however, as the selling pressure appears to be decreasing, coupled with consistent positive performances of other ETFs, notably BlackRock’s IBIT, that crypto market leader could soon pull off a market recovery.

BlackRock’s IBIT

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Bitcoin ETF Makes Waves: Volumes Surge $10 Billion 3 Days

Bitcoin Spot Exchange-Traded Funds (ETFs) have once again garnered the attention of crypto enthusiasts and investors as the products have witnessed a whopping $10 billion in total trading volume in the first three days of trading.

Bitcoin Spot ETF Sees Significant Uptick In Day 3 Trading

The development was revealed by Bloomberg Intelligence analyst James Seyffart on the social media platform X (formerly Twitter). The information shared by the analyst demonstrates a firm desire for exposure to digital assets via regulated financial markets.

Seyffart’s X post delves in on the data from the “Bitcoin ETF Cointucky Derby.” According to the analyst, “ETFs traded almost $10 billion in total over the past 3 days.” 

The analyst also provided a virtual record of the data to further elaborate on the substantial trading volume. With a total volume of over $5 billion, Grayscale Bitcoin Trust (GBTC) stands out as the top performer among the notable financial firms.

BItcoin

Meanwhile, iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) come next in line. The data shows that the financial firms witnessed an overall trading volume of $1.997 billion and $1.479 billion, respectively. 

ARK’s 21Shares ETF (ARKB) and Bitwise Bitcoin ETF (BTTB) followed behind with a substantial total trading volume of $568 million and $258 million, respectively. This spike in trading volume indicates that both institutional and individual investors are growing more at ease utilizing traditional investment engines to trade BTC.

Although Grayscale’s Bitcoin fund continues to gain the highest overall trading volume, the fund has seen significant withdrawals from investors seeking to lower their exposure.

There have been withdrawals totaling more than $579 million since Grayscale started trading on January 11. Currently, Grayscale is still considered the “Liquidity King” of the Bitcoin spot ETFs.

However, Bloomberg analyst Eric Balchunas anticipates that Blackrock might oversee Grayscale to claim the title. “IBIT keeping lead to be one most likely to overtake GBTC as Liquidity King,” he stated.

3-Day Trading Surpassed 500 ETFs In 2023

Following the report, Eric Balchunas has provided a context for the massive surge of these products. The analyst did so by comparing the trading volume of BTC ETFs to all the ETFs that were launched in 2023.

“Let me put into context how insane $10b in volume is in the first 3 days. There were 500 ETFs launched in 2023,” Balchunas stated. According to him, the 500 ETFs completed a $450 million combined volume today, and the best one did $45 million.

In addition, Balchunas highlighted that Blackrock‘s BTC ETF demonstrates a better performance than the 500 ETFs. “IBIT alone is seeing more activity than the entire ’23 Freshman Class,” he stated. It is noteworthy that half of the ETFs launched in 2023 recorded an overall trading volume of “less than $1 million” today.

Balchunas also stressed the difficulty in acquiring volume, noting that it is harder than flows and assets. This is because the volume has to come genuinely in the marketplace, which gives an “ETF lasting power.”

Bitcoin