Key Points
- Bitcoin (BTC), the world’s largest cryptocurrency, has seen a major breakout with over 7% gains in the last two days, bringing its price to $46,709 and its market cap to $916 billion.
- Markus Thielen, head of research at Matrixport, predicts that Bitcoin could reach $48,000 in the near future, citing the cryptocurrency’s historical trend of significant gains during the Chinese New Year.
- Bitcoin ETF inflows have surged in February, with BlackRock and Fidelity leading the way.
- Caroline Mauron, co-founder of Orbit Markets, believes Bitcoin will continue its upward momentum as Grayscale outflows have diminished.
- Crypto analyst Michael van de Poppe suggests Bitcoin could potentially reach the $53,000 to $55,000 range in the pre-halving phase.
The world’s most valuable cryptocurrency, Bitcoin (BTC), has experienced a significant breakout.
Over the past two days, it has gained more than 7%, bringing its price to $46,709 and its market cap to $916 billion.
Bitcoin’s Potential Surge
Markus Thielen, head of research at Matrixport, believes that Bitcoin is on track to reach $48,000 soon.
This prediction is based on Bitcoin’s historical trend of posting significant gains during the Chinese New Year festivities.
In his report from February 8, Thielen stated that the next few days were of paramount statistical importance.
He noted that Bitcoin tends to rally by +11% around Chinese New Year, starting on February 10.
The BTC price has given a critical breakout above $44,000, and it’s likely to continue rising.
Thielen emphasized the significance of this breakout, stating that it concluded a corrective phase that saw BTC’s decline to $38,500 in late January.
Surge in Bitcoin ETF Inflows
After a slow start to February, the Bitcoin ETF inflows have surged once again this week.
On Thursday, February 8, Bitcoin ETFs witnessed impressive inflows reaching a remarkable $403 million, marking the highest inflow recorded for February.
Data provided by Farside Investors highlights BlackRock (IBIT) as the frontrunner, leading the inflows with over $204 million.
Following closely behind, Fidelity (FBTC) secured the second position with nearly $128 million in total inflows.
Bitcoin’s Future Trajectory
Caroline Mauron, co-founder of Orbit Markets, expressed optimism about Bitcoin’s future trajectory.
She stated: “Bitcoin appears poised to continue its upward momentum as the Grayscale outflows have finally diminished.”
Mauron further highlighted the potential acceleration of the “halving narrative”, suggesting that it could propel Bitcoin beyond the $50,000 mark in the coming weeks.
Renowned crypto analyst Michael van de Poppe has observed Bitcoin’s recent surge above the $47,000 threshold, indicating renewed bullish momentum in the market.
According to Poppe’s analysis, Bitcoin’s current price movement suggests a clear range with potential highs in the near future.
He identifies the $48,000 to $50,000 range as a crucial zone to monitor, anticipating it as a potential peak for the upcoming period.
