Bitcoin Price Prediction – BTC Headed To All-Time Highs As BlackRock ETF Starts Trading In Brazil

Bitcoin’s price is currently stabilizing around the $61,500 range. However, trading volumes have shrunk by 41% to $55.4 billion. As of 10:54 GMT+3, Bitcoin was trading at $61,500 with a market capitalization of $1.1 trillion. 

Bitcoin’s price stability comes amidst some significant outflows from the Grayscale GBTC. The outflows from Grayscale stood at $600 million on February 29. This is the biggest outflow since January 11th.  

#Bitcoin absorbed a 600m dump with barely a scratch. Let that sink in, because these bankruptcy-related sales are not going to last too much longer. https://t.co/hosz2gtFdk

— Vijay Boyapati 🦢 (@real_vijay) March 1, 2024

However, unlike the outflow in January, it did not affect the price this time. Bitcoin absorbed it easily, and the price remained stable, with signals of a continuation of the uptrend. It is one bullish signal for Bitcoin.

Even more bullish news is that the BlackRock Bitcoin ETF is now moving to the international markets, further adding to the adoption of Bitcoin. Yesterday, Nasdaq announced that the BlackRock Bitcoin ETF will be available in Brazil. This is a big deal, considering that Brazil is one of the largest economies in the world. The demand for the ETF from Brazilian investors is likely to push the price of Bitcoin to new highs.

All this is happening just ahead of the Bitcoin Halving, which is now only 51 days away. This is drawing more retail money into Bitcoin, adding to the accelerated demand from institutional money through ETFs. 

The current Bitcoin price stability amidst a $600 million outflow from Grayscale GBTC indicates that the growing institutional adoption of Bitcoin strongly supports the price ahead of the halving. 

Bitcoin Buying Momentum On The Rise After A Slight Dip On Grayscale $600 Million Outflows 

Bitcoin has bounced off the $61,103 support after a slight dip on 29th Feb.

Bitcoin has found strong support at $61,103, and buying volumes are rising. If the upside momentum continues and Bitcoin pushes through the $62,223 support, the odds are that it could retest its all-time highs of $69k this weekend.

However, the current consolidation could continue if buying volumes are not strong enough to push Bitcoin through the $62,223 resistance. In such a scenario, Bitcoin could oscillate between $62,223 and $61,103 through the weekend. 

On the other hand, if selling volumes increase and push Bitcoin through the $61,103 support within the day, Bitcoin could trade at around $60k over the weekend. 

Bitcoin Price Prediction – Why $69k Could Be Hit This Weekend 

While Bitcoin could consolidate or turn bearish today and through the weekend, the odds are higher that it is headed to its all-time highs. One of the pointers to this is in the technical analysis. Bitcoin’s buying volumes are currently on the rise, an indicator that investors are bullish. As more buyers come in chasing an ever-shrinking supply of Bitcoin, the odds are that the price will break the $62,223 resistance and go on to test its all-time highs either today or within the weekend. 

Fundamentals Are Right

The fundamentals are pretty sound, too, especially on the institutional front. The BlackRock ETF, for instance, is expanding its reach to a broader audience, and that means even more demand for BTC. The expansion of the BlackRock ETF to Brazil is a positive indicator for Bitcoin in two ways. 

The first one is the apparent increase in demand that will play positively into the price. The second one is in the sentiment. As news of the availability of the BlackRock ETF in Brazil comes in, the market will expect a sudden increase in demand. This will see more people FOMO into Bitcoin this weekend, a factor that will likely propel a surge to the $69k all-time high. 

Another critical factor likely to support Bitcoin’s price this weekend is the fact that the Grayscale outflows no longer have much of an impact on the price. This signals that demand for Bitcoin is so high that a $600 million selloff means nothing to BTC’s current momentum. This is a confidence to anyone still sitting on the sidelines, and as such money flows in, Bitcoin pushing through to $69k in a single candle is quite possible in the very short term. 

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