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Bitcoin Price Prediction – $70k In Sight As BTC Demand Outstrips Supply

Bitcoin is consolidating between $71,140 and $69,578 at the moment. But despite this lateral movement, Bitcoin has stayed above $70k due to rising buying volumes. As of 09:15 UTC, Bitcoin was trading at $70,721.89, down by 0.29%.

The fact that Bitcoin is holding steady above this level isn’t surprising, given that the halving is 8-days away. Investors expecting a major rally post-halving are taking up positions on Bitcoin, and it is helping hold Bitcoin above $70k. That’s because the block halving cuts Bitcoin rewards in half, adding to the scarcity aspect of Bitcoin and putting upside pressure on the price due to rising demand.

BlackRock Bitcoin ETF Adds 2720 BTC 

The BlackRock ETF bought 2,720 BTC worth around $191m yesterday, demonstrating this growing demand for Bitcoin. This brings BlackRock’s total holdings to 270k BTC held by its ETFs. This coincides with the increased retail participation of retail investors in Bitcoin, which has picked up in recent weeks. 

Positive News From South Korea

In addition to retail accumulation and institutional investments like BlackRock’s recent buy-ins, recent political developments suggest we will see significant gains soon after halving. A crypto-friendly party won South Korea’s election earlier today with intentions to push US Bitcoin ETFs in the country.

China could be getting into the Bitcoin ETF game soon, with Hong Kong currently looking into a Bitcoin ETF, further adding to Bitcoin’s price momentum post-halving. 

Bitcoin Holding Steady Above $70k

While there is still not much movement in Bitcoin’s price— save for a rejection at $72k earlier this week — the fact that Bitcoin can hold its ground against these slightly bearish price drops indicates its bullish sentiment.

Analysts believe a breakout from the current price range, especially when halving hype is getting stronger, could see Bitcoin rise to prices as high as $100k in the short term. With the potential for markets like South Korea and China to enter the ETF game soon, Bitcoin could be headed to prices as high as $300k within the year. 

Bitcoin is range-bound, but the bullish sentiment is strong as the price holds above $70k. That’s despite bulls getting rejected at $72k earlier in the week. 

Bitcoin Rangebound but Rising Buying Volumes Signal a Possible Breakout

Bitcoin is currently oscillating between $71,140.88 and $69,578.97. However, buying volumes are on the rise, as evidenced by the price of Bitcoin consistently holding above $70k. 

If Bitcoin bulls push the price above $71,140, the first target would be $72,780 going into the weekend. This could be followed by a rally to $73k and higher as the halving draws closer. 

However, if buying volumes drop going into the weekend, Bitcoin could continue trading between $71,140.88 and $69,578.97 going into the weekend. On the other hand, if short sellers gain control and push Bitcoin through the $69,578.97 support, Bitcoin could hit prices as low as $67,000 within the day or going into the weekend. 

Bitcoin Price Prediction – Why A Bullish Breakout Is More Likely 

While any of the three scenarios above could play out going into the weekend, the odds of a bullish breakout are higher. One signal of this is the positive news around Bitcoin price drivers. For instance, when there is little activity in the market, the BlackRock Bitcoin ETF continues to record significant inflows, with the total for yesterday at $199 million. This indicates that institutional money sees the upcoming Bitcoin halving as an opportunity to accumulate. 

Political news is hitting the market, which could trigger FOMO in Bitcoin going into the weekend. One such news touches on South Korea, one of the most important crypto markets globally. A party that has been pro-bitcoin has won parliamentary elections in South Korea, raising hopes that South Koreans could start investing in US Bitcoin ETFs. 

While this may not be coming immediately, the win is a positive indicator and inspires confidence in the market. There is the fact that with the Bitcoin block halving a week away, investors have no real incentive to be short Bitcoin, further putting a floor on how low Bitcoin can go in the short term.