Bitcoin continues the range-bound trading that has characterized its price action throughout the week. However, bulls consistently pull Bitcoin’s price away from the $65,283.03 support. As of 09:14 UTC +0, Bitcoin was trading at $68,064.
Despite the range-bound trading, Bitcoin seems to have firmly rejected the $65,283.03 support. This indicates that bullish momentum is rising, and a breakout could be coming soon. Multiple factors point to the rising demand for Bitcoin in this consolidation period. One of them is institutional investors’ continued strong buying of Bitcoin.
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$300 Million Inflows Into BlackRock ETFs On Friday
Data shows that on April 6, the BlackRock Bitcoin ETF had net inflows of $300 million. This covered the $199 million GBTC outflows. It shows that institutional buying is getting stronger and that they are capitalizing on the currently stable Bitcoin prices to accumulate. Retail buying of Bitcoin is rising at current prices in anticipation of a breakout that could see Bitcoin test new highs.
Another >$200mil net inflow day for the Bitcoin ETFs, despite GBTC selling increasing to -$199million!
Blackrock’s IBIT saw >$300mil of inflows yesterday
TWO WEEKS until halving + net inflows = 🚀 pic.twitter.com/Lqq7f5T1vd
— Alistair Milne (@alistairmilne) April 6, 2024
The Halving Is Close
Several factors could trigger the much-awaited breakout in the price of Bitcoin. The biggest one is the upcoming Bitcoin halving, which draws closer daily. As has been the case in Bitcoin’s history, the Bitcoin halving usually triggers price rallies of up 3X.
That’s because of the impact on the mining rewards and the FOMO that generally makes such predictions become self-fulfilling prophesies. With all the institutional money coming in this time, the odds are that the upside breakout could be way higher than any of the previous halving cycles when retail money was primarily at play.
South Korea Party Wants Citizens To Access US Bitcoin ETFs
However, even more short term is the upcoming Parliamentary polls in South Korea. A South Korean party has said it supports South Koreans’ access to US Bitcoin ETFs if it wins the elections scheduled for April 10. Given the hunger for these ETFs in the South Korean market, a win by the party pledging access support could trigger more excitement around Bitcoin.
This is what the next UK Prime Minister needs to run on.
Access to US #Bitcoin ETF’s as an exception to EU MiFiD rules on US financial products.
Brits want #Bitcoin! @Conservatives pic.twitter.com/oHdKTA4WiU
— British HODL ❤️🔥🐂❤️🔥 (@BritishHodl) April 6, 2024
That would mean more capital flow into Bitcoin ETFs, which means higher demand ahead of the halving. This makes the case for a potential breakout pre-halving high and a parabolic price move post-halving even higher.
Overall, the ongoing consolidation in the price of Bitcoin has presented an opportunity for investors to accumulate on Bitcoin. The accumulation is evident on the institutional front, where net inflows into ETFs were positive, with BlackRock recording inflows of $300 million.
Bitcoin Holds Above $65,283 Support For 10 Days In A Row As Buying Volumes Rise
Bitcoin continues trading between $65283.03 and $73,574.52 for the 10th day. In this accumulation period, much buying is happening, especially on the institutional front. This points to a potential breakout in the short term.
If Bitcoin were to break through the $73,574 resistance, then $80k could come into focus in hours. This, coupled with the halving hype, could trigger the beginning of an uptrend that could see Bitcoin rally by 3-5X in the year.
However, if Bitcoin does not break out over the weekend, the rangebound trading could continue next week. This would likely continue until the halving in 15 days, which could trigger the next hype cycle for BTC and the entire crypto market.
On the other hand, if bears take control and can push Bitcoin through the $65,283.03 support, Bitcoin could easily see one more dip to around $60k before the rally triggers another price rally.
Bitcoin Price Prediction – The Case For A Bullish Breakout Is Strongest
While any of the scenarios above play out today, the odds are higher that Bitcoin could be headed for a bullish breakout. That’s because institutional buying is getting stronger ahead of the halving, meaning smart money is taking advantage of the price stability to build up their positions.
Additionally, with the potential for South Koreans to be able to access Bitcoin ETFs after the halving, the odds of such news triggering FOMO buying ahead of the halving are high. Overall, everything points to a bullish breakout, with $80k as the first target.
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