Bitcoin Price Prediction – Why This Could Be The Week Bitcoin Hits $60K

Bitcoin is the second top trending cryptocurrency today, a position that is usually occupied by altcoins, especially meme coins. This indicates that many investors have their eyes on Bitcoin at the moment in anticipation of its next price move, now that it is consolidating around $51k. 

In the last 24 hours, Bitcoin is up by 0.72%, and as of 14:44 GMT+3, was trading at $51,755.91. Volumes have dropped in the day, though, down by 5% to $21.339 billion.

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$2.2 Billion ETF Inflows In Just A Week

The growing attention around Bitcoin has a lot to do with institutional investors continually accumulating BTC. This is quite notable with the BlackRock ETF, which continues to see major inflows with each passing day. 

In the past week alone, inflows into Bitcoin ETFs stood at $2.2 billion. BlackRock is one of the biggest beneficiaries of these inflows, accounting for more than $1.6 billion of the total Bitcoin ETF inflows.

The rate that BlackRock is accumulating AuM in their #Bitcoin ETF is insane. pic.twitter.com/ZzLJ8Upuwg

— Coin Bureau (@coinbureau) February 18, 2024

These moves by major institutions like BlackRock and others further cement the notion that Bitcoin is a credible mainstream asset. This is expected to sway more retail money into Bitcoin, making the case for Bitcoin to perform even better. 

Expectations around the halving are also driving investor interest in Bitcoin. The halving is just two months away, and investors expect it to trigger FOMO that could push Bitcoin to $100k or more. Bitcoin has already doubled in value to $52k, which has further cemented the case for a post-halving rally. Unlike in the past, institutional money is now part of the play, which means heavy capital inflows into Bitcoin could follow the halving. 

Demand And Supply Imbalance

The increasing spotlight on Bitcoin is also driven by its shrinking supply. Recent data shows that more than 79% of all Bitcoin in circulation is now illiquid. With such a major imbalance between demand and supply, coupled with the supply shock expected to come with the halving, it is easy to see why all eyes are on Bitcoin, especially now that it is consolidating above $50k, a price that many analysts considered a critical resistance level for months. 

Institutional buying to the tune of $2.2 billion in a week and the halving drawing closer are why investor interest in Bitcoin is so high. 

Bitcoin Still Rangebound, But Fundamentals Point To A Bullish Breakout

Bitcoin’s price indicates a continuation of the price consolidation that started on February 15, 2024, when Bitcoin hit a high of $52,800.

Without significant trading activity over the weekend, as evidenced by the declining volumes, Bitcoin will likely continue to trade between $52,800 and $50,638.

However, if buying volumes pick up, especially heading into the new week, the $52,800 resistance will come into focus. If this resistance is broken, Bitcoin could easily hit $60k or retest its all-time highs of $69k within the week. 

On the other hand, if Bulls don’t gain much momentum going into the new week, two scenarios could play out. The first one is a continuation of the rangebound trading that has been the case since Feb 15. 

That said, if bears manage to take control by any chance, the $50,600 support level would come into focus. If bears push Bitcoin through the $50,600 support, a low of $48,500 could be within range in the week. 

Bitcoin Price Prediction: Why $60k Could Be In Range This Week 

Of the three scenarios above, the two most likely to play out are a continuation of the consolidation or a bullish breakout. Considering that Bitcoin is now one of the top trending cryptocurrencies, and demand continues to rise, bulls are likely to see Bitcoin through $52,800. 

Investors will be particularly captivated by the increased inflows into major Bitcoin ETFs like the BlackRock ETF. With more than $2 billion flowing into Bitcoin ETFs in just a week, the consolidation pattern gives investors the impression that buyers are taking up positions. 

This could see more FOMO buying, and with the supply of Bitcoin tighter than ever before, it is easy for BTC to rally to $60k or more in hours, not days. 

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