Bitcoin (BTC) Price Target Raised to $112,000 as Exchange-Traded Fund (ETF) Inflows Spike
- PHPzOriginal
- 2024-09-13 18:19:16379browse
Analysts have raised Bitcoin's price target to $112,000 following a spike in exchange-traded fund (ETF) inflows. This increased activity suggests bullish
Bitcoin price is set to soar to $112,000 this year, according to analysts, following a spike in exchange-traded fund (ETF) inflows.
This increased activity suggests bullish sentiment among institutional investors, which could drive the cryptocurrency to new highs.
Bitcoin ETF Inflows To Trigger Price Boost
According to SpotOnChain analysts, there were large inflows into Bitcoin ETFs. Bitcoin’s net flow turned positive, seeing $39 million inflows, reversing the weak volumes seen previously.
On the other hand, Ethereum ETFs saw a second consecutive day of net outflows, with Grayscale’s ETHE experiencing a $20 million outflow, while other US Ethereum ETFs had zero net flow.
These positive inflows come as the cost basis for ETF investors in Bitcoin is higher than the cryptocurrency’s price. According to CryptoQuant CEO Ki Young Ju, the cost basis for “New Custodial Wallets/ETFs” is at $62,000, while Bitcoin trades around $57,000.
However, the historical perspective shows the potential for significant price increases to come.
“When measured against bitcoin’s rolling yearly highs, the percent price drawdown in 2024 still suggests the kind of correction associated historically with bitcoin’s bullish primary trends, like those seen in 2016 and 2017, for example,” Puell added.
As ETF inflows, institutional accumulation, and historical patterns converge, analysts largely agree that Bitcoin is set for a major rally. One analyst, Miky Bull, has raised his Bitcoin price target to $112,000, showing confidence in the cryptocurrency to continue rising from previous highs.
“Bitcoin to a first target of $112,000 this year. History has indeed prevailed. In 2016 and 2020 Q4 post-halving witnessed the beginning of a parabolic rally to a cycle top,” Bull stated.
His analysis highlights Bitcoin’s cyclical price movements, particularly following halving events which reduce mining rewards and have preceded substantial price increases in the past. The recent spike in ETF inflows could be a catalyst, impacting investment and adoption.
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