(Kitco News) – Bitcoin (BTC) bulls look ready to set a new record high on Thursday as the top crypto has recovered from Wednesday’s pullback and is trading back above $70,000 amid an uptick in inflows into spot Bitcoin ETFs.
Following last week's five-day string of outflows, a new streak of inflows began, with the past three days seeing total net flows of $662.2 million. Asset manager Hasdex also completed the conversion of its Bitcoin Futures ETF – which had been trading as a futures-based fund on the New York Stock Exchange since 2022 – to a spot Bitcoin fund that trades under the ticker DEFI.
There are now a total of 11 spot Bitcoin ETFs trading on the U.S. market, and they collectively hold $57.5 billion in assets under management, according to data provided by Amberdata.
TradingView shows that after dipping to $68,845 in the early hours on Thursday, Bitcoin rallied to a high of $71,635 near midday before bulls took their foot off the accelerator, and it has since pulled back to support at $70,800.
BTC/USD Chart by TradingView
While last week’s pullback below $61,000 had many predicting an even further slide into the low $50,000 range, Bitcoin has since crept steadily higher with little notice from the news media.
“#Bitcoin is silently up $10,000 over the last 7 days and it has barely made any headlines,” tweeted analysts at The Kobeissi Letter. “After falling into $60,000, a higher low formed and a massive short squeeze began.”
“Now, #Bitcoin is just 4% away from making a fresh all-time high,” they said. “Since October 2023, crypto markets have added $1.7 TRILLION in market cap. That's an average of $340 billion PER MONTH for 5 straight months. Crypto is back.”
According to market analyst iconicXBT, “This is most likely the final consolation before the biggest #crypto bull run.”
Respected crypto trader Pentoshi said he sees a price of $180,000 for Bitcoin in 2025-2026, “With many peaks and valleys along the way,” warning that “There will be multiple 20%+ pullbacks if we get there.”
And MN Trading Founder Michaël van de Poppe said that as long as Bitcoin holds above $67,000, there will likely be another run at a new all-time high.
#Bitcoin holds above crucial levels.
As long as it stays above $67K, we'll be good to have another ATH test.
Overall, upwards returns seem relatively skewed for Bitcoin pre-halving. pic.twitter.com/ZE4RyS4BUw— Michaël van de Poppe (@CryptoMichNL) March 28, 2024
