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important point:
- Bitcoin ETF flows are important for future price trends.
- A decline in flows could signal an upcoming decline in Bitcoin price.
- Although there is hope for a possible correction, the cryptocurrency bull market may remain on its course.
Marcus Thielen wrote that Bitcoin ETF inflows on Monday and Tuesday will be the “real test” for the price of the largest crypto asset.
Analysis of ETF flows and Bitcoin price
Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the US saw record inflows last week, but weak demand could be expected over the next day or two. Trigger the next decline in Bitcoin priceAccording to crypto analysis firm 10X Research.
10 ETFs combined 2.6 billion dollars New funds came in over the five days ending March 15, but most of the net inflows occurred from Monday to Wednesday, pushing BTC to a new all-time high near $74,000, according to data from Farside Investors. Bitcoin ETFs alone recorded net inflows of $133 million and $198 million on Thursday and Friday, respectively, while BTC fell sharply over the weekend to below $65,000.
Bitcoin price found short-term support at those levels stable at $67,000But the “real test” will come on Monday and Tuesday, with Bitcoin’s correction likely continuing if the ETF delivers disappointing returns, 10X founder Marcus Thielen wrote in a Monday report.
Future outlook and projections
“Although this is an unpopular narrative, we would expect to see a deceleration in revenues after prices experienced significant intraday volatility.”The report said. “Based on our reversal indicators, a rally to $59,035 appears more likely, offering a better risk-reward entry level.”Which would indicate a further 10% decline from current BTC prices.
The report notes that despite the potential for a deep correction, the cryptocurrency bull market is not over yet.
“We can still argue that Bitcoin will rise materially in the coming months as this bull market is likely to continue.”
Thielen.
If BTC recovers above $70,000 — above its previous all-time high in 2021 — the rally could open the door to much higher prices, he said.
British bank Standard Chartered raised it on Monday morning Bitcoin has a year-end price target of $150,000 From $100,000, while a maximum of $250,000 is projected by 2025.
(TagstoTranslate)Bitcoin(T)BTC(T)Cryptocurrency(T)ETF
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