Bitcoin fund holdings hit all-time highs as spot ETF excitement attracts crypto investors. Meanwhile, a popular analyst says Bitcoin could rise by 50 percent from its current value.
Inflows to Bitcoin investment funds broke a record!
Digital asset funds surpassed $1 billion in net inflows this year, CoinShares reported. Additionally, money has largely flowed into Bitcoin-focused investments. Digital asset funds have generally attracted large inflows in recent weeks as spot Bitcoin ETF optimism spreads to broader crypto markets. According to ByteTree, BTC mutual funds reached an all-time high of 863,434 BTC.
Token assets rose to 863,434 this week, according to investment advisory firm ByteTree. Thus, it surpassed the previous record level reached in April 2022. Over the past month, the funds added approximately 22,100 Bitcoins. So it’s no surprise that the price has been so strong lately,” says ByteTree founder Charlie Morris.
Broader crypto funds have also experienced a surge in fresh cash in recent weeks, with digital asset management firm CoinShares reporting net inflows of $767 million over the past six weeks. There were the most inflows in such a time period since the 2021 bull market. Additionally, CoinShares research director James Butterfill noted that inflows into digital asset funds have surpassed $1 billion so far this year.
How high will BTC rise in the first year of the bull cycle?
Popular cryptocurrency analyst Michaël van de Poppe shared his latest predictions with his 161,000 YouTube subscribers. The analyst says Bitcoin price could rise by 50% from its current position. In this context, the analyst makes the following statement:
We witnessed a one-year bear market. We witnessed a year of accumulation. And now we are entering the first year of the bull cycle (the purple one). This means that the high will most likely be around $50,000 to $55,000.
Looking at its chart, the analyst believes that Bitcoin (BTC) repeats a four-year cycle pattern where there is a bear market period, an accumulation period, a first-year bull market period, and finally the second phase of a bull market when a new all-time high is reached. The analyst also predicts that altcoins will rise as Bitcoin’s bear market period is over. In this regard, Michaël van de Poppe shares the following assessment:
We will also experience a period where altcoins begin to wake up substantially before breaking all-time highs. Besides, I call this bull phase two. So in the meantime we will see altcoins perform really well. We’re starting to see the momentum that we’ve seen in Chainlink and have seen in some other altcoins for a while as well. So at this point, there is almost 100% confirmation that the bear market is over, especially with the breakout of $28,000 and the 200-week EMA (exponential moving average) holding for Bitcoin.
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