Crypto analyst Ki Young Ju has expressed his bullish stance on Bitcoin price on
Bitcoin price is heading for a bull market
According to the top asset analyst, Bitcoin could rise to $112,000 this year on a very bullish basis, but if viewed conservatively, the trading price could be at least $55,000. On February 8, when Bitcoin price was around $47,100, the predicted maximum price was $89,500, while the minimum price was $17,200, according to the chart he provided.
At press time, Bitcoin price was at $48,070.69, and the new price had a visible impact on the coin's floor and ceiling prices respectively.
Like Young Ju, legendary Bitcoin trader John Bollinger also thinks so The future of Bitcoin looks brighta shift driven by the launch of ETFs and the upcoming BTC halving.
Young Ju's Bitcoin price prediction is also determined by the potential of inflows in the spot Bitcoin ETF market. For comparison, the spot Bitcoin ETF landscape has performed well since then approved published by the US Securities and Exchange Commission (SEC) a month ago.
The volume of inflows faithfully reflects the performance of the market.
Inflows into spot Bitcoin ETFs are increasing
Above all, recognize Bitcoin ETFs recorded net inflows of $33 million Last week Tuesday. On Friday of the same week, the new Nine and GBTC introduced the Bitcoin ETF recorded a net inflow of $542 million. According to Young Ju's findings, the Bitcoin ETF market recorded inflows of up to $9.5 billion within a month of its launch.
The increasing inflows into spot Bitcoin ETFs are believed to be a function of FOMO, meaning many investors are worried they could miss out on market profits, especially as Bitcoin price has recently pointed to an uptrend.
Of all spot Bitcoin ETFs, BlackRock (IBIT), Fidelity (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF saw the largest inflows of $250.7 million, $188.4 million and $136.5 million, respectively -Dollar.
Grayscale is still facing outflows, but Friday's numbers appear to be the lowest it has seen since being released by the U.S. Securities and Exchange Commission. Around Outflows of $51.8 million was recorded for Grayscale's GBTC. Some market observers strongly believe this could be due to changes in investor sentiment, changes in the regulatory landscape or changing market conditions.
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