ETF inflows back strong
Bernstein has put out a bullish price target: Bitcoin could reach $150k by the end of this year, more than a 100% move in roughly nine months! They also argue that the ~$60k level we saw a few weeks ago marked the bottom and expect BTC to trend higher from here. It’s a bold call.
One key driver behind this potential rally, according to the analysts, is renewed ETF demand. As Eric Balchunas from Bloomberg notes, most ETFs have nearly climbed out of their year-to-date flow deficits. And the data on Coinmarketcap backs that up: recent weeks have shown fairly steady net inflows, often in the hundreds of millions of USD per day. Another bullish signal: $MSTR continues to accumulate and has now announced an additional $42B buying initiative over the coming months.
If we were to print a new ATH this year, it would be strong evidence that the classic cycle might be breaking. Despite a wave of negative macro news, geopolitical conflicts with Iran, rising oil prices, persistent inflation, and diminishing expectations for rate cuts, BTC is still holding around $70k, well above the $60k lows.
I’m getting more bullish with every week we hold these levels. Maybe Bernstein‘s view isn’t so far off. If this momentum continues, this could turn into a very interesting year.
