By
Bena Ilyas
May 15th, 2024
On average Bitcoin price has rallied by 11% during the Chinese New Year. Analysts also expect the pre-halving market rally to continue with BTC price going to $51,000.
The world’s largest cryptocurrency Bitcoin (BTC) has given a major breakout with over 7% gains in the last two days. At press time, the BTC price is 4.02% at $46,709 with a market cap of $916 billion.
Markus Thielen, head of research at Matrixport and founder of 10x Research, predicts that Bitcoin (BTC) is on course to reach $48,000 in the near future. His prediction stems from Bitcoin’s historical trend of posting significant gains during the Chinese New Year festivities. In his report from February 8, said:
“The next few days are of paramount statistical importance as bitcoin tends to rally by +11% around Chinese New Year, starting on February 10 (Saturday). During the last 9 years, Bitcoin has been up every time traders would have bought bitcoin 3 days before and sold it ten days after the start of the Chinese New Year.”
As mentioned, the BTC price has given a critical breakout above $44,000, and it’s likely to continue going upwards. Thielen emphasized the significance of the breakout, adding that it concluded a corrective phase that saw BTC’s decline to $38,500 in late January. He views this development as pivotal, stating that it paves the way for BTC to attain its near-term target of $48,000.
Bitcoin ETF Inflows Surge, Whales Add More
After a slow start to the month of February, the Bitcoin ETF inflows have surged once again this week. On Thursday, February 8, Bitcoin ETFs witnessed impressive inflows reaching a remarkable $403 million, marking the highest inflow recorded for February.
Data provided by Farside Investors highlights BlackRock (IBIT) as the frontrunner, leading the inflows with over $204 million. Following closely behind, Fidelity (FBTC) secured the second position with nearly $128 million in total inflows. These figures show that these two entities have dominated the total inflow volume into spot Bitcoin ETFs since their inception.
Caroline Mauron, co-founder of digital-asset derivatives liquidity provider Orbit Markets, expressed optimism about Bitcoin’s future trajectory, stating:
“Bitcoin appears poised to continue its upward momentum as the Grayscale outflows have finally diminished.”
Mauron further highlighted the potential acceleration of the “halving narrative”, suggesting that it could propel Bitcoin beyond the $50,000 mark in the coming weeks.
Renowned crypto analyst Michael van de Poppe has observed Bitcoin’s recent surge above the $47,000 threshold, indicating renewed bullish momentum in the market.
According to Poppe’s analysis, Bitcoin’s current price movement suggests a clear range with potential highs in the near future. He identifies the $48,000 to $50,000 range as a crucial zone to monitor, anticipating it as a potential peak for the upcoming period. He speculates that Bitcoin could potentially reach the $53,000 to $55,000 range in the pre-halving phase.