Bitcoin’s Parabolic Rally Foreseen by This Metric, How High Can BTC Go?

Bitcoin surged past the $73,000 mark, spurred by a historic influx of funds into spot exchange-traded funds . The uptick brought a sense of relief for the investors after a minor correction earlier this week, indicating that the market may not retrace below $69,000 anytime soon.

In fact, on-chain momentum analysis points to a promising trajectory for Bitcoin’s impending parabolic bull run.According to CryptoQuant’s analyst, the UTXO P/L Supply Ratio Momentum, which evaluates the average weekly profit/loss ratio against the yearly average, hasThese spikes denote notable shifts in short-to-long-term profit and loss ratios, historically coinciding with periods of market expansion.

Fidelity’s FBTC spot Bitcoin ETF and Bitwise Bitcoin ETF also saw substantial inflows, at $51.6 million and $24.6 million, respectively. Meanwhile, Grayscale’s GBTC noted a decrease in outflows, with only $79 million leaving the fund on March 12.as notably distinct from previous surges. Bitcoin has undergone three halving events – in 2012, 2016, and 2020 – each followed by a surge to unprecedented highs.

However, breaking from historical trends, Bitcoin has already surpassed its previous peak established in 2021, months before the halving event, which is scheduled for mid-April. The introduction of spot Bitcoin ETFs on US stock exchanges is one of the biggest catalysts.The Most Popular Airdrops to Watch For in 2024Sign-up FREE to receive our extended weekly market update and coin analysis report

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.

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