The digital gold rallied by over 68% in Q1, rising from $38.5K to $73.7K. Over the same period, the total flows from the spot ETFs hit $12 billion, and total assets crossed $59 billion. Collectively, it pushed BTC market capitalization to over $1 trillion.Using historical data, Fred Krueger, a Bitcoin maximalist and serial investor, estimated that BTC could hit $195K by the end of 2024.
Krueger didn’t explicitly state what would cause the crash if BTC hit $500K. However, he believed the halving event would reduce the“I think the halving paves the way for the rally, as it lowers the amount that will be dumped on a 4x rally.” Put differently, the BTC maximalist sees ETF flows as a crucial price driver compared to the supply shock caused by the halving event.the move confirms a breakout after BTC recorded a weekly candlestick close of $71.2K, above the previous cycle’s all-time high of $69K.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.
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