Bitcoin is on the verge of entering a “parabolic run”, fueled by increasing inflows into U.S. spot Bitcoin exchange-traded funds , according to crypto analysts.
Spot Bitcoin ETFs have witnessed positive flows for 19 straight days, with close to $1.7 billion coming this week alone, according toAs of June 6, more than $15.5 billion have flowed into spot Bitcoin ETFs with the funds holding around 5.2% of all BTC in circulation, according to data from HODL15Capital.
As such, analysts say among other factors impacting the price, continued inflows into ETFs will see BTC breach key resistance levels into price discovery.The price “keeps pushing back into” this barrier, declared the trader, adding that “with massive ETF demand, and neutral funding,” it's only a matter of time” before the price rises higher.“The 'third wave' is turning into a tidal wave,” Balchunas added, alluding to the potential implication of the inflows on BTC’s price.
“Every 4 years, this cross signals the final parabolic run for Bitcoin. 2012-2016-2020-2024,” the analyst declared to his over 122,400 followers in a June 7 post on X, adding that the “2024 cross is just around the corner.”According to Jelle, the price will embark on a parabolic uptrend if it sustains above this level, just like it has in the past in a case of “history repeating” itself.Bitcoin was recently trading over $71,000, roughly flat over the past 24 hours and 3.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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