Summary
TLDR: The price of Bitcoin surged to over $60,000 due to record inflows into Bitcoin spot ETFs, leading analysts to speculate if BTC is following a parabolic pattern. Experts believe Bitcoin could reach $90,000, with inflows into Bitcoin ETFs acting as a ‘second halving’ event. However, Bitcoin critic Peter Schiff warns that a rally in gold could affect Bitcoin’s price.
Key Points
1. The price of Bitcoin surged to above $60,000 yesterday following record net inflows into Bitcoin spot exchange-traded funds (ETFs), causing analysts to speculate whether BTC is riding a parabolic pattern that occurs every cycle.
2. Crypto trader Dave the Wave highlighted how Bitcoin’s price in recent weeks mimics a parabolic surge seen in previous cycles, suggesting a potential repeat of a parabolic surge.
3. On-chain analysis expert Kevin Svenson pointed out that Bitcoin reached the “Base 3” price at $45,000, touching a parabolic trend line, with a potential double-up to $90,000. The inflows into Bitcoin spot ETFs have largely driven the recent price increase, reaching a new daily high of $676.8 million. Charles Edwards of Capriole Investments compared the demand for Bitcoin from ETF providers to acting like a “second halving,” which historically has been a bullish event for Bitcoin.