BTC price erases 20% ETF dip, Bitcoin trader predicts $50K on the horizon

Bitcoin (BTC) is on track to reach new two-year highs as institutional buying and fresh optimism drive the cryptocurrency’s price. BTC/USD 1-day chart shows that the price of Bitcoin has surpassed $49,000, marking the highest levels in a month before experiencing a slight retracement. Traders are now closely watching the battle between buyers and sellers as the price consolidates below key resistance. Some traders, like Mac and Jelle, are confident that BTC/USD is in a prime position to reach all-time highs, while others, like Keith Alan, suggest that Bitcoin should retest support before making another leg up. The increasing interest in United States spot Bitcoin exchange-traded funds (ETFs) is also fueling bullish price predictions. Inflows into ETFs reached more than $400 million in a single day on February 9, and outflows from the Grayscale Bitcoin Trust (GBTC) remain relatively low. Hope is growing that ETFs alone will be able to drive BTC price action higher, potentially challenging all-time highs in the coming months.