Bitcoin is poised to embark on a “parabolic run” as inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) continue to rise, say crypto analysts.
For 19 consecutive days, spot Bitcoin ETFs have seen positive flows, with nearly $1.7 billion pouring in just this week, as reported by data from Farside Investors. Analysts predict that if this trend persists, Bitcoin’s (BTC) price will surpass its previous all-time high of $73,835 set in March.
According to data from HODL15Capital, over $15.5 billion has entered spot Bitcoin ETFs, holding approximately 5.2% of all BTC in circulation as of June 6. Analysts believe that ongoing inflows into ETFs will push BTC past key resistance levels and into uncharted price territory.
Independent trader Jelle posted a BTC weekly chart on X showing the price grappling with resistance at the $72,000 psychological level. Despite the challenge, the trader stated that with significant ETF demand and neutral funding, it’s only a matter of time before the price surges.
Bloomberg Senior ETF analyst Eric Balchunas remarked in a recent X post that Fidelity is making significant moves in the ETF space, with a $379 million increase in flows on the previous day. Balchunas commented that the surge in inflows could have a substantial impact on BTC’s price.
The recent uptick in flows follows a resurgence in demand for digital asset investments, with May recording $2 billion in inflows. Investors are increasingly comfortable with these assets, believing that regulators are becoming more accepting of them.
Pseudonymous trader and analyst Moustache observed the flagship cryptocurrency’s price approaching a crucial resistance line on the five-day chart, signaling a potential final parabolic run for Bitcoin. Similarly, Jelle noted that BTC had surpassed its all-time highs on the weekly timeframe, suggesting a possible parabolic uptrend if the price maintains above this level.
Bitcoin was trading above $71,000, relatively unchanged over the past 24 hours and down 3.6% from its peak in March. However, the asset has gained over 4% for the week and 68% year-to-date.
This article serves as information and does not provide investment advice. Readers are advised to conduct their own research before making any investment decisions.