Bitcoin is drawing major attention from institutional investors, with the US Spot Bitcoin ETF recording over $2.1 billion in inflows this week. Alongside this surge, top analysts are predicting a potential BTC price rally to $130,000, based on key technical indicators.
Massive Inflows for US Spot Bitcoin ETF
The US Spot Bitcoin ETF saw significant inflows this week, drawing over $2 billion in just seven days. This marks the sixth consecutive day of inflows, with Friday alone bringing in $273.7 million. Blackrock’s IBIT led the charge, attracting $1.14 billion in new investments, followed by Ark’s ARKB with $306.1 million. Since its launch in January 2024, the ETF has amassed a staggering $21 billion in inflows, signaling growing institutional confidence in Bitcoin.
Bitcoin Price Climbs Toward $69K
This influx of institutional funds has also positively impacted the price of Bitcoin, pushing it close to $69,000. This uptick reflects heightened optimism in the broader crypto market, as several top altcoins have followed Bitcoin’s lead with strong gains. The increasing flow of capital into digital assets suggests that Wall Street is warming up to the idea of Bitcoin as a long-term investment.
Analysts Predict BTC Rally to $130K
Amid this surge in investor interest, crypto analysts are forecasting a significant rally for Bitcoin. Veteran trader Peter Brandt has highlighted a BTC chart, shared by analyst internbrah, that points to a bullish breakout. The chart introduces the “McRib” indicator, a signal that historically triggers a 2x price rally for Bitcoin. With Bitcoin currently trading around $68,000, this suggests that the cryptocurrency could soon surge to $130,000.
Key Indicators Show Bullish Momentum
Bitcoin has been trading between $65K and $68K, and analysts believe the upward trend will continue. Historically, the crypto market performs well in October and the final quarter of the year. Adding to the positive outlook, the upcoming US Presidential Election could boost market sentiment as cryptocurrencies gain influence in the political landscape.
At the time of writing, Bitcoin’s price has risen by 0.6% to $68,348, with a high of $68,969 in the past 24 hours. Trading volume has decreased by 15%, but the overall sentiment remains bullish. Other experts, in line with internbrah’s prediction, suggest that Bitcoin could hit $110K soon, under the right market conditions.
