Bitcoin Price Holds Steady Above $105,000

Currently, the Bitcoin price is holding steady above $105,000 on Saturday, with recent data showing that investors bought the dip on Friday.

Bitcoin (BTC) rose to $105,300, up by 2.4% from its lowest point on Friday and 5% above this month’s lowest point.

SoSoValue data indicates that spot Bitcoin ETFs saw inflows of $301 million on Friday, even as Bitcoin’s price dipped to nearly $100,000. This increased total weekly ETF inflows to $1.3 billion, a significant reversal from the previous week’s $128 million in outflows.

BlackRock’s iShares Bitcoin ETF, ticker symbol IBIT, had daily inflows of $238 million on Friday, bringing its cumulative total to $49.7 billion. It currently has $70 billion in assets, making it the fastest-growing ETF in finance.

Market Comparison

In comparison, the SPDR Gold Trust, launched in 2004, has accumulated $103 billion in assets. Should the trend continue, IBIT may surpass the largest gold ETF in the coming months or by 2026.

Fidelity’s FBTC ETF has received over $11 billion in inflows, while Bitwise’s BITB has seen $2 billion since its inception.

A likely reason for Wall Street investors purchasing Bitcoin’s dip is its strong fundamentals. BlackRock’s data suggests that Bitcoin often outperforms the stock market following major geopolitical events, such as the attacks involving Iran and Israel.

Bitcoin’s supply on exchanges has decreased from 1.5 million in January to 1.1 million today. This decline in Bitcoin supply, coupled with decreasing availability, may increase prices in the long term.

Long-Term Bitcoin Price Trends

The monthly chart indicates a strong Bitcoin price breakout may occur soon. It shows that Bitcoin formed a rounded bottom between December 17 and March 2021.

Since November 2021, Bitcoin appears to be forming another rounded bottom. The price remains slightly under the ascending trendline connecting the upper sides of these rounded bottoms.

Anticipation is growing that Bitcoin may break out of an eight-year trendline, potentially leading to much higher prices in the long term. Ark Invest predicts Bitcoin could reach $2.4 million by 2030, while Michael Saylor estimates a mid-term price of $1 million.

Related Market Movements

AVAX price down 9.75% on geopolitical tensions, but technical indicators foresaw this movement.

Dow Jones lower by 1.79%, markets rattled as Israel-Iran conflict escalates.