• As Grayscale’s IBIT continues to gain in popularity, the demand for bitcoin ETFs is also increasing.
  • Some traders who predicted a drop in the price of BTC following the ETF launch now predict a BTC value of $64,000 based on technical analysis.

BTC Price Index and Live Chart – CoinDesk”>(BTC) exchange-traded fund (ETF) products show no signs of slowing, with nearly $630 million added on Tuesday across all products.

data show that BlackRock IBIT accounted for the majority of the market, with nearly $500 million added. It also retained its position as the top provider among the 11 ETFs.

The outflows from GBTC appear to have gradually eased, reducing selling pressure and boosting bullish sentiment. According to some analysts , the outflows from GBTC have progressively eased. This has boosted bullish sentiment and reduced selling pressure.

Bitcoin’s price surpassed $51,000 at the start of European morning hours on Wednesday. It has risen 2% over the last 24 hours. The CD20 Index rose 0.8%.

Some traders predict a short-term jump of $64,000, citing the technical analysis and demand for buying from institutional investors.

Alex Kuptsikevich is the senior market analyst at FxPro. He wrote to CoinDesk that “we are officially seeing the start of the Fibonacci Pattern, with the target area looking to be $63.7K.” This is near historical highs, and it is unlikely that this will be the end of global rally. However, a significant shakeup is expected.

The Fibonacci strategy is a controversial way of analyzing and trading based on the Fibonacci Sequence in order to determine entry and exit points for all timeframes.

Option traders have placed bullish bets that bitcoin will reach its lifetime high of $69,000 within the next few months. Some options bets are targeting as much as $75,000.

Sheldon Reback is the editor.