Bitcoin (CRYPTO: BTC) traders are setting their sights on a $64,000 price target as BlackRock’s iShares Bitcoin ETF experiences a massive $500 million inflow in a single day.
What Happened: The inflow into prominent spot Bitcoin ETFs has shown no signs of slowing, with close to $630 million added on Tuesday across all products, reported CoinDesk on Wednesday. BlackRock’s IBIT contributed nearly $500 million, maintaining its lead among the 11 ETF providers.
Excluding Grayscale’s Bitcoin Trust (OTC:GBTC), these ETFs have amassed over $11 billion in Bitcoin. The outflows from GBTC seem to have gradually lessened, alleviating selling pressure and boosting bullish sentiment.
The price of Bitcoin surged over $51,000 during the early European hours on Wednesday, marking a 2% increase in the past 24 hours. The CD20 Index also rose by 0.8%.
Several traders are predicting a surge to $64,000 in the near future, citing technical analysis and growing demand from institutional investors. Alex Kuptsikevich, the senior market analyst at FxPro, noted the emergence of a Fibonacci pattern, with a target of around $63.7K.
Options traders are also actively betting on Bitcoin surpassing its all-time high of $69,000 in the coming months, with some bets targeting as high as $75,000.
Why It Matters: This recent surge in Bitcoin’s price comes after a sharp downturn on Tuesday, which saw the cryptocurrency dip below $49,000 following the release of the U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI) report.
Illustration by CryptoFX on Shutterstock
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