Analysts are projecting Bitcoin (CRYPTO: BTC) to reach $65,000 in the near term, citing increased long positions and bullish options activity, as the leading cryptocurrency remains steady above $62,000. Meanwhile, Ethereum (CRYPTO: ETH) has climbed 3.5% to $2,547, with both cryptocurrencies seeing significant ETF inflows.
What Happened: Bitcoin is currently trading at $62,950, down 1% over the last 24 hours after reaching a high of $64,082 earlier in the day. Ethereum touched $2,562 before settling at its current price point.
Despite Bitcoin’s dip, the cryptocurrency market is showing signs of strength, with substantial inflows into both Bitcoin and Ethereum spot ETFs.
On Sep. 19, Bitcoin spot ETFs recorded a total net inflow of $158 million, according to data from SoSo Value.
Ark Invest & 21Shares‘ ETF (CBOE: ARKB) led with a single-day net inflow of $81 million, while Fidelity‘s ETF (BATS:FBTC) saw $49.8 million.
Ethereum spot ETFs also experienced positive momentum, with a total net inflow of $5.2 million on the same day, entirely attributed to BlackRock‘s ETF (NASDAQ:ETHA).
Speaking with Benzinga, Illia Otychenko, Lead Analyst at CEX.IO, said there is a clear bias toward long positions in both futures and options markets.
“Bitcoin’s open interest in the futures market increased by 13% over the past two days, with the volume-weighted funding rate indicating that traders are increasingly going long, betting on price gains,” Otychenko stated.
He also noted a 10% rise in Bitcoin options market open interest, with over 56% of daily volume consisting of call (bullish) positions, focusing on a $65,000 strike price for the September 27 expiry.
Dary McGovern, Chief Operating Officer of Xapo Bank, emphasized Bitcoin’s potential as a hedge against economic uncertainties.
“As Fed interest rates retreat from recent highs to boost spending, Bitcoin is perfectly positioned to hedge against currency debasement and inflation, similar to how gold has been used for centuries,” McGovern said.
“Bitcoin’s standing as a global currency make it a unique store of value. Its fixed supply, potential for appreciation, and decentralization detached from any individual country’s economic policy,” he added.
What’s Next: Industry leaders and enthusiasts are now looking forward to Benzinga’s Future of Digital Assets event on Nov. 19, where further insights into the future of Bitcoin, Ethereum and the broader cryptocurrency ecosystem are expected to be shared.
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