Bitcoin Soars to New All-Time High As Analyst Predicts “Big Move”

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Bitcoin Soars to New All-Time High As Analyst Predicts "Big Move"

The seemingly unstoppable rise of Bitcoin continues, with the world’s most popular cryptocurrency reaching a new all-time high of $73,794 on Bitstamp. This latest record comes amidst ongoing excitement surrounding the impact of United States spot Bitcoin exchange-traded funds (ETFs).

Related: Bitcoin Entering a Decade-Long Gold Rush Fueled by AI and ETFs?

Data shows that these ETFs saw a net inflow of a staggering $683.7 billion on March 13th, far exceeding outflows from the Grayscale Bitcoin Trust (GBTC). This significant inflow has swung the supply squeeze momentum heavily in favor of bulls.

Reacting to the news, prominent figures in the Bitcoin space echoed their bullish sentiment. Statistician Willy Woo, creator of Bitcoin data resource Woobull, believes the institutional products are “just getting started,” while Cathie Wood, CEO of ARK Invest (one of the ETF providers) expressed similar optimism.

Analysts are also predicting a potential “big move” for Bitcoin. Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, highlighted the recent ETF inflows, stating “a billion a day keeps the dip away.” He previously declared the “deep value” era for Bitcoin dip-buying over, suggesting a new chapter of growth has begun.

Adding fuel to the fire, tech giant MicroStrategy, currently the public company with the largest Bitcoin treasury, announced plans to acquire even more. With their sights set on surpassing the 210,000 BTC threshold, their commitment further strengthens the bullish case for Bitcoin.

While some remain cautious about the sustainability of the current momentum, the overall sentiment surrounding Bitcoin is undeniably positive. With strong institutional backing and record-breaking ETF inflows, the future appears bright for the world’s leading cryptocurrency.

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