"An expansion of apparent demand is necessary for bitcoin prices to rally sustainably to a new all-time high. In these cases, apparent demand peaked at 490,000-550,000 BTC," Moreno said, indicating more room for prices to grow.
"Many signs are pointing to BTC hitting $70K in the near future, from technical market data to prediction market betting," suggesting strong market confidence in bitcoin’s potential price surge.
"Spot exchange-traded funds (ETFs) in the USA have been net buyers, with positive inflows of an average of almost 9,000 BTC daily in Q1 2024," highlighting significant institutional interest.
"Inflows into the U.S. BTC ETFs continue to be significant with $458.5 million inflow during the Wednesday trading day," showing the growing investor enthusiasm for bitcoin.
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