Usually when the crypto market is booming like today and yesterday, we see massive Bitcoin ETFs inflows. This was certainly the case today.
The Bitcoin ETF market produced another remarkable day with inflows reaching $868 million, with BlackRock’s fund leading the charge at $640 million. This marks one of the largest daily inflows since these products launched.
For context, the highest single-day inflow was recorded on March 12, 2024, totaling $1.045 billion. Given the current market enthusiasm, we might see this record challenged soon.
Bitcoin’s price reflected this momentum, climbing 5% yesterday and currently trading around $72,400, approaching its all-time high. Meanwhile, Ethereum ETFs continue to show relatively modest activity, with investor interest remaining subdued.
Read also: Analyst Predicts Cardano (ADA) Price Could Rally 25% Short-Term – Here’s Why
Fibonacci Analysis Suggests Higher Targets
In a notable development, crypto analyst Ali Martinez shared an interesting Bitcoin chart with his 76,000 followers on X (formerly Twitter). The analysis applies Fibonacci extension levels to previous bull cycles, revealing fascinating patterns in Bitcoin’s price movement.
Looking at historical data, Bitcoin has consistently peaked between two crucial Fibonacci extension levels: 1.618 and 2.272. During the 2013 bull run, Bitcoin reached the 2.272 level at approximately $1,054. The 2017 cycle saw similar behavior, with prices peaking near the 2.272 extension around $16,570. In 2021, Bitcoin touched the 1.618 level near $61,998, though it didn’t quite extend to the 2.272 level during that cycle.
Based on these historical patterns, the current cycle’s Fibonacci extension levels suggest potential targets between $174,000 (1.618 level) and $462,000 (2.272 level). With Bitcoin currently trading above $71,400, surpassing the previous peak of $68,997, the market is watching closely to see if these historical patterns will repeat.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
