Bitcoin Initiates Strong Rally Above $60,000: What’s Next in Line?

  • Bitcoin prices surged to $64,000 today, indicating a boost in prices amid the ongoing bullish run.
  • According to data published by Glassnode, there have been only 31 days where Bitcoin’s daily closing price remained above $61,000.
  • The data also indicates a historical trend where the cryptocurrency’s prices followed a downward trend after a sharp bullish rally.

Bitcoin’s price showed a strong increase to $64,000 today; will there be a correction in BTC price? Here are the latest predictions!

Bitcoin Price Reaches $64,000 Level

Bitcoin-BTC

Bitcoin prices surged to $64,000 today, indicating a boost in prices amid the ongoing bullish run. The current price increase is attributed to strong entries into Bitcoin ETFs. However, historical data currently shows very few instances where Bitcoin surpassed the $61,000 mark. The market is questioning whether prices will drop or the current bullish run will continue due to limited data to support further increases.

According to data published by Glassnode, there have been only 31 days where Bitcoin’s daily closing price remained above $61,000. While the spot price of Bitcoin may still be rapidly advancing towards all-time highs, the probability of remaining above this level is only 0.62%.

The data also indicates a historical trend where the cryptocurrency’s prices followed a downward trend after a sharp bullish rally. Spot Bitcoin ETFs are having a fantastic week so far; on Monday, they saw an entry of $520 million, and on Tuesday, they saw another significant entry: $577 million.

The massive inflow followed a $520 million flow into BlackRock iShares Bitcoin ETF, which helped push Bitcoin’s price to $60,000. According to BitMEX Research data, spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of $577 million (or 10,167.5 BTC) on February 27.

With the massive trading volumes recorded by all nine spot Bitcoin ETFs, this was the highest inflow since the beginning. However, on Tuesday, Grayscale’s GBTC outflow once again increased, having dropped to $22.4 million the previous day.

Bitcoin Prices: Is a Correction on the Way?

BTC’s price skyrocketed to $64,000, a fraction away from the $68,600 set 27 months ago. $56,329 is the 24-hour low, and $64,000 is the 24-hour high. As of the time of writing, the largest cryptocurrency is trading at $61,070, showing an almost 6% increase in the last 24 hours.

However, due to a lack of data supporting the sustainability of this bullish run, investors are now eager to understand how BTC’s drama could unfold. Following the recent surge in BTC prices, Daniel Yan, co-founder of crypto service firm Matrixport, issued a warning of an expected correction of around 15% by the end of April. Nevertheless, with increasing entries each day, the growth of Bitcoin ETFs is believed to potentially further elevate cryptocurrency prices.

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Sheila Belson
Sheila Belsonhttps://en.coinotag.com
Sheila Belson is a 20-year-old financial content editor who ventured into the realm of cryptocurrencies in 2023. Enthralled by the innovative world of non-fungible tokens (NFTs), she harbours a profound affection for Ethereum. With a sharp eye for detail, Sheila skillfully navigates the dynamic crypto landscape, continuously seeking to enrich her understanding and share her passion through engaging and insightful content.
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