Purchases of BTC units continue to come in from ETFs and that is a wonderful thing, I would even go so far as to say that no one expected purchases to scale these levels in such a short time, this if we take into account that it has barely been a little over a month and expectations have fallen short.
If the monthly purchases of BTC units by ETFs continue, the Bitcoin price action projection will continue to rise, and the potential breakout from the all-time high may come before the Bitcoin Halving that will take place in April of this year.
The Bitcoin Halving is barely two months away and the price action has already touched $50,000, however, one of the positive things is that the recently developed move has entered a sideways and accumulation channel which means that it is highly likely that we will continue to see further momentum in the coming weeks.
Even though there is the uncertainty of seeing the price retreat to the $40,000 area, we have not seen sharp declines to the downside which in my view is very positive, this because, to the extent that BTC purchases are executed by ETFs will continue to consolidate the uptrend before the Halving.
One of the elements that in some way has brought the rise of Bitcoin to the key level located at $50,000 is that it puts focus on the shortage of supply by the halving and ETF inflows to the spot.
Likewise and corresponding to the appreciations of Cointelegraph columnist Nancy Lubale, "recently issued U.S. spot Bitcoin ETFs recorded net inflows of USD 1.1 billion last week, bringing inflows since the launch on January 11 to USD 2.8 billion."
SOURCES CONSULTED
Cointelegraph. Bitcoin price rally to $50K puts spotlight on halving supply shortage and spot ETF inflow. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
