Bitcoin Price Prediction: As $750M Rushes Into ETFs, Here’s Why BTC Could Top $70,000 Pre-Halving

Bitcoin price prediction: The crypto market is bullish as February comes to an end driven by a Bitcoin price surge from $51,730 on Monday to an intraday high of $64,000 during US business hours on Tuesday.

This massive increase in BTC’s value comes on the backdrop of immense interest in Bitcoin ETFs, which have over the last several weeks posted impressive performance.

The general market outlook has also been extremely bullish, especially for Bitcoin as it moves near the halving in April. Analysts say that this uptick in price accounts for a pre-halving rally, as investors prepare to sell the news close to the event.

Bitcoin Price Prediction: Rally Aims For $70,000 Pre-Halving

Bitcoin is trading above $61,500 as bulls charge forward bolstered by positive sentiment. Blockchain analytics platform Lookonchain revealed in a post on X the performance of Bitcoin ETFs, with 8 products raking in 12,187 BTC worth around $750 million at the current exchange rate.

Feb 28 Update:

8 ETFs added 12,187 $BTC($745M) today while #Grayscale only decreased 429 $BTC($26M).#Blackrock added 9,114 $BTC($557M)!https://t.co/vfmtWeLFsv pic.twitter.com/FjDswGNppn

— Lookonchain (@lookonchain) February 28, 2024

According to SoSoValue, BTC ETFs have cumulatively achieved a net inflow of $6.72 billion since they started trading in January. BlackRock’s IBIT ETF continues to lead the pack, accounting for $500 of $576 million — the total daily net inflow.

Grayscale outflows have also been persistent but the impressive performance of the other ETFs cancel out their impact on the overall net inflows.

The Bitcoin halving anticipated in April this year is another market mover that could drive prices in the crypto market higher by reducing BTC’s circulating supply.

Halving, which occurs in four-year cycles, has previously triggered substantial price increases several months after the event. While parabolic rallies are not guaranteed, changing supply and demand dynamics often keep investors motivated thus igniting the bull run.

Technical Indicators Signals Further Growth In BTC Price

Bitcoin is in the process of cracking resistance at $64,000 for a close move to the all-time high near $69,000. FOMO appears to be driving the rally which showed remarkable strength on Wednesday.

The Moving Average Convergence Divergence (MACD) indicator is bullish backed by a buy signal and key histograms above the neutral area. This shows that the trend leans bullishly reinforced by investors willing to throw all their weight behind Bitcoin.

Traders would be looking for key support levels to buy dips amid the strong momentum. For now, $56,020 – $57,975 is the biggest demand zone to watch closely. If there is a pre-halving pullback, Bitcoin price could tap this area to collect liquidity for a much stronger breakout into price discovery mode above $70,000.