iShares Bitcoin Trust will be on the right track to a stunning rally this week when markets open, as Bitcoin’s price has exploded and hit a new record. IBIT ETF closed the week at just $44, which is a few percentage points off its record high.
Inflows into IBIT ETF are surging
As institutional investors continue to flock towards the fund, the iShares Bitcoin ETF has performed better than anticipated.
SoSoValue shows that inflows to the fund have been substantial over the last few months, and it has now assets of more than $34 billion. The fund has seen cumulative inflows totaling $27 billion. This makes it the largest Bitcoin ETF ever.
The IBIT ETF is now ahead of the iShares Gold ETF and may even surpass the popular SPDR Gold ETF GLD.
Other Bitcoin ETFs have followed the same pattern. Fidelity’s Bitcoin ETF, for example, has assets of over $14 billion, while Ark Invest Bitwise and VanEck each have assets over $1 billion. The cumulative amount of money flowing into Bitcoin ETFs now totals almost $26 billion.
The trend is expected to continue in the coming week, as Bitcoin has reached a new record high and made a bullish breakout. On Sunday, it reached a record high of over $80000 and moved up to nearly $82,000 by Monday morning. The IBIT ETF is likely to open above $46 as it follows the Bitcoin price.
The Bitcoin price has soared
For a good IBIT ETF forecast, it is best to examine the Bitcoin price, which has been on a steep upward trend.
Bitcoin’s price has surged over the past seven days, and now sits at an all-time high. The surge in bitcoin price occurred after Donald Trump’s victory at the American elections last week. Republicans were also on course to take the House of Representatives.
Trump pledged that he would enact crypto-friendly policies. This will boost the industry. The first of these policies is to nominate a beloved official as the new head of Securities and Exchange Commission.
Gary Gensler is generally not liked by the crypto community, as he has been governing through criminal prosecutions. Recently, he sent Immutable a Well’s notice. Immutable is the developer of a layer-2 gaming network and NFTs.
IBIT ETF also does well due to the Federal Reserve’s actions, as it has kept a relatively dovish stance. Risky assets, such as Bitcoin, tend to do well when interest rates are being cut by the Fed.
The Fear of Missing Out is a growing concern, especially now that the fear-greed index for crypto has moved into the area of greed at 74. The trend is likely to push retail investors and institutions back towards Bitcoin.
The latest Bitcoin Breakout: According to Analysts, the price of bitcoin could rise as high as $90,000.
Peter Brandt
@PeterLBrandt
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The pattern is called an inverted complex continuation H&S – yes, I’m aware that it sounds complicated. But not Schabacker and Edward – you can check yourself.
11:52 PM * Nov 10, 2024
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Bitcoin Price Forecast
BTC Chart by TradingView
Bitcoin’s price has been doing well over the last few weeks, as can be seen on the daily chart. The price of Bitcoin has risen to an all-time high of $81,400 and is now above the upper edge of the broadening falling wedge pattern.
Bitcoin is now above both the 200-day and 50-day exponential moving averages. The Relative Strength Index and Stochastic oscillator are also at an overbought state.
The Average Directional Index has also increased to 28. This means that the current trend is picking up speed. The outlook is bullish for BTC, and the next level to be watched will be $100,000.
This means that iShares Bitcoin Trust and other Bitcoin spot ETFs are likely to continue their upward trend. The next level to monitor will be $60 if this occurs.
The ICD published this post: IBIT ETF Stock Forecast as Bitcoin Price Targets $100k and Inflows Surge
