• 17 July, 2024
Market News

Analysts Predict Bitcoin Frenzy as Net Inflows Hit $250 Million in a Day: Report

In a recent development, renowned cryptocurrency trader and analyst Crypto Panda has stirred the crypto community with his recent revelation that a staggering $250 million flowed into the Bitcoin market in a single day. This influx translates to a substantial withdrawal of 5800 Bitcoins from circulation within 24 hours, surpassing the current daily mining rate of 900 BTC.

Panda remains optimistic about the continuous surge in inflows, dismissing any immediate signs of a slowdown. He emphasises that the ongoing marketing efforts by ETF issuers, coupled with the escalating Bitcoin prices, are fueling a self-perpetuating cycle. The classic bull cycle flywheel mechanics are already in play, preceding the anticipated halving.

Source: Image by Farside

MicroStrategy made headlines by acquiring a whopping $615 million worth of Bitcoin between November 30 and December 26. Panda speculates that if the trend of three consecutive days of substantial inflows persists, the Bitcoin market could experience unprecedented volatility.

Adding weight to this sentiment, esteemed crypto analyst Daan Crypto shared insights in a recent post, projecting a significant reduction in the available Bitcoin supply over the next few days. Daan anticipates that once the price gains momentum with limited supply, the market dynamics could enter a frenzy, albeit stopping short of a million-dollar valuation. His version of “crazy” entails breaking the all-time high before the halving event.

Panda points out the erratic nature of daily net flows but expresses satisfaction in witnessing two consecutive positive net flows for the first time since the Bitcoin ETF launch. With anticipation building for the mania phase of the cycle, both analysts predict that these ETFs will bring about unprecedented figures, adding further fuel to the Bitcoin frenzy.

As the crypto market braces itself for potential upheavals, enthusiasts and investors closely monitor the indicators that could propel Bitcoin into uncharted territory. The stage seems set for an exciting ride, with the Bitcoin community eagerly awaiting the unfolding developments in the coming days.

Ethereum's January Rally Signals Promising Growth With Increased Returns Read Previous

Ethereum's January Rally Signals Promising Growth With Increased Returns

VeChain and Walmart China Achieve 200 Million Blockchain Transactions Milestone Read Next

VeChain and Walmart China Achieve 200 Million Blockchain Transactions Milestone