In a bullish forecast for Bitcoin (BTC) investors, Markus Thielen, head of research at 10x, anticipates that the cryptocurrency will hit an all-time high before the week concludes. Thielen’s insights come amidst a backdrop of significant market movements and increasing institutional adoption.
Thielen emphasized the importance of weekend price action, noting that despite attempts to liquidate leveraged long positions, the absence of sellers is a notable factor driving Bitcoin’s upward trajectory. The cryptocurrency surged to an all-time high against the euro on Monday and, at press time, was trading just above $67,000, a 6% increase over the past 24 hours.
Bitcoin Market Momentum and Institutional Adoption
Thielen pointed out several bullish indicators, including a substantial decline of 63,000 bitcoins held on exchanges over the past month. Notably, Coinbase‘s balance dropped from 400,000 to 372,000 bitcoins in just one month, indicating a trend of decreased supply available for trading.
Additionally, Thielen highlighted BlackRock‘s recent launch of a spot ETF in Brazil, underscoring the growing global interest in cryptocurrency investment products. Volumes in Korea have also surged to $8 billion per day for five consecutive days, signifying a significant uptick in trading activity compared to previous levels.
Institutional Flows and Market Dynamics
The analyst discussed the flow of funds between major investment products, noting spikes in outflows from Grayscale’s GBTC product and inflows into BlackRock’s IBIT. Thielen expects movement into the BlackRock product to resume strongly this week, as investors gain confidence amidst Bitcoin’s upward price momentum.
Thielen speculated that if Grayscale‘s outflows drop to less than $100 million, Bitcoin could experience a substantial upward movement in price, further fueling investor optimism.
With growing institutional interest, declining exchange holdings, and optimistic market sentiment, Bitcoin appears poised for a significant price surge. Investors eagerly await the unfolding price action, anticipating the cryptocurrency’s ascent to new heights in the coming days.
