- Bitcoin (BTC) has reclaimed the $62,000 price level and welcomes bullish trends.
- Market trends like ETFs taking 5% of the total BTC supply fuels demand.
- Also, Bitwise filed with the SEC for Bitcoin and treasuries rotation ETF.
Bitcoin has climbed back up to the $62,000 price level showing strong bullish momentum in the upcoming months of Q4. Analysts have high expectations for Bitcoin (BTC) during this time and expect the pioneer crypto asset to make parabolic pumps and bullish upward price surges.
To support this bullish momentum are many indicators from bullish pattern formations of the Bitcoin (BTC) price chart till the US Presidential elections. This paired with the high expectations of historical repeats of green Q4 especially in a Bitcoin Halving year, has set BTC cycle top targets from $220,000 to $550,000.
Bitwise Files for Bitcoin and Treasuries Rotation ETF
Meanwhile, other bullish market trends have already added to the positive sentiment of a massive BTC price surge occurring very soon. Just announced was Bitwise filing with the SEC for a Bitcoin and treasuries rotation ETF. The response from the crypto community has been highly positive.
JUST IN: 🇺🇸 Spot #Bitcoin ETFs now hold almost 5% of the total supply of Bitcoin 👀
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Demand is increasing, supply is decreasing 🚀 pic.twitter.com/PlKZpRnla3google news — Bitcoin Magazine (@BitcoinMagazine) October 4, 2024
Spot Bitcoin ETFs Hold Almost 5% of Total BTC Supply
Similarly, another bullish indicator comes in from Spot Bitcoin ETFs holding almost 5% of the total supply of Bitcoin (BTC). As demand increases, BTC supply decreases, pumping up the price even further as Bitcoin is a limited commodity with only 21 million BTC to ever exist, a small percent yet to be mined.
All in all, the sentiment for Bitcoin to thrive in the strong bullish market playing out is steadily gaining momentum as more and more crypto and Bitcoin analysts share bullish price predictions. With global liquidity having reached a new high, expectation for major liquidity to flow into the crypto market also grows stronger.
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