A top expert highlights key resistance for Bitcoin price that the crypto must breach to hit a new high.
The US Spot Bitcoin ETF is once again in the limelight with a robust fund flow into the investment instrument this week, and Bitcoin (BTC USD) price saw solid gains.
It has ended the last two days of the previous week in the red, which has spooked investors while triggering a selloff in the broader crypto market.
However, this week’s data suggests that the institutions have regained their confidence in the flagship crypto.
According to the latest data, the fund flow into BTC ETF has soared past the brief $2 billion mark this week.
Meanwhile, this development has also fueled speculations over its potential impact on the BTC price.
Notably, Bitcoin price has already recorded solid gains over the past few days, soaring past the $116k level again today.
Now, with the institutions and corporates betting heavily on the asset, market participants anticipate a likely rally in the flagship crypto.
So, here we discuss the recent fund flow into the US Spot Bitcoin ETF and the Bitcoin price predictions from the top experts.
According to Farside Investors data, the US Spot Bitcoin ETF recorded a total influx of $2.32 billion this week.
This robust fund flow suggests that the institutions are once again putting their bets into the asset.
The highest inflow this week was recorded on September 10, when the total BTC ETF flow totaled $741.5 million.
Notably, Fidelity’s FBTC provided the highest boost with $299 million influx on that day.
Simultaneously, on September 12, the total influx into the investment instrument was $642.4 million.
FBTC and BlackRock’s IBIT offered the highest funds on Friday, totaling $315.2 million and $264.7 million, respectively.
Meanwhile, institutions are not only betting on the Bitcoin ETF but also on Ethereum. The overall fund flow into the US Ethereum ETF was positive this week, totaling $637.6 million.
BTC price has recorded a robust rally this week amid soaring inflows into the US Spot Bitcoin ETF. Over the last seven days, Bitcoin price has added around 5% while losing about 2% in the monthly chart.
During writing, the price of BTC was at $116k, with its 24-hour high and low being recorded at $116,769 and $114,794, respectively.
Notably, the trading volume of the crypto fell 5.5% in the last 24 hours to $45.8 billion.
Meanwhile, despite the heavy fund flow into the US Spot Bitcoin ETF, a top analyst has warned of a short-term pullback or a consolidation phase for BTC price.
In a recent X post, expert Michael van de Poppe has lauded the monthly candle of Bitcoin.
In addition, he also noted that this gives a “strong signal” for more upside in the near future. But, for the short term, he said that the crypto might consolidate in the current range.
However, if Bitcoin price manages to break through the $117k resistance, Poppe believes that it could touch a new all-time high ahead.
Renowned market expert PlanB has sparked discussions in the market with his Bitcoin price prediction.
In a recent X post, the analyst said that the Stock-to-Flow (S2F) model predicts BTC price to reach around $500k during the 2024-28 cycle, with a range of $250k and $1 million.
Meanwhile, he contrasted this with the previous cycle (2020-24), where the S2F prediction was $55k, with the range of $25k and $100k.
However, BTC closed below the estimated level but within the range at $34k. Considering that, the analyst said that an average price below $250k for the current cycle “would not be good” for S2F.
So, if the prediction comes true, BTC could reach at least $250k this cycle.
Besides, with the soaring inflow into the US Spot Bitcoin ETF and soaring investors’ interest, the flagship crypto might continue its bullish momentum ahead.
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