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This week, Bitcoin is gearing up to hit new heights, according to Markus Thielen, head of research at 10x, who believes the flagship cryptocurrency will surpass its all-time high. Thielen’s analysis highlights the cryptocurrency’s impressive performance, particularly against the euro, where it achieved a record high on Monday. At that time, Bitcoin was trading just above $68, 000, a 6% increase over 24 hours and nearing its highest value in USD of $69,000 from November 2021.
Thielen’s optimism is partly based on the observation of Bitcoin’s price movements over weekends, noting that despite attempts to liquidate leveraged positions, Bitcoin has maintained its value due to a lack of sellers. This resilience suggests a strong market confidence in Bitcoin, poised for further gains.
A huge factor contributing to Bitcoin’s bullish trend is the reduction of Bitcoin available on exchanges. Over the past month, there’s been a decrease of 63,000 bitcoins on these platforms, with Coinbase experiencing a drop from 400,000 to 372,000 bitcoins in its balance within just one month. This decline indicates a growing preference among investors to hold onto their bitcoins, potentially in anticipation of higher prices.
Furthermore, Thielen pointed out that the interest in Bitcoin is not limited to U.S. exchange-traded funds (ETFs). For instance, BlackRock’s recent launch of a spot ETF in Brazil and the surge in trading volumes in Korea, which reached $8 billion per day over five consecutive days, demonstrate the global enthusiasm for Bitcoin. This is a stark increase from the previous average of less than $1 billion.
Despite a temporary shift in investment flows, with outflows from Grayscale’s GBTC and slowed inflows into BlackRock’s IBIT, Thielen is confident that investment into the BlackRock ETF will pick up again. He attributes this confidence to the investors’ growing assurance as Bitcoin’s price continues to climb, suggesting a sustained interest and investment in the cryptocurrency.