Upcoming Bitcoin ETF and FOMO Will Trigger Parabolic Upward Rally
CryptoNewsTerminal Staff07 Jun, 2024
Upcoming Bitcoin ETF and FOMO Will Trigger Parabolic Upward Rally
Cointelegraph, a popular cryptocurrency media outlet, reported on August 8 that there has been a continuous inflow of funds into the US Bitcoin physical ETF. This could trigger a parabolic upward rally in the price of Bitcoin. Based on analysis from multiple professional traders, cryptocurrency analyst Jelle, with approximately 85,000 X followers, said, "The price of Bitcoin is continuing to move towards a breakout near the psychological resistance line of $72,000. It is only a matter of time before the BTC price breaks through the resistance line and rises further due to ETF demand and natural capital inflows." Furthermore, Eric Balchunas, an ETF analyst at Bloomberg, stated that "Fidelity is not messing around." This statement was made after 378 million in net inflows were made into Fidelity's Bitcoin physical ETF on the 4th (local time). Balchunas added, "The third wave is turning into a tidal wave."
