Bitcoin ETF Inflows Driving Price Surge, Predicts Analyst Marc van der Chijs: $100K Possible Within 2-3 Months

Bitcoin ETF Inflows Driving Price Surge, Predicts Analyst Marc van der Chijs: $100K Possible Within 2-3 Months

Crypto News – In recent weeks, the meteoric rise of Bitcoin has been largely attributed to the influx of capital from newly established spot Bitcoin exchange-traded funds (ETFs). As Bitcoin surpassed the $50,000 mark and surged beyond $52,000, market observers have closely monitored the impact of these ETFs on the cryptocurrency’s price dynamics.

According to insights shared by Marc van der Chijs, a prominent Bitcoin investor and the founder of several cryptocurrency enterprises, including the mining firm Hut 8, ETF issuers are actively acquiring Bitcoin at a rate exceeding 10-12 times the daily production. This substantial demand surge has resulted in a notable 2% daily price increase, equivalent to approximately $1,000.

Analysis of post-ETF Bitcoin charts conducted by Chijs reveals that significant price surges frequently coincide with the settlement period preceding the opening of the U.S. market. The substantial inflows into ETFs, surpassing the daily newly produced Bitcoin supply by a considerable margin, have prompted existing holders to capitalize on elevated prices. This selling pressure, fueled by the perception of Bitcoin’s continued growth potential, contributes to an environment of fear of missing out (FOMO) among ETF investors, further driving up demand and consequently elevating USD valuations.

Chijs acknowledges the unprecedented nature of the current market conditions, anticipating a consistent average daily increase of $1,000 in the coming weeks. Looking ahead, he highlights two impending events poised to exert additional upward pressure on Bitcoin prices over the next three months: the upcoming Bitcoin halving event and the gradual release of shares from newly established ETFs.

With the impending halving event scheduled for April, wherein miners’ block rewards will be halved, reducing daily Bitcoin production from approximately 900 BTC to 450 BTC, Chijs anticipates intensified buying pressure from ETF issuers seeking to bolster their holdings. Moreover, the standard practice among financial advisors to allow the sale of ETF shares after a 90-day trading period suggests a potential uptick in demand by early May, further bolstering Bitcoin’s price trajectory.

In light of these factors, Chijs boldly asserts the possibility of reaching a new all-time high exceeding $69,000 prior to the halving event and envisions a milestone of $100,000 within the next 2-3 months, barring unforeseen black swan events.