Bitcoin’s Price Soars to New Heights 🚀

Experts are becoming more convinced that Bitcoin will reach six digits during this cycle, possibly even as early as this year.

Bitcoin’s continuous upward rally is making approximately 1,500 new crypto millionaires every day.

💸 Bitcoin, the pioneer cryptocurrency, has once again proved its worth by breaking all previous records and surging above $73,000 on March 13. This remarkable performance is not only making investors ecstatic but is also creating around 1,500 “millionaires” every day, according to Kaiko Research.

📈 Bitcoin’s Price Hits All-Time High ✔️

Data from Blocking.net Markets Pro and TradingView reveals that Bitcoin’s price, represented by the symbol BTC, started the day at $71,473 on March 13 and experienced a 3.5% increase to reach a new all-time high of $73,709 on one of the leading cryptocurrency exchanges, Coinbase.

BTC/USD daily chart. Source: TradingView

This surge in price is primarily attributed to the influx of institutional capital into the Bitcoin market, driven by the recent approval of spot Bitcoin exchange-traded funds (ETFs). HODL15Capital, an independent investor, highlighted the increasing inflows into these ETFs, stating that on March 12, they received a record-breaking $1 billion of net inflows. HODL15Capital advised investors not to sell their Bitcoin to ETFs.

• Spot Bitcoin ETFs Could See $220B Inflows; Coinbase Well-Positioned
• Arizona State Senate Considers Bitcoin ETFs for Retirement Systems
• Large Bitcoin Whales Selling Off Coins: What It Means for the BTC Price 🐋💰

Inflows into spot Bitcoin ETFs. Source: [@HODL15Capital](https://x.com/HODL15Capital/status/1767856683538133376?s=20)

As per data tracked by The Block, spot Bitcoin ETFs now account for nearly 90% of the daily trading volume market share for ETFs offering exposure to Bitcoin. This shows that investors are increasingly preferring direct exposure to Bitcoin through ETFs over Bitcoin futures contracts-based products.

🤑 1,500 New “Bitcoin Millionaires” Every Day

Kaiko Research’s report indicates that Bitcoin’s recent rally, fueled by U.S. spot Bitcoin ETFs, has been creating approximately 1,500 new millionaire wallets on a daily basis. This highlights the rapid wealth accumulation within the cryptocurrency sector.

Daily count of Bitcoin addresses reaching $1M and $10M in BTC. Source: Kaiko Research

However, the number of millionaire wallets created daily during this bull run is significantly lower than those witnessed in 2021. The report notes that more than 4,000 wallets reached the million-dollar mark daily, and over 2,000 wallets reached $10 million during the previous bull run. Kaiko researchers attribute this difference to a lack of new capital, profit-booking by whales during Bitcoin’s all-time highs, and whales storing their holdings with custodians instead of personal wallets.

The research also highlights a steady growth in the overall number of Bitcoin addresses holding significant wealth, indicating increasing adoption and acceptance of Bitcoin as a store of value and investment asset.

📈 Analysts Share Varying BTC Price Targets for 2024

With Bitcoin’s ongoing uptrend, many analysts are optimistic about further gains in the future. Standard Chartered predicts a BTC price surpassing $100,000 by the end of 2024, while SkyBridge hedge fund foresees a price of $170,000 by April 2025. Fundstrat projects a BTC price range of $116,000 to $137,000 by the end of this year, and VanEck maintains its medium-term target at $350,000.

Bitcoin fund inflows. Source: [@tedtalksmacro](https://twitter.com/tedtalksmacro/status/1767783948082684217)

Independent analyst Ted Talks Macro believes that funds are flowing into the Bitcoin market “like never before,” expressing confidence in Bitcoin reaching $100,000. Additionally, market participants are eagerly awaiting the upcoming supply halving scheduled for April 2024, anticipating it will drive the price of Bitcoin even higher.

🔗 References: – Blocking.net Markets Pro – TradingView – CBOE Predicts Spot Bitcoin ETFs to Attract Investments from Pension Funds and RIAs

🙋‍♀️ Q&A – Addressing Your Burning Questions

Q: What factors are contributing to the surge in Bitcoin’s price? A: The recent surge in Bitcoin’s price can be attributed to the influx of institutional capital into the market, driven by the approval of spot Bitcoin ETFs. These ETFs provide direct exposure to Bitcoin, making it easier for institutions to invest in the cryptocurrency.

Q: Are Bitcoin ETFs the preferred investment vehicle for institutions? A: Yes, according to data, spot Bitcoin ETFs now account for nearly 90% of the daily trading volume market share for Bitcoin-related ETFs. This indicates that institutions are gravitating towards these ETFs for Bitcoin exposure rather than opting for futures contracts-based products.

Q: Why has the growth of millionaire wallets slowed down compared to the 2021 bull run? A: The slower pace of growth in millionaire wallets can be attributed to a few factors. Firstly, there is a lack of new capital coming into the market compared to the hype of 2021. Additionally, some large Bitcoin holders, known as whales, may be profit-booking as Bitcoin reaches new all-time highs. Lastly, whales are choosing to store their holdings with custodians, indicating a more cautious approach in this rally.

Q: What are some Bitcoin price predictions for the future? A: Analysts have varying price targets for Bitcoin. Standard Chartered predicts a price surpassing $100,000 by the end of 2024, while SkyBridge hedge fund foresees a price of $170,000 by April 2025. Fundstrat projects a price range of $116,000 to $137,000 by the end of this year, and VanEck maintains its medium-term target at $350,000.

Q: Will the upcoming supply halving in April 2024 affect Bitcoin’s price? A: Yes, market participants are hopeful that the supply halving, which reduces the rate at which new Bitcoin is created, will contribute to an increase in Bitcoin’s price. Historically, previous halvings have led to bull runs in the market, and investors are anticipating a similar outcome in 2024.

---

✨ Bitcoin’s remarkable performance continues to captivate the financial world. With new all-time highs, record-breaking inflows into spot Bitcoin ETFs, and the creation of “Bitcoin millionaires” on a daily basis, the cryptocurrency is taking the world by storm. Analysts’ price targets and the eagerly anticipated supply halving further add to the excitement surrounding Bitcoin’s future. So, buckle up and enjoy the wild ride with Bitcoin 🚀

---

Liked this article? Don’t forget to share it with your friends on social media! 📱💻📢

We will continue to update Blocking; if you have any questions or suggestions, please contact us!