Bitcoin (BTC) experienced a period of consolidation over the weekend following a pullback from its recent All-Time High (ATH) of $70,083.05 to a low of $61,442. Despite this, the cryptocurrency has shown resilience, with its price currently hovering around $69,548.88, marking a 1.64% increase in the past 24 hours.
The focus now turns to the potential impact of spot Bitcoin exchange-traded funds (ETFs) in the upcoming week. Data suggests a scarcity in the Bitcoin Order Book, particularly noticeable on Coinbase, with less than 150 BTC available for purchase at the $70,000 valuation. In contrast, spot Bitcoin ETF issuers, including BlackRock, Fidelity Investments, Ark Invest, and Bitwise, are expected to add 5-10,000 BTC to their portfolios. This supply squeeze is contributing to Bitcoin’s upward price momentum.
As Bitcoin seeks to establish solid support at the $70,000 level, analysts suggest it is in a phase of price discovery, making it challenging to determine an immediate ceiling. The influx of approximately 33,000 BTC by ETF issuers over the past week, alongside the upcoming Bitcoin halving event in 37 days, where block rewards will halve, further adds to the bullish sentiment. If demand for spot Bitcoin ETFs remains strong, it could potentially drive Bitcoin’s price to reach targets as high as $300,000, as projected by “Rich Dad Poor Dad” Author Robert Kiyosaki for this year.