A popular crypto analyst believes a key factor could send Bitcoin soaring past $100,000.
ETF Inflows: A Bullish Signal
Nicholas Merten, host of DataDash, suggests that if inflows into Bitcoin exchange-traded funds (ETFs) remain around 20,000 BTC per week, it could trigger a significant upward move.
“Tens of thousands of Bitcoin being purchased weekly into the ETF would be a huge cue that we’re ready for a broader upward move, six figures, and a new bull market beyond prior highs,” Merten said.
Warning: ETF Inflows Declining
However, Merten warns that if ETF inflows decline, Bitcoin could retest $50,000.
“If we’re seeing single-digit thousand weeks or negative/neutral weeks, it could signal a correction down to the 100-day or 200-day moving average, potentially around $50,000,” he explained.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $70,621.
