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The iShares Bitcoin Trust is on track for a spectacular rally when the markets open this week as Bitcoin price exploded higher and reached a record high. The IBIT ETF ended the week at $44, a few points below its all-time high.
IBIT ETF inflows are soaring
The iShares Bitcoin ETF is doing substantially better than expected as institutional investors continue moving to the fund.
Data by SoSoValue shows that the fund has had substantial inflows in the past few months such that it now has over $34 billion in assets. It has had cumulative inflows of $27 billion, making it the biggest spot Bitcoin ETF on record.
As a result, the IBIT ETF has overtaken the popular iShares Gold ETF (IAU) and could cross the popular SPDR Gold ETF (GLD).
The same trend has happened among other spot Bitcoin ETFs. For example, the Fidelity Bitcoin ETF now has over $14 billion in assets, while Ark Invest, Bitwise, and VanEck have over $1 billion in assets. Altogether, the cumulative inflows in Bitcoin ETFs has jumped to almost $26 billion.
This trend will continue this week since Bitcoin price has made a strong bullish breakout and surged to a record high. It soared to over $80,000 for the first time on Sunday and then moved to almost $82,000 on Monday morning. Therefore, the IBIT ETF will likely open at over $46 since it tracks the price of Bitcoin.
Bitcoin price is booming
To provide a clear IBIT ETF stock forecast, the best way is to look at the price of Bitcoin, which is in a parabolic move.
Bitcoin price has soared in the last seven consecutive days and is now sitting at a record high. This surge happened after Donald Trump won the American election last week, while Republicans were on track to win the House of Representatives.
Trump has pledged to enact friendly crypto policies, a move that will help to boost the industry. One of those policies would be to appoint a loved official to be the head of the Securities and Exchange Commission (SEC).
The crypto industry generally dislikes Gary Gensler, the current head of the SEC, who has governed through prosecutions. He recently sent a Well’s Notice to Immutable, the creator of a layer-2 network for gaming and NFTs.
The IBIT ETF is also doing well because of the actions of the Federal Reserve, which has maintained a relatively dovish tone. In most periods, risky assets like Bitcoin thrive when the Fed is cutting interest rates.
Most importantly, there are signs that the Fear of Missing Out (FOMO) is coming in now that the crypto fear and greed index has moved to the greed area of 74. This trend will push more retail and institutional investors back to Bitcoin.
Read more: Analysts See Bitcoin Rising To $90,000 In Latest Breakout
Peter Brandt
@PeterLBrandt
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This is called a complex continuation inverted H&S pattern – I know that’s a mouth full
Lots of chartists deny its existence – not me
Also not Schabacker, Edward and Magee – check for yourself
Note the similarities to Gold in 2009-2010
Complex shoulders, stunted RS
$BTC $XAUUSD
11:52 PM · Nov 10, 2024
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Bitcoin price forecast
BTC chart by TradingView
The daily chart shows that the price of Bitcoin has done well in the past few weeks. It has surged to a record high of over $81,400, and moved above the upper side of the falling broadening wedge pattern.
Bitcoin has moved above the 50-day and 200-day Exponential Moving Averages (EMA). Also, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level.
The Average Directional Index (ADX) has also moved to 28, meaning that the trend is gaining momentum. Therefore, the outlook for the BTC price is extremely bullish, with the next point to watch being at $100,000.
If this trend continues, it means that the iShares Bitcoin Trust (IBIT) and other spot Bitcoin ETFs will continue soaring. If this happens, the next point to watch will be at $60.
The post IBIT ETF stock forecast as Bitcoin price targets $100k, inflows surge appeared first on Invezz
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