Cryptocurrency experts predict when bitcoin will reach a new historical high

Analysts at QCP Capital have published an analytical column for investors in which they suggested that bitcoincould exceed its historical high by the end of March. According to them, the price of the digital currency will depend on the inflow of funds into exchange-traded funds (ETFs) and the accumulation of options to buy bitcoin with prices in the range of $ 60−80 thousand.

According to QCP Capital, bitcoin ETFs buy up to 10−13 thousand bitcoins daily. «BTC has surpassed the $ 50 thousand level again for the first time in two years. This happened due to bitcoin purchases by bitcoin ETFs for about $ 500−650 million per day,» QCP Capital analysts write.

QCP Capital analysts also believe that the accumulation of options to buy bitcoin with prices of $ 60−80 thousand indicates bullish sentiment among market participants. Information from Deribit, a leading cryptocurrency options exchange, indicates that traders are buying up bitcoin call contracts with strike prices close to the historical high of the first cryptocurrency at $ 69 thousand.

«If all these trends continue, the bitcoin rate can easily overcome historical highs by the end of March,» analysts write.

Another analytical company, CryptoQuant, estimates that the price of the first cryptocurrency could rise to $ 112 thousand if the current trend of inflows into bitcoin exchange-traded funds (ETFs) continues.

According to SoSoValue, on February 14, the total inflow of investments in bitcoin ETFs amounted to $ 339 million. Inflows have been increasing over the past 14 trading days. Inflows to the iShares Bitcoin Trust (IBIT) fund from BlackRock are growing. On February 14, the ETF attracted $ 224 million in inflows during a single trading day. The total net inflows into the IBIT bitcoin ETF have already reached $ 4.84 billion since its launch.

According to the official website, BlackRock’s IBIT assets total 105 thousand bitcoins worth $ 5.4 billion. Rick Reeder, Chief Investment Officer of the world’s largest management company BlackRock, said on February 9 that BlackRock may increase its investments in cryptocurrencies in the future.