“This week will be very bullish for Bitcoin”

Important facts:
  • Bitcoin ETFs had a positive day after several days of decline.

  • Bitcoin will top $100,000 in less than 6 months.

According to Juan Rodriguez, a Colombian investor and analyst, “This week will be very bullish for Bitcoin (BTC).” This was stated in his most recent video published on YouTube yesterday, March 25.

The analyst based his estimate on the potential demand for Bitcoin exchange-traded funds (ETFs) in the United States. “The perspective is that the aggressive purchases (made) of over 30,000 BTC per week over the past weeks will be returned to the present,” DIjo,

For Rodriguez, it Bitcoin is about to reach new price highs, as happened in the first half of March after two months of large purchases of ETFs. They believe so because such devices have once again monopolized the entries on March 25. As shown below, they have recorded their highest weekly outflows, which has put downward pressure on BTC.

Bitcoin ETF buying and selling BTC in the United States since its launch two months ago. Source: Juan Rodriguez.

With the revival of ETF inflows, Bitcoin price bounced back above $70,000 after falling to $60,000. Thus, as long as the buying continues, it is possible that it will surpass the historical high of US$73,700 recorded two weeks ago, as seen below.

Bitcoin price in dollars (USD) so far this year. waterfall: trading view,

Rodriguez also warned that the market is about 25 days away from the halving, which will occur around April 19. This event reduces Bitcoin issuance by half, leading to less sales by miners, further driving demand. Historically, the currency has rallied only a few months after such an event occurred.

The analyst cautions that this scenario adds to the fact that Bitcoin began its bullish cycle 500 days ago, which is typically half its duration. Although he makes reservations Institutional investors have anticipated this cycle, taking the price to a new record before the halving. This was inspired by the launch of ETFs.

This cycle is the first in which Bitcoin recorded new all-time high prices before the halving. Until then, this always happened months later. That’s why Rodriguez believes the currency’s current upward trend may last shorter than usual. However, at the moment he does not see the end in sight.

According to Juan Rodriguez, Bitcoin will trade at US$100,000 in less than 6 months

“I believe that in less than six months, including March, as long as ETF buying continues, we will see Bitcoin above US$100,000,” he said. This is further reinforced by data on-chainas you see.

Rodriguez noted that there has been a decline in the amount of Bitcoin people bought between six months and three years, indicating profit taking. Currently, the share of these players is 40%, as seen below. By historical standards, it is a symbol of there’s still a way to goHe says, since the maximum peak is usually reached when it drops below 20%.

Capitalization of Bitcoin realized. Source: Juan Rodriguez.

Rodriguez detailed that, over the past 7 days, US$3,000 million worth of Bitcoins were sold at a profit, something that had not happened since the 2021 bull cycle. This caused a drop in price as at that time, but did not end the bullish trend. As new demand continued.

The Colombian analyst explains it Aggressive selling of Bitcoin usually occurs at the first relevant peak of the bullish cycle., He concluded that in his opinion this is what is currently happening.

“There is still momentum left in this first peak of the cycle phase,” he said. And he said that at this stage “macro is becoming relevant.” Therefore, he indicated that it will be important to pay attention to, such as, the United States inflation report scheduled for this Friday, March 29.

Leave a Reply

Your email address will not be published. Required fields are marked *