Bitcoin To Hit New All-Time High 'Within Weeks,' Says Galaxy Research: 'This Time It's Different'
Portfolio Pulse from Murtuza Merchant
Alex Thorn from Galaxy Digital predicts Bitcoin (BTC) will reach a new all-time high within weeks, driven by institutional investments, including a record inflow into Bitcoin ETFs led by BlackRock (NYSE:BLK), and the increasing adoption by notable figures and platforms. The surge is attributed to Bitcoin's scarcity, long-term holder conviction, and the transformative impact of Bitcoin ETFs in the U.S., suggesting a maturing market.
February 29, 2024 | 10:01 pm
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POSITIVE IMPACT
BlackRock experienced its largest-ever day of inflows into Bitcoin ETFs, indicating strong institutional interest in digital assets.
The record inflows into BlackRock's Bitcoin ETFs highlight the growing institutional interest in Bitcoin and could signal increased confidence in BlackRock's investment strategies, potentially boosting its stock in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Bitcoin is predicted to hit a new all-time high within weeks, driven by institutional investments, including significant inflows into ETFs, and adoption by notable figures and platforms.
The prediction of a new all-time high for Bitcoin is based on the current influx of institutional investments, the strategic interest from notable figures, and the transformative role of Bitcoin ETFs, indicating a bullish outlook for Bitcoin's price in the short term.
CONFIDENCE 85
IMPORTANCE 95
RELEVANCE 100