Their forecast is backed by a thorough analysis of Bitcoin user activity, market capitalization, and transaction volume. It is important to highlight that the current market is experiencing a bullish momentum, heading towards an “overheated bull phase.” According to the experts at CryptoQuant, BTC’s profit has already surpassed an impressive 88%.
Several analysts share an optimistic perspective for 2024, and recent price surges reflect this sentiment. The positive trend can be attributed to various crucial factors such as the upcoming halving in April and the potential approval of a Bitcoin exchange-traded fund (ETF).
A team of experts from VanEck has predicted that Bitcoin ETFs could generate over $2.4 billion in the first quarter of 2024. This estimation aligns with the possibility of US authorities granting approvals for spot Bitcoin ETF applications.
A recent report by analytics firm Glassnode has also highlighted significant inflows of funds into cryptocurrency exchanges, suggesting that institutional investors might be preparing for spot ETFs.