An analyst pointing to aggressive purchases in spot Bitcoin exchange-traded funds (ETF) said that the uptrend could continue.
On March 5, the price of Bitcoin reached an all-time high, and investors’ buying appetite increased significantly. In addition to individual investors, institutional actors such as BlackRock and Fidelity have increased their volume during this period in their purchases for spot Bitcoin ETF issuance.
Commenting on the matter, Lolli’s CEO Alex Adelman said that Bitcoin’s rise is likely to continue, especially as aggressive purchases by institutions continue, and he said that $150,000 could be surpassed within the next year:
As demand from Bitcoin ETFs continues to outpace new production with an average daily inflow of $500 million, we will see that Bitcoin continues to rise. Following the halving, the increased supply scarcity and strong demand from both individual and institutional investors will likely further drive up the price of Bitcoin. According to historical trends following halvings, Bitcoin’s price could exceed $150,000 next year.
