Bitcoin Analyst Predicts Potential Surge to $65,000 as Massive Cash Inflows Hit Market

Potential Bitcoin surge to $65,000! Analyst notes massive cash inflows, drawing parallels to historical highs. Stay informed with easy insights.

Dec 17, 2023 - 10:09
Dec 17, 2023 - 10:09
Bitcoin Analyst Predicts Potential Surge to $65,000 as Massive Cash Inflows Hit Market
Bitcoin Analyst Predicts Potential Surge to $65,000 as Massive Cash Inflows Hit Market

Cryptocurrency trader and analyst Ali, known as @ali_charts on social media, recently shared insights on Twitter about significant cash inflows into leading cryptocurrencies Bitcoin (BTC) and Ethereum. The noteworthy aspect is the influx of tens of billions of US dollars occurring within a single day.

Ali draws parallels to a similar funds influx observed three years ago, emphasizing that such significant inflows into BTC and ETH preceded Bitcoin's surge to an all-time high. Currently, a staggering $19.7 billion is flowing into Bitcoin and Ethereum, with Ali expressing excitement due to similarities with the December 2020 influx. Notably, this influx in 2020 was followed by Bitcoin reaching its all-time high of $65,000 in April 2021.

The analyst hints at the possibility of Bitcoin once again targeting the $65,000 level if historical patterns repeat themselves.

Historical Context: Bitcoin's Previous Surge to $65,000

Ali points to the primary catalyst behind Bitcoin's previous surge to $65,000, citing events in February 2021. During this time, Tesla, led by Elon Musk, announced a significant investment of $1.5 billion in Bitcoin, adding the cryptocurrency to its balance sheet. The subsequent announcement that Tesla would accept Bitcoin as payment for its electric vehicles further fueled the surge.

Bitcoin's price rose above $52,000 on February 18, and by April 15, it had surpassed the remarkable $65,000 level. However, in April, a setback occurred when Elon Musk reversed Tesla's acceptance of Bitcoin, citing environmental concerns related to its mining algorithm. Despite this, Tesla retained its Bitcoin holdings.

Recent data indicates that Tesla has since sold its entire Bitcoin holdings, valued at $417,230,028 at the time of writing.

As Bitcoin experiences a 5.16% increase overnight, market participants eagerly anticipate potential upward momentum, guided by historical trends and substantial cash inflows.

Also Read: Bitcoin Risks: Government Ban and Quantum Computing Explained

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