Crypto Analysts at CoinCodex and Changelly See Bitcoin Price Soaring Despite Bear Market

BlackRock's iShares Bitcoin Trust ETF (IBIT) has seen a considerable increase in inflows. The ETF now has 60 straight days of fund inflows.

According to Bloomberg ETF specialist Eric Balchunas, BlackRock's BTC ETF is approaching the top ten.

IBIT received an average inflow of $223.4 million in April. According to Farside data, the asset saw a high inflow of $849 million and a low inflow of $18 million. 

Bitcoin recently underwent a halving cycle. Many experts consider halvings bullish since they reduce an asset's supply, thus increasing demand. As demand increases, prices rise.

According to CoinCodex, Bitcoin (BTC) will cross $74,000 to set a new all-time high of $74,375 on Thursday, April 25, 2024. Reaching $74,375 from current levels would represent an increase of approximately 11.77%.

Furthermore, CoinCodex believes that Bitcoin's (BTC) surge will continue throughout May. The platform estimates that BTC will reach $87,124 on May 19, 2024. Reaching $87,124 from current levels would represent approximately 30.93% growth.

Changelly also predicts a bullish future for Bitcoin over the coming few weeks. The program forecasts that BTC will reach a new all-time high of $73,974 on April 25, 2024.

Furthermore, Changelly expects the asset to continue its surge in May, reaching a new high of $86,769 on May 19, 2024.

The optimistic outlook for Bitcoin (BTC) could be attributed to the recent halving event and increasing inflows into spot BTC ETFs.

Inflows into spot BTC ETFs drove BTC to a new all-time high in March of this year. A similar pattern may emerge later this month as well.