The recent surge in Bitcoin’s [BTC] price, which helped it surpass the $70,000 mark, was fueled by Coinbase Premium. However, this premium, suggesting an increased buying activity, has now faded.
This was brought to light by Maartunn in his recent post on X (earlier Twitter).
“The US Trading Session starts very soon. The Coinbase Premium has returned to a neutral state, yet I’m keeping a vigilant eye on it to discern the future trajectory of Bitcoin.”
This highlighted that the Coinbase Premium Gap, which measures the price difference between Bitcoin [BTC] on Coinbase (USD) and Binance (USDT), had returned to a neutral level.
Bitcoin’s optimistic outlook
Contrary to this, Bitcoin’s bullish prediction by Jelle, a well-known crypto analyst known for their precise predictions, has sparked discussions on numerous social media platforms.
Taking to X, Jelle noted,
“The new higher low has locked in, and Bitcoin is pushing back towards the highs. The next leg higher has started. $100,000 is a matter of time, imo.”
Echoing similar sentiments, MicroStrategy chairman Michael Saylor a forever Bitcoin maximalist, in a recent talk show in “Madeira,” noted,
“Bitcoin is the best asset. There is no second-best asset.”
In his recent X post, Saylor also added,
“Still betting on Bitcoin…”
Other factors fueling Bitcoin’s surge
These exchanges, along with the recent price trend of Bitcoin have reversed the trend of net outflows of Bitcoin ETFs, into inflows.
According to SoSoValue, Bitcoin spot ETFs saw a significant net inflow of $15.7 million, breaking a streak of five days of net outflows. In contrast, Grayscale’s Bitcoin Trust (GBTC) recorded a single-day net outflow of $350 million.
Additionally, the upcoming Bitcoin halving event has further fueled the optimism among investors and analysts. Historical trends from previous halving events suggest significant price increases due to reduced Bitcoin supply and increased scarcity.
Thus, if these predictions become a reality, Bitcoin could enter an unprecedented growth trajectory, potentially reshaping the financial landscape.
