CandleFocus Bitcoin Demand Surges in Bullish Catalyst That May Drive BTC Price to $70K
2024-10-17
Author: Content Editor
Bitcoin (BTC) is showing signs of reaching $70,000 soon, supported by technical market data and prediction market betting. Inflows into US BTC ETFs remain significant, with a $458.5 million inflow during Wednesday's trading. Bitcoin's demand is rising, with apparent demand growing by 177,000 BTC last week before a 5% rally. BTC is up 11% for the week, surpassing the performance of other digital assets. The growing apparent demand suggests there is room for prices to increase further. US BTC ETFs, including Blackrock's IBIT, continue to see net inflows. Large investors are also accumulating bitcoin, and the total balance of bitcoin whales is expanding. The BTC futures funding rate has spiked, indicating increased volatility. Prediction market bettors are increasingly confident in BTC hitting $70,000 in October and reaching a new all-time high in 2024.
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