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Bullish sentiment regarding BTC, can we expect further growth?

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After reaching an all-time high of almost $ 67,000 on October 19, the price of BTC sentiment regarding the primary cryptocurrency remains bullish. There are some signs that the world’s most popular cryptocurrency is likely to recover by the end of the year.

Bullish signals for BTC

The first figure that seems to support these considerations is the flow of money into digital assets. According to a recent CoinShares report, flows into digital assets last week were $ 288 million, bringing the total to $ 8.7 billion since the beginning of the year.

 

Bullish sentiment regarding Bitcoin, can we expect further growth?
source: Coinshares, medium

Especially in October, these inflows increased dramatically, with BTC being a clear leader, with $ 268 million flowing from $ 288 million to BTC. This is clearly a bullish signal for all analysts.

The second important aspect that could push BTC prices up is the recent listing of the first ETF of BTC futures on Wall Street. This will certainly lead many institutional investors to invest in digital currencies through these derivative products, as it turned out in the early days.

Proshares ETF reached nearly $ 1 billion on the first day of its listing, a number that no other ETF has ever reached in such a short time.

According to many analysts, the $ 70,000 mark, which is very close to current prices, could represent a kind of divide towards the $ 100,000 mark that some analysts expect to be reached by the end of the year.

BTC as protection against inflation

Another signal that could indicate upcoming BTC growth is the indication of inflation, which is showing signs of growth worldwide. As is well known, BTC, like gold, is becoming a kind of anti-inflationary store of value. Rising inflation and subsequent central bank measures on interest rates to bring it under control could cause BTC to grow again.

Proof of this is that physical gold is also returning to its historical highs. But according to US billionaire Paul Tudor Jones, BTC would be better than gold as an anti-inflationary tool. He said this during an interview with CNBC:

“At the moment, it would be my favorite before gold. There’s a place for cryptocurrencies. It is clear that BTC is currently winning the gold race. “

Based on all these considerations, the British investment company Standard Chartered predicted at the end of September that BTC would exceed $ 100,000 by the end of 2021 or in the first months of 2022 at the latest.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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