Bitcoin Price Prediction as BTC Reaches January ETF Highs – $50,000 Possible This Week?

By Sydney Barrett Last updated Feb 10, 2024

Last update:

February 11, 2024 7:57 am EST | 3 minutes read

Bitcoin price prediction

On Saturday, Bitcoin price rose, hitting $47,450 with an impressive 3.25% gain. This momentum heralds the biggest weekly advance Bitcoin has seen in four months and is accompanied by a significant rise above the $46,000 level.

At the same time, Bitcoin ETFs are riding this wave of exuberance, recording their third-largest daily inflows amid speculation of reaching the elusive $50,000 threshold.

While the digital currency landscape is in turmoil, the NBA is facing legal turmoil over its promotion of Voyager Digital, adding yet another layer of intrigue to the Bitcoin price prediction story.

Bitcoin is enjoying its biggest weekly rally in four months

With less money flowing out of ETFs and the April halving expected, Bitcoin rose 5% to a monthly high of $47,453. As sentiment was lifted by the approval of the first spot Bitcoin ETFs in the US, the price of Bitcoin rose.

Analysts attribute the increase to pre-halving buying and falling ETF outflows. The halving, expected in April, aims to limit the quantity of Bitcoin, which has historically caused price spikes following the event.

Bitcoin posts biggest weekly rally in four months https://t.co/AUkUyLlOuO pic.twitter.com/0TiiuMBVuK

— 🌐RSS NEWS UPDATE (@RSSNEWSUPDATE) February 10, 2024

Additionally, Bitcoin typically performs well in the years leading up to US elections, which coincide with halving cycles. Reduced ETF outflows, particularly from Grayscale, suggest support for spot cryptocurrency prices.

Although a stronger dollar has hurt cryptocurrencies in the past, this effect is expected to fade. The news could support the optimistic outlook and lead to further price increases for Bitcoin.

Bitcoin ETFs see third-largest inflows as price surpasses $46,000

Spot Bitcoin ETFs saw their third-largest inflow of $403 million on February 8, even as the Grayscale Bitcoin Trust withdrew over $100 million. These exchange-traded funds (ETFs) have seen over $2.1 billion in inflows since their launch on Jan. 11, indicating robust demand.

With $204 million in inflows, BlackRock iShares Bitcoin Trust took the lead, surpassing GBTC's daily trading volume. This is being interpreted by market observers as an optimistic sign of increasing investor demand.

⚡️ Bitcoin ETFs record third-largest inflow day as BTC price rises above $46,000 ⚡️

On February 8, spot Bitcoin exchange-traded funds (ETFs) recorded their third-largest inflows, totaling $403 million. The big inflows came despite more than $100 million exiting Grayscale Bitcoin… pic.twitter.com/sEEHeEbs4j

– Printhereum (@Printhereum) February 9, 2024

Net flows show that 8,698 BTC were removed from the market. The next Bitcoin halving is less than 70 days away, which will reduce supply.

Additionally, institutional interest in BTC is growing, which could put pressure on price appreciation. This information suggests a continued bullish outlook in the market, which could help the Bitcoin price.

Legal trouble for the NBA: Class action lawsuit over Voyager Digital endorsements

The NBA is facing a class-action lawsuit due to its marketing agreements with defunct cryptocurrency exchange Voyager, alleging it was grossly negligent and caused $4.2 billion in investor losses.

The Miami lawsuit accuses the NBA of distributing unregistered securities through joint ventures such as the Dallas Mavericks, owned by Mark Cuban.

After challenges to Voyager and Cuban's legal teams, this compounds the legal problems. The legal action underscores government oversight of cryptocurrency advertising and the dangers associated with it.

Although these litigations directly damage the NBA's brand, they may also indirectly impact the public's perception of cryptocurrency investing, which could impact Bitcoin prices as traders weigh the safety and stability of the market.