#XRPETFs

Bitcoin was trading around $95,300 at publication time.

Kendrick noted that the U.S. Treasury term premium, which is closely correlated to the bitcoin price, is at a 12-year high. Accumulation by whales has also been strong. In addition, bitcoin time-of-day analysis suggests that American investors may be looking for non-U.S. assets, he said.

Lastly, exchange-traded fund (ETF) flows in the last week suggest "safe-haven reallocation from gold into BTC," wrote Kendrick.