The price of Bitcoin is poised for a gain of 70% to 80% with the rise of on-chain metrics and BTC ETF inflows
Bitcoin bulls are returning as they recover the $90,000 level, and an analyst predicts an 80% gain "from here".
The price of Bitcoin has been in a persistent downtrend since January, but the rally on April 22 above $91,000 marks its first higher high breakout of the year and the possible start of a new longer-term bullish trend.
The higher high pattern occurred after BTC surpassed its previous lower high and the resistance at $88,500, but the real factor that will keep the price afloat is the buying volumes across various cohorts in the Bitcoin market.
U.S. spot Bitcoin ETFs recorded total net inflows of $381 million on April 21, levels not seen since January 30.
The increase in spot BTC inflows, along with the rise in Bitcoin's price, points to a possible resurgence of institutional demand for Bitcoin, and the trend shift of the ETFs could offset the selling pressure that has kept BTC's price in check for months.
However, the demand from retail investors (buying volumes between $0 and $10,000) remained below 0%, suggesting that low-volume buyers have not yet returned. Over the past year, these investors have lagged behind BTC price breakouts, but they strengthen price momentum once the investor volume turns positive.
Glassnode data also indicated that open interest in Bitcoin futures (OI) increased by $2.4 billion in less than 36 hours.
For the price of Bitcoin to maintain a strong position above $90,000, the current discrepancy between futures traders and retail traders must decrease.
