Despite unusual market conditions, Bitcoin’s price continues to rise, prompting speculation about a potential bull run.
Currently, Bitcoin (BTC) is trading at $59,900, reflecting a nearly 10% increase over the past week. This price level is seen as a strong indicator of Bitcoin’s value and market health.
Current #Bitcoin price is $59,909 pic.twitter.com/EMIXaD72w5
— Bitcoinik (@Bitcoinikdotcom) September 14, 2024
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Typically, September is known as a challenging month for Bitcoin, often experiencing price declines. However, Bitcoin’s price has shown resilience, increasing steadily over the last seven days.
On 13 Sep 2024, the Bitcoin spot ETF market experienced a significant net outflow of $263 million, a notable figure for this flagship cryptocurrency. This substantial outflow contrasts sharply with the rising Bitcoin price, suggesting a divergence between traditional market players and the new generation of crypto investors.
In comparison, the Ethereum spot ETF market saw a much smaller net outflow of $1.52 million.
Experts suggest that the bullish sentiment in the Bitcoin market has intensified over the past few days due to several factors. Firstly, investors are purchasing Bitcoin in anticipation of October, historically a strong month for Bitcoin. Additionally, bold predictions from prominent figures in the crypto space are fueling optimism.
For example, Michael Saylor, former CEO of MicroStrategy and a well-known Bitcoin advocate, recently predicted that Bitcoin could reach $13 million per coin within the next two decades.
Furthermore, a Bitcoin analyst forecasted that Bitcoin could potentially reach $158,000 in the near future.
Read also: The Growing Impact of Crypto as a Political Agenda in Global Elections
Bitcoin Price Rises Despite $263M Net Outflow: Could This Be the Start of a Major Bull Run?
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