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You are at:Home » Bitcoin Dips to $66.5K, Bitget Chief Analyst Ryan Predicts $62K-$90K April Swing
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Bitcoin Dips to $66.5K, Bitget Chief Analyst Ryan Predicts $62K-$90K April Swing

"With Wall Street's continued purchases and the effect of the halving market, the next BTC bull market will come early, and April is an important month determining the trend of the next few months," states Bitget Research Chief Analyst, Ryan Lee.
Arun ShakyawarBy Arun ShakyawarApril 2, 2024Updated:April 2, 2024No Comments3 Mins Read
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Bitcoin Dips to $66.5K, Bitget Chief Analyst Ryan Predicts $62K-$90K April Swing
Bitcoin Dips to $66.5K, Bitget Chief Analyst Ryan Predicts $62K-$90K April Swing
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Bitcoin (BTC) has failed to maintain the upward momentum it gained last week, with its value taking a significant dip to $66,550 at the time of writing. This downturn comes on the heels of the cryptocurrency approaching a recent high, nearly touching the $71,000 mark, igniting optimism among investors for a sustained bull run.

Recent market analysis has revealed a strong correlation between Bitcoin’s price fluctuations and the activities surrounding spot Bitcoin ETFs. The ebb and flow of funds into and out of these ETFs, especially since the beginning of 2024, have played a pivotal role in shaping investor behavior and, by extension, market stability. The initial months of 2024 witnessed a marked decline in Bitcoin’s value, a trend largely attributed to the fluctuations in ETF activities, pinpointing them as a critical factor in the cryptocurrency’s recent downturn.

April 1st emerged as a significant date for market analysts, following a period characterized by reduced inflow into Bitcoin ETFs.

A case in point was the drop in BTC price to the $64,000, coinciding with the sale of Genesis GBTC assets in the week before March 22. Despite continued inflows into nearly all funds, daily inflows were insufficient to counteract significant outflows from the Grayscale Bitcoin Trust (GBTC).

This has prompted a closer examination of both macroeconomic indicators and ETF-specific movements to gauge future market trends.

Recent data disclosed a $166.9 million inflow into the IBIT ETF, starkly contrasted by a $302.6 million outflow from GBTC, illustrating a concerning disparity and hinting at a potential shortfall in compensating sales.

The overall ETF landscape further revealed various fund movements, including minor inflows and outflows across several entities. The data from April 1st suggested a net outflow, with the market bracing for additional figures from Fidelity, expected to further impact market dynamics.

The potential confirmation of a net outflow through ETF channels, combined with awaited statistics from Fidelity, could push the market into a loss early in the week. These ETF outflows are already influencing demand on cryptocurrency exchanges, with analysts forecasting a possible dip in BTC prices below the $69,000 mark.

Investors are closely monitoring ETF inflows and outflows as key indicators for predicting Bitcoin’s price movements. Despite a decrease in trading volumes among notable funds like Grayscale, Fidelity, and Blackrock, the significant outflow from GBTC has heightened market apprehensions. Nevertheless, any potential inflows from Fidelity could incite a fear of missing out (FOMO), although its overall effect on the market remains uncertain.

Ryan Lee, Chief Analyst at Bitget Research, provided a forecast for Bitcoin’s performance in April, estimating a range between $62,000 and $90,000.

This forecast is based on the continued role of Spot Bitcoin ETF in attracting fund inflows and the upcoming biennial halving of the Bitcoin market in April.

The halving event is expected to reduce BTC’s daily issuance significantly, with Wall Street’s continued purchases potentially ushering in an early bull market.

According to Lee, April will be a critical month in determining the trend for the months ahead.

Read Also: Why Bitcoin Fell 15% from Its All-Time High: Expert Insights into The “Danger Zone” and Other Factors

Bitcoin Bitcoin Halving Bitcoin Price Today Crypto Ryan Lee
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Arun Shakyawar
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Arun Shakyawar is a Tech writer based out of Los Angeles. He holds an Engineering degree in Electronics and communications, and an MBA in marketing. He specializes in TMT. Before writing full-time, Arun worked as a management consultant with leading consulting firms. As a consultant he developed interest in blockchain technology, and now actively tracks blockchain and digital asset markets. Arun can be reached at arun@alexablockchain.com.

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