- Based on the M1 Money supply, Bitcoin analysts predict the BTC price to surge to $60,000 by the year-end.
- Bitcoin price moves to a one-year high amid the flood of Bitcoin ETF applications and institutional inflows.
The world’s largest cryptocurrency Bitcoin (BTC) is holding strongly above $30,000 after a major recovery this month following a flood of spot Bitcoin ETF applications from BlackRock and other financial giants.
Analysts have been giving different price predictions for Bitcoin here onwards with many staying on its journey from here onwards. Top Bitcoin analyst MustStopMurad said that Bitcoin could be once again on its journey to $60,000 and more.
The analyst’s comments come based on the recent performance of Bitcoin along with its M1 money supply. This represents the sum of the physical currency along with quickly accessible deposits in the economy. M1 is a measurement of the money supply that considers the most easily accessible forms of money, including cash and highly liquid assets. Using M1 as a reference point, Murad suggests that Bitcoin could potentially reach $60,000 again.
Bitcoin has been ranging since 2018… if you adjust for the M1 money in circulation
2018 6K level
2019 6K level
2021 30K level
2022 30K levelThey're actually all the "same" level.
The good news is that it looks like we're retaking this level, despite M1 shrinking for a year pic.twitter.com/v79rv9IZO5
— Murad (@MustStopMurad) June 26, 2023
The positive outlook aligns with the recent surge in BTC’s value during the past week. Despite Murad’s observation about M1 shrinking, there seems to be an increasing demand for Bitcoin. Notably, key price levels for Bitcoin have been observed at $6,000 in 2018 and 2019, as well as $30,000 in 2021 and 2022. Interestingly, when considering M1 levels, these values are quite comparable. It is worth noting that the M1 supply for BTC has actually increased over the past few years.
As the Bitcoin price retakes $30,000, it shows signs of greater strength and bullishness ahead. If Murad’s thinking using the M1 supply turns out to be true, the price predictions for Bitcoin can rise.
Bitcoin At One-Year High
On Tuesday, June 27, the Bitcoin price surged all the way to $31,000 hitting a near-one-year high soon after the news of Fidelity Investments filing for the spot Bitcoin ETF came into the market. The introduction of a legitimate spot ETF would create opportunities for new capital inflows, leading to increased trading volumes and generating broader interest in the market. Speaking to Bloomberg regarding the development, Jaime Baeza, founder of crypto hedge fund ANB Investments said:
Fidelity’s filing for a Bitcoin ETF, amid the recent period of regulatory scrutiny, brings a much-needed positive outlook to the crypto industry. Despite the regulatory challenges in the US, the moves by top traditional financial institutions such as BlackRock and Fidelity signify that institutional interest and participation remain, injecting credibility and potential stability into the market.
Amid a flood of Bitcoin ETF applications this month, institutional inflows into the cryptocurrency skyrocketed recently. Last week, the Bitcoin investment products saw total inflows of $187 million.