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Is Bitcoin about to breakout above $100,000 now?

While prices hardly moved on April 29, the tension in the crypto market remains palpable.

By Mike Hesp
• 2 min read
Is Bitcoin about to breakout above $100,000 now?

Prices barely moved on April 29, but the tension in the crypto market remains palpable. Bitcoin is trading around $94,822, Ethereum at $1,826, with little change from the day before. Yet something big is brewing beneath the surface: a new breakout may be near.

A strong signal comes from BlackRock's IBIT Bitcoin ETF, which pulled in a staggering $970.9 million in new capital at the start of the week. Only on November 7, 2024, was more ever raised, with a record inflow of $1.12 billion. BlackRock now holds 588,687 BTC, surpassing MicroStrategy, Michael Saylor’s company, which owns 553,555 BTC valued at roughly $52.55 billion.

Other providers are faring worse. For example, ARK 21Shares Bitcoin ETF lost $226 million in investments. Net, all Bitcoin index funds combined posted a net inflow of $591.2 million. This lifts the total assets under management of Bitcoin ETFs to $38.992 billion.

Notably, these capital flows are coming mainly from institutional sources. Retail investors remain on the sidelines for now: the global search volume for "Bitcoin" on Google remains low. And yet Bitcoin is only about $5,000 away from the psychologically important threshold of $100,000.

In other words: there isn’t real hype yet, which could leave room for further price gains.

Additionally, the risk level according to the Quantile Model is currently at 56 percent, also a moderate value. "In terms of valuation, we’re at the same point as in November 2020, when Bitcoin traded around $13,000. From there, the price eventually rose to $61,000," said Sina G. on X (formerly Twitter) in a post viewable on View post on X.

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