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Bitcoin’s price remains stable above $105,000 this Saturday, following a surge in exchange-traded fund (ETF) investments that capitalized on Friday’s price dip.

Bitcoin Holds Steady as Investors Buy the Dip

The price of Bitcoin (BTC) climbed to $105,300, marking a 2.4% recovery from its lowest point on Friday and a 5% increase from this month’s earlier low.

According to recent data, spot Bitcoin ETFs recorded inflows of $301 million on Friday, even as Bitcoin briefly dipped near $100,000. This brought the total weekly ETF inflows to $1.3 billion, a significant turnaround from the previous week’s outflows of $128 million.

BlackRock’s Bitcoin ETF Leads the Way

BlackRock’s iShares Bitcoin ETF (IBIT) reported daily inflows of $238 million on Friday, pushing its total cumulative inflows to $49.7 billion. With $70 billion in assets under management, IBIT has quickly become the fastest-growing ETF in finance.

For comparison, the SPDR Gold Trust, launched in 2004, has amassed $103 billion in assets. If current trends persist, IBIT could surpass the largest gold ETF within the next few months or by 2026.

Other major players like Fidelity’s FBTC ETF have seen inflows exceeding $11 billion, while Bitwise’s BITB ETF has accumulated $2 billion since its inception.

Why Investors Are Buying Bitcoin

One possible reason for increased investor confidence is Bitcoin’s resilience during periods of geopolitical uncertainty. Historical data suggests that Bitcoin often outperforms traditional markets following major geopolitical events. For instance, Bitcoin’s strong fundamentals have been highlighted during recent global tensions.

Additionally, Bitcoin’s supply on exchanges has dropped significantly, falling from 1.5 million in January to 1.1 million today. This decreasing supply, coupled with growing demand, is expected to bolster Bitcoin’s price in the long term.

Bitcoin’s Long-Term Technical Outlook

The monthly Bitcoin price chart points to a potential multi-year breakout. Historical trends show that Bitcoin formed a rounded bottom between December 2017 and March 2021. Since November 2021, the cryptocurrency has been shaping another rounded bottom pattern.

The current price is hovering just below an ascending trendline that connects the upper boundaries of these rounded bottoms. A breakout from this eight-year trendline could signal a significant price surge in the long term.

Market analysts have optimistic projections for Bitcoin. Ark Invest predicts the cryptocurrency could reach $2.4 million by 2030, while Michael Saylor has a mid-term price forecast of $1 million.

Key Insights for Crypto Investors

For those looking to invest in Bitcoin, here are some takeaways:

  • Spot Bitcoin ETFs are attracting significant capital, signaling strong institutional interest.
  • Bitcoin’s supply on exchanges is declining, which historically supports price increases.
  • Technical indicators suggest a potential breakout, offering promising long-term opportunities.

As always, investors should conduct thorough research and consider their financial goals before diving into the cryptocurrency market.

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