Bitcoin's Unprecedented $20K Monthly Gain Is A 'Starting Candle,' Says Veteran Trader

Zinger Key Points
  • Veteran prop trader Peter Brandt interprets Bitcoin's record monthly dollar gain candle as a "starting" signal for larger advances to come.
  • Surging ETF inflows powering the run underscore the growing institutional interest fuelling bullish projections for Bitcoin's coming years.

Veteran prop trader Peter Brandt commented on Bitcoin's February monthly close, saying that he is betting on this being a "starting" candle that leads to much larger gains. 

What Happened: Brandt shared his interpretation of Bitcoin's largest-ever nominal dollar value monthly gain on his X (formerly Twitter) profile:

Brandt, who has nearly 50 years of experience in prop trading, has been vocal about his bullish predictions for Bitcoin BTC/USD. On Feb. 27, he predicted a price target of $120,000 to $200,000 for Bitcoin's bull market cycle by August or September 2025. 

Read Also: Bitcoin Analyst Advises 'Caution' After Whales Dump King Crypto Worth $4.8B, Says Crucial Indicator Has Flashed 'Sell Signal'

Why It Matters: BlackRock's iShares Bitcoin Trust IBIT has become one of only 152 ETFs out of 3,400 to reach $10 billion in assets under management (AUM).

It also accounts for 42% of BlackRock's ETF inflows in 2024 and 0.2% of the fund's ETF AUM. 

The Fidelity Wise Origin Bitcoin Fund FBTC accounts for 2% of Fidelity's AUM in ETFs and 64% of its year-to-date ETF inflows, as reported by Bloomberg's Senior ETF Analyst Eric Balchunas.

These factors have been the underlying growth driver behind Bitcoin's staggering run.

Technical analyst Michael van de Poppe chipped in on the inflows, saying the level of institutional interest makes him even more bullish for the years to come.

Price Action: At the time of writing, Bitcoin was trading at $62.733, up 3.1% in the last 24 hours, according to data from Benzinga Pro.

Read Next: Gold, Bitcoin Rally: Is US Debt Surge A Key Driver?

Image created using artificial intelligence with Midjourney.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyMarketsbitcoin ETFExpert IdeasStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!