Bitcoin enthusiasts anticipate a surge in price as BTC approaches $69,000, fueled by past patterns and increasing demand from ETFs. Fear and greed index hits 90.

Bitcoin (BTC) enthusiasts were buzzing with optimism on social media platform X as the price of BTC soared to near its all-time high of $69,000 in the past week.

At the time of reporting, Bitcoin is currently trading at $68,300, showing a 7% increase over the last 24 hours, according to data from CoinGecko.

However, much of the focus lately has been on how Bitcoin behaves after reaching new record highs.

Bitcoin's Remarkable Historical Performance

A recent post on X by Bitcoin analyst Dylan LeClair highlighted a notable event from March 2013 when Bitcoin experienced a significant rally, doubling its price over a span of 10 days, surging from $34 to $88.

In November 2013, Bitcoin witnessed another remarkable surge, jumping from $200 to $1,000 after surpassing its previous all-time high set just a month earlier.

A similar trend emerged in December 2020 when Bitcoin broke its previous high of $19,665 and doubled its value within 23 days, reaching $63,580 by April 14, 2021, as per CoinGecko data.

Anticipation Surrounding Bitcoin Halving

The surge in late 2020 was fueled by the halving event that took place a few months earlier in May 2020, according to Jaran Mellerud, one of the founders and chief strategists at HashLabs Mining.

With the next halving scheduled for April 20, 2024, more than a month away, Bitcoin has already approached its all-time high, sparking speculation about its future trajectory.

Extreme Greed on Bitcoin Index

Bitcoin's score on the Crypto Fear & Greed Index has surged to 90 out of 100, reaching its highest level since February 2021. Additionally, there has been a resurgence in searches for "Bitcoin" on Google in the past two weeks as its price surged past $50,000 and $60,000.

The fear and greed index is calculated based on various factors including volatility, market momentum, social media activity, Bitcoin dominance, and Google Trend data. However, it's worth noting that excessive greed among investors could signal an impending market correction, according to the creators of the index.

Growing Bitcoin Demand with ETFs

Unlike previous bull markets, the current surge in Bitcoin demand is also attributed to the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States.

According to BitMEX Research, these Bitcoin ETFs have attracted $7.35 billion in net inflows since January 11. BlackRock’s iShares Bitcoin Trust (IBIT) has been particularly successful, reaching $10 billion in assets faster than any other ETF in U.S. history.

In a recent CNBC interview, U.S. investor Ric Delman predicted that Bitcoin ETF flows could reach $150 billion by the end of 2025. Delman cited a survey indicating that 77% of independent financial advisors are interested in adding Bitcoin to their portfolios, with an average allocation of 2.5%.

Additionally, Bitwise chief investment officer Matt Hougan suggested that institutional capital could flood into Bitcoin once major wirehouses start offering Bitcoin ETF trades.

Furthermore, the demand for Bitcoin seems to be outstripping its supply, with some days seeing ETF issuers buying more Bitcoin than is being mined. This demand-supply dynamic has been described as "off the hook" by Hougan, who believes it will significantly drive up Bitcoin's price.

Currently, Bitcoin holds the ninth position by market capitalization and is just 0.9% away from surpassing Silver, which boasts a market cap of $1.356 trillion, according to data from Companies Market Cap.

Bitcoin's ascent in comparison to state-issued currencies is also notable, with it recently overtaking the Swiss franc to claim the 13th position, according to Fiat Market Cap.