\u201cI want to make clear here that for me personally seeing those tens of thousands of Bitcoin being purchased on a weekly basis to the ETF would be a huge cue that we\u2019re ready for a broader upward move, that we\u2019re ready for six figures, that Bitcoin is really going to charter a new bull market beyond its prior all-time highs.\u201d <\/em><\/p>\nHowever, Merten warns if the ETF inflows decline Bitcoin could retest $50,000.<\/p>\n
\u201cIf we aren\u2019t seeing that, if we\u2019re seeing more single-digit thousand weeks, sometimes weeks where Grayscale outflows are still quite heavy and potentially knocking this down where we\u2019re having negative or neutral weeks, that is going to be for me a sign that at a minimum we\u2019re due for a correction down to the 100-day moving average or potentially 200-day moving average, which I know, to many people, sounds impossible, but it could very well happen in the sense that we just generally face a slow chop down here where the price level\u2019s probably no further than $50,000, somewhere in that ballpark.\u201d<\/em><\/p>\nBTC is worth $70,621 at time of writing.<\/p>\n