Bitcoin ETF Outflows Slow, $100K BTC Still on the Horizon

Bitcoin exchange-traded funds (ETFs) experienced two consecutive days of outflows as the top cryptocurrency saw a slight correction of nearly 3%. The pullback came after the U.S. Federal Reserve indicated that further interest rate cuts may not be on the horizon, which impacted market sentiment.

After seeing a significant influx of over $2.43 billion in Bitcoin ETF inflows from Nov. 11 to Nov. 13, the market shifted with two days of outflows. On Nov. 14, Bitcoin ETFs recorded their third-largest outflow since their inception, with around $400.7 million withdrawn. However, outflows slowed the next day as Bitcoin found support around the $87,500 mark, with $239.6 million exiting the funds, according to Farside Investors data.

BlackRock’s iShares Bitcoin Trust (IBIT) was the lone exception, continuing its streak of inflows, adding $130.4 million on Nov. 15. In contrast, other major funds experienced outflows, including:

• Fidelity’s FBTC: -$175.1 million
• ARK & 21Shares’ ARKB: -$108.6 million
• Grayscale Bitcoin Mini Trust: -$47 million
• Grayscale GBTC: -$22.5 million
• VanEck HODL: -$7.7 million
• Bitwise BITB: -$7.4 million
• Valkyrie BRRR: -$1.7 million

Despite these outflows, Bitcoin’s broader market outlook remains optimistic, with many in the crypto community still confident that BTC could hit $100,000 by year-end or potentially higher.

Bitcoin Eyes $100K

Although Bitcoin recently dropped to a weekly low of $86,572, following U.S. Federal Reserve Chair Jerome Powell’s statement on Nov. 14, which suggested that there’s no immediate need for rate cuts, the market sentiment remains bullish. This pause in rate cuts has contributed to the ETF outflows, but major Bitcoin advocates remain undeterred.

Notable figures like Michael Saylor and Matthew Sigel are predicting Bitcoin could reach $100,000 by the end of 2024. Saylor, in particular, attributes his positive outlook to the anticipated impact of a potential Donald Trump victory in the upcoming U.S. elections, which he considers the “biggest event for Bitcoin in the past four years.”

Meanwhile, Polymarket bettors have also expressed strong optimism, with a 65% chance of Bitcoin reaching $100,000 before New Year’s Eve, according to a recent poll.

Technical Indicators and Analyst Predictions

On X (formerly Twitter), pseudonymous trader Crypto Eagles shared with his 99,000+ followers that Bitcoin has recently broken out of a multi-year inverse head and shoulders pattern — a bullish formation that historically precedes upward rallies, potentially setting the stage for a push toward six figures.

Analyst Rekt Capital, who previously predicted Bitcoin could hit between $120,000 and $160,000, echoed similar optimism. In a Nov. 16 post, Rekt emphasized that Bitcoin has just entered its “parabolic phase,” which typically lasts around 300 days. With the cycle only 11 days in, there’s ample room for the price to grow further.

At press time, Bitcoin was trading above $90,900, up 1.3% in the past 24 hours. Market sentiment, as indicated by IntoTheBlock, remains predominantly bullish, signaling continued confidence in Bitcoin’s potential to hit $100,000 or even higher in the coming months.