Bitcoin price prepares for ‘70% to 80%’ gain as onchain metrics and spot BTC ETF inflows spike
Bitcoin (BTC) price surged past $91,000 on April 22, marking its first higher high breakout of the year after overcoming resistance at $88,500. This increase is attributed to significant buying volumes, particularly from US spot Bitcoin ETFs, which saw net inflows of $381 million on April 21. Institutional demand appears to be rising, potentially offsetting previous selling pressure. However, retail investor demand remains low, with buy volumes under 0%, indicating that smaller investors have not yet returned to the market. The current rally is primarily driven by leverage rather than spot volume, with Bitcoin futures open interest increasing by $2.4 billion in under 36 hours. For BTC to maintain a strong position above $90,000, alignment between futures and retail traders is necessary. If Bitcoin sustains an MVRV ratio of 2 over the next six weeks, it could see gains of 70% to 80%. The MVRV ratio is currently attempting to reclaim this key level after falling below 2 during a market correction.
