Bitcoin Price Forecast: Larry Fink comments pushing BTC to $80k?

Bitcoin (BTC) price continues its positive showing this week, rebounding as high has $71,500 on March 27. Blackrock CEO, Larry Fink’s recent comments suggest BTC could rise as high as $80,000 in the coming weeks.

With ETF demand still on the rise, what are the odds of BTC hitting $80,000 ahead of the Bitcoin halving.

Larry Fink Names Blackrock’s IBIT world’s fastest-growing ETF

BTC price faces bearish headwinds last week as Bitcoin ETFs recorded a weekly negatively for the first-time since the official listings in mid-January. As doubts swirled about the long-term viability and short-term demand for Bitcoin ETFs, Blackrock CEO took to the media this week.

In an interview with Fox Business on March 27, Larry Fink, the CEO of BlackRock, stated that the iShares Bitcoin Trust (IBIT) has already become the fastest-growing ETF in history, surpassing all others in terms of asset growth.

Accroding to the latest data from Blackrock has acquired 243,627 BTC now worth $17 billion, since the SEC approval on January 11, 2024. Arithmetically, the IBIT ETF holdings has grown by $264 million daily since launch.

If it continues to grow at the current rate, IBIT’s BTC holding could ht $22.6 billion by the end of April 2024, potentially driving Bitcoin price above $80,000.

Larry Fink said: “We’re creating now a market that has more liquidity, more transparency and I’m pleasantly surprised. I would never have predicted it before we filed it that we were going to see this type of retail demand.”

The BlackRock CEO also reiterated his long-term bullish stance on Bitcoin, stating, “I’m very bullish on the long-term viability of Bitcoin.

Bitcoin ETF have received $348 million capital inflows this week

After ending last week, with negative flows in excess of $800 million largely due to another wave of outflows from Grayscale’s GBTC redemption.  Things have taken a positive turn this week, with the ETFs accumulating positive netflows 2,020 BTC worth at the close of trading on Wednesday, March 27.

approximately $348 million according to the latest market data.

The 2,020 BTC accumulation on Wednesday brings the total capital inflows for the week to 6,949 BTC. Valued at the current BTC price of around $70,700 per coin, the weekly accumulation is now worth $491.6 million.

Bitcoin price forecast: Larry Fink Comments could drive BTC above $80,000

Since inception, Bitcoin price has recorded new peaks every week that the ETFs have closed with positive netflows in excess of $800 million. Larry Fink’s recent comments emphasizes that the demand for Bitcoin ETFs is still rapidly growing.

This puts IBIT and other 10 approved ETFs in prime position to receive more inflows in the days ahead.

If this scenario plays out and the weekly net flows exceed $800 million for the week, a Bitcoin price surge above $75,000 could be on the cards.

IntoTheBlock’s in/out of the money data shows that Bitcoin price now faces a relatively smaller resistance cluster if it can establish a steady support base above the $72,000 area.

As seen above, Bitcoin price could experience some selling pressure from the 108,560 address had bought 103,510 BTC at the average price of $72,450.

But Larry Fink’s recent comments shores up investors’ confidence, majority of them could opt to HODL, opening the door to BTC hitting new all-time highs above $80,000 as predicted.

On the downside, if BTC price retraces, the bulls could regroup at the $68,000 are for short-term support.