Why is bitcoin going up? Analyst explains as price breaks $52,000

An influential analyst projects the price impact of daily demand for spot bitcoin ETFs paired with limited issuance of new supply.

The bitcoin price has enjoyed a 26% surge in the last month, gaining momentum as newly-launched spot exchange-traded funds (ETFs) have reached $10 billion in assets under management.

With bitcoin recently crossing the $50,000 milestone for the first time since its all-time high run in 2021, influential crypto analyst Scott Melker explained the factors behind its surge and what’s next for the market.

Source - TheStreet Crypto

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