Many indicators, from technical market data to prediction market bets, indicate that BTC will reach $70,000 in the near future.

Inflows into BTC ETFs in the US also remain significant, with an inflow of $458.5 million on Wednesday. Demand for Bitcoin (BTC) has been largely stagnant since May, but the 177,000 BTC monthly growth seen last week marks a significant increase in demand ahead of a 5% rally.

According to data, Bitcoin increased by 11% on a weekly basis. This is the largest increase since late April, pushing BTC above $67,800, its highest price level in ten weeks, noted in a weekly report by CryptoQuant’s Julio Moreno.

“For Bitcoin prices to sustainably rise to a new high, significant demand expansion is necessary. In these cases, apparent demand has reached peaks of 490,000-550,000 BTC,” Moreno said, adding that there is room for prices to rise further.

Spot exchange-traded funds (ETFs) in the US have been net buyers with an average daily positive inflow of around 9,000 BTC in the first quarter of 2024, helping push the bitcoin price to new highs.

US BTC ETFs had another significant day of inflows on Wednesday, bringing in $458.5 million in total, according to SoSoValue data. Among the products that made the list, Blackrock’s IBIT product received the most entries, attracting $393.4 million.

Other big investors also continue to accumulate bitcoin. The total balance of large bitcoin holders - or influential large investors - excluding exchanges and mining pools, continues to expand annually and reaches 670,000 BTC.

In addition, the growth of savings is above the 365-day moving average and is considered a positive sign for prices.

The BTC open interest futures funding rate (OI) reached a multi-month high above 0.0136% earlier this week, indicating increased volatility with new inflows into the market.

Polymarket bettors give a 64% chance that BTC will hit $70,000 in October, up 45% points in the past week. They also give a 75% chance that BTC will reach a new high in 2024, up 23% points over the same period.

And in the crypto world, dog-themed majors remained in the green on Wednesday as DOGE rose on news that Elon Musk donated $75 million to a Trump-linked Political Action Committee and continued to promote the Department of Government Efficiency (DOGE) at X.

DOGE was up 5.8% during Asian trading hours on Wednesday, while its Solana-themed rival BONK was up almost 9%.