In an electrifying development, with merely 10 days until Bitcoin's highly anticipated halving event, its value hovers above the $70,000 mark, igniting a wave of optimism among investors for a bullish future. Market analysts, including those from Bitfinex, have cast their predictions, foreseeing a staggering 160% increase in Bitcoin's price within the next 14 months. This surge is expected to catapult Bitcoin to a breathtaking high between $150,000 to $169,000, based on a straightforward regression model shared with Cointelegraph.

Despite a slight 2.2% dip in the past 24 hours, Bitcoin maintains a robust upward trajectory, showcasing a 7.5% weekly increase, as per CoinMarketCap data. This bullish sentiment is somewhat tempered by concerns of increased selling pressure, a consequence of Bitcoin reaching new heights before the halving - a first in its storied history.

The involvement of Short-Term Holders, particularly those who invested at prices over $60,000, hints at a dynamic shift in Bitcoin ownership, influenced by the presence of institutional investors through spot ETFs. This evolving landscape suggests a potential distribution of dormant supply and a trend towards profit-taking.

Yet, the halving event might bring volatility due to the Federal Reserve's quantitative tightening, potentially leading to a temporary dip in crypto prices, as predicted by BitMEX co-founder Arthur Hayes. This period could be crucial for investors, marking a pivotal point in the cryptocurrency's journey.

Amidst these developments, the role of U.S. spot Bitcoin ETFs cannot be overstated. Having absorbed a significant portion of Bitcoin's circulating supply, these ETFs have become a central pillar in the cryptocurrency's price rally. Since their inception, Bitcoin ETFs have accumulated over 841,900 BTC, representing 4.28% of the total circulating supply, and are on track to absorb an additional 2.6% annually.

Last week's inflow into Bitcoin ETFs exceeded $500 million, with a single day's net inflow reaching $286 million, highlighting the growing investor confidence in Bitcoin's future. As the halving event approaches, the cryptocurrency community watches with bated breath, ready for the next chapter in Bitcoin's extraordinary saga.