Bitcoin (BTC) is currently grappling to hold the $65,000 mark, down 1.63% at $64,490. Despite this short-term dip, bullish sentiment is building across the market. With Bitcoin recording its first three-week winning streak since February, many are speculating that $75,000—and potentially higher—could be just around the corner.
Investors and traders are closely watching Bitcoin’s every move, hoping to catch the next big wave. Read on so you don’t miss out.
Bitcoin has achieved its first three-week winning streak since early 2023, sparking hopes for a major price surge. Over the past week, BTC has risen by 3%, adding to a 7% gain over the previous two weeks. Traders are increasingly eyeing a significant jump, with many positioning for Bitcoin to breach the $75,000 level.
On Deribit, a leading crypto trading platform, there’s been a noticeable uptick in traders buying call options at the $75,000 strike price. Call options give traders the right to purchase Bitcoin at a set price later, and this surge in activity indicates strong confidence that prices will rise. Simultaneously, the selling of put options—bets on the price falling—has decreased, signaling reduced concern over potential price drops.
Veteran analyst Peter Brandt has weighed in on Bitcoin’s recent price movements, pointing to a key chart pattern called the “expanding triangle.”
According to Brandt, this six-month corrective trend could soon be nearing a breakout. If BTC surpasses the $75,000 mark, it may signal a continuation of the broader uptrend that began in October 2023 when prices were below $30,000.
Greg Magadini of Amberdata suggests that current trading patterns reflect expectations of an imminent breakout. If Bitcoin can clear the $75,000 hurdle, it may trigger a rapid rally, potentially pushing BTC to new highs of $100,000 by the end of 2024.
Adding to the bullish momentum, U.S.-listed Bitcoin ETFs have seen robust inflows. SpotOnChain reports $494 million in net investments, with ARK 21Shares leading the pack at $203.1 million. Other major funds like FBTC and GBTC are also attracting significant investment, further underscoring the growing institutional interest in Bitcoin.
With increasing institutional involvement, bullish technical indicators, and rising market confidence, Bitcoin seems poised for a potential breakout. If the momentum continues, BTC could soon test new highs and bring the $100,000 milestone into focus.
Is Bitcoin ready to break out and reach new heights? Tell us what your investment strategy is!
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