Bitcoin’s price surged past $67,000 over the weekend, reaching its highest level in nearly a month. This rise was driven by favorable U.S. inflation data and growing interest in spot Bitcoin ETFs, leading to significant investment inflows.
Some analysts believe the recent market correction is over and expect Bitcoin to soon break out to $72,000.
Here’s a deep dive.
In a recent tweet, Crypto Rover predicted a significant upward trend for Bitcoin, forecasting a rise to $72,000 within the week. This prediction has prompted investors to reevaluate their positions and strategies.
Rover’s forecast coincides with the anticipation surrounding the upcoming Ethereum ETF decision. The SEC is expected to deliver a verdict on VanEck’s application on May 23, followed by Ark 21Shares on May 24.
If these ETFs are approved, it could trigger a substantial rise in the cryptocurrency market, potentially boosting Bitcoin’s price significantly.
Supporting the bullish outlook, analyst Moustache highlighted a “big green candle” for Bitcoin, suggesting a substantial upward movement to surpass $73,000 soon.
His prediction is based on an inverse head and shoulders pattern, a classic bullish indicator in technical analysis. The successful retest of this pattern adds credibility to his forecast.
Renowned trader and analyst Rekt Capital believes the market has already undergone a major correction, suggesting it may have hit bottom. He noted that Bitcoin needs only a 1% increase to start a new bull market phase.
Bitcoin recently broke through significant resistance at $67,400 but still faces strong resistance around $68,000. The biggest potential for gains lies at and above the $72,000 level. If these predictions are accurate, Bitcoin could soon soar past $73,000, boosting investor confidence and attracting more institutional investments.
Also Check Out : Bitcoin (BTC) Price to Hit $84K in Next 6 Weeks: Here’s Why
Bitcoin’s recent surge and optimistic predictions from analysts indicate exciting times ahead for the cryptocurrency market.
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