Bitcoin Ready To Takeoff? Analyst Eyes $85,000 as Fundamentals Align

Bitcoin Ready To Takeoff? Analyst Eyes $85,000 as Fundamentals Align
фото показано с : newsbtc.com

2024-6-5 20:30

Bitcoin prices are hovering near $70,000, bouncing from a critical dynamic support line, evident in the daily chart. Even though bulls have yet to breach $72,000 and break above March 2024 highs, traders are optimistic about what lies ahead.

Bitcoin Bulls In Charge: Analyst Targets $85,000

Taking to X, one analyst believes the world’s most valuable coin is preparing for a decisive breakout above the local resistance levels and all-time highs at around $74,000. In a post, the analyst notes that Bitcoin has been consolidating, moving sideways and even lower for the past three months since mid-March.

If buyers succeed, the near 100-day consolidation could set the base for prices to spike, ushering a “next leg higher” that would likely take BTC to $85,000. Still, even amid the optimism, traders should be cautious.

 

Technically, the upside momentum has been fizzling. Even with gains on June 3, buyers’ failure to confirm the gains of May 20 is slowing down the uptrend. So far, the $72,000 level on the upper hand must be conquered for any hopes of further gains. On the lower end, support lies at $66,000.

 

Even so, the dynamic 20-day moving average is emerging as a worthy support. Any breakout in either direction, most preferably in alignment with Q1 2024 gains, would be fundamentally driven.

Inflation, Spot BTC ETF Inflows Fanning Demand

Looking at fundamental data streaming from the United States, the stage is being set for optimistic buyers. Cooling inflation and the uptick in M2 money supply could hint that buyers are getting ready.

The United States Federal Reserve has closely monitored inflation, among other metrics. With inflation dropping, the Fed may decide to slash interest rates, fueling a bull run like it did in 2021.

Other key drivers would include the encouraging flow into spot Bitcoin ETFs. As BTC soared to register March 2024 highs, inflow spiked, driven chiefly by institutional demand. After prices broke higher on May 20, inflows have picked up momentum.

On June 3, Lookonchain data revealed that spot BTC ETF issuers in the United States added 2,413 BTC. Grayscale’s GBTC reduced just 12 BTC.

Launching the Monochrome Bitcoin ETF (IBTC) in Australia and a similar product in Hong Kong and globally will only increase the demand for BTC. The newly launched IBTC spot ETF in Australia will directly hold BTC, which will be under the custody of Coinbase.

origin »

Bitcoin (BTC) на Currencies.ru

$ 97721.97 (+0.25%)
Объем 24H $27.196b
Изменеия 24h: 1.60 %, 7d: 1.83 %
Cегодня L: $96101.31 - H: $97721.97
Капитализация $1937.513b Rank 1
Цена в час новости $ 70793.94 (38.04%)

bitcoin yet breach bulls though chart even

bitcoin yet → Результатов: 126


Elliott Wave Theory Suggests Bitcoin May Be Due For Biggest Correction Yet

Elliott Wave Theory is just one of many tools cryptocurrency analysts and Bitcoin traders use to help them predict future market movements and gain a competitive edge. According to the commonly used technical analysis principle, Bitcoin could be due for its biggest correction yet – one that will take the crypto industry by surprise and... The post appeared first on NewsBTC.

2020-1-2 19:00


‘Expert’ states XRP [XRP] is a security, Ripple adopted a “wrong regulatory approach”

The XRP [XRP] token is under regulatory scrutiny, as its status has not yet been decided by the United States Securities and Exchanges Commission [SEC]. Even as Bitcoin [BTC] and Ethereum [ETH] have been safe from being declared as securities, the status of the third largest cryptocurrency is still mired in confusion. This is reflected […]

2018-7-20 14:27


Фото:

Billionaire Marc Lasry: Bitcoin Could Hit $40,000 In The Upcoming Years

Price predictions, you may love them or hate them, but yet another billionaire has just added his name to a long list of Bitcoin predictions. Marc Lasry On Why Bitcoin Has The Potential To Hit $40,000 On Wednesday, billionaire Marc Lasry told CNBC that Bitcoin could reach $40,000 in the future, which would be a gain […] The post Billionaire Marc Lasry: Bitcoin Could Hit $40,000 In The Upcoming Years appeared first on Ethereum World News.

2018-7-18 21:27


Фото:

Promoted: The Future of Online Shopping Is Powered by Spl.yt — A Decentralized E-Commerce Protocol

As a rapidly growing business sector, e-commerce continues to open up new avenues for exploring, comparing and purchasing products worldwide. Spl. yt, a smart contract protocol, aims improve the e-commerce system for buyers and sellers by automating functions currently performed by “middlemen” marketplaces like Amazon, eBay and Alibaba.

2018-7-16 19:45


Фото:

Bitcoin Piracy in Probe Russia

A rise is always welcome news amongst crypto-enthusiasts, though it’s unclear if bitcoin is on a path towards recovery or not. [embedded content] And yet, bitcoin is presently being viewed through a negative lens, as reports have emerged suggesting Russian spies may have used the currency to potentially interfere in the 2016 presidential election. The

2018-7-16 09:00