- The high demand for Bitcoin (BTC) from institutional investors and the clear regulatory landscape have triggered a super crypto bull cycle.
- Bitcoin price is expected to print a new ATH soon after it completes the ongoing correction that has lasted nearly two months.
Bitcoin’s (BTC) price has been consolidating above $60k in the past 70 days after reaching an all-time high of around $73k. The flagship coin has been forming a reversal pattern via an inverted head and shoulder (H&S) on the daily time chart coupled with a bullish divergence on the Relative Strength Index (RSI).
However, it is prudent for the bullish traders to wait for an entry confirmation, majorly by Bitcoin price closing above the daily 50 Moving Average (MA). Additionally, Bitcoin price must consistently close above the resistance/support level of around $67k.
Bitcoin to $265k is Fundamentally Achievable
According to a popular crypto analyst alias PlanB, Bitcoin price has already entered its most bullish phase, which will last at least twelve months. The crypto analyst previously predicted that Bitcoin price will at least reach a peak of around $300k in this bull cycle based on the stock-to-flow model combined with favoring macroeconomics.
A similar Bitcoin price prediction has been issued by Ki Young Ju, the founder and Chief Executive Officer of CryptoQuant, based on the network fundamentals. According to Ju, Bitcoin price will potentially sustain a cycle top of around $265k compared to prior bull cycles.
#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. pic.twitter.com/GnsrSIrtuY
— Ki Young Ju (@ki_young_ju) May 8, 2024
On the upper end, some market pundits believe Bitcoin price could reach as high as $1 million in this cycle fueled by global macroeconomics and heightened demand from institutional investors. According to on-chain data analysis provided by CryptoQuant, Bitcoin whales have accelerated the overall accumulation rate despite the ongoing correction.
Top Reasons to Bet on Inevitable BTC Rise
As Crypto News Flash previously pointed out, the positive cash inflow to Grayscale’s GBTC for the first time since its spot ETF approval is an indication of the rising demand against diminishing supply. Bitcoin remains the most sought-after digital asset by both retail traders and institutional investors. Moreover, most of the altcoin traders are attempting to outrun the Bitcoin bull run and accumulate more Sats.
Bitcoin and the entire crypto industry will play a crucial role in the upcoming United States election later this year. Already, the top two contestants, Joe Biden and Donald Trump have issued contrasting viewpoints on the matter.
Nonetheless, the demand for Bitcoin will continue to rise as more countries, led by the European bloc through the MiCA laws, enact clear crypto regulations.
Market Picture
The Bitcoin dominance has been grinding higher in the past year but has shown early signs of inevitable reversal. The ETH/BTC pair on the weekly time chart is on the verge of a major rebound, backed by a rising divergence on the Relative Strength Index (RSI).
As a result, it is safe to assume that the altcoin industry will register heavy profit returns after the Bitcoin price breaks out of the current consolidation. As of this writing, Bitcoin price traded around $63k, up 6.7 percent in the past week.
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