Bullish Outlook: Target Price Of $90,000 For Bitcoin By Year’s End, According To Bernstein
29 Maggio 2024 - 2:00AM
NEWSBTC
Bitcoin (BTC), the largest cryptocurrency in the market, has
experienced price volatility amid its struggle to consolidate above
the crucial $70,000 resistance line. Recent reports of the
collapsed Mt.Gox exchange processing payouts to its creditors have
added to the cautious sentiment. However, wealth management
firm Bernstein remains bullish, predicting significant growth in
the Bitcoin ETF market and projecting higher price targets for
BTC. In addition, The Birb Nest’s technical analysis
reinforces market optimism, highlighting key support levels and
indicating positive sentiment. Long-Term Bullish Outlook For
Bitcoin Despite its recent inability to breach the $70,000
resistance level, Bitcoin remains well-positioned to surpass its
all-time high of $73,700 reached on March 14. Wealth management
firm Bernstein predicts substantial growth in the Bitcoin ETF
market, estimating it to reach a remarkable $450 billion.
Related Reading: Why The Bitcoin Halving Is Not Priced In And
What’s Next: Expert The report also suggests that over $100 billion
will flow into crypto ETFs within two years. Notably, these inflows
into the ETF market are expected to be a significant price catalyst
for BTC. The firm predicts a target price of $90,000 for Bitcoin by
the end of this year and a projected cycle high of $150,000 in
2025. On the other hand, The Birb Nest, a trading firm, conducted a
comprehensive technical analysis of the Bitcoin market and
highlighted its share of bullish indicators for the Bitcoin price
in the long run. Bullish Indicators Reinforce Market Optimism
The analysis conducted by The Birb Nest shows that the 50-week and
200-week simple moving averages (SMAs) are at $43,950 and $35,358,
respectively, reinforcing optimism in the market. In addition, the
7-week SPX correlation coefficient is currently at 0.36, which is a
bullish sign for BTC. The 200-day Bitcoin Production Cost
(BPRO) trend support is $62,580, while the 200-day SMA support is
$53,516. The Relative Strength Index (RSI) is at 59, indicating
increased buying interest, although the 50-day Momentum is stalled
at 49. Related Reading: Polkadot (DOT) Price Prediction:
Analyst Sparks Bullish Frenzy With $10 Target The Fear & Greed
Index stands at 74, indicating “greed” and strong market optimism.
However, according to the firm, caution is advised to avoid
potential overextensions. However, The Birb Nest notes that
the Net Unrealized Profit and Loss (NUPL) indicator stands at 0.57,
suggesting that a significant portion of the market is currently
profitable, which could lead to increased selling pressure as
investors capitalize on profits. Currently, BTC is trading at
$67,900, down 3% from Monday’s price and over 3% in the past seven
days, showing the cryptocurrency’s struggle to break above higher
resistance levels, which are located at $69,500 and $70,000 on the
BTC/USD daily chart. Conversely, bulls must hold the next
support levels for BTC at $67,000, $66,500, and $63,800 to avoid a
potential loss of the cryptocurrency’s key $60,000 milestone.
Featured image from Shutterstock, chart from TradingView.com
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