Bitcoin Ready To Takeoff? Analyst Eyes $85,000 as Fundamentals Align
04 Giugno 2024 - 7:30PM
NEWSBTC
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. Related Reading: Crypto Analyst Predicts
Massive Solana Price Crash Using Elliott Waves 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. Related Reading: Bitcoin Gets Massive
$500,000 Price Tag From Billionaire, Here’s Why 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. Feature image from DALLE,
chart from TradingView
Grafico Azioni Flow (COIN:FLOWUSD)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Flow (COIN:FLOWUSD)
Storico
Da Giu 2023 a Giu 2024