The crypto market is showing signs of life, and Bitcoin (BTC) is leading the charge. After a period of correction, Bitcoin’s price is back on the rise, currently sitting at $69,485.93, a modest gain of 0.29% in the last 24 hours.
Bitcoin’s Resilience Points to Potential Surge
Bitcoin has displayed remarkable resilience, holding strong above the crucial support level of $68,020 for the past week. This defiance against bearish pressures suggests Bitcoin might be gearing up for a significant price increase. Analysts predict a potential breakout, with the first major hurdle being the $70,000 resistance level.
This level holds particular significance. When Bitcoin first surpassed $70,000, it propelled the coin to its all-time high (ATH) of $73,750.07. Currently, Bitcoin sits roughly 5.8% below this ATH, with many experts confident it will reclaim this territory soon.
Looking at the broader timeframe, Bitcoin reached a peak of $71,946.46 a month ago, solidifying $71,000 as another critical resistance point to watch.
Breaking Through Resistance Could Unleash Bullish Run
If Bitcoin can overcome the resistance at $70,000 and $71,000, the path to surpassing its ATH seems clear.
While Bitcoin’s price has fluctuated slightly in recent days, on-chain metrics paint a promising picture.
Bitcoin’s underlying fundamentals are stronger than ever. Spot Bitcoin exchange-traded funds (ETFs) are accumulating BTC assets at a faster pace than anticipated.
This trend, with a record-setting 19 consecutive days of net inflows for spot Bitcoin ETFs, combined with a supply shortage from the latter half of 2023, creates a perfect storm for an imminent price recovery.
Industry experts are bullish on Bitcoin’s long-term prospects.
Anthony Scaramucci, a prominent figure in the crypto space, predicts a long-term price target of a staggering $700,000. Even more conservative estimates anticipate Bitcoin reaching $100,000 before the year’s end.
Will Bitcoin reach new heights? Only time will tell, but the current market conditions and strong on-chain metrics suggest an exciting future for the world’s leading cryptocurrency
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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