As a seasoned crypto investor who’s been through the 2017 bull run and the subsequent bear market, I can confidently say that the current Bitcoin price action is reminiscent of those exciting times. The recent breakout above the bull flag and the strong institutional buying from U.S. Spot Bitcoin ETFs have me thinking that we might just be on the verge of another significant price increase.
Following a breakout above the resistance level of its ascending triangle formation, the value of Bitcoin (BTC) has stabilized above this point. Will the price of Bitcoin now exceed its previous peak at around $70,000, or is there a possibility that the bullish momentum may begin to wane?
Strong buying from ETFs
As an analyst, I’ve observed an intriguing development in the Bitcoin (BTC/USD) market. Over the past few days, Bitcoin has successfully breached the upper boundary of its extended bullish trendline, and it’s now consolidating above this level. This price surge might be attributed to significant investments pouring into U.S. Spot Bitcoin Exchange-Traded Funds (ETFs) over the last five days, with a total inflow exceeding $2.1 billion.
The unexpected surge in purchases of U.S. Spot Bitcoin ETFs, combined with a positive outlook from investors, could pave the way for the Bitcoin price to surpass its significant prior peak at around $70,000.
Saylor and Trump continue to highlight $BTC
In light of the robust interest in Bitcoin, Michael Saylor has recently stated that Microstrategy is intending to function like a Bitcoin-focused bank. This strategic shift underscores the increasing institutional interest in Bitcoin, especially from conventional finance sectors, and further emphasizes the growing importance of Bitcoin and cryptocurrencies as valuable financial investments.
As a researcher studying digital assets, I’m observing that Donald Trump’s presidential campaign has successfully raised over $7.5 million in cryptocurrency. This move not only bolsters the credibility of the crypto sector, but it marks an important step towards normalizing this method of political fundraising.
$BTC above bull flag trendline – price consolidates
Over the immediate period, the Bitcoin price appears to be facing a flat barrier near its current value of approximately $68,000. The 0.786 Fibonacci level may prove to be a significant obstacle just above this point.
It’s possible that Bitcoin (BTC) will maintain its current pattern, oscillating between the existing resistance and the upper boundary of the bull flag trend line. However, given the robust institutional purchases of Spot Bitcoin ETFs and the generally optimistic atmosphere surrounding BTC in the market, there’s a good chance these factors could drive Bitcoin prices upwards.
$BTC price targets
As an analyst, I’m observing a bull flag breakout on the daily timeframe for the BTC price. Although the Stochastic RSI momentum indicator suggests a potential peak, if we consider the initial move from the flag bottom in September, we notice that the indicator lines remained above the 75.00 level for an extended period, facilitating a significant $14,000 price rise during this time. If history repeats itself, we might witness a similar scenario again.
The blue lines showing past peak prices for Bitcoin (BTC) are found at $70,000, $71,900, and $73,800. It’s possible that Bitcoin will reach its highest recorded price again this year, but could it potentially rise even further to $100,000?
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2024-10-18 13:24