3 Reasons Why Bitcoin (BTC) Could Retest $70,000 This Week
Bitcoin (BTC) price is currently showing a slight revival and is up 0.51% in the last 24 hours to $66,600.62. Although this recovery does not indicate a completely permanent trend change, it may indicate the beginning of a recovery in prices.
Top 3 Bitcoin (BTC) Price Rising Catalysts to Watch
Bitcoin entered uncharted bearish territory from the moment it reached its All Time High (ATH) of $73,750.07 in March. Since then the price has consistently remained in a very narrow range with a balanced bull-bear movement.
There have been a lot of changes lately regarding how soon a change will happen. Three key factors are poised to play a crucial role in predicting this trend change. These include retail and whale transactions, social sentiment, and the impact of spot Bitcoin ETF products.
Retail and whale trading volume helps gauge whether capital is flowing into the Bitcoin ecosystem. According to CoinMarketCap data, current trading volume decreased by 46.85% to $12,812,056,073. The outlook for this volume needs to change last week for Bitcoin price to retest the $70,000 resistance.
Like volume, large transactions on the Bitcoin network fell 35.45% to $30.39 billion. Social sentiment around BTC is an important factor as it helps gauge whether interest is low.
The impact of the Spot Bitcoin ETF is arguably the most important of these three factors. No matter how sensitive Wall Street investors are, the slightest change in the market can determine whether they go out of their way to buy the coin.
ETF products have been recording outflows in the last few days following the capital loss of Grayscale Investments GBTC. If this trend changes next week, it could play a significant role in Bitcoin returning to its much-coveted price point.
How High Can Bitcoin Rise?
With Bitcoin price approximately 9.7% below its previous ATH, the expectation is that this level will be surpassed soon. Analysts and market experts have shared different predictions about how high the cryptocurrency could rise in the near future.
According to PlanB, the creator of the Stock-2-flow (S2F) model says BTC could rise to $500,000 in 2025. Other analysts, such as “Rich Dad Poor Dad” author Robert Kiyosaki, have said the cryptocurrency could rise to $350,000 by August.
Amid speculations, Bitcoin price may retest the $70,000 mark in the coming days.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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