Analyst Predicts BTC Price to Rise to $77 Thousand as Bitcoin Bull Flag Breaks
Leading cryptocurrency Bitcoin continues to attract investors’ attention by breaking the bull flag pattern. According to a leading crypto market analyst, this bullish pattern could push Bitcoin price to a new all-time high.
Meanwhile, amid recent volatility driven by factors such as the US Spot Bitcoin ETF outflow last week, renewed confidence in Bitcoin’s potential is evidenced by strong fund inflows. Now let’s take a look at the opinions of analysts and how they can help Bitcoin prices reach new highs.
Bitcoin’s Upward Momentum Increases Speculation at Record Levels
Bitcoin’s rise to an all-time high of $73,750 in mid-March underlined its resilience in the face of market volatility. However, subsequent volatility, attributed in part to outflows in the US Spot Bitcoin ETF, temporarily weakened investor sentiment.
But momentum appears to have reversed this week, with a revival in ETF fund flows signaling renewed optimism for Bitcoin among Wall Street players. Additionally, regained institutional interest is reigniting speculation that prices will appreciate further.
Meanwhile, amid speculation, leading crypto market analyst Ali Martinez highlighted Bitcoin’s potential breakout from the bull flag pattern on the 4-hour chart. Specifically, Martinez predicts a roughly 10% increase to approach $77,000 if Bitcoin maintains its position above $70,000.
Source: Ali Martinez, X
This prediction coincides with the growing expectation among crypto enthusiasts that Bitcoin will reach new record highs. In addition, the upcoming Bitcoin Halving event also increases market confidence, especially due to the historical price increases experienced after the event.
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Price and Performance in the Optimistic Scenario
The bullish sentiment surrounding Bitcoin is getting stronger with predictions from industry experts. FOX journalist Eleanor Terrett recently reported that Valkyrie CIO Steven McClurg predicts that the Bitcoin price will reach an impressive $150,000 within the year. Such optimistic predictions underscore confidence in Bitcoin’s long-term value proposition and its potential to disrupt traditional financial markets.
Additionally, Bitcoin Futures Open Interest (OI) shows increased interest and investment activity in Bitcoin derivatives. According to CoinGlass data, Bitcoin Futures OI increased by 1.73% in the last 24 hours to 545.73 thousand BTC, or $38.56 billion. Notably, CME Exchange is leading with a significant 2.17% increase in Bitcoin Futures OI, signaling increased participation and confidence in Bitcoin’s future trajectory.
Meanwhile, while the Bitcoin price was traded at $70374.24 with an increase of 0.90% as of the time of writing, the transaction volume increased by 21.59% compared to yesterday, reaching $41.78 billion. In the last 24 hours, BTC price hit a high of $71,727.68 and a low of $68,381.93; This situation is a reflection of the ongoing volatility in the market.
Bitcoin price
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
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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