Bitcoin, the popular cryptocurrency, has recently undergone a comprehensive technical analysis by an analyst who has identified potential market risks and psychological levels. According to the analyst, there is a risk at $66,000 and a psychological level at $70,000.
Currently, Bitcoin is showing a strong rebound momentum, having risen from a recent downward trend below $60,000 to $66,000 at the time of writing. This rise has compensated for the previous decline before the halving event, with Bitcoin surging by 5% in the last seven days and 66% in the last 90 days.
Analysts are optimistic about a bullish extension for Bitcoin, as it has broken key resistance levels. They believe that the inflows of ETFs and current technical indicators will support this extension. In fact, the spot Bitcoin ETF saw total net inflows of $62 million, and the Fidelity Wise Origin Bitcoin Fund recorded net inflows of $34.83 million in a single day.
Furthermore, the BlackRock Bitcoin ETF IBIT has experienced 70 consecutive days of inflows, which is a positive sign for Bitcoin. The cumulative total ETF market net inflows have reached $12.38 billion, indicating a positive outlook for the cryptocurrency.
Analyst Miles has provided insights into Bitcoin’s future move based on a technical analysis. He emphasizes the importance of Bitcoin’s ability to hold a major support level at $59,000. He compares the current price of $60,000 to when Bitcoin was trading at $20,000 in 2023, noting the swift move up the price curve. Miles believes that if this pattern is replicated, Bitcoin could reach unimaginable levels.
Miles predicts that there could be a greater rally towards the end of the year, particularly in Q3 and Q4. However, he expects Q2 to be an accumulation period as the market recovers from major dips. He identifies three key ranges that could be crucial for market growth, with $66,000 serving as a warning point for potential market risks and $70,000 as a psychological level. The pivotal levels to watch for Bitcoin are $66,000, $60,000, and $71,000 to $72,000.
While many crypto analysts agree with this bullish projection, Markus Thielen, co-founder of 10x Research, holds a different view. He believes that there are no catalysts that could drive the Bitcoin price up again, as the previous rally was triggered by the impact of spot Bitcoin ETFs. However, there have been few new inflows in recent weeks, as investors have moved past the initial excitement of the ETF launch.
In conclusion, Bitcoin is experiencing a rebound and analysts are optimistic about its future growth. While some believe that Bitcoin could reach $150,000 by 2025, others are more skeptical about its potential. Only time will tell how Bitcoin will perform in the coming months and years.