Bitcoin is on the verge of reaching a new record high this month, thanks to a significant rebound that could trigger a breakout. While the recent dip in price has made retail investors nervous, institutional investors continue to accumulate, with their sights set on $90,000 before the halving.
Bitcoin analyst Captain Faibik has conducted extensive analysis that suggests Bitcoin (BTC) could experience one of its most bullish months ever. Despite the recent downturn, Bitcoin could potentially reach a new all-time high in the coming weeks, with investors eyeing $90,000.
Earlier this week, the respected crypto analyst highlighted a bullish pennant formation on the 12-hour timeframe chart, indicating that the world’s largest cryptocurrency could break out this week.
While $70,000 is seen as the initial short-term target, the analyst predicts that Bitcoin could reach $88,000 or even $90,000 by the end of the month, setting a new record high. Just a few weeks ago, Bitcoin reached its previous peak of $75,000.
At the time of writing, BTC is trading at $67,603 after a 2% increase in the past 24 hours. However, Bitcoin remains in the red zone on the weekly chart, with a nearly 6% decrease in the last 7 days. The recent drop to $65,000 raised concerns among retail investors, but the subsequent rebound has shown strong support for the asset.
The recent price recovery coincides with renewed interest from institutional investors. Reports have emerged that Morgan Stanley and UBS are planning to add Bitcoin ETFs to their platforms next week. As previously reported, Morgan Stanley, a $1.5 trillion asset manager, will become the world’s first Bitcoin ETF bank.
Furthermore, the highly anticipated Bitcoin halving is only two weeks away. Historically, this event has triggered major bullish trends for the asset. In fact, within a year after the halving, Bitcoin reached a new all-time high.
With high expectations surrounding the halving, both whales and institutional investors have increased their investments. Retail investors are also returning to the market after initial uncertainty. However, it is crucial for the bulls to surpass the $70,000 level in order to regain control of the mid-term trend. Failure to do so could result in a significant drop in price. The $65,000 support level has proved to be strong, but further support can be found at $60,000 and $58,000.
Bitcoin’s performance has had a positive impact on the rest of the cryptocurrency market. Large-cap tokens like XRP and Binance Coin (BNB) have seen modest gains, indicating the potential for higher gains in the coming weeks. Despite facing regulatory battles with the SEC, both tokens are expected to come out on top.
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