Bitcoin (BTC) successfully surpassed significant resistance levels, signaling a return of bullish dominance in the market. This movement has revived the possibility of Bitcoin exceeding its all-time high of $73,750 and even $75,000. The current sentiment suggests that bears might remain passive for a while, providing a favorable environment for bulls to take control.
Spot Bitcoin ETFs Drive the Uptrend
The technical outlook indicates that Bitcoin bulls are indeed back in action. Recent price movements show that Bitcoin has overcome a significant hurdle, setting the stage for a major rally. Notable contributions to this upward momentum include spot Bitcoin ETFs, which recorded inflows exceeding $400 million in a single day, with Blackrock’s iShares Trust alone attracting approximately $260 million. This marks the eighth consecutive positive inflow day for these spot ETFs, showcasing the best performance since July 5.
Bitcoin’s next target after reaching the main resistance is set at $69,000. A weekly confirmation above $65,000 could pave the way to $70,000. Recent price movements mirror the pattern observed on the path to the 2021 highs. If this trend repeats, Bitcoin’s price could rise 60% by the end of the year.
Looking back to 2021, after reaching an all-time high of $64,854, Bitcoin experienced a 50% pullback, consolidating around $30,000 for several months. Subsequently, the price surged by 60%, reaching approximately $69,000. Currently, Bitcoin appears to be on the brink of a significant breakout targeting the upper resistance of an expanding megaphone formation. The Relative Strength Index (RSI) and the bull market support band also indicate a potential bullish crossover.
Could Reach $100,000 Before Year-End
All these factors suggest a high likelihood of a new bull rally starting. This rally could not only push BTC to $75,000 but also potentially lead to a much higher new all-time high. Notably, the recent correction was only 25%, half of what was observed in 2021, indicating that the upper limit might be higher this time.
Therefore, if Bitcoin’s price action follows the previous trend, it is expected to reach a new record level above the milestone of $100,000 before the end of the year. Market conditions and historical models support this optimistic outlook for Bitcoin’s future.
