Bitcoin’s Price Set to Reach New All-Time Highs Following $67,500 Resistance Breakthrough, Reports 10x Research
Bitcoin’s price is on the verge of hitting new all-time highs if it can successfully break through the critical $67,500 level, which is currently acting as a significant resistance point. Markus Thielen, the head of research at 10x Research, believes that surpassing this level could trigger a bullish rally for the cryptocurrency. The recent recovery of Bitcoin above the psychological threshold of $66,000 is seen as a positive sign for its price action. Over the past week, Bitcoin has experienced a growth of more than 7.3%.
Thielen emphasizes that a breakthrough above $67,500 has the potential to drive Bitcoin to new all-time highs, further validating their Bitcoin ETF model’s projections. In the United States, spot Bitcoin exchange-traded funds (ETFs) have seen positive inflows for two consecutive weeks. These ETFs have accumulated a net inflow of over $200 million, although it is half the amount compared to the previous week’s $413 million. Prior to the week starting May 6, Bitcoin ETF net flows had experienced three consecutive weeks of negativity.
Institutional inflows through ETFs have played a significant role in Bitcoin’s recent rally to new all-time highs. By February 15, Bitcoin ETFs accounted for approximately 75% of new investments in the world’s largest cryptocurrency, surpassing the $50,000 mark. However, Bitcoin still faces significant resistance at the $67,500 level. A potential breakthrough would liquidate nearly $300 million worth of leveraged short positions across various crypto exchanges.
Analyzing the monthly chart, Bitcoin has successfully turned a crucial resistance level into support, indicating a potential increase in bullish momentum. Rekt Capital, a popular crypto analyst, highlighted this in a post on May 16. Alongside 10x Research, other analysts have also turned bullish on Bitcoin following weeks of consolidation. QCP Capital, a leading trading firm, has expressed optimism about Bitcoin’s price momentum and forecasts a potential return to the highs of $74,000.
The firm has observed substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, indicating confidence in the upward movement of the cryptocurrency. On the other hand, Michael Novogratz, the founder of Galaxy Digital Holdings, expects Bitcoin to remain in a relatively narrow trading range in the current quarter. He predicts that Bitcoin will stay within the range of approximately $55,000 to $75,000 until specific market events or circumstances push the prices higher. Novogratz mentioned the tailwinds experienced in the fourth quarter of the previous year and the first quarter of this year.