Bitcoin Price Prediction: Analysts Bullish on BTC’s Potential for a Repeat of History
Bitcoin (BTC/USD) is currently trading at $69,300, showing a 0.17% increase in the 2-hour timeframe. This signals a bullish outlook for Bitcoin’s price, especially as it remains above the $69,100 level.
According to CoinShares International Ltd., there has been a total of $185 million in crypto asset inflows in the week ending on May 31. Throughout the month of May, investors have invested $2 billion in digital-asset investment products, including Bitcoin exchange-traded funds.
Earlier this week, Bitcoin briefly surged above $70,000, indicating strong market confidence despite mixed performances from other cryptocurrencies.
Analysis of TechDev’s tweet on Bitcoin and the M1 money supply reveals an interesting pattern in Bitcoin’s price behavior. The M1 money supply includes physical currency and coin, demand deposits, traveler’s checks, and other checkable deposits. It represents the most liquid forms of money.
According to TechDev, Bitcoin has historically experienced “blow-off tops” – significant price increases followed by sharp declines – only after breaking out against the M1 money supply. TechDev also notes that the duration of Bitcoin’s consolidation period, where the price moves within a narrow range before breaking out, correlates with the length of its subsequent bullish run.
The longer the consolidation period, the more substantial the run. In this case, TechDev emphasizes that the current breakout is following Bitcoin’s longest consolidation period to date.
If TechDev’s observation holds true, Bitcoin’s recent breakout against the M1 money supply suggests the potential for a significant price increase. The extended consolidation period indicates that Bitcoin may be on the verge of an extensive upward trend, possibly reaching new all-time highs.
In summary, crypto asset inflows have reached $185 million, and Bitcoin has surged above $70,000, showcasing growing investor confidence in digital assets. Bitcoin’s current price of $69,300 indicates a bullish outlook, and if resistance levels are breached, further gains can be expected.
Investors are recommended to consider a bullish position above $69,100, with a take profit target at $70,300 and a stop loss at $68,400 to effectively manage risk.
Bitcoin Price Prediction 2024 – 2034
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