As a researcher with a background in financial markets and cryptocurrencies, I have closely monitored the recent developments in the Bitcoin market. The past few weeks have been particularly exciting as we’ve witnessed a strong recovery in Bitcoin’s price, fueled by improving odds of an Ethereum ETF approval and substantial inflows into US spot Bitcoin ETFs.
As the likelihood of Ethereum‘s ETF receiving approval increases, Bitcoin, along with the entire crypto market, experienced a significant rebound. The price of Bitcoin jumped by 7%, reaching an impressive $72,000 mark, triggering over $85 million in short liquidations according to CoinGlass data.
Expert: Over the past month, popular crypto analyst Willy Woo pointed out that buyers have persistently attempted to break through resistance levels. He added, “A significant build-up of Bitcoin short positions over the last month has just been liquidated. Another barrier needs to be surmounted for the market to experience a short squeeze and reach new all-time highs.”
Should the Bitcoin market bulls successfully exceed the previous record high of $74,000, they will unlock new pricing territories, potentially propelling the BTC value towards $100,000 and beyond. Statistics indicate that surpassing the current all-time peak of $74,300 could instigate over $1.45 billion in short positions being liquidated.
🚨$1.45 Biliion of #Bitcoin shorts will be liquidated at 74.3K
SEND IT
— Thomas | heyapollo.com (@thomas_fahrer) May 21, 2024
Based on the well-known trader Skew’s analysis, the recent rise in Bitcoin’s price is due to significant investments in US Bitcoin spot ETFs over the past week. In just the last seven days, these Bitcoin investment products have attracted inflows worth more than $900 million.
Institutional investment in Bitcoin is regaining momentum after a brief pause, indicating a potential resurgence. If these investments persist at their current rate, they could significantly boost Bitcoin’s price towards the $100,000 mark and possibly even surpass it.
Bitcoin Price Rally to $100K
Expert response:
Layer 6 predicts a more moderate goal of $108,000 based on its role as the peak in the previous 2013 cycle. A notable shift in this current cycle is Bitcoin’s confinement within the red price ranges, reflecting decreased market turbulence.
#Bitcoin is still on track for a layer 7 price target of 149k by the end of this year.
This is according to the most accurate measure for both 2021 cycle tops, the Log Regression Curves.
The more conservative layer 6 has a target of 108k by that time, which is the layer that…
— CryptoCon (@CryptoCon_) May 20, 2024
As a researcher studying the cryptocurrency market, I’ve noticed an uptick in momentum for both Bitcoin and the altcoin sector. Following several weeks of consolidation, renowned crypto analyst Michael van de Poppe has indicated that the correction phase for altcoins has come to an end.
Expert: He expects Ethereum to hit a new record high, marking a potential increase of around 60-70% from its current value. According to Van de Poppe’s analysis, this significant growth may occur within the upcoming 2-4 month period.
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2024-05-21 15:39