Bitcoin, the popular cryptocurrency, has recently experienced a strong rebound in its price. After a downward trend that took it below $60k, Bitcoin has now risen to $66k. This surge has compensated for the previous decline and has resulted in a 5% increase in the last seven days and a 66% increase in the last 90 days.
Analysts are optimistic about Bitcoin’s future, citing the breaking of key resistance levels and the inflow of funds into Bitcoin ETFs as supporting factors. In fact, the BlackRock Bitcoin ETF IBIT has recorded 70 consecutive days of inflows, signaling a positive outlook for Bitcoin.
Analyst Miles, who has conducted a technical analysis of Bitcoin, believes that the asset’s ability to hold the support level at $59k is crucial. He compares the current price of $60k to when Bitcoin was trading at $20k in 2023, noting that Bitcoin made a swift move up the price curve back then. Miles suggests that if this pattern repeats itself, Bitcoin could reach unimaginable levels.
Miles predicts that the market could experience a greater rally in the third and fourth quarters of the year, while the second quarter could be an accumulation period. He also identifies $66k as a warning point for potential market risks and $70k as a psychological level that should be closely watched.
However, not all analysts share this optimistic outlook. Markus Thielen, co-founder of 10x Research, believes that there are no catalysts to drive the Bitcoin price up again. He suggests that the previous rally was fueled by the impact of Bitcoin ETFs, but the lack of new inflows in recent weeks indicates a decline in investor interest.
Despite differing opinions, many analysts agree with the bullish projection for Bitcoin, with some predicting that it could reach $150k by 2025. As Bitcoin continues to capture the attention of investors, it remains a topic of interest and speculation in the cryptocurrency market.