The Price of Bitcoin Has Reached $69,000; Will It Get To $75,000 in the Near Future?
The price of Bitcoin has not just surged, but skyrocketed by a significant 10% this week, surpassing the $69,000 mark. This unprecedented increase is a clear indicator of the potential for BTC to surpass the $75,000 mark, and perhaps even reach its all-time high.
Highlights
- Bitcoin’s recent 10% upward movement has ignited speculations of reaching new all-time highs.
- It has been an eventful week in the world of cryptocurrency, with significant developments. The US House of Representatives successfully passed the FIT21 and anti-CBDC crypto bills, marking an important milestone in the regulation of digital currencies. Additionally, the Securities and Exchange Commission (SEC) approved spotting Ether ETFs, further expanding investment opportunities in the crypto market.
- The upcoming week will be primarily influenced by the release of US PCE inflation data and the expiration of the crypto market on May 31.
- While analysts are optimistic about the future of Bitcoin, it’s important to exercise caution in the near future. A potential market correction could be on the horizon, and it’s crucial to be prepared for such scenarios.
- The price of BTC has the potential to reach $75,000 in the upcoming weeks.
The price of Bitcoin increased by 10% this week, rising from $65,860 to $71,979. However, it has been consolidating within the range of $68.5K to $70K since reaching its recent peak. The cryptocurrency market, particularly alternative coins, experienced significant fluctuations as investors eagerly anticipated the U.S. SEC’s ruling on the Ethereum ETF for immediate purchase.
Bitcoin and altcoins finished the week strongly, with the SEC giving the green light to a spot in Ether ETF. The big question now is whether this development will spark a BTC price surge to a new record peak.
BTC Price Action Generates New Speculations Regarding the ATH
Significant Week for Cryptocurrency
The recent performance of Bitcoin’s price has ignited speculation among investors about the possibility of reaching new all-time highs. This week has been filled with numerous significant events. The House successfully approved the FIT21 for crypto regulation while also passing the anti-CBDC bill that prohibits the Federal Reserve from issuing CBDC. Additionally, spot Ether ETFs were approved, and spot Bitcoin ETF buying increased following previous weeks’ outflows.
Obstacles Hinder Bitcoin From Reaching a New Record High
The sentiment in the crypto market has risen to 76 (indicating extreme greed) from 70 (reflecting greed). Nevertheless, obstacles continue to hinder Bitcoin’s possibility of reaching a fresh record peak. Short-term macroeconomic events like the US PCE inflation data and the expiration of the crypto market on May 31 are the main challenges that could hinder the ongoing rally in Bitcoin’s price.
Bitcoin remains steady above a crucial support level of $66K following the recent surge in BTC price triggered by the decline in US CPI inflation in mid-May. BTC experienced a breakout of a trendline that had been in place for two months, leading to an increase in long-position trades.
At present, more than 65,687 BTC options with a notional value of $4.54 billion are about to expire. The put-call ratio stands at 0.57. The maximum pain point is $65,000, suggesting a substantial likelihood of a Bitcoin sell-off following a period of low trading activity. The implied volatility (IV) is experiencing substantial decreases across all significant terms, indicating that volatile price fluctuations may lead to a decline in the price of BTC.
Source: Deribit
Bitcoin Forecasts from Market Experts
Experts in cryptocurrency are optimistic about BTC’s price reaching a minimum of $100K in the current year. They attribute this positive outlook to the anticipated reductions in interest rates by the US Federal Reserve and other central banks. In recent speeches, Fed Chair Jerome Powell expressed strong confidence in the need for three rate cuts and dismissed any concerns about stagflation.
According to analyst Caleb Franzen, Bitcoin has undoubtedly established a fresh foundation. After experiencing a downward trend for several weeks, it began to show an upward trend for three weeks. In addition, he mentioned that this optimistic formation aligns with the 30-day Williams%R indicator, which indicates that overbought signals are positive.
Renowned cryptocurrency analyst Michael van de Poppe anticipates an extended period of consolidation and the potential for revisiting the $61-63K price range. “The shift from Bitcoin to Ethereum is resulting in a prolonged period of sideways movement,” he stated. Furthermore, a robust weekly bullish divergence suggests that there will be a shift towards altcoins in the near future.
Whales are capitalizing on market fluctuations as a fresh purchasing trend emerges for the BTC price. According to data from IntoTheBlock, large addresses have been the primary accumulators, resulting in a staggering $1.4 billion worth of BTC in their balances. With prices dipping below $67,000, large investors have been amassing more Bitcoin.
Is the Price of BTC Going to Reach $75,000 in the Near Future?
The price of BTC experienced a 1% increase over the last 24 hours, and it is currently being traded at approximately $69,000. The lowest and highest prices within the past 24 hours are $68,343 and $69,579, respectively. Moreover, the trading volume has experienced a 50% decrease within the past 24 hours, suggesting a waning interest among traders. Therefore, there is a decrease in purchasing activity due to an extended holiday weekend, with the US market being closed on Monday in observance of Memorial Day.
Bitcoin options and futures data suggest a near equilibrium between buying and selling activity over the past 24 hours, with both total BTC futures open interest and options open interest experiencing a decline in recent hours. Traders anticipate decreased trading activity in the upcoming days due to holidays and various other factors.
The US dollar index (DXY) fell to a low of 104.64 from a high dollar index of over 105. The yield on the US 10-year Treasury also experienced a decline, dropping to 4.467%. Bitcoin’s movement has shown a correlation with the DXY and Treasury yields, resulting in a decrease in pressure. According to the CME FedWatch Tool, there is a 45% chance of a 25 bps rate cut in September.
Conclusion
Traders and investors continue to have a bullish outlook on Bitcoin, which is a catalyst for the price of BTC’s ongoing upward movement. The current scenario indicates that the odds of reaching a new high are strong despite the fact that it is difficult to anticipate the actual price and timing of a new all-time high before it occurs.
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