Bitcoin
Expert predicts goal of US$74,400 ahead!
June starts on a high note for Bitcoin enthusiasts as the leading cryptocurrency shows its strength, advancing with early gains that bring key resistance levels into focus. In the last 24 hours, Bitcoin Price is up a solid 2.3%, now trading comfortably at $68,980, and its market cap has safely surpassed the $1.35 trillion mark.
What’s next? Here’s everything for you to know.
Is a breakup coming?
Examining the current trajectory, experienced crypto analyst Ali Martinez suggests an imminent breakthrough for Bitcoin. Martinez’s analysis paints an encouraging picture, suggesting that this breakout could boost Bitcoin’s value to approximately $74,400.
In a recent tweet, Martinez, an expert in chart analysis, highlights the emergence of Bitcoin from a symmetrical triangle pattern. With conviction, Martinez claims that Bitcoin price action is preparing for a bullish breakout, fueled by the recent positive sentiment in the crypto market.
According to Martinez’s analysis, decisively surpassing the $69,330 resistance level would mark the start of a significant bullish surge. However, this specific limit has historically represented a formidable barrier to Bitcoin’s price trajectory.
An advance above this level could pave the way for Bitcoin to revisit its previous peak of $74,400.
Investment confidence fuels Bitcoin’s rise
O recent uptrend in Bitcoin coincides with notable investments in the ecosystem. Paradigm, a leading investment firm, has raised $70 million for Bitcoin staking protocol Babylon, showing growing confidence in Bitcoin ventures.
Furthermore, Tether, issuer of the USDT stablecoin, made a noteworthy move by acquiring up to US$100 million value in Bitdeer shares through a private transaction. Bitdeer, a major Bitcoin mining entity, values its shares between $6 and $7, reflecting Tether’s strong confidence in the Bitcoin mining sector.
Bitcoin Price Analysis
A combination of technical analysis and on-chain metrics indicates significant momentum for Bitcoin. According to data from Santiment, Bitcoin’s Relative Strength Index (RSI) is currently at 54, suggesting favorable conditions for sustained bullish momentum.
Furthermore, Bitcoin trading volume experienced a notable increase of 119.15%, totaling $24.29 billion in the last 24 hours.
Also check out: Bitcoin, Ethereum and XRP Price Forecast: Will the Market Rebound Towards a New High in June?
Feeling optimistic? Ready to see Bitcoin reach new heights? Let’s hear your applause!