Bitcoin price action has recently shown significant improvement. Prices rebounded towards the resistance zone in late April at $67,500, surpassing the highs of $64,000 from early May.
According to 10X Research, a Bitcoin hack could lead to new all-time highs. The research firm's Bitcoin ETF model supports these predictions.
Why are analysts optimistic about Bitcoin’s recovery?
He throws The report Highlighting the importance of “Line in the Sand” valued at $68,300. Exceeding this level could lead to a strong recovery. Bitcoin is currently trading higher, with $67,500 representing the next crucial breakout level.
Selling pressure remains weak. However, market structure and fundamentals still pose challenges. A bull market looks for a big story to interest investors.
Learn more: Bitcoin (BTC) Price Forecast for 2024, 2025, 2026, 2027
Despite these challenges, the downsides of Bitcoin appear limited. It is unlikely to increase Inflation data Importantly, Federal Reserve Chairman Jerome Powell has ruled out any interest rate increases.
This environment is conducive to the resumption of inflows into Bitcoin ETFs from long-only investors. Multi-strategy funds may stay on the sidelines due to falling funding rates and weak retail trading volumes.
A gradual increase in Bitcoin prices is expected, unlike the massive rise seen earlier in the year. A strong US stock market and support from the US presidential election cycle could reinforce this bullish narrative.
Bitcoin closed the week at around $66,300, up more than 10% since May 13. Most of the price increase occurred on Wednesday, while the rest of the week showed relatively stable price action.
Cryptocurrency analyst Jelle echoes 10X Research's bullish outlook. He notes that Bitcoin has broken the local downtrend, regained previous session highs and is now consolidating around $67,000.
She says Jill: “It’s time to go back to the 70s and beyond. »
According to Matteo Greco, research analyst at digital asset firm Fineqia, last week's positive price action was also driven by increased demand for BTC Spot ETFs.
“After five weeks of declining demand, resulting in cumulative net outflows of around $1 billion, BTC Spot ETFs saw net inflows of around $950 million last week, reflecting a level of demand never seen before since March,” Greco told BeInCrypto.
Additionally, Santiment data indicates that Bitcoin wallets holding less than 0.1 BTC have reduced their total holdings by 0.46% over the past week.
“Historically, small wallets dumping their coins into larger wallets is an encouraging and bullish sign for BTC.” books Feeling.
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