The Potential for Bitcoin’s Price Surge
Bitcoin’s price is on the verge of reaching new all-time highs if it manages to surpass the critical $67,500 level, which is currently a major resistance point, as indicated by Markus Thielen, the head of research at 10x Research. Thielen believes that breaking through this level could trigger a bullish rally, especially after Bitcoin’s recent recovery above $66,000.
Despite facing resistance, Bitcoin has seen a notable growth of over 7.3% in the past week. Thielen emphasizes that a breakthrough above $67,500 could propel Bitcoin to new record levels, confirming the projections of their Bitcoin ETF model.
Analysts’ Insights and Predictions
Recent data shows that spot Bitcoin exchange-traded funds (ETFs) in the United States have been receiving positive inflows for two consecutive weeks, with a net inflow of over $200 million. This trend, although lower than the previous week’s inflow, highlights the role of institutional investments in Bitcoin’s upward momentum.
QCP Capital, a leading trading firm, shares the optimism about Bitcoin’s price trajectory, foreseeing a potential push towards $74,000 highs. The firm noted significant purchases of BTC Calls for December 2024, reinforcing confidence in the cryptocurrency’s upward movement.
On the other hand, Michael Novogratz of Galaxy Digital Holdings anticipates Bitcoin to trade within a narrow range of $55,000 to $75,000 in the current quarter, citing market circumstances as key determinants for future price movements.
