Bitcoin (BTC) Price to Hit $84K in Next 6 Weeks: Here’s Why
Excitement over Ethereum’s first spot ETF has triggered one of the best days in the crypto market for 2024. Ethereum, Uniswap, Pepe, Bonk, and Lido have all surged more than 20% in just 24 hours. Even Bitcoin’s rise to $71.4K for the first time in six weeks seems less significant in comparison, according to Santiment data.
A Major Rally Incoming!
Crypto Banter’s recent video analysis highlighted Bitcoin’s potential for a major price surge, predicting it could reach $84,000 within the next six weeks. Despite market turbulence from geopolitical events, Bitcoin’s recent close above crucial levels suggests a bullish trend, setting the stage for this possible rally.
Bitcoin’s sudden price jump led to heavy liquidations of short traders, resulting in over $345 million in revenue from crypto derivatives trading. This indicates that Bitcoin bulls are now in control, with a new all-time high potentially on the horizon.
Historical Trends: What Do They Tell Us?
Historical data and trend analysis support this optimistic forecast. The stochastic RSI, with both values under 20 and trending upward, indicates a positive cycle. Additionally, a close above the weekly trend line is crucial. Previous breakouts from similar patterns have seen 30-40% increases, making the $84,000 target plausible.
What Caused the Bullish Pump?
Several factors indicate increased liquidity and market interest. More money is flowing into Bitcoin, driving prices up. Positive trends in overall market liquidity, influenced by Federal Reserve policies, benefit Bitcoin. An increase in USDT and USDC supply signals more capital for crypto investments.
Bitcoin’s price reacted to news that the US SEC has changed its stance on Ethereum and its spot Ether ETF applications. Combined with the recent Bitcoin halving, these factors position Bitcoin well for further gains. Broader market dynamics, including Nvidia’s earnings reports, influence the tech and AI sectors, indirectly affecting Bitcoin.
The upcoming Ethereum ETF decision could also impact Bitcoin, regardless of the outcome.
What Next For Bitcoin Price?
Key technical indicators support the bullish sentiment. Low RSI levels suggest Bitcoin is not overbought and has room for growth. After consolidating for 82 days, a breakout above $74,000 would signal the start of a new upward phase.
All indicators suggest that Bitcoin could reach $84,000 within six weeks, supported by strong technical analysis and favorable market dynamics. Investors should closely monitor key levels and trends, remaining informed and making data-driven decisions in the volatile crypto market.
Bitcoin’s price surge, driven by the US SEC’s revised stance on Ethereum and spot Ether ETFs, along with the recent Bitcoin halving, positions the flagship cryptocurrency for further gains.
Also Check Out : Why Crypto Market is Up Today? Is This the Start of Fresh Rally?
Source link
