Bitcoin is on the brink of smashing its previous record high, set to soar to unprecedented heights this month propelled by a remarkable resurgence poised to trigger an upward surge.
While apprehensions have surged among retail investors following the recent downturn, institutional investors remain steadfastly committed, setting their sights on the $90,000 milestone in anticipation of the impending halving.
Captain Faibik, a respected Bitcoin analyst, has unveiled compelling insights suggesting that Bitcoin (BTC) is gearing up for one of its most bullish months on record. Despite grappling with a recent setback, Bitcoin stands poised to potentially scale new heights in the forthcoming weeks, with investors eagerly eyeing the $90,000 mark.
Earlier this week, the eminent crypto analyst shed light on a bullish pennant formation observed on the 12-hour timeframe chart, signaling to observers that the world’s largest cryptocurrency could be on the cusp of a breakthrough this week.
While the initial short-term target rests at $70,000, the analyst projects Bitcoin’s trajectory to reach a remarkable $88,000 or even $90,000 by month’s end, heralding a fresh all-time high for the digital asset, which just weeks ago notched a record pinnacle of $75,000.
In the latest market snapshot, BTC is currently exchanging hands at $67,603 following a 2% uptick in the past 24 hours. Regrettably, Bitcoin continues to linger in the red on the weekly chart, having undergone a nearly 6% decline over the last 7 days. Earlier this week, BTC briefly dipped to $65,000, eliciting concern, particularly among retail investors. However, the subsequent rebound has underscored the robust support underlying the asset.
The recent resurgence coincides with renewed interest from institutional players, with reports surfacing that Morgan Stanley and UBS are poised to integrate Bitcoin ETFs into their platforms in the forthcoming week. As detailed by CNF, Morgan Stanley, a $1.5 trillion asset management behemoth, is poised to become the world’s pioneer Bitcoin ETF bank.
Moreover, the imminent Bitcoin halving, a historic event set to unfold in approximately two weeks, has rekindled fervent anticipation. Historically, this event has catalyzed some of the most meteoric bullish runs for the asset, often culminating in record-breaking highs within a year post-halving.
Buoyed by lofty expectations surrounding the halving, both whales and institutional investors have ramped up their investments, with retail investors reentering the fray after initial trepidation. Nonetheless, it remains imperative for bullish sentiment to breach the $70,000 threshold to reaffirm dominance over the mid-term trend. This pivotal psychological level, if left unclaimed, could precipitate a steep downturn. Notably, the $65,000 support level has exhibited formidable resilience, with further bolstering at $60,000 and $58,000.
Bitcoin’s stellar performance has catalyzed a ripple effect across the broader crypto market, with large-cap tokens notching modest gains, potentially signaling larger upswings in the offing. Noteworthy among these performers are XRP and Binance Coin (BNB), which have surged by 3% and 6%, respectively. Despite entanglements in regulatory disputes with the SEC, both are anticipated to emerge victorious.
Recommended reads:
– Bitcoin Acquisition Handbook
– Navigating the Bitcoin Wallet: A Comprehensive Guide
– Real-time Bitcoin Price Tracker
– Delve Deeper into Bitcoin: Latest Developments and Insights