Analysts Anticipate Bitcoin Price to Surge by 10% and Reach All-Time Highs by the End of the Month
Bitcoin price has been struggling to surpass $72,500, but it has managed to establish a crucial support level around $69,000. The optimism among crypto traders has shifted due to the anticipated pre-halving rally. However, Bitcoin whales have started accumulating more coins after a significant drop in their holdings last week.
For the first time this year, Bitcoin’s price is expected to close above its all-time high in a monthly candle. As the macro bull run continues and enters the price discovery phase, the flagship cryptocurrency is likely to maintain an upward trend in the long run.
The highly anticipated Bitcoin halving is just three weeks away, which will reduce the daily supply from 900 BTCs to 450 coins.
After taking a break last week, Bitcoin whales have increased their accumulation rate since Monday. According to CoinShares’ latest weekly report, over $940 million was withdrawn from crypto investment products last week, with Bitcoin leading the way. However, data from Santiment shows that Bitcoin whales have accumulated more than 100,000 BTCs in the past seven days, totaling around $7 billion.
The cryptocurrency market is eagerly awaiting a breakout, especially after Gold and major indexes like the S&P 500 reached new all-time highs. The correlation between Bitcoin, altcoins, precious metals, and stock indexes remains strong, as institutional investors continue to adopt the web3 sector.
Interestingly, Bitcoin’s funding rate ratio has surged to a two-week high, indicating an imminent bullish breakout.
Based on a technical analysis by analyst Ali Martinez, there is a good chance that Bitcoin will reach a new all-time high of $77,000 before the end of this month. If Bitcoin can hold above $70,000, a surge of nearly 10% is expected.
In summary, Bitcoin’s price is showing signs of a potential breakout, with whales accumulating more coins and the halving event drawing near. The correlation between Bitcoin and other assets remains high, and analysts predict a new all-time high for the cryptocurrency in the near future.