Experienced Crypto Trader Predicts Bitcoin’s Impending Bullish Breakout, Anticipates a 25% Rally

Key Resistance Breakout Predicted to Trigger 25% Bitcoin Rally in June

Bitcoin prices have shown resilience, bouncing back from a recent dip and hovering around $66,894.45. This recovery, combined with positive inflows into spot bitcoin exchange-traded funds (ETFs), has attracted $1.3 billion in investments this month, offsetting the $344 million in withdrawals experienced in April.

Renowned crypto trader Captain Faibik has made an intriguing prediction, stating that if Bitcoin bulls can break through the key resistance level of $68k, a bullish rally of 25% can be expected in June. This projection is based on historical price patterns and the current market trend, which often sees significant upward movements following the breakthrough of major resistance levels.

As of now, Bitcoin is trading at $66,843, reflecting a 2% increase in the last 24 hours. Despite this price surge, trading volume has decreased by 9%, while the market cap has surged to $1.31 trillion.

The positive momentum in the market is further supported by consistent inflows into Bitcoin ETFs, indicating that institutional investors are also optimistic about the cryptocurrency’s prospects. Spot Bitcoin ETFs have witnessed substantial inflows in May, attracting $1.3 billion in investments, effectively offsetting the $344 million in withdrawals seen the previous month.

In April, spot Bitcoin ETFs experienced significant outflows, with approximately $51.5 million withdrawn on April 29 alone. Grayscale’s converted fund, GBTC, played a significant role in these outflows. However, May has seen a remarkable turnaround, with U.S. spot Bitcoin ETFs recording net inflows of $116.8 million on May 13, putting an end to four weeks of net outflows.