Fintech
Bitcoin is poised for a bullish breakout, says an experienced crypto trader, targeting a 25% rally.
Bitcoin prices showed strength on Friday, rebounding from to recent dive to hover approximately $66,894.45. This recovery, combined with positive inflows into bitcoin exchange-traded funds (ETFs), attracted inflows of $1.3 billion this month, offsetting the $344 million withdrawals seen last month.
Notably, famous cryptocurrency trader Captain Faibik predicts a 25% bullish rally by June if key resistance levels are broken.
Bitcoin Rally Expected 25% in June
According to Captain Faibik, Bitcoin bulls need to break above the $68,000 resistance level to confirm a bullish flag breakout. This technical pattern is often seen as a precursor to significant price movements, and a break of this resistance could signal the start of a new uptrend.
Once the $68,000 resistance level is broken, Faibik expects a robust bullish rally, with Bitcoin expected to gain a further 25% in June. This optimistic forecast is based on current market trend and historical price patterns, which often see significant upward movements following breaks of key resistance.
At the moment, bitcoin it is currently trading at $66,843, reflecting a 2% increase over the past 24 hours. Despite the price surge, trading volume fell by 9%, while the market capitalization rose to $1.31 trillion.
Bitcoin ETFs see inflows of $1.3 billion
The positive market momentum is supported by consistent inflows Bitcoin ETFssuggesting that institutional investors are also optimistic about the cryptocurrency’s prospects.
Bitcoin spot exchange traded funds (ETFs) saw significant inflows in May, attracting inflows of $1.3 billion this month, offsetting withdrawals of $344 million recorded last month.
In April, spot Bitcoin ETFs saw notable outflows, with approximately $51.5 million withdrawn on April 29 alone. Grayscale’s converted fund, GBTC, was a major contributor to these outflows. Despite this, May saw a notable turnaround, with US spot Bitcoin ETFs recording net inflows of $116.8 million on May 13, ending four weeks of net outflows.
Also check: Bitcoin Price Prediction 2024-2030: Will BTC Price Cross $100,000 Mark After Halving?