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Expert predicts $74.4K target in sight!
June starts on a positive note for Bitcoin enthusiasts, as the leading cryptocurrency shows its strength, advancing with early gains that bring key resistance levels into focus. In the last 24 hours, The price of Bitcoin rose a solid 2.3%, now trading comfortably at $68,980, and its market capitalization has confidently passed the $1.35 trillion mark.
And then? Here’s everything you need to know.
Is a turning point coming?
Analyzing the current trajectory, expert crypto analyst Ali Martinez suggests an imminent turning point for Bitcoin. Martinez’s analysis paints an encouraging picture, suggesting that this breakout could push Bitcoin’s value to around $74,400.
In a recent tweet, Martinez, a chart analysis expert, highlights Bitcoin’s emergence from a symmetrical triangle pattern. With conviction, Martinez says Bitcoin’s price action is gearing up for a bullish breakout, fueled by recent positive sentiment in the cryptocurrency market.
According to Martinez’s analysis, a decisive breakout of the $69,330 resistance level would mark the start of a significant bullish surge. However, this particular threshold has historically represented a formidable barrier to Bitcoin’s price trajectory.
A move above this level could pave the way for Bitcoin to revisit its previous all-time high of $74,400.
Investment Confidence Fuels Bitcoin’s Growth
THE recent bullish trend in Bitcoin coincides with significant investments in the ecosystem. Paradigm, a major investment firm, has raised $70 million for the Bitcoin Babylon staking protocol, demonstrating growing confidence in Bitcoin ventures.
Additionally, Tether, the issuer of the USDT stablecoin, made a noteworthy move by acquiring up to $100 million value of Bitdeer shares through a private transaction. Bitdeer, a major Bitcoin mining entity, values its shares between $6 and $7, reflecting Tether’s solid confidence in the Bitcoin mining sector.
Bitcoin price analysis
A blend of technical analysis and on-chain metrics points to significant momentum for Bitcoin. According to data from Santiment, Bitcoin’s Relative Strength Index (RSI) currently stands at 54, suggesting favorable conditions for a sustained bullish push.
Furthermore, Bitcoin trading volume saw a notable increase of 119.15%, totaling $24.29 billion in the last 24 hours.
Also check: Bitcoin, Ethereum and XRP Price Prediction: Will the Market Move to a New High in June?
Feeling bullish? Ready to see Bitcoin reach new heights? We hear your applause!