Bitcoin Set For Surge: High ETF Inflows And Technical Patterns Signal Growth
- Crypto Rover predicts a Bitcoin rally, citing historical patterns, technical analysis, and strong ETF fund inflows.
- BTCs recent breakout past $67,000 signals strengthening support, with $73,000 as the next key level for bulls.
- Institutional interest surges as post-election capital flows into Bitcoin ETFs, reinforcing confidence in crypto.
Crypto Rover predicted that the market capitalization of Bitcoin would rise as suggested by historical and technical analysis. In his recent YouTube video, the analyst provided technical analysis, ETF fund flows, and macroeconomic indicators that indicate Bitcoin is poised to challenge the higher price band. He cites historical patterns and coins recent behavior as a sign that the cryptocurrencys next surge might already be in progress.
An important aspect of the analysis is the recent technical performance of Bitcoin. Yesterday, BTC finally got out of range, making a symmetrical triangle that spiked to $67,400. This steep rise indicates a 10% rise in a short while, meaning there is still strong support at $67000 which could be a springboard for further price advances. The price trend shown by present price charts indicates a rising pattern and BTC is currently challenging previous barriers, a clear indication of strengthening support.
Source: Chart by CryptoRover
Bitcoins Bullish Pattern
This is particularly the case on a larger four-hour chart, where the token is creating a broadening wedge pattern and might be due for another price rise. If Bitcoin were to experience a minor correction, the next major support level would be at $73,000 which supports the bulls. The chart is extremely bullish, he said, noting that this pattern is usually followed by a bullish run.
In addition, there was a capital flow into Bitcoin ETFs after the U.S. election. The market data indicates that more than $600 million were invested into Bitcoin ETFs, and the buying was done by a number of issuers. In a positive development, BlackRock which is known for being a big buyer, was a big seller thus changing the dynamics. The renewed institutional interest, in the ETF market demonstrates that BTC has a strong vote of confidence as a highly valued asset.
U.S. Election Boosts BTC
In the previous cycles, the U.S. elections have had a positive impact on the price of cryptocurrency. BTC surged after the 2016 election, and similar expectations are being made for this years election. At the time of writing, BTC is at $75,174, with a 2.02% surge in the past 24 hours. Bitcoin is currently in a price discovery phase and has hit new all-time price records.
Since Bitcoin is the largest cryptocurrency, many believe that other digital assets such as Ethereum will also receive a boost from a related rally. As the crypto market sentiment improves, market observers look forward to an altcoin season. The technical landscape, institutional setup, and macroeconomic environment look supportive for BTC and the entire cryptocurrency market in the next few months.
Read more: https://www.tronweekly.com/bitcoin-set-for-surge-high-etf-inflows-and/
Text source: TronWeekly
