Bitcoin Traders Set Sights on New All-Time High as Price Regains $72,000
A handful of Bitcoin traders have projected new all-time highs for the asset as it crossed a significant milestone. Whales and other bulls are setting the tone for a massive surge in the coming weeks. BTC price trades at $72,042, soaring 1.3% in the last 24 hours. This tremendous surge has its effects on altcoin flow into the greed zone. Frontline reasons for the switch-up of digital assets include the US elections, inflows to institutional products, and increased adoption.
Van de Poppe Projects New ATH
A new high is on Bitcoin cards with a price comparison of less than $1,000. Crypto enthusiast Michael Van de Poppe rallied behind the new price target for the asset, informing his X users of the development. In another tweet, he noted that Bitcoins dominance dabbled into the resistance zone. This could also lead to an altcoin rally on the heels of BTC inflows.
To Van de Poppe, macroeconomic conditions in the United States play a huge role. The upcoming labour market data in the country could boost the narrative, driving home a new all-time high. Taking liquidity above $70K, but I think that Bitcoin is going to make a new ATH this week as its Unemployment week, he wrote.
A cross-section of traders expects the asset to break new levels and face a slight correction before rebounding to new highs. In the last 24 hours, the overall market capitalization saw 1.6% inflows.
Investors Rely On Traditional Market
A slew of investors have expressed optimism about growing traditional interests in Bitcoin and other assets. This is due to recent leanings after months of slight retraction. After the approval of spot BTC ETFs in January, the market tapped high levels of inflows from multiple firms, with new companies opening their portfolios to the market leader.
This naturally spiked the asset in the first three months before a period of sideways movement followed by geographical factors. The German governments sale of BTC was a notable event that weakened sentiments before the present price surge. As predicted by most bulls, the US election will cause bullish pressure on crypto prices, with traders repositioning assets. This was also seen in the weeks leading up to the policy rate cuts by the Federal Reserve.
Read more: https://zycrypto.com/bitcoin-traders-set-sights-on-new-all-time-high-as-price-regains-72000/
Text source: ZyCrypto
