The price of Bitcoin has surged to the highest point since halving, hitting $67.5k price which has sparked bullish sentiments.
Data from CoinMarketCap reveal that the price of Bitcoin has increased by about 3% in the last day and by more than 9% in the past week.
Analysts predict that Bitcoin price could start rallying to new all-time highs if it manages to rise above the $67k price. Head of research at 10x Markus Thielen said the $67,000 level is acting as a significant resistance line for Bitcoin which could determine its price action in the coming weeks.
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He said,
“A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts”.
Also, in a post made on X, popular crypto analysts Rekt Capital stated that the price of Bitcoin has broken its downward trend which could it move heavily to the upside.
He wrote,
“The Daily Downtrend is over. And yesterday, BTC broke out from its Daily Bull Flag (black). Any dips into the Bull Flag top would not just confirm the breakout, but also mimic a key late March retest (green circle) that preceded upside to ~$70,000”.
In a susbsequent post, he stated that BTC only needed to drop an additional -1% to perform the post Bull Flag breakout retest attempt in an effort to secure trend continuation to the upside. Soon after, he said that the retest was successful, noting that Bitcoin has fully confirmed its breakout from the Bull Flag (black).
With these bullish predictions, crypto traders and enthusiasts anticipate a new wave of growth to the upside.
The current BTC market structure is forming a bullish continuation pattern with price trading at $67,040 as at the time of writing this report. A possible break out to the upside, could see the price of the crypto asset reach a record high. Recent market indicators affirm that Bitcoin is presently breaking out of the current market structure with a price target of about $75,000.
Notably, reports reveal that Inflows from the United States spot Bitcoin Exchange-traded funds (ETFs) remained positive for the second consecutive week, as the ETFs amassed over $200 million worth of cumulative net inflows, which is just half compared to previous weeks $413 million.
Institutional inflows from ETFs were a significant part of the current Bitcoin rally to new all-time highs. Recall that in February 15, Bitcoin ETFs accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.
Recent reports ascribe this growing demand to institutional and retail interest in spot BTC ETFs, with data showing that this investment product is steadily gaining ground on Gold ETFs in assets under management (AUM).
Bitcoin price is not showing any signs of stopping as the bulls seize every correction as a “buy-the-dip” opportunity. An increase in buying pressure could see Bitcoin price reclaim the $73,000 level.