Excitement over Ethereum's first spot ETF sparked one of the best days for the cryptocurrency market in 2024. Ethereum, Uniswap, Pepe, Bonk and Lido all surged more than 20% in just 24 hours. Bitcoin's rally to a six-week high of $71,400, according to Santiment data, doesn't look like much in comparison.
The big rally is coming!
A recent video analysis from Crypto Banter highlighted the potential for Bitcoin’s price surge, predicting that it could reach $84,000 within the next six weeks. Despite the market turmoil caused by geopolitical events, Bitcoin's recent closing prices are above important levels, suggesting a bullish trend and setting the stage for this potential rally. .
Bitcoin's sudden price spike led to a mass liquidation of short traders, with profits from cryptocurrency derivatives trading exceeding $345 million. This shows that Bitcoin bulls are currently in the ascendancy and a new all-time high is on the way.
Historical trends: what can they tell us?
Historical data and trend analysis support this optimistic forecast. Stochastic RSI is trending upward with both values below 20, indicating a virtuous cycle. Additionally, closing prices above the weekly trend line are important. Previous breakouts from similar patterns have seen gains of 30-40%, making the $84,000 target reasonable.
What causes the bullish pump?
There are several factors that indicate increased liquidity and market interest. More money is flowing into Bitcoin and the price is rising. A positive trend in overall market liquidity, influenced by Federal Reserve policy, benefits Bitcoin. The increase in the supply of USDT and USDC indicates that more money is being invested in cryptocurrencies.
Bitcoin price has reacted to the news that the US SEC has changed its stance on Ethereum and its Spot Ether ETF application. Combined with the recent Bitcoin halving, these factors make Bitcoin more likely to rise further. Broad market trends, including Nvidia's earnings report, impact the technology and AI sectors, which indirectly impacts Bitcoin.
Future Ethereum ETF decisions could also impact Bitcoin, regardless of the outcome.
what What’s next for Bitcoin price?
Key technical indicators support the bullish trend. A low RSI level suggests that Bitcoin is not overbought and has room for growth. After 82 days of consolidation, a break above $74,000 would signal the beginning of a new uptrend.
All indicators suggest that Bitcoin could reach $84,000 within six weeks, supported by strong technical analysis and favorable market dynamics. Investors need to closely monitor key levels and trends to stay informed and make data-driven decisions in volatile crypto markets.
The recent Bitcoin halving, along with the US SEC's revised stance on Ethereum and Spot Ether ETFs, has sent Bitcoin prices soaring, positioning the flagship cryptocurrency for further gains.
See also: Why are crypto markets rising today? Is it the beginning of a new rally?
