Since April 15, 2024, Bitcoin, the world’s leading cryptocurrency, has been hovering around the $67,000 mark. Amid this, Markus Thielen, head of research at 10X Research, captured attention with a recent report. Thielen stated, “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
Markus Thielen’s Bullish Outlook for Bitcoin
Thielen’s bullish prediction follows a notable 8% price jump for Bitcoin over the past week, regaining a crucial $66,000 psychological level. He emphasized, “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
In the United States, the spot Bitcoin ETF (Exchange Traded Fund) has seen positive inflows for the second consecutive week, highlighting renewed investor interest in Bitcoin-related products. This comes after three weeks of negative inflows, showcasing a shift in market sentiment.
Currently, Bitcoin is trading near $67,000 and has remained stable over the past 24 hours. Over the last seven days, Bitcoin’s price has surged by more than 8%, with a 5.5% increase in the past three days alone. Additionally, the 24-hour trading volume has soared by over 50%, indicating strong investor and trader interest.
Bitcoin Technical Analysis and Key Levels
Technical analysis suggests Bitcoin is poised for significant bullish momentum. If Bitcoin breaks and closes above the $67,500 level, it could swiftly reach the $70,000 mark. Otherwise, it may continue consolidating within a narrow range.
Over the past 30 days, Bitcoin has made multiple attempts to surpass the $67,000 level but has struggled to break through consistently. The 24-hour Open Interest (OI) data shows a 1% decrease, indicating a slight decline in investor and institutional interest.
Rising Interest in Other Cryptocurrencies
While Bitcoin has been facing resistance, other cryptocurrencies like Solana (SOL) have seen substantial gains. Solana, the world’s fifth-largest cryptocurrency, experienced a 25% price surge over the last seven days. Similarly, Chainlink (LINK) and Bitcoin Cash (BCH) saw impressive increases of 24% and 13%, respectively, during the same period.
Not a financial advice.