Bitcoin Reaches $70K, All Time High Breakout Pump BTC Price Will Reach $100K?
BTC price is back on track after Donald Trump's speech on pro-crypto regulations last Saturday, followed by a jolt and boost. With an intraday gain of 2.57%, the largest crypto has now reached the $70K mark.
Last witnessed in early June, BTC price is showing a rapid V-shaped inversion, indicating peak demand. From Mt. Gox threat and surviving an early fall in Ethereum ETFs, the rally is poised for a new all-time high. Will this crash turn the highly anticipated $100,000 Bitcoin price prediction by 2024 into reality?
Bitcoin price performance
In a massive recovery rally starting at $55K, Bitcoin price quickly rose 25% in three weeks to regain lost levels. Crossing the 50% Fibonacci level at $64,766 and the $70K mark, BTC price is now heading towards the trend line.
Marketing perspective
Challenging the trend line in the flag pattern channel on the daily chart, rising demand will fuel the bull run.
Technical indicators:
RSI: The daily RSI line hits the overbought boundary, indicating an increase in demand. Therefore, the increased demand increases the probability of bullish dispersal, but the overbought nature can cause a little retry.
EMA: The bullish trend in the price of BTC has a strong impact on the 200D and 50D EMA, creating two dynamic supports.
Growing Bitcoin ETFs, Bitcoin Stocks Trend Score Hits 1
The Bitcoin Accumulation trend suggests that the big players in the market will buy and hold Bitcoin. With increasing US Spot Bitcoin ETF inflows, the Bitcoin Accumulation Trend point has reached 1.
Source: https://twitter.com/ali_charts/status/1817537230291743066
A rising trend point indicates a strong level of accumulation by major components. Accumulation by such influential investors and ETFs shows that confidence is growing as the bull market continues.
Will BTC hit $100k?
With the broader crypto market rallying, BTC price teases a flag-breaking rally on the daily chart. In addition, the lower bullsh gear starts to rotate, and the basic and on the chain are quickly improved.
According to Fibonacci levels, a bullish breakout of the flag pattern could reach the 1.618 level at $102k. So the growth could reach more than $100K in the coming months.
