Bitcoin‘s market value is showing signs of a potential surge past the $90,000 mark in the forthcoming period, supported by an array of encouraging technical patterns, on-chain data, and fundamental indicators. Having soared to a record peak of $69,210, the cryptocurrency is now exhibiting a sideways trend within a structure that analysts often associate with a bullish continuation scenario.
Technical Indicators Point to a Price Breakout
According to financial experts, this pattern—resembling a bull flag—often precedes a significant price increase that can equal the height of the prior bullish trend. The upswing, usually accompanied by a rise in trade volume, appears imminent, especially after Bitcoin’s recent consolidation at all-time high levels. Projections indicate a potential climb to around $92,500, representing a 35% appreciation from the current valuation in the upcoming weeks.
Surging ETF Inflows Signal Rising Investor Interest
Concurrently, US exchange-traded funds (ETFs) have experienced a swell in capital inflows, with reserves doubling since January. This influx suggests increased investor interest, as fund managers might need to purchase more underlying assets to maintain the ETF’s market representation, further fueling demand for the cryptocurrency.
Market analyst Timothy Peterson has noted the positive effect of ongoing Spot ETF approvals on Bitcoin’s price, potentially paving the way for it to hit $100,000 by October 2024. Furthermore, this trend of rising ETF investments precedes Bitcoin’s anticipated halving event, historically linked to significant price rallies both before and after the event.
Renowned analyst Jelle also compares the current price patterns to the pre-surge phase of November 2021, suggesting a similar trajectory may be unfolding. If the pattern holds, Bitcoin could soon be eyeing prices well above $75,000, mimicking its past market behavior.