Key Points:
- Bitcoin’s price shows signs of a potential bullish breakout.
- Analyst predicts a near-term surge to $61,000.
- Bitcoin is currently retesting the Tenkan indicator.
- A potential drop to $47,300 is possible if the downside breaks out.
- Bitcoin has entered the second phase of the bull run.
- Network sees significant investment inflow from investors.
- Upcoming BTC supply halving in 60 days.
Bitcoin’s Bullish Outlook:
Bitcoin’s price may be losing momentum after reaching $52,000, but analysts believe further optimistic activity is ahead. Titan of Crypto, a renowned cryptocurrency analyst, predicts a near-term price target of $61,000 for BTC. This prediction is based on the formation of a “Bull Flag” pattern, indicating a potential breakout.
Retesting Tenkan Indicator:
However, Bitcoin is currently retesting the Tenkan indicator, which has historically led to pullbacks when the price reaches $50,700. If the Tenkan retest holds, the bull flag formation is likely to play out. Conversely, a breakout to the downside could lead to a potential drop to $47,300 at the Kijun level.
Entering Second Phase of Bull Run:
Titan of Crypto also believes Bitcoin has entered the second phase of its bull run. This is based on the “Monthly Williams %R” indicator approaching the “top dotted line.” This development has historically marked the beginning of the second bull market phase for Bitcoin.
Network Investment Inflow:
The recent rally has attracted investors’ interest, resulting in a significant inflow of investment into the BTC network. Willy Woo, a crypto analyst, reports that the network receives an average of $607 million in new investor demand daily, significantly higher than the $46 million worth of new Bitcoins created daily through mining.
Upcoming BTC Supply Halving:
In 60 days, Bitcoin will undergo its next supply halving, which reduces the number of new BTCs introduced into circulation by half. This event is widely anticipated and could potentially impact Bitcoin’s price.
