Published on Coinpedia Fintech News
Bitcoin (BTC) is currently facing a significant challenge in maintaining its position above the $65,000 mark, with the cryptocurrency trading down 1.63% at $64,490. Despite this short-term dip, there is a growing sense of optimism in the market. With Bitcoin achieving its first three-week winning streak since February, some market analysts believe that a surge to $75,000, or even higher, might be imminent.
Is Bitcoin Headed for $75K?
Recently, Bitcoin completed its first three-week winning streak since February, igniting hopes for a significant price rally. Over the past week, BTC saw a 3% increase, adding to the 7% rise from the previous two weeks. This upward momentum has traders and analysts speculating about a potential move to $75,000.
On the trading platform Deribit, there has been a noticeable uptick in traders purchasing call options at the $75,000 strike price. Call options allow traders to buy Bitcoin at a predetermined price in the future, and the increased activity indicates a strong belief that prices will rise. Additionally, many investors are selling put options, reflecting a reduced concern about a decline in BTC’s price.
Analyst Peter Brandt Sees Major Breakout
Veteran analyst Peter Brandt has shared his insights on Bitcoin’s price movement, highlighting a key chart pattern known as the “expanding triangle.” According to Brandt, this six-month corrective trend might be nearing its end.
If Bitcoin manages to break through the $75,000 level, it could signify the continuation of the broader uptrend that began in October 2023, when prices were below $30,000.
Bitcoin ($BTCUSD) continues to be in a sequence of lower highs and lower lows. Only a meaningful close above the July highs would change this sequence and officially complete the 6-month expanding triangle.
Meanwhile, Greg Magadini from Amberdata explains that this pattern suggests traders are expecting a breakout soon. If Bitcoin can break past the $75,000 mark, it could trigger a swift rally, potentially pushing BTC to new highs around $100,000 by the end of 2024.
Bitcoin ETFs Attract Big Money
Adding to the excitement, U.S.-listed Bitcoin ETFs have experienced strong inflows. SpotOnChain reported $494 million in net investments, with ARK 21Shares leading the pack, securing $203.1 million. Other major funds like FBTC and GBTC also saw significant investments.
Spot ETF: $494.4M to $BTC and $58.7M to $ETH as of September 27, 2024. The total flow for BTC ETFs this week is +$1.11B, with inflows on all 5 trading days. This marks the largest weekly inflow since July 19. The total flow for ETH ETFs this week is +$84.6M, with inflows on all days.
With increasing institutional interest, strong technical signals, and rising market confidence, Bitcoin appears to be on the verge of a significant breakout.
