Bitcoin (BTC) continues to trade near the $64,000 level, with Wednesday’s price movements showing only a modest 0.3% increase to $63,850. Despite this apparent hesitation, there are strong indications that Bitcoin could soon break above this threshold, as bullish sentiment continues to rise across the market.

Bitcoin Struggles to Break $64,000, But Momentum Builds

Bitcoin has been hovering around the $64,000 level for the past several days, with little decisive movement in either direction. As of Wednesday, BTC was up only slightly, but this relatively flat price action belies a growing optimism within the broader market. Analysts have pointed to several bullish indicators that suggest Bitcoin may be poised for a significant upward move.

Despite Ethereum (ETH) trading down by 1%, settling at $2,625, Bitcoin’s market positioning appears much stronger. This resilience is driven by multiple factors, including a continued surge in spot Bitcoin ETF inflows, which have helped maintain the upward pressure on BTC’s price.

ETF Inflows Provide a Boost

A key factor supporting Bitcoin’s price is the strong performance of U.S. spot Bitcoin ETFs. According to recent data, these ETFs have experienced four consecutive days of net inflows, signaling robust demand from institutional investors. On September 24 alone, Bitcoin ETFs saw net inflows of $136 million, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the pack with $98.8 million in deposits.

Ethereum spot ETFs have also shown strength, with net inflows reaching $62.5 million. BlackRock’s Ethereum Trust (ETHA) accounted for the majority of this, bringing in $59.2 million. This continued influx of capital into both Bitcoin and Ethereum ETFs is seen as a positive signal for the broader cryptocurrency market.

Standard Chartered Remains Bullish on Bitcoin’s Long-Term Outlook

Despite Bitcoin’s current struggle to decisively break above $64,000, analysts remain optimistic about its future price movements. Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, recently highlighted several factors that could help push Bitcoin toward higher levels in the coming months.

In a note to Decrypt, Kendrick pointed to last week’s Federal Open Market Committee (FOMC) decision and the steepening U.S. Treasury yield curve as key drivers of Bitcoin’s strength. The yield curve, which now stands at +21 basis points, signals optimism about future economic growth. A steeper yield curve typically reflects a positive outlook for riskier assets like Bitcoin, as investors expect stronger economic conditions.

“This rapid pace of accumulation suggests more than just higher prices—there’s a belief that broader market conditions are favoring Bitcoin, especially after VP Harris’ comments encouraging the crypto industry,” Kendrick noted. He also mentioned that Bitcoin’s current market conditions seem well-supported by favorable economic indicators, creating the potential for further price gains.

Rising Optimism Among Investors

Investor sentiment around Bitcoin has also seen a noticeable uptick in recent weeks. According to data from Alt Index, market sentiment toward Bitcoin now sits at 83 on a scale of 0 to 100, reflecting a shift from neutral to increasingly optimistic. This surge in positive sentiment could play a crucial role in Bitcoin’s next price rally.

Additionally, Google search trends for Bitcoin are beginning to rise, hinting at growing interest in the cryptocurrency. In previous bull cycles, an increase in online searches for Bitcoin has often served as an early indicator of broader retail and institutional interest.

Could Bitcoin Hit $65,000?

As Bitcoin continues to battle with the $64,000 level, many analysts remain bullish on its future prospects. Some have even predicted that Bitcoin could soon hit $65,000, driven by a combination of strong ETF inflows, positive macroeconomic conditions, and rising market sentiment.

A derivatives exchange executive told Decrypt that investors are already eyeing $65,000 as the next target for Bitcoin, with $2,700 for Ethereum and $650 for Binance Coin (BNB). While these targets may seem ambitious, the current momentum behind Bitcoin suggests that such price levels could be achievable in the near future.

Conclusion: Bitcoin at a Crossroads

Bitcoin’s current price action may seem indecisive, but beneath the surface, several factors are pointing to the potential for further gains. With strong ETF inflows, a supportive macroeconomic environment, and rising market sentiment, Bitcoin appears to be building the foundation for a potential breakout above $64,000.

While short-term price fluctuations are always possible, analysts at Standard Chartered and other institutions remain confident in Bitcoin’s long-term outlook. If these bullish indicators continue to hold, BTC could soon push past its current resistance and set its sights on the next major target: $65,000.