Bitcoin (BTC) has surged to an astonishing new all-time high (ATH) of $95,000, marking a 4% rally over the past three days. This milestone underscores the cryptocurrency’s continued dominance, fueled by strong institutional interest, ETF adoption, and macroeconomic tailwinds.
Having broken free from a multi-month bearish consolidation earlier this month, Bitcoin has entered what analysts term its second bullish phase, setting the stage for a potential parabolic rise to $137,000 by year-end.
Institutional interest has been a cornerstone of Bitcoin’s recent ascent. Glassnode data reveals that Bitcoin has seen capital inflows of nearly $63 billion in the last 30 days, largely driven by the success of U.S. spot Bitcoin ETFs. These ETFs now hold over 1 million BTC, valued at approximately $100 billion.
The influence of institutional giants like MicroStrategy, which has consistently accumulated Bitcoin, has further bolstered market confidence. Additionally, the entry of nation-states such as El Salvador, Bhutan, and the United States as major Bitcoin holders has amplified the bullish narrative.
Bitcoin’s breakout above its 2021 ATH of $69,000 has confirmed a bullish pennant formation, as noted by veteran trader Peter Brandt. This pattern indicates the potential for a significant upward trajectory, with a psychological target of $100K now in sight.
BTC’s Elliott Wave structure suggests that the current rally is part of a larger parabolic phase, supported by robust demand and reduced sell pressure.
With Bitcoin’s Fear and Greed Index hovering above 82%, market sentiment indicates extreme greed among investors. This confidence, coupled with Bitcoin’s robust support levels between $50K and $58K, has diminished concerns of a significant selloff.
Bitcoin’s rise has come at the expense of the altcoin market, with BTC dominance climbing steadily. Renowned analyst Benjamin Cowen predicts Bitcoin dominance could reach 66% before the year ends, potentially delaying the anticipated “altseason” to early 2025.
This dominance underscores Bitcoin’s status as the preferred asset for institutional and retail investors seeking stability and growth.
The success of spot Bitcoin ETFs has been a game-changer. By providing a regulated, easily accessible avenue for institutional investment, these ETFs have catalyzed Bitcoin’s growth and added a layer of legitimacy to its market.
As Bitcoin consolidates above $95K, analysts are optimistic about its trajectory. Peter Brandt and other market experts suggest that BTC could close the year trading above $137K. This forecast is based on historical trends, strong technical indicators, and the ongoing momentum from institutional inflows.
If Bitcoin achieves this target, it will not only reinforce its dominance but also set the stage for a transformative year in 2024, potentially fueled by halving dynamics and further ETF growth.
Bitcoin’s next significant resistance lies at $100,000, a key psychological milestone. A successful breach of this level could propel the cryptocurrency into uncharted territory, aligning with the parabolic phase outlined by the Elliott Wave principle. On the downside, maintaining support above $90K will be critical to sustain the bullish momentum. For now, Bitcoin remains the market leader, with its latest rally proving its resilience and potential as a global financial asset.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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