Bitcoin Shows Signs of Breaking Out, Chart Analyst Predicts $74.4k Target Soon
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As June begins on a positive note, Bitcoin is showing robust strength, with early gains bringing key resistance levels into play. Bitcoin’s price has risen by 2.3% in the past 24 hours, currently trading at $68,980. Its market cap has surpassed the $1.35 trillion mark.
Meanwhile, analyzing the ongoing price trajectory, renowned crypto analyst Ali Martinez suggests that Bitcoin is on the verge of breaking out. Martinez predicts that this breakout could trigger a surge in Bitcoin’s price to around $74,400.
BTC Aim For $74.4K
In a recent tweet, renowned chart analyst Ali Martinez suggested that Bitcoin (BTC) is showing signs of breaking out from a symmetrical triangle pattern. Martinez believes that Bitcoin’s price action is poised for a bullish breakout, supported by the recent surge in the crypto market.
As per the analysis, a sustained close above the $69,330 resistance level would signal a massive bullish move. However, this level has historically been a significant barrier to Bitcoin’s price, and a breakout above it could push Bitcoin toward its previous all-time high of $74,400.
Investments Boosting Bitcoin Ecosystem
The recent bullish trend in Bitcoin coincides with notable investments in the ecosystem. Paradigm, a prominent investment firm, raised $70 million for the Bitcoin staking protocol Babylon, showing growing confidence in Bitcoin ventures.
Additionally, Tether, the issuer of the USDT stablecoin, made a significant move by purchasing up to $100 million worth of Bitdeer shares in a private deal. Bitdeer, a leading Bitcoin mining company, has its shares valued between $6 and $7, showing strong confidence from Tether in the Bitcoin mining sector.
Bitcoin Price Analysis
The combination of technical analysis and on-chain data points to a significant move for Bitcoin. According to Santiment, Bitcoin’s Relative Strength Index (RSI) currently sits at 54, suggesting it is well-positioned for a steady bullish momentum.
Additionally, Bitcoin’s trading volume has surged by 119.15% to $24.29 billion in the last 24 hours, highlighting the growing interest and focus of traders on the flagship cryptocurrency.
Also Check Out: Bitcoin, Ethereum, And XRP Price Prediction: Will Market Rally Toward A New High In June?
