Bitcoin price is correcting gains from the $52,500 resistance. BTC must stay above the $50,500 support to remain in a bullish zone this month.

Bitcoin price is struggling to clear the $52,800 resistance zone.
The price is trading below $52,200 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase unless there is a clear move below the $50,500 support.

Bitcoin Price Faces Hurdles

Bitcoin price made another attempt to gain strength above the $52,000 resistance zone. BTC broke the $52,200 level, but the bears were still active near the $52,500 level.

A high was formed near $52,475 and the price is now correcting gains. There was a move below the $52,000 level. The pair traded below the 50% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.

Besides, there was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $52,000 level. The next key resistance could be $52,200, above which the price could rise toward the $52,500 resistance zone. The main resistance is still near the $52,800 level. A clear move above the $52,800 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $55,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $52,200 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,300 level and the 61.8% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.

The first major support is $51,000. If there is a close below $51,000, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone, below which the price might turn bearish in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $51,300, followed by $50,500.

Major Resistance Levels – $52,200, $52,500, and $52,800.

As Bitcoin continues its bullish momentum, renowned analyst Michaël van de Poppe has offered an optimistic outlook on the cryptocurrency’s price trajectory. Van de Poppe highlights the “massive” momentum behind Bitcoin, signalling a bullish trend in the market. 

The analyst anticipates Bitcoin embarking on a “final surge” towards the $54,000 to $58,000 range, marking the culmination of the current pre-halving rally. However, there’s a catch: Van de Poppe predicts a short-term correction before this “final push.”

The #Bitcoin chart looks great as the momentum is massive.

I’m expecting a short-term correction before a final push to $54-58K and then we’re likely done with this current pre-halving run. pic.twitter.com/sq9GWn0N8M

— Michaël van de Poppe (@CryptoMichNL) February 19, 2024

Analyst Insights And Market Trends

Van de Poppe’s forecast comes amid Bitcoin’s current price hovering around the $52,000 mark, reflecting a 0.5% increase over the past 24 hours. This upward trajectory builds upon a week-long bullish trend, propelling Bitcoin’s market capitalization to $1.02 trillion.

However, Van de Poppe isn’t the sole analyst expressing bullish sentiments towards Bitcoin. Another cryptocurrency analyst with the name ‘James CryptoGuru’ on X has also issued a bullish prediction, setting a target of $61,000 for Bitcoin’s price in the near future.

#BITCOIN TRADE TARGET $61,000 & $DOGE BREAKING NEWS!!! $btc $doge short-term correction pic.twitter.com/cAerjhjexY

— James CryptoGuru (@Jamyies) February 19, 2024

CryptoGuru’s analysis points to various chart setups and indicators supporting Bitcoin’s upward trajectory. The analyst notes an increase in trading volume across the daily candles on the BTC/USD chart. This observation is coupled with the identification of notable bullish signals, particularly the formation of a hammer candle.

For context, a hammer candlestick pattern typically appears during a downtrend and signals a potential reversal in the price of an asset. It is characterized by a small body near the top of the candlestick with a long lower shadow, resembling a hammer.

This formation suggests that sellers drove the price lower during the trading session, but buyers were able to push the price back up, indicating strength in the market. In the case of Bitcoin, CryptoGuru suggest that the Bitcoin market is charged up for a rally given the sightings of hammer candle.

Additionally, CryptoGuru identifies a resistance level around $52,000 on the 4-hour chart, indicating a consolidation phase and the formation of a bullish signal known as a “bull flag.”

Factors Driving Bitcoin Rally And Optimistic Predictions

The bullish forecasts for Bitcoin are buoyed by several factors, including the upcoming Bitcoin halving event scheduled for April. The BTC halving, a programmed reduction in the rate at which new BTC are created, typically results in decreased supply and historically has led to price appreciation.

Furthermore, heightened demand for Bitcoin in the wake of spot ETF approval has fuelled optimism among investors. Last week, alone, Coinshares saw a record inflows totalling $2.45 billion into crypto funds globally, with US Spot Bitcoin exchange-traded funds (ETFs) dominating the inflows.

Featured image from Unsplash, Chart from TradingView

Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be starting to become overheated.

Ethereum Has Now Broken Through The $2,900 Level

While Bitcoin has slumped to an overall sideways trajectory recently, Ethereum appears to have decided to pick a path of its own, as the second largest asset in the sector has surged almost 4% over the past 24 hours.

During this latest jump, Ethereum has touched the $2,900 mark for the first time since the start of May 2022. The below chart shows how the coin has performed over the last few days.

Following this rise, Ethereum investors would now be enjoying profits of more than 16% over the past week. In the same period, Bitcoin has only put together returns of about 8%.

While ETH’s decoupling may be an optimistic sign for the asset, a pattern seems to be emerging that could prove to be a worrying sign.

ETH Open Interest Has Observed A Sharp Increase Recently

As explained by an analyst in a CryptoQuant Quicktake post, the ETH Open Interest has gone through a strong surge recently. The “Open Interest” is an indicator that keeps track of the total amount of Bitcoin futures contracts that are currently open on all centralized derivative exchanges.

When the value of this metric rises, it means that the investors are opening up fresh positions on the futures market right now. Generally, total leverage in the sector goes up as more positions pop up, so this trend can result in a higher amount of volatility for the cryptocurrency.

On the other hand, a decline in the indicator implies ETH futures contract holders are either closing up their positions of their own volition, or are being liquidated by their platform. The asset’s price may behave more stably following such a decrease.

Now, here is a chart that shows the trend in the Ethereum Open Interest over the last few years:

From the graph, it’s visible that the Ethereum Open Interest has risen to high levels recently and has attained a peak that’s higher than any witnessed in almost two years.

“This surge indicates sustained confidence among futures traders in Ethereum’s current uptrend,” notes the quant. “However, given the impulsive nature of the recent ascent, traders should exercise caution and consider the potential for sudden liquidation events, which could trigger notable short to mid-term price declines.”

As mentioned before, the asset becomes more likely to show volatility when this indicator rises. The source of this volatility can be mass liquidation events called squeezes, which can trigger a violent cascade effect on the futures market, amplifying the price swing that triggered the event.

Since the Ethereum Open Interest is very high right now, a futures squeeze could definitely be a possibility for the cryptocurrency.

Renowned finance author Robert Kiyosaki has once again made a bullish price prediction for the flagship cryptocurrency, Bitcoin. This time, he predicts that Bitcoin will hit $100,000 and mentions when exactly this will happen. 

When Bitcoin Will Hit $100,000

Kiyosaki mentioned in an X (formerly Twitter) post that Bitcoin will hit $100,000 by June 2024. However, he didn’t mention what will propel this massive price surge. The finance expert is known to be a huge advocate of the foremost crypto token and, at different times, given his opinion on its potential. 

Before now, Kiyosaki, who authored the best-selling book ‘Rich Dad, Poor Dad,’ said that Bitcoin was going to rise to $150,000 and singled out the Spot Bitcoin ETFs as what would drive this parabolic move. He had also once identified the Bitcoin Halving as being pivotal for BTC’s growth. 

Interestingly, the author is believed to be a ‘crypto OG’ as he previously shared his excitement about investing in BTC “years ago.” He also continues to urge others to do the same, claiming that it is the way to avoid becoming poorer due to the actions of the government. Kiyosaki doesn’t shy away from criticizing the government and recently went as far as branding the Federal Reserve “a criminal organization.”

According to him, the “Fed has destroyed the economy, made the poor and middle class poorer, and bailed out their rich banking friends.” Instead of trusting the Fed (possibly to fight inflation), Kiyosaki stated that he would rather put his trust in Bitcoin and other assets like Gold and Silver. 

BTC Will Hit $100,000 But How Soon?

There seems to be a consensus among several crypto analysts that Bitcoin will no doubt hit $100,000 in the next bull run. However, the ultimate question remains when exactly this will happen. Just like Kiyosaki, crypto analyst Kevin Svenson believes that this price level isn’t far off. 

Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, also predicted that Bitcoin will hit $100,000 this year, although he didn’t give a more precise timeframe like Kiyosaki. While some predictions remain devoid of a specific timeframe, the belief is that this parabolic price surge will happen after Bitcoin Halving.

The Halving event has been projected to be what kickstarts the next bull run. That isn’t surprising, considering that Bitcoin is known to claim a new all-time high (ATH) after miners’ rewards are cut in half. One of the most bullish post-halving price predictions is Anthony Scaramucci’s prediction that BTC will hit $170,000 in 2025.  

At the time of writing, Bitcoin was trading at around $52,300, up over 1% in the last 24 hours, according to data from CoinMarketCap. 

Hedera (HBAR), a decentralized public network known for its near real-time consensus and developer-friendly environment, has emerged as one of the top-performing altcoins in the cryptocurrency market. 

As the overall market experiences a resurgence of bullish sentiment, HBAR has demonstrated impressive growth, positioning itself as one of the leaders among the top 100 cryptocurrencies by market capitalization.

Trading Volume For HBAR Spikes 200%

Over the past fourteen days, HBAR has recorded substantial gains, surging by nearly 50%. This upward momentum extends to the thirty-day and year-to-date time frames, with gains of 36.8% and 15%, respectively. 

In the past seven and twenty-four hours alone, HBAR’s price has continued its bullish trajectory, skyrocketing by 33.5% and 17%, respectively. These price movements have propelled HBAR beyond its previous 19-month high of $0.1015, reaching a new 20-month high of $0.1060. 

The surge in trading volume, which currently stands at $218,438,657 in the last 24 hours, reflects the increased market activity surrounding HBAR, representing a 204.90% increase from one day ago, according to CoinGecko data. 

Despite HBAR’s impressive performance, the road to its all-time high (ATH) of $0.5759, achieved in September 2021, presents a formidable challenge. Currently facing an almost two-year downtrend structure, HBAR would require a staggering 443% uptrend to reclaim its previous milestone.

In the near term, HBAR faces a crucial hurdle at the $0.110 level, which must be defended to prevent further gains. A breach of this level would open the door for testing the $0.1148 and $0.1285 resistance walls. 

Should bullish momentum persist, attention will then shift to the resistance at $0.1506, followed by $0.1690 and $0.1822. These levels represent the final obstacles before potentially reaching the $0.2000 mark, a threshold not surpassed since April 2022. 

On the downside, the $0.0855 level is expected to act as a support, preventing HBAR from establishing a lower low within the current market uptrend structure.

Hedera Network Welcomes Mondelēz International

As the adoption of cryptocurrencies gains momentum among major companies worldwide, the Hedera Council, responsible for overseeing the Hedera public network, has recently announced a series of significant partnerships. 

One notable addition to the Council is Mondelēz International (Nasdaq: MDLZ), a prominent multinational food company renowned for its global brands, including Oreo, Ritz, LU, Clif Bar, Cadbury Dairy Milk, Milka, and Toblerone.

On February 14, the Hedera Council revealed that Mondelēz International had joined its ranks. This collaboration marks a significant milestone as Mondelēz International, with its mission to empower people to “snack right”, sets its sights on leveraging distributed ledger technology (DLT)-based solutions on the Hedera network. 

Per the announcement, the initial focus of the partnership will revolve around digital transformation initiatives, supply chain management, and enhancing core business processes to deliver elevated customer experiences.

With an emphasis on digital transformation, Mondelēz International seeks to streamline processes, enhance transparency, and optimize supply chain management using the Hedera infrastructure.

All around, the Hedera protocol and its native token HBAR have experienced substantial growth in market capitalization, trading volume, and partnerships, reflecting the increasing interest from investors in the protocol’s offerings. This positive environment sets the stage for future growth and development of the protocol.

However, it remains to be seen whether HBAR can sustain investor attention and continue to achieve price gains, considering the possibility of market corrections following the significant gains recorded in the past 30 days. Nonetheless, HBAR appears well-positioned to emerge as one of the top-performing altcoins in the current bull run.

Featured image from Shutterstock, chart from TradingView.com

Recently, renowned crypto analyst Altcoin Sherpa gave his positive outlook on Solana (SOL) in an X (former Twitter) post. The analyst reviewed the token’s recent behavior and shared his predictions for SOL’s performance.

Wait For The 20% Dip Or Buy Now?

In the X post, the pseudonym analyst suggested that the fifth cryptocurrency by market capitalization may see a bright 2024, surpassing the heights reached at the end of last year.

The chart displays SOL’s recent behavior, starting in late December 2023 when the cryptocurrency reached its highest price since early 2022. Based on the recent performance shown in the chart, the analyst expects SOL’s price to break above the key resistance levels. However, he predicts a price pullback and market selling during the highs of the price.

As the prediction shows, SOL’s price would surpass the $120 price range before facing a pullback. Then, the pattern would repeat itself, and the cryptocurrency’s price would reach the price level established in December. Following this uprise, the token’s price would face a small price correction before breaking above the $126 price range.

$SOL: It’s a bizarre chart seeing this grind up slowly. I expect some sort of selling to happen around the highs given the length of time spent in between each peak but the entire market is still up only right now. I think that expecting any huge correction for #Solana is meh… pic.twitter.com/8VnHcJ4bNX

— Altcoin Sherpa (@AltcoinSherpa) February 18, 2024

Despite the small corrections seen in the prediction, the pseudonym analyst doesn’t forecast a huge correction happening soon and considers that expecting one is “meh for now.”

Further expressing his view on the possibility of a big price correction, the analyst agreed with a member of the crypto community. The X user highlighted that Solana “just came off a 35% drawdown from 125 to 80” and suggested that “by the time the next big correction comes, [the price] will be much higher than it is now.”

To the analyst, it seems more appropriate to buy SOL now and sit on it for the coming months instead of trying to wait for a 20% correction before buying:

Bullish on this one bigly going into 2024 and I think most would make more $ just buying here and sitting on this thing for months instead of trying to wait for the 20% correction.

Solana (SOL) Sees Green

The month of February has been filled with ups and downs for Solana. At the beginning of the month, Solana’s DeFi ecosystem reached an important milestone after the Solana-based decentralized exchanges (DEXs) surpassed Ethereum’s daily trading volume for the second time.

However, the blockchain saw its 11th outage in 2 years just a week after its DeFi ecosystem’s achievement, with the chain being down for almost five hours. Despite crypto investors’ concerns about the outage, Solana’s price rapidly recovered from the price drop.

SOL recently became the fourth-largest cryptocurrency by market capitalization after surpassing BNB on February 14; since then, Solana has gone back to the fifth spot, with its market capitalization sitting at $49.7 billion, an impressive 19.34% increase in the last month.

Solana’s trading volume in the last day has decreased by 9.20%. According to CoinGecko data, it sits at $1.5 billion, suggesting a recent fall in market activity.

At writing time, the crypto market is seeing green, and Solana’s cryptocurrency is not the exception. SOL is trading at $112.4, accounting for a 1.0% price surge in the last 24 hours and a notable 7.8% increase in the past week.

Despite witnessing recent price increases and moving forward with ongoing developmental projects in its ecosystem, cryptocurrency analyst Zack Humphries has declared that SHIB, the native token of the Shiba Inu ecosystem, will not “reach $1 anytime soon.” 

Why Shiba Inu Will Not Hit $1

In a recent YouTube video, Humphries provided a compelling reason for why he believes that the price of SHIB will not reach the $1 milestone in the near future. The crypto analyst’s controversial statement is rooted in the belief that SHIB hitting $1, would position it as the most valuable cryptocurrency asset and the largest company by market capitalization. 

Adding weight to his argument, Humphries pointed out the unparalleled value of Bitcoin in the digital asset market and the dominance of Apple Inc. as the world’s largest company by market capitalization. These formidable benchmarks make SHIB’s ascent to $1 an almost impossible task, as it would have to surpass not only Bitcoin in the cryptocurrency landscape but also compete with established tech giants like Apple.

Humphries has labelled any predictions and expectations of SHIB surging to $1 in 2024 as “garbage.” At the time of writing, the cryptocurrency is trading at a price of $0.0000098, reflecting a 5.64% increase in the past seven days, according to CoinMarketCap. 

The highest price Shiba Inu has been able to achieve since its inception is $0.000086 in October 2021. Following this all-time high, the cryptocurrency has struggled to achieve a significant price increase despite its rapidly developing ecosystem. 

SHIB’s Recent Price Performance

Lately, Shiba Inu has been witnessing steady gains, capturing the attention of major long-term holder investors. A massive shift in whale movements was recorded in the last few days, with over 2,500% surge in large holder inflows. 

Additionally, in the past week, Shiba Inu has displayed strong signs of a bullish recovery, which could see the cryptocurrency rallying by a staggering 73% and achieving new price highs. On February 16, SHIB erased a zero from its price and began trading at 0.00001. 

This uptick came as Bitcoin successfully crossed the $50,000 price mark on Monday, February 12. At the time of writing, the cryptocurrency is trading at $52,230, according to CoinMarketCap.  

While the prospects of Shiba Inu reaching the $1 price mark may appear distant, the cryptocurrency is still gaining steady momentum as more SHIB burns take place and new innovative projects are introduced into the ecosystem. 

In January alone, the Shiba Inu team recorded an impressive 9.35 billion SHIB burns. Moreover,  with the imminent launch of the automated SHIB burn mechanism, additional token burns are anticipated. This could present an effective strategy to diminish the token’s circulating supply and enhance its value through increased scarcity.

In a new technical analysis, renowned crypto analyst Gert van Lagen forecasts a 500% surge in the value of Fetch.AI (FET), with a price target of $5.5. This bold prediction comes as the AI-centric cryptocurrency coin, FET, records a 12% increase over the past 24 hours and an impressive 45% gain over the last week.

Currently trading with a momentum that correlates with the buzz around AI technology giant Nvidia, Fetch.AI is riding the wave of heightened interest as Nvidia approaches its Q4 2023 earnings release on February 21.

Nvidia’s stock has experienced a remarkable 45% surge since their previous earnings report, expanding its market cap by an unprecedented $600 billion. As the tech community anticipates Nvidia’s next financial update, speculation abounds regarding the potential influence of the company’s performance on the broader AI and cryptocurrency markets.

FET, along with other AI-tied tokens such as The Graph (GRT), Injective (INJ), Render Network (RNDR), and SingularityNET (AGIX), stands at a critical juncture where Nvidia’s financial results could significantly sway investor sentiment within the AI and crypto sectors. A positive report from Nvidia could catalyze a wave of enthusiasm, potentially bolstering investments in AI-dedicated cryptocurrencies.

Fetch.AI (FET) Eyes A 500% Rally

Van Lagen’s chart showcases a massive inverse ‘Head and Shoulders’ (H&S) pattern, consisting of three troughs: the left shoulder formed in early 2022, the head reached its nadir at the end of 2022, and the right shoulder developed in August 2023.

The pattern is characterized by a ‘neckline,’ which is a resistance level that the price must surpass to confirm the reversal. For Fetch.AI, the neckline is situated around the $0.5 mark, a threshold that was successfully retested as support in January 2024. This retest is seen as a bullish confirmation, reinforcing the integrity of the reversal pattern.

A noteworthy element in the analysis is the decisive breakout from the green Fibonacci resistance zone last week. The Fibonacci retracement tool is commonly used to ascertain potential support and resistance zones, and a breach beyond these confines typically suggests a strong market conviction.

Thus, Fetch.AI has not only surmounted the neckline but has also made strides past the resistance zone, paving the way for the asset to strive towards new all-time highs. Van Lagen has calculated a technical target for the iH&S pattern at $5.5, extrapolated from the depth of the pattern’s head to the neckline, and projected upwards from the breakout point.

The analyst has also stipulated a condition for the invalidation of this bullish scenario: should Fetch.AI print a ‘lower low’ (LL), it would disrupt the structure of the iH&S pattern and potentially signal a bearish shift in the market’s sentiment. He summarizes:

FET [1W] – Head and Shoulders bottom playing out neatly:
+ Dec-23 breakout of the right shoulder & the green Fib resistance zone;
+ Jan-24 multi-week successful retest of the neckline;
+ Feb-24 clearance for new ATHs
Technical target iH&S: $5.5 Invalidation: print LL

At press time, FET traded at $0.92.

As the entire cryptocurrency market is currently experiencing a notable upward trajectory, several market analysts are anticipating more gains for Bitcoin, the leading cryptocurrency asset, as they predict the token’s price to go even higher.

Historical Trend That Will Send Bitcoin To $60,000 

Crypto Jelle, a cryptocurrency analyst and investor, has expressed his optimism toward Bitcoin’s price action. Jelle recently shared a positive prediction for BTC in the near future on the social media platform X (formerly Twitter).

The expert’s projections delve into the present price movement of Bitcoin and its potential to increase even further. He highlighted a trend which serves as a catalyst for a price increase.

Jelle’s X post was accompanied by a chart that shows that the crypto asset has formed a “Bullish Megaphone” pattern. According to him, this is “yet another bullish megaphone pattern,” suggesting the price will go higher, putting his price target at $60,000. If Bitcoin manages to maintain its current momentum amid the crypto market’s rally, it is possible that BTC’s price might reach $60,000.

In another X post, Jelle also pointed out that the token is presently in an area in which it normally sees the best gains. Jelle revealed that the BTC always experiences the best return when its “weekly Relative Strength Index (RSI) is above 70.” Due to this, he has urged his thousands of followers to invest significantly in the token to position themselves for more gains.

BTC finished the previous week on a bullish note, staying put above the $52,000 threshold in the face of strong opposition. This simply suggests a strong faith and dependency on the digital asset from investors.

After going past the $52,000 level, it set a new weekly culmination record spanning two years. Because of Bitcoin’s tenacity and upward movement, investors and market watchers are anticipating what lies ahead.

Massive Whale Moves Amid Price Rally

In light of BTC’s rally, Whale Alert has reported massive whale transactions carried out hours ago. Whale Alert revealed that around 18,484 BTC valued at about $962 million were taken out of the decentralized exchange Coinbase.

The on-chain tracker reported that the aforementioned withdrawals were carried out in two distinct transactions. Whale Alert noted that the first transaction saw 9,322 BTC worth approximately $485 million being withdrawn from Coinbase.

Meanwhile, the second transaction witnessed 9,162 BTC valued at about $476 million being extracted from the same exchange. Both wallet addresses involved in the withdrawal appear to be new ones, as they had no previous transaction history.

As of the time of writing, Bitcoin was trading at $52,336, indicating an increase of over 9% in the past 7 days. Despite the price rise, its trading volume appears to be down by over 10% in the past 24 hours.

The Bitcoin open interest has been on the rise over the last few weeks as the price has climbed continuously. This sustained rise in the open interest is a reflection of the heightened interest in the cryptocurrency since the United States Securities and Exchange Commission (SEC) approved Spot Bitcoin ETFs for trading. The BTC open interest has now climbed to historical levels, reaching 2021 all-time high levels.

Bitcoin Open Interest At 2021 Levels

According to data from Coinglass, the Bitcoin open interest has risen to more than $24 billion. This growth represents around a 50% jump in the open interest since the year 2024 began. But more importantly, the open interest has risen to levels not seen since 2021.

Looking at the open interest chart, the last time that the Bitcoin OI was this high was back in November 2021, when the cryptocurrency reached its all-time high price of $69,000. This rise in the OI has been consistent across crypto exchanges, with CME, Binance, and ByBit leading the charge and commanding more than 50% of the open interest.

The continuous rise has also come with a rise in the greed levels among crypto investors. Currently, the Crypto Fear & Greed Index is sitting firmly in Greed, suggesting that crypto investors are in a place where they are willing to take more risks than usual.

Implications For The BTC Price

With the Bitcoin open interest this high, it could end up being negative for the BTC price. This is because past performances where the open interest has risen so rapidly have often ended in a market crash. The same was the case in 2021 when the Bitcoin OI had set its previous record.

In 2021, when the BTC price crossed $69,000 and the open interest crossed $22 billion, the euphoria was incredibly high as it is now. However, this would be short-lived, with a market crash happening shortly after. The BTC price would eventually go from $69,000 to $46,000 by December, dropping by almost 40% in the space of one month.

If this same trend were to repeat itself in the current trend, then there could be a massive crash in the cards for Bitcoin. A similar decline would see Bitcoin fall back toward $41,000, which would wipe out the gains of the last few weeks.

However, there are different factors at play in the current market, such as Spot Bitcoin ETF issuers seeing massive interest in their exchange-traded products. Just last week, inflows into Spot BTC ETFs reached a new record of $2.2 billion. So if these large institutions continue buying BTC to meet the demand of their customers, then the BTC price could continue to rally.