Bitcoin Price Prediction: Will BTC Repeat History?
Bitcoin (BTC/USD) is currently trading at $69,300, indicating a bullish Bitcoin price prediction as it remains above the $69,100 level.
In the week ending May 31, crypto asset inflows reached $185 million, according to CoinShares International Ltd. Throughout May, investors invested $2 billion in digital-asset investment products, including Bitcoin exchange-traded funds.
Bitcoin briefly surged above $70,000 earlier this week, demonstrating strong market confidence despite mixed performances from other cryptocurrencies.
Analysis of TechDev’s Tweet on Bitcoin and M1 Money Supply
TechDev’s tweet highlights an important pattern in Bitcoin’s price behavior in relation to the M1 money supply. The M1 money supply includes physical currency, demand deposits, traveler’s checks, and other checkable deposits. It represents the most liquid forms of money.
According to TechDev, Bitcoin has historically experienced “blow-off tops,” which are dramatic price increases followed by sharp declines, only after breaking out against the M1 money supply.
TechDev notes that the duration of Bitcoin’s consolidation period, where the price moves within a narrow range before breaking out, correlates with the length of its subsequent bullish run.
The longer the consolidation, the more significant the run. In this case, TechDev emphasizes that the current breakout is following Bitcoin’s longest consolidation period to date.
Implications for Bitcoin Price
If TechDev’s observation holds true, Bitcoin’s recent breakout against the M1 money supply suggests the potential for a significant price increase. The extended consolidation period indicates that Bitcoin may be on the verge of a substantial upward trend, possibly reaching new highs.
Crypto Asset Inflows Reach $185 Million; Bitcoin Surges Above $70,000
In the week ending May 31, crypto asset inflows totaled $185 million, according to CoinShares International Ltd. Investors invested $2 billion in digital-asset investment products, including Bitcoin exchange-traded funds (ETFs), in May.
On Monday, Bitcoin briefly surpassed $70,000 for the first time in a week, although most other cryptocurrencies showed mixed performance after an initial rise.
Key Points:
– $185 million inflows in one week
– $2 billion invested in May
– Bitcoin surged above $70,000
This strong inflow indicates growing investor confidence in digital assets, particularly Bitcoin, despite market volatility.
Bitcoin Price on the Rise; More Upside Ahead?
Bitcoin (BTC/USD) is trading at $69,300, up 0.17% in the 2-hour timeframe, indicating a bullish Bitcoin price prediction, especially above the $69,100 level.
The pivot point at $69,100 is a crucial support level. Immediate resistance is identified at $69,600, with further resistance levels at $70,300 and $70,900.
On the downside, immediate support is at $68,400, followed by $67,900 and $67,300. The Relative Strength Index (RSI) at 63 indicates a slightly overbought market condition, while the 50-day Exponential Moving Average (EMA) at $68,300 provides additional support.
Given the current technical setup, the outlook remains cautiously optimistic above the pivot point, with the potential for further gains if resistance levels are breached.
For a bullish position, it is recommended to enter above $69,100, with a take profit target at $70,300 and a stop loss at $68,400 to effectively manage risk.
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