Bitcoin’s price has soared to its highest point since the halving event in April, reaching a recent high of $67,000.
Gatekeepers News reports that the largest digital asset has gained 3% in the last day and 9% in the past week, currently trading at $66,750, according to CoinMarketCap.
The present price range is forming a bullish continuation pattern, hinting at a potential breakout to a record high.
Over the past three weeks, Bitcoin has seen a remarkable 10% increase in price, from $56,500 to $67,654, with a higher low formation and rising trading volume indicating a shift in market sentiment towards buying on dips. Technical indicators suggest Bitcoin is breaking out of an inverted head-and-shoulders pattern, with a price target of around $75,000.
After a dip to less than $57,000 last month due to geopolitical tensions and investor concerns, Bitcoin’s value has surged primarily due to new investors funding the commodity through recently approved spot exchange-traded funds (ETFs). These ETFs have attracted billions of dollars in capital inflows, with whale holdings returning to pre-FTX collapse levels.
Analysts at Bernstein have increased their price target for Bitcoin from $80,000 to $90,000, citing the recent bull run, strong ETF inflows, and aggressive miner capacity expansion. As the halving event’s impact on Bitcoin’s already tight supply becomes more apparent, demand for the asset is expected to remain steady, driving up its price.
