Bitcoin’s price is poised to surge to new ATHs if it can successfully surpass the critical $67,500 level, which is currently acting as a significant resistance point.
According to Markus Thielen, the head of research at 10x Research, breaking through this level could pave the way for a bullish rally.
He said that the recent recovery of Bitcoin above the psychological threshold of $66,000 is seen as a positive sign for its price action.
Over the past week, the leading cryptocurrency has witnessed a growth of more than 7.3%.
Thielen emphasizes that a breakthrough above $67,500 has the potential to drive Bitcoin to new all-time highs, further validating their Bitcoin ETF model’s projections.
Spot Bitcoin ETFs See Inflows for Two Weeks
In the United States, spot Bitcoin exchange-traded funds (ETFs) have experienced positive inflows for two consecutive weeks.
These ETFs have accumulated a net inflow of over $200 million, although it is half the amount compared to the previous week’s $413 million.
Prior to the week starting May 6, Bitcoin ETF net flows had witnessed three consecutive weeks of negativity.
Institutional inflows through ETFs have played a significant role in Bitcoin’s recent rally to new all-time highs.
By February 15, Bitcoin ETFs accounted for approximately 75% of new investments in the world’s largest cryptocurrency, surpassing the $50,000 mark.
However, Bitcoin faces substantial resistance at the $67,500 level.
A potential breakthrough would liquidate nearly $300 million worth of leveraged short positions across various crypto exchanges, reports CoinGlass.
Analyzing the monthly chart, Bitcoin has successfully converted a crucial resistance level into support, indicating a potential increase in bullish momentum, as highlighted by popular crypto analyst Rekt Capital in a post on May 16.
Bitcoin has successfully turned the old major resistance into a new major support$BTC #BitcoinHalving #Bitcoin https://t.co/mPcmqOG4oy pic.twitter.com/DZeS8krWbw
— Rekt Capital (@rektcapital) May 16, 2024
Bitcoin Price to Return to $74K Highs and New ATHs
Aside from 10x Research, some other analysts have also turned bullish on Bitcoin following weeks-long consolidation.
Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum, forecasting a potential return to the highs of $74,000.
In a recent note, the firm said it has observed substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, indicating confidence in the upward movement of the cryptocurrency.
“US CPI numbers triggered a break out of the range across risk assets. BTC has since traded back above 66k,” the firm wrote.
However, Michael Novogratz, the founder of Galaxy Digital Holdings, a prominent digital-asset financial services firm, expects Bitcoin to remain in a relatively narrow trading range in the current quarter.
As reported, he expects Bitcoin to remain within the range of approximately $55,000 to $75,000 until specific market events or circumstances push the prices higher.
Novogratz mentioned the tailwinds experienced in the fourth quarter of the previous year and the first quarter of this year.
“I think that is probably where we are certainly for this quarter, maybe next quarter until either A, the Fed starts cutting rates because the economy finally slows or B, we get through the election and I think the election will bring clarity one way or the other to the crypto regulatory landscape.”