Benzinga - Bitcoin (CRYPTO: BTC) is trading slightly below $69,000, as open interest and exchange inflows hit record highs, signaling potential bullish momentum ahead.
What Happened: Cryptocurrency analyst Michaël van de Poppe tweeted that Bitcoin is consolidating near its current peak. He predicts a test of all-time highs, reaching $75,000 to $80,000 before the next halving, with altcoins potentially outperforming during the consolidation or correction phase.
Analyst Ali Martinez identifies Bitcoin’s significant resistance between $70,180 and $70,600. A breakthrough could lead to new all-time highs.
Crypto trader Jelle expressed bullish sentiment:
#Bitcoin flipped the highs of the 2021 cycle into support — and looks primed to move higher.Patience is the name of the game. pic.twitter.com/2ssoQBt6L5
— Jelle (@CryptoJelleNL) March 27, 2024
Former poker pro turned crypto trader TradeButWhy believes this marks the start of a significant Bitcoin-led run, assuming an explosive move towards $100,000 and beyond.
Also Read: Bitcoin Believer From 2018 Nails It: Is He Right About $150,000?
Why It Matters: Bitcoin has gained 9.5% over the past week and 22% monthly. IntoTheBlock data shows 98% of Bitcoin holders are in profit.
Transactions over $100,000 increased from 7,305 on March 24 to 11,729 on March 26. Exchange inflows surged from $2.6 billion to $3.2 billion, while outflows rose from $2.5 billion to $3.5 billion.
CoinGlass data reveals that open interest hit an all-time high of $38.2 billion, up from $26 billion on March 1.
Amid the bullish momentum, traders may want to explore the best cryptocurrency exchanges with the upcoming Bitcoin halving in mind.
These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Crypto Trader Used This Strategy To Avoid 2021 Bitcoin Crash ‘From $58K To $28K In A Matter Of Weeks’
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.