Bitcoin Nears $70K Threshold, Analyst Predicts Impending Breakout to $85K

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In the constantly fluctuating cryptocurrency industry, Bitcoin emerges once again as a focal point of discussion, tethering close to the dizzying $70,000 threshold. With its resilient dynamism holding steady, as reflected on daily charts, the omnipotent cryptocurrency continues to parade determination unmatched. The bulls might have experienced a sluggish advance, with the notable dip in breaching the $72,000 mark, coinciding with the highs attained in March 2024. However, traders lay in a waiting game, their optimism undiminished about the potential opportunities encrypted in the enigmatic road ahead.

An illuminating revelation by a discerning analyst lifts the veil of anticipation marginally, asserting Bitcoin’s impending significant breakout. Positioned above the local resistance levels, the highly coveted coin is believed to supersede the all-time highs resonating around $74,000. The analyst’s conjecture rides on Bitcoin’s consistency in maintaining the equilibrium, albeit with a downward inclination in the recent three-month span since Mid-March.

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In a favourable outcome, where buyers triumph in the volatile market, the near 100-day consolidation could lay the bedrock for escalated prices. The potential spike could potentially propel Bitcoin to the next pinnacle at an impressive $85,000. Nevertheless, despite the escalating optimism, traders are advised to tread with caution.

While the possibility of rallying after the consolidation phase exists, the technical outlook reveals a disquieting sign. The exuberance of bullish buyers is witnessed waning, the evidence lies in the recent sputtering market activity. Despite incremental gains on June 3, the failure to augment gains from May 20 dampens the tempo of the uptrend considerably. Currently, the challenge lies in conquering the formidable $72,000 level for fostering further gains, while stable support suspensefully lingers at $66,000.

Given the circumstances, the 20-day moving average is steadily emerging as pivotal support. A unprecedented shift in any direction, ideally aligned with Q1 2024 gains, would certainly hold a fundamental bias.

In light of the data streaming in from the United States, the landscape seems to steadily mould itself for ebullient buyers. The subsiding inflation and the surge in M2 money supply offers suggestive insights, indicating that buyers might be bracing themselves for action. The Federal Reserve has been consistently monitoring inflation rates vis-à-vis other metrics. In conjecture, a decrease in inflation might incentivise the Federal Reserve to cut down interest rates, potentially igniting a bull run reminiscent of the frenzied market activity in 2021.

Other significant factors include the positive influx into spot Bitcoin Exchange Traded Funds (ETFs). As Bitcoin skyrockets towards unprecedented highs since March 2024, the inflow experiences a spike, predominantly driven by institutional demand. Evidently, following the price surge on May 20, the inflows seem to have gained promising momentum.

The third of June added a fresh dynamic to the scenario, with Lookonchain data revealing an addition of 2,413 Bitcoins by spot BTC ETF issuers in the United States. The exception here being Grayscale’s GBTC reducing an insignificant 12 BTC.

Simultaneously, efforts are also underway to boost the demand for Bitcoin internationally. The soon-to-launch Monochrome Bitcoin ETF (IBTC) in Australia, for instance, will escalate demand. The unique selling proposition of the IBTC spot ETF is the direct holding of Bitcoin, secured under the aegis of Coinbase. This innovative product is slated to inspire similar offerings worldwide, thereby amplifying Bitcoin’s global demand.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.