Bitcoin's midweek rise caught the attention of investors. There are several reasons for the positive dynamics of BTC.
We tell you why Bitcoin has grown and what cryptocurrency forecasts are given by members of the crypto community.
What's happening with Bitcoin
Bitcoin started to rise on March 15th. During the day, the cryptocurrency was trading in the range of $61,350-66,440. Bitcoin started Thursday by updating its local maximum. At the moment, the cryptocurrency rate reached $66,690, a level that was last recorded on April 24, 2024.
As of the time of writing, judging by the last few days, Bitcoin is showing signs of recovery. Let us remind you that back on May 1, BTC was trading at $56 thousand.
Why did Bitcoin rise?
There are several reasons for the positive dynamics of Bitcoin. Let's look at them:
- Release of market-positive economic data in the US. Positive inflation statistics in America increases investor optimism regarding the timing of the Fed's transition to lowering the key rate. Weak retail sales in the US were also a positive factor. The slight increase in the metric reduced investors' concerns about the economy overheating. Fresh statistics could increase investor interest in such high-risk assets as cryptocurrency.
- Renewed influx of investments into spot Bitcoin ETFs. Between May 13 and May 15, the instruments attracted almost $470 million. The influx of funds into spot Bitcoin ETFs forces issuers to purchase BTC for the funds, thereby supporting the cryptocurrency rate.
- Downtrend Breakout. From a technical analysis point of view, Bitcoin has broken out of the downtrend, opening the way for further growth.
A combination of factors can explain the reasons for Bitcoin’s growth.
Bitcoin forecast
Popular analyst in the crypto community, Peter Brandt, who managed to correctly predict the crypto winter of 2018 and many other market movements, believes that growth is ahead for BTC. In his opinion, in June Bitcoin will be able to update its absolute maximum value above $80,000.
Similar Bitcoin forecast given and in GlassNode. Analysts believe that the target for BTC may be $84 thousand.
Bitcoin's outlook is also positive gave BitQuant Analyst. In his opinion, the “Cup and Handle” pattern is visible on the BTC chart. Its completion, according to BitQuant, will allow Bitcoin to reach $95 thousand “in one movement.”
The theory that BTC will continue to grow was supported by trader “Coosh” Alemzadeh. According to his calculations, positive dynamics will be able to bring the cryptocurrency to levels above $160 thousand at the end of the year.
Analyst Willy Woo in turn believesthat in 2024 BTC is “warming up” for the real bull market that investors will see in 2025. He built his theory on the basis of an analysis of changes in liquidity in the financial market.
According to popular analyst and investor Jason Williams, the ultimate goal for BTC may be the level of $250 thousand.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
