A wave of enthusiasm has washed over the cryptocurrency market, elevating the total market valuation by 1.23% to $3.44 trillion. The Crypto Fear and Greed Index presently reflects a robust sentiment of greed with a score of 69. Leading this optimistic charge is Bitcoin (BTC), having appreciated by 6.5% over the past week, now priced at $109,549. This has propelled Bitcoin to command a market cap of $2.17 trillion, raising expectations for a significant upward move towards the $113,000 threshold.
Can Bitcoin Achieve $113,000?
Current trends illuminate a guarded optimism as institutional investments in Spot Bitcoin ETFs strategically shape Bitcoin’s near-term trajectory. Research from Ecoinometrics shows a correlation between ETF inflows and price models that verge on hitting a $115,000 target, with ETF volumes reported at $47 billion. Wall Street entries continue to augment demand, boosting market prospects.
With Bitcoin’s market dominance swelled to 63.3%, it eclipses major altcoins and sets the stage for further advancements. On-chain indicators reveal a clustering of orders around the $113,000 level. If this is surpassed, algorithmic trading may trigger additional buying waves.
Can the Golden Cross Drive a Strong Uptrend?
The emergence of the Golden Cross on Bitcoin’s weekly chart has garnered attention, marking its appearance for the third occasion, according to renowned analyst Doctor Profit. Previous patterns of this signal saw jumps, including a 170% rise in October 2023. Presently, the new signal boasts a strong 87.8% success rate on broader time frames.
Historically, the Golden Cross formation has led to weekly boosts between 3.5% and 8.5%. If maintained, a progressive uptrend could see Bitcoin hover within the $117,000 to $120,000 range over at least three months. Sustaining levels above $113,000 may usher in unprecedented price heights, as many analysts eagerly await.
Concrete outcomes from the current Bitcoin trends:
- Expected short-term price target of $113,000 driven by ETF inflows.
- Historical patterns suggest a potential rally in significant timeframes.
- Increased market dominance enhancing Bitcoin’s stand against altcoins.
- Potential removal of psychological barriers at the $120,000 level.
The community anticipates these developments with bated breath, suggesting that the foundations for a sizable Bitcoin surge are indeed being laid. As the dynamics unfold, the market watches closely to see if Bitcoin can shatter yet another milestone in its storied history.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bitcoin-aims-for-impressive-surge-amidst-buoyant-market