Bitcoin’s Battle to Break $65K Barrier: Are Bulls Aiming for $75K?
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Bitcoin (BTC) is struggling to stay above the $65,000 mark, currently down 1.63% at $64,490. But despite this short-term dip, bullish vibes are building across the market. With Bitcoin marking its first three-week winning streak since February, some are saying $75K might be just around the corner, or even higher!
Is Bitcoin Headed for $75K?
Bitcoin has just completed its first three-week winning streak since February, sparking hopes of a major price surge. Over the past week, BTC gained 3%, adding to the 7% rise seen in the previous two weeks. Traders are now targeting a big jump, with many placing bets on Bitcoin reaching $75K.
On Deribit, a crypto trading platform, there has been a noticeable increase in traders buying call options at the $75,000 strike price. A call option allows traders to buy Bitcoin at a set price later, and this spike in activity signals confidence that prices are heading higher. Many investors are also selling put options, showing less concern about BTC dropping in price.
Analyst Peter Brandt Sees Major Breakout
Veteran analyst Peter Brandt has weighed in on Bitcoin’s price movement, pointing to a key chart pattern known as the “expanding triangle.” This six-month corrective trend, according to Brandt, might be close to breaking.
If BTC breaks through the $75,000 level, it could mark the continuation of the broader uptrend that started in October 2023, when prices were under $30,000.
Meanwhile, Greg Magadini from Amberdata explains that this pattern indicates traders expect a breakout soon. If Bitcoin can smash through the $75,000 level, it could trigger a swift rally, potentially sending BTC to new highs around $100K by the end of 2024.
Bitcoin ETFs Attract Big Money
Adding to the excitement, U.S.-listed Bitcoin ETFs have seen strong inflows, with SpotOnChain reporting $494 million in net investments. Leading the pack is ARK 21Shares, which brought in $203.1 million, followed by other major funds like FBTC and GBTC.
Spot ETF:
$494.4M to $BTC and
Sep 27, 2024
The total flow for BTC ETFs this week is +$1.11B, with inflows on all 5 trading days. This marks the largest weekly inflow since July 19.
— Spot On Chain (@spotonchain) September 28, 2024
With growing institutional interest, bullish technical signals, and rising market confidence, Bitcoin could be gearing up for a massive breakout.