Bull Run: Can Crypto Market Reach $3 Trillion, With Bitcoin Price Above $71,000?
The cryptocurrency market entered June on a bullish note following the Bitcoin price rebound from $67,000. The five-day rally uplifted the asset from two week-long consolidations to hit areas above $70,000, bolstering renewed recovery sentiment in the altcoin market.
In a recent analysis by Axel Adler Jr. from CryptoQuant, BTC’s recent sideways trend or low volatility movement was likely the calm before the storm. The tweet highlighted “The end of the low volatility period could be followed by a strong price movement, it can be concluded that the market is in the process of forming a new bullish trend.”
Low volatility – the calm before the storm?
“The end of the low volatility period could be followed by a strong price movement, it can be concluded that the market is in the process of forming a new bullish trend.” – By @AxelAdlerJr
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https://t.co/ysxrCbKnrN pic.twitter.com/UNK5VwR1fy
— CryptoQuant.com (@cryptoquant_com) June 4, 2024
Thus, the market could be initiating a post-consolidation rally during which assets like Bitcoin (BTC), Chainlink (LINK), and ORDI may provide suitable entry opportunities.
Furthermore, with more countries like America and Thailand launching their first spot BTC ETFs, the global adoption and inflow are bullish for Bitcoin, with the larger crypto market poised to increase.
Also Read: Crypto Prices Today June 5: Bitcoin Breaches $71K, Altcoins ETH, SOL, & Others Mimic Pump
1. Bitcoin (BTC ) Price
The leading digital currency Bitcoin witnessed notable uncertainty in the last two weeks, evidenced by its consolidation within a triangle structure. The two converging trendlines as active resistance and support narrowed the price spread in BTC to recuperate its bullish momentum.
Thus, with BTC witnessing an increasing inflow in spot ETFs, the coin price jumped from $65970 to $70951 to record a 5% jump in the last three days. The current data from Coinmarketcap shows Bitcoin’s market cap at $1.396 Trillion, while the 24-hour volume jumped 30% to $37.6 Billion, bolstering the bullish momentum.
WuBlockchain reports a remarkable influx into Bitcoin spot ETFs, with a record $887 million on June 4th, marking it as the second highest in history. Key contributors were the Fidelity Bitcoin ETF with $379 million, BlackRock’s IBIT with $274 million, and Grayscale’s GBTC with $28.1957 million.
Breaking: Bitcoin spot ETFs had a total net inflow of $887 million on June 4, the second highest single-day net inflow in history. Grayscale ETF GBTC had a inflow of $28.1957 million, Fidelity ETF FBTC had a inflow of $379 million, and BlackRock ETF IBIT had a inflow of $274… pic.twitter.com/rH6EwiGZ4a
— Wu Blockchain (@WuBlockchain) June 5, 2024
This spike, raising the total asset value to $61.46 billion, reflects strong investor confidence in Bitcoin as a viable investment.
If the pattern holds, the Bitcoin price prediction hints at a potential target of $75,000, followed by an extended rally to $88,000.
Also Read: Bitcoin At $72K Sets $1.5B Liquidation Cascade, Willy Woo Predicts What’s Next
2. Chainlink (LINK)
LINK, the native cryptocurrency of decentralized oracle network Chainlink entered a rapid recovery momentum in mid-May following its reversal from $12.8. The bullish reversal uplifted the as 49.5% up to $19.2 before reverting for a small correction.
Amid the recent uncertainty in the market, Chainlink dropped 9% from its previous high to seek support at $17.5. The 23.6% Fibonacci retracement level is preventing future falls in LINK price.
Moreover, a leading crypto analytics firm Santiment reported that Chainlink (LINK) has been highlighted as the most actively developed cryptocurrency project in the realm of real-world assets.
Here are crypto’s top #RealWorldAssets by development. This list is compiled by counting any non-redundant github activity, and averaging this daily activity over the past 30 days. Chainlink still sits atop the throne as the most developed coin in this sector, with Maker,… pic.twitter.com/17ARcHD2p0
— Santiment (@santimentfeed) June 4, 2024
This evaluation is based on non-redundant GitHub activity over the past 30 days, showcasing Chainlink’s commitment to innovation and constant improvement with a substantial development activity score of 428.83.
With renewed buying interest in the market, the LINK price prediction signals a flip of $19 resistance into suitable support and chases potential targets of $20.7 and $22.8.
3. ORDI
Ordinals Protocol is a recent innovation that embeds non-fungible tokens (NFTs) directly into individual satoshis on the Bitcoin network. This approach leverages the security and widespread adoption of the Bitcoin blockchain to store and transfer digital artifacts like images, texts, and other forms of media as unique digital items.
A look at the daily price chart shows the ORDI token developed a famous bullish reversal pattern called inverted head and shoulder. On June 4th, the coin price gave a decisive breakout from the pattern neckline resistance of $51.5 signaling a major reversal.
The 24 hours in ORDI is up 154% to $483.2 Million showcasing support market participants on the buyer’s side. If the bullish momentum persists, the buyers breach the downsloping resistance trendline (blue-line) bolstering its position to target $79.5 and $97.2.
However, if the sellers defined the resistance trendline, the ORDI price would be at risk of prolonged correction.
Takeaway
The cryptocurrency market has started projecting renewed buying interest as Bitcoin price regained $70000 on Tuesday. The altcoin market was quick to follow as several assets showed notable gains in the last 24 hours. With the increasing inflow in spot ETFs and BTC price closing distance to the previous high, the bullish momentum is expected to accelerate in the near term.
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