The world’s most sought-after cryptocurrency, Bitcoin (BTC), recently attained a landmark in its price actions after breaking above a $69,300 resistance level that has hindered its price appreciation above $70,000.
At the time of drafting this report, the flagship cryptocurrency is changing hands at about $69,300, reflecting a 2.3% upswing in the past 24 hours. Interestingly, the coin hit a 24-hour price peak when it attained the $70,188 price mark, implying a slight correction in the token’s present market standings
Advertisement
Consequently, crypto enthusiasts are beginning to question the probability of the crypto market setting into a bullish trajectory, evidenced by BTC’s price actions. Amid the confusion, renowned market analyst and chartist Ali Martinez has waded into the discussion with a precise analysis to back up his assertion.
Read More: Bitcoin Price Prediction 2024 – 2040
After Breaking Out Of A Symmetrical Triangle, Bitcoin Targets $74,400 Next
Taking to his verified X handle, Ali Martinez has revealed to his over 63.4K followers why Bitcoin targets $74,400 next.
According to the market chartist, BTC price movements depict that it is on the verge of breaking out of a symmetrical triangle after its recently attained feat that saw it break above the constraint at $69,300.
Going further, Martinez stated that a sustained close above the $69,300 price mark would ultimately catalyze the token’s ascent towards a new $74,400 all-time high (ATH), which would exceed its current $73,738 peak price, attained earlier this year in March.
#Bitcoin appears to be breaking out from a symmetrical triangle! A sustained close above the $69,330 resistance level could send $BTC to $74,400. pic.twitter.com/UrZrJqZdrr
— Ali (@ali_charts) June 3, 2024
Buyers’ Interest In Bitcoin Fuelling The Coin’s Positive Price Movements
Unlike the conventional Fear Uncertainty and Doubt (FUD) phenomenon that would push most coin holders to sell off their digital assets to take profits, Bitcoin’s case turned out otherwise, according to recent data published by IntoTheBlock, a popular data analytics platform on X.
Per IntoTheBlock, Bitcoin seems to have established a steady price status around the $69K price region, evidenced by a heightened demand zone that played out between the $66.9K and $68.9K price levels.
Notedly, the price interval between $66.9K and $68.9K indicated that Bitcoin is already gearing towards a bullish trajectory, which might not end well for traders opting to delve into the project. However, contrary to the traditional sentiment, the price interval witnessed over two million addresses accumulate about 1.1 million BTC.
The massive coin accumulation underscores a strong belief in BTC’s prospect for a tremendous price appreciation. At the same time, it indicates a consolidating phase before Bitcoin’s massive price breakout.
Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k.
In this range, over two million addresses have accumulated a total of 1.1 million BTC, highlighting a significant level of interest and activity among traders. pic.twitter.com/FVUGfFY5IF
— IntoTheBlock (@intotheblock) June 3, 2024
Retailers Own A Large Percentage Of BTC’s Holdings – Implications?
While the stage might appear set for Bitcoin’s projected $74,400 price surge, the coin’s statistical summary on IntoTheBlock corroborated the claim further via its concentration by large holders’ data.
Intriguingly, only 12% of BTC owners meet the criteria of being whale investors, implying that about 88% are retailers. The implication of having a larger retailers pool is that the coin would most likely not experience any spontaneous change in price actions, affording its holders ample time to make profitable trading decisions.
The above further corroborates recently emerging claims about Bitcoin, displaying boring market activities. How future events play out remains fluid. However, barring any external influence, BTC should be on the path to attaining greater heights.
Learn More
- Portal Price Rallies 30% In Breakout Move – Bulls Eye $4 Short Term
- MicroStrategy, Michael Saylor to settle $40M D.C. tax fraud case
- Is It Too Late to Buy Super Trump: STRUMP Price Surges 22%
- Surge of 55% in Web3 and Blockchain Investments in Q1 2024
- Ethereum: $3B+ Moved from Exchanges Post-ETF Approval
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Advertisement
