3 Reasons Why Bitcoin (BTC) May Retest $70,000 This Week
Highlights
- Bitcoin price is making mild moves toward recovery after a weeklong drawdown
- The coin draw on social sentiment among factors to sustain the buying pressure
- Spot Bitcoin ETFs might ultimately determine how high the price would rise
The price of Bitcoin (BTC) is currently showcasing a mild resurgence, jumping by 0.51% in the past 24 hours to $66,600.62. Though this recovery does not completely indicate a sustained trend shift, it might signify the start of a price rebound.
Top 3 Bitcoin (BTC) Price Rebound Catalysts to Watch
Bitcoin was plunged into unchartered bearish territory right from when it scored an All-Time High (ATH) of $73,750.07 in March. From that time, the price has consistently hovered at a very tight range, with a balance bull-bear action.
In recent times, there has been a lot of permutations regarding how a shift is imminent. In anticipating this trend shift, three key factors are poised to play a very crucial role. These include the retail and whale transactions, the social sentiment and impact of spot Bitcoin ETF products.
The retail and whale trading volume helps gauge whether or not capital is flowing into the Bitcoin ecosystem. Per data from CoinMarketCap, current trading volume comes in at $12,812,056,073, down by 46.85%. For Bitcoin price to retest the $70,000 resistance, the outlook of this volume need to change over the past week.
Like the volume, the large transactions on the Bitcoin network has dropped further by 35.45% to $30.39 billion. The social sentiments around BTC is an important factor as it helps gauge whether interest is low or not.
The impact of the spot Bitcoin ETF is arguably the most significant of these three factors. Sensitive as Wall Street investors are, any slight shift in the market might determine whether or not they go all out in buying the coin.
Over the past few days, the ETF products have been recording outflow, an after of Grayscale Investments GBTC capital drain. Should this trend change in the coming week, it might play a viable role in returning Bitcoin back to its much coveted price point.
How High Can Bitcoin Soar?
With Bitcoin price just about 9.7% below its previous ATH, the expectation is that it will surmount this level soon. Analysts and market experts have shared different projections into how high the coin could soar in the near future.
According to PlanB, the creator of the Stock-2-Flow (S2F) model says the BTC could soar to $500,000 in 2025. Other analysts like “Rich Dad Poor Dad” Author Robert Kiyosaki said the coin could soar to $350,000 by August.
Amidst the speculation, Bitcoin price might retest its $70,000 mark in the coming days.
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