Bitcoin Price Technical Analysis Points to More Gains in the Coming Weeks

Bitcoin prices have seen an upward surge in the past weeks. A recent Bloomberg report points out that if Bitcoin’s current trend continues, the prices for the OG-crypto currency can ascend significantly in the upcoming weeks.

Technical Analysis Points at Bitcoin Price Surge

The Bloomberg report highlights that when technical analysis compares the $52,000 rally of the greatest digital asset with previous surges, it predicts further gains in the upcoming weeks. Since the beginning of 2023, the price of Bitcoin has increased threefold. This is largely due to both the impending halves of the token’s supply growth and excitement around US ETFs.  A comparison of this upward trend with historical examples indicates that the BTC prices will likely hit all-time highs.

As of February 18th, Bitcoin prices have seen a surge for four weeks in a row during the rally. According to data published by Bloomberg,  BTC has increased in value by 49% on average over the last five years. In that case, Bitcoin would reach almost $78,000, if the current trend continues.

Bitcoin Call Spreads Rise Amid Bull Run

According to Bloomberg, options contracts are used by traders in a multitude of ways. Call spreads for Bitcoin are one of the most often used techniques at the moment, according to data from the biggest cryptocurrency options exchange, Deribit. This implies that although not necessarily significant rises, investors anticipate the possibility for more BTC gains. Purchasing a call option in a bull call spread is partially financed by concurrently selling a contract with the same maturity at a higher strike price.

BTC Price Prediction and Market Outlook

Economists are optimistic that the price of Bitcoin (BTC) will eventually reach the lofty goal of $1,000,000. The upliftment in sentiments comes after the recent surge beyond $52,000. But the number seems a little unrealistic and hard to get through. Despite that, many cryptocurrencies appear to have bright futures ahead of them. Out of all these cryptocurrencies, Bitcoin is poised to take the lead. Many organizations have been speculating that the price of the original cryptocurrency would go up in the future. This includes Bitwise’s forecast that in 2024, the price of Bitcoin will surpass $80,000. According to Coinbase, institutional investment in Bitcoin will continue to be the main focus, at least until the first half of 2024.  The BTC price prediction is also supported by weekly inflows numbers showing that Bitcoin and Ethereum-based fund inflows saw a new record break last week with $2.45 billion.