Bitcoin Hidden Buy Signal Sparks Hope for $70,000 Surge: Will History Repeat?

Bitcoin struggle to surpass the $60,000 support level intensifies as it eyes a breakout towards $70,000. A hidden buy signal, often preceding major rallies, emerges from an intersection of BTC liquidity and corporate bonds, suggesting a potential uptrend. Amidst this, analysts foresee critical resistance at $65,000. Despite recent volatility, Bitcoin maintains a bullish trajectory, with projections hinting at a $100,000 mark by 2024 end.

Bitcoin quest for stability above $60,000 intensifies as it eyes a bullish surge towards the coveted $70,000 mark. Amidst this pursuit, a hidden buy signal, often preceding significant rallies, emerges, stirring optimism within the crypto sphere

In a recent TradingView analysis, crypto expert TradingShot shines a light on an overlooked indicator: the convergence of Bitcoin circulating liquidity and high-yield corporate bonds. This convergence, hitting a recent low and showing signs of resurgence, aligns with Bitcoin price consolidation or minor pullbacks, hinting at a potential breakout.

The significance of this buy signal lies in its historical correlation with Bitcoin price movements. Past occurrences in September 2016, April 2020, and April 2024, marked by similar indicators, preceded notable upward rallies, fueling optimism for a potential surge.

“Every time this combination took place in the past (green circles), Bitcoin was accumulating and shortly after started the parabolic rally phase (green ellipse). This is basically one of the most consistent long-term buy signals you can get in the market,” noted the expert.

Bitcoin current trajectory faces a critical juncture, with $60,000 as a pivotal support level and $65,000 looming as crucial resistance. Despite recent volatility, Bitcoin rebound from its early May dip to $56,000 underscores its resilience, offering hope for a bullish resurgence akin to post-halving rallies.

Market sentiment remains mixed, with some analysts foreseeing further declines before a potential rally, echoing predictions by Plan B, a renowned crypto analyst. Plan B’s forecast of a $100,000 Bitcoin by 2024’s end, particularly citing May 2024 as a catalyst before the next halving cycle, adds to the speculative fervor.

At press time, Bitcoin trades at $60,250, marking a 2% correction in the past 24 hours. Despite this, a weekly surge of nearly 6% underscores bullish sentiment. However, failure to maintain support above $60,000 could spell trouble, potentially paving the way for a correction towards $50,000.

In this landscape of volatility and anticipation, Bitcoin enthusiasts remain vigilant, eagerly awaiting whether history will indeed repeat itself, propelling Bitcoin towards new heights.

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