Bitcoin Path to $75K: Bulls Eye Major Breakout After $65K Struggle

Bitcoin hovers around $64,490 after a brief dip, but bullish market activity signals a potential surge toward $75K. Traders are betting big on call options, while analysts forecast a breakout as Bitcoin completes its first three-week winning streak since February.

Bitcoin (BTC) is facing resistance around the $65,000 mark, currently down 1.63% at $64,490. However, the broader market remains optimistic, with many anticipating a significant price jump. After completing its first three-week winning streak since February, Bitcoin’s recent gains have sparked renewed bullish sentiment.

Over the last week, BTC saw a 3% increase, adding to a cumulative 7% rise from the previous two weeks. This momentum has traders and analysts eyeing $75K as the next major target, with speculation growing about a possible breakout.

On Deribit, a crypto trading platform, there has been a surge in traders buying call options with a $75,000 strike price. This activity suggests that many believe Bitcoin is poised to climb higher, with traders less worried about a price drop, as indicated by the increase in put options being sold.

Analyst Peter Brandt: Key Pattern Signals Breakout
Veteran trader Peter Brandt has highlighted a critical chart pattern known as an “expanding triangle,” a trend that has formed over the last six months. Brandt suggests that Bitcoin could be on the verge of breaking out of this corrective pattern. A successful push above the $75,000 level could continue the uptrend that began in October 2023, when BTC was priced below $30,000.

Greg Magadini of Amberdata echoed this sentiment, noting that traders are positioning themselves for a breakout. If Bitcoin can surpass the $75K mark, it could trigger a rapid rally, potentially driving the price toward $100K by the close of 2024.

Bitcoin ETFs Draw Institutional Interest
Institutional investments are also pouring into U.S.-listed Bitcoin ETFs. According to SpotOnChain, these ETFs logged $494 million in net inflows recently, with ARK 21Shares leading the charge with $203.1 million. This increase in institutional participation further supports the bullish outlook.

With institutional backing, favorable technical analysis, and a positive market mood, Bitcoin appears to be setting up for a potential breakout to $75K and beyond.

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