The Crypto Market is Showing Signs of Bullish Momentum
The bullish flags are waving in the crypto space as traders and whales are feeling optimistic about the future price action. The recent death cross had kept the markets under bearish pressure, but it seems like the worst is over and a potential rally for Bitcoin (BTC) could be on the horizon.
The launch of the Ethereum ETF was anticipated to boost the markets, but instead, institutions saw continuous negative inflows and significant outflows. Even the Bitcoin ETF did not perform as expected, raising concerns about the future price movement. However, BTC spot ETFs received over $500 million in inflows yesterday, the highest for the month, indicating strong demand which may lead to a supply shortage.
Following a recent rebound, the BTC price is following a familiar pattern that could potentially lead to a new all-time high above $100,000.
The daily chart indicates a recovery from the recent bearish phase and a potential golden cross forming. The bullish divergence triggered by the 50-day MA could push the price towards the upper channel resistance near $69,000. While breaking this level has been challenging for the bulls, a shift in price action is expected.
Although the bullish trend is in motion, the rally may not stop at $70,000 with higher targets in sight. Long-term projections suggest a potential surge beyond $100,000.
The monthly Bitcoin chart indicates a potential bull flag formation, trading within the average bands of the channel. While consolidation may persist for a few more weeks, a breakout is expected in the middle of Q4 2024, signaling a new ATH beyond $100,000.
