The price of Bitcoin is recording fluctuations amid a general rebound in the crypto market. BTC prices have traded by over 5% in the past seven days, from around $56,800 to $60,350.
Although this price remains far from its previous All-Time High (ATH) of $73,800 in March, investors see the current trend as a bullish signal. They anticipate the price of the world’s leading digital asset will stay on the growth path in the coming days.
Is Bitcoin Price Trajectory Bullish?
Willy Woo, an on-chain analyst, has taken to X to analyze Bitcoin’s current market behavior to predict future price movements. Woo believes Bitcoin will continue its bullish trajectory in the short term. Notably, he remains optimistic that this trend could last another seven days.
In the medium term, a significant accumulation of BTC, particularly in the spot market, could witness a shift in the event of a short squeeze. Notably, a short squeeze occurs when investors bet against Bitcoin. When this happens, sellers cannot buy back their positions as the price rises, which triggers a price rally.
As per Woo’s analysis, the Bitcoin chart signals a bull flag. This will firm up if the market progresses from its neutral bearish mood. The market lacks strong buying or selling pressure, likely responsible for the fluctuations.
However, the analyst remains cautiously optimistic that things could align with the bull flag pattern in his charts. A trigger for a more bullish setup will be liquidations, that is, forced closures of positions in the broader market.
Interest Rate Cuts and Bitcoin ETF Boost Sentiment
If the current trend persists, a steady BTC price surge could cause the asset to breach the $70,000 mark in the coming weeks.
The market has seen positive sentiments following rate cuts anticipated by the Federal Reserve. The last time that the U.S. Federal Reserve cut interest rates, Bitcoin price recorded an eight times growth.
The spot Bitcoin (ETF) has also recorded significant success since its launch in January. The number of institutional investors who have embraced Bitcoin exposure has been massive. Globally, notable financial institutions such as Goldman Sachs, Royal Bank of Canada, and Wells Fargo have all invested in Bitcoin.
This increased institutional interest has seen the acquisition of Bitcoin ETF soar. Within seven months, asset managers amassed over 300,000 BTC, which shows increased investor confidence and a positive growth trajectory.
Predictions for Bitcoin’s ATH and Institutional Confidence
Notable market experts and Bitcoin enthusiasts have predicted BTC’s outlook. As reported earlier, Moustache, a trader and analyst, projected that Bitcoin could rally to an ATH of $128,000.
Using charts to support his position, Moustache believes the current cycle is entering a consolidation phase, after which it will enter a bull season.
Despite the losses incurred when Bitcoin plummeted to about $49,500 before rebounding to the $55,000 level, MicroStrategy maintained optimism for the asset.
The business intelligence firm added another 18,300 BTC, valued at $1.11 billion. The recent additions were purchased at an approximate price of $60,408 per BTC. MicroStrategy now holds about 244,800 BTC, demonstrating its optimism about Bitcoin’s future.
