TL;DR
- Bitcoin is attempting to consolidate after reaching a new ATH of around $74,000, generating expectations for a continuation of the bullish trend towards $85,000.
- Institutional demand for BTC has been a key driver of the bullish momentum, with flows of funds into crypto products of approximately $862 million last week.
- The next halving is approaching, with around 1,738 blocks left to mine, leading miners to adjust their operations and upgrade their equipment.
Bitcoin has been attempting to consolidate in recent weeks after reaching a new ATH of around $74,000. This consolidation has generated expectations among investors for the possible continuation of the bullish trend in the short term.
Institutional demand for BTC has been one of the main drivers of the bullish trend in the market. Recent reports point to flows of funds into crypto investment products, reaching approximately $862 million last week. The burgeoning interest from financial institutions has created an optimistic atmosphere around BTC and its potential for short and medium-term growth.
During the weekend, #Bitcoin is back at $70K.
– The markets are stronger than we think they are.
– Dips on #Altcoins are massive entries.
– There is a likely case of a new ATH pre-halving.
– The rotation towards Altcoins is coming.— Michaël van de Poppe (@CryptoMichNL) April 7, 2024
According to the latest data from Coinmarketcap, the current price of the industry’s flagship is $72,318.22. It operated upwards in the last 24 hours, achieving an increase of 4.2%, catapulting the market capitalization to $1.42 trillion. Meanwhile, the trading volume has risen by almost 60%, surpassing $31 billion.
As time passes, we are approaching the next halving, and activity on the network is intensifying. So far, around 838,268 blocks of Bitcoin have been mined, leaving approximately 1,738 blocks to mine before the fourth halving. Miners are adjusting their operations and upgrading their equipment to adapt to the new market conditions.
Bitcoin Towards $85,000?
Investment in mining infrastructure is also increasing. For example, Bhutan’s investment company, Druk Holdings & Investments, along with Bitdeer Technologies Group, announced plans to increase the country’s BTC mining capacity sixfold to 600 megawatts by early next year.
#Bitcoin appears to be breaking out! If $BTC can hold above $70,800, the next target becomes $85,000! pic.twitter.com/JPLf18KZvt
— Ali (@ali_charts) April 8, 2024
Regarding medium-term prospects for BTC price, technical analysis suggests a bullish trend. For experts like Ali Martinez, if Bitcoin manages to consistently stay above $71,000 in the coming days, we may see a move towards $85,000. This highly optimistic forecast aligns with the general sentiment of confidence in the Bitcoin market and its ability to reach new ATHs in the near future.
