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Optimism in the wider cryptocurrency market is evident as Bitcoin (BTC) inches get closer to the coveted $100,000 mark. After recovery, Bitcoin rose by about $97,800 last week and has since been reviewed to $94,340, reflecting a slight decline in 0.4% over the past 24 hours. data.
This comes after a major sell-off in April, when Bitcoin fell to $74,000. But new hopes for new all-time highs are emerging between investors and analysts.
Bitcoin is on the rise
Crypto analyst’s profits further underline the bullish sentiment of Bitcoin, he suggestion Cryptocurrencies are on a strong upward trajectory. He confidently noted that in a year, Bitcoin may not be lower than the $100,000 threshold again.
Last week, doctors profit Famous The Bitcoin has surged more than 25% since his entry point was $77,000. He highlighted the key breakthrough above the “hammer line,” a key resistance level he previously determined at around $85,000, asserting that this breakthrough would pave the way for further gains.
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According to analysts, one of the major catalysts of the recent surge is the aggressive accumulation of Bitcoin by U.S. listed exchange-traded funds (ETFs).
On Tuesday of the past week, these ETFs recorded nearly $1 billion in net inflows, one of the highest daily totals of the year. Bitcoin poured into an astonishing $1.4 billion in just three trading days ETFindicating that there is a strong demand for cryptocurrencies during periods of market uncertainty.
In addition to bullish narratives, Bitcoin’s liquid supply is decreasing at an alarming rate. Exchange reserves have dropped sharply in recent days as large buyers exit coins from centralized platforms to store them in cold wallets.
OTC Desktop reports indicate a thin supply level, which suggests major accumulation is underway. Even established financial giants like Fidelity have issued warnings about the upcoming Bitcoin Supply impactfurther intensified the interests of investors.
$100,000 within the target range?
Doctors’ profits also highlight a significant development in BTC, and for the broader digital asset industry, Binance recently revealed that it has received inquiries from multiple governments around the world about Bitcoin’s strategic reserves.
This shows that sovereign entities that are increasingly aware of the potential role of Bitcoin as a strategic asset, similar to Gold. As countries consider their own Bitcoin reserves, questions arise about the availability of Bitcoin in the market and the implications of supply shocks.
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Looking ahead, analysts remain optimistic about the trajectory of Bitcoin. After recent momentum and breakthroughs on the hammer line, this $100,000 goal seems to be increasingly achievable.
Doctor’s profit persist in His previous assessment has not changed anything and expects the Federal Open Market Committee meeting this week to further impact market dynamics. He continues to compete with Bitcoin not only to reach $100,000, but also to set new all-time highs in the coming weeks.
Featured images from dall-e, charts from tradingview.com
