The Bitcoin price appears to have kickstarted the next leg of its bull run. BTC has rallied by 12% over the past 30 days and 7% over the past week alone.
Just today on Wednesday, Bitcoin jumped up by 2% in early US trading hours to reach a new monthly high of $71,600.
The market sentiment has quickly turned bullish in favor of BTC, indicative of an end to its sideways price action and a major rally in the coming days.
Popular crypto analyst Jelle (@CryptoJelleNL) projects that the Bitcoin price could hit $85,000 by the end of June. He also revealed that BTC appears poised to reach a new all-time high today on Wednesday itself.
Bitcoin Price to $85,000 in June - Is It Possible?
The extremely bullish Bitcoin price chart is the primary factor behind experts’ optimism.
For instance, the aforementioned trader Jelle highlights that BTC broke out of a bullish pennant and could therefore reach a new all-time high today itself.
Similarly, Bitcoin has breached the upper trendline of a falling wedge in the higher time frames, which has a price target of $85,000.
This falling wedge has a target of $85,000.#Bitcoin looks eager to get there soon.You ready? pic.twitter.com/JuTmcI51LC
— Jelle (@CryptoJelleNL) June 5, 2024
Finally, BTC has formed the “Power of 3” setup - also in the higher time frames - which also points towards the largest cryptocurrency trading at $85,000 before June.
#Bitcoin knows one trick, and it knows it well.This Power of 3 setup has a target of $85,000.Break $72,000, and it will come quickly. ⌛️📈 pic.twitter.com/s7CxUk0S60
— Jelle (@CryptoJelleNL) June 5, 2024
In fact, analyst Steven Strazza reveals that BTC is “giving a masterclass on multiple timeframe analysis”, looking decidedly bullish in multi-week, multi-month and multi-year time frames.
$BTC giving a masters class on multiple timeframe analysis. This is as good as it gets. Is it go time? pic.twitter.com/F2pgB3HZVp
— Steven Strazza (@sstrazza) June 5, 2024
Aside from the BTC price chart, several bullish narratives have emerged in the recent days, all indicative of a major rally.
For instance, the Bank of Canada decided to cut its interest rate by 25 bps, becoming the first G7 nation to do so. The move will likely put pressure on the Federal Reserve to start its quantitative easing as well, especially after the weak employment data revealed yesterday.
Finally, the heavy institutional investment in Bitcoin is back, courtesy of the spot BTC ETFs which recorded $888 million in inflow yesterday. In fact, this is the second largest daily inflow recorded since the ETFs started trading.
All signs point to the Bitcoin price seeing a major upside move, potentially to $85,000 before June.
Could 99Bitcoins Be The Next Crypto To Explode?
99Bitcoins ($99BTC) - a new learn-to-earn cryptocurrency - is also witnessing a strong demand during its ongoing presale. Being a BRC-20 token, it could show a strong correlation to BTC and explode after its launch.
The token has already raised close to $2 million in the first few weeks, signalling strong community backing behind the token. It has already been featured in several popular crypto publications, including CoinDesk, Cointelegraph and Bitcoinist.
Even smart-money traders are bullish on the new cryptocurrency. YouTube trading experts such as Michael Wrubel, Oscar Ramos and Matthew Perry have all praised the 99BTC’s high upside potential.
After all, 99Bitcoins is not a new name for crypto enthusiasts. In fact, 99Bitcoins is one of the premier crypto learning platforms available, with over 700k subscribers on its popular YouTube channel and an additional 2.8 billion subscribers on its website.
Being a learn-to-earn cryptocurrency, 99BTC is set to offer lucrative rewards to its learners. This includes clusive training courses, trading strategies and signals and VIP community groups and mentoring.
Investors can also stake their holdings during the presale and earn attractive passive income, currently at an APY of 860%.
Visit 99Bitcoins Presale
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.