Bitcoin (BTC) has started to rise again after testing the $60,000 support level in the past few days. Speculation that China is preparing to provide additional stimulus packages has contributed to the increase in BTC price.
Cryptocurrency analysts argue that BTC has gained strong momentum and the drop was ineffective. According to analysts, buying pressure on BTC has increased recently and this pressure has triggered the price increase.
BTC, which has been in a consolidation phase recently, is preparing for a potential price movement. Cryptocurrency experts predict that $BTC will continue to move sideways for a while.
Analysts believe that the consolidation phase will end after this potential breakout and BTC will reach $78,000. Crypto analyst Ali Martinez took a look at the BTC price chart. Speaking to his followers on X, Martinez emphasized that the leading cryptocurrency is consolidating between $60,000 and $66,000.
Martinez stated that BTC, which has been rising on the news from China, could start a bull run if it does not lose momentum. The analyst targeted $78,000 for the rally in question.
AMBCrypto, which examined on-chain data, predicted that the BTC price would reach an all-time high. In the analysis, it stated that the figures indicate a level of $112,000.
The decline in the number of BTC on central exchanges, the continued accumulation of $BTC by spot ETFs, and the beginning of global market easing are considered factors of the bull run.
