Bitcoin (BTC), the leading cryptocurrency, has recently begun to rise after testing support at $60,000. Speculation that China may introduce additional stimulus packages has helped push BTC prices higher.
Crypto analysts believe BTC has built strong momentum, and recent declines haven’t had much impact. They suggest that buying pressure has increased, which has driven the price up. BTC, currently in a consolidation phase, is preparing for a potential price breakout. Experts predict that BTC may continue trading sideways for a while before making a move.
Analysts expect this consolidation phase to end with a breakout, possibly pushing BTC to $78,000. Crypto analyst Ali Martinez, in his analysis shared on X, pointed out that BTC is consolidating between $60,000 and $66,000. He noted that if BTC maintains its current momentum, it could start a bull run, targeting $78,000.
AMBCrypto, looking at on-chain data, predicted that BTC could reach an all-time high, potentially hitting $112,000. They cited several factors fueling this bull run: the decreasing amount of BTC on central exchanges, continued accumulation by spot ETFs, and a more relaxed global market environment.
