Bitcoin has skyrocketed over 60% in the US since the start of 2024, fueled by new exchange-traded funds (ETFs) and expectations of a Federal Reserve interest rate cut. Analysts suggest Bitcoin could hit $75,000 by the end of June, based on a combination of on-chain data, fundamentals, and technical indicators.
Bitcoin Chart Analysis $BTC
Technically, Bitcoin's path to $75,000 is supported by a triangle formation, where the price consolidates between two converging trend lines. This symmetrical triangle typically signals a continued upward trend, especially when the price breaks above the upper trend line, potentially pushing Bitcoin towards $75,000.
As of May 31, Bitcoin is nearing the triangle's apex, aiming for a breakout above the upper trend line. If successful, this move could drive the price to the $74,000-$75,000 range in June.
Current Market Dynamics
Bitcoin hit an all-time high of $73,000 in early March. This peak led to significant asset sales by long-term holders, causing a correction and consolidation period. As prices dipped and selling pressure subsided, the market shifted back to accumulation.
April saw Bitcoin ETF funds experiencing net outflows as the price hit a local low around $57,500. Recently, however, Bitcoin ETFs reported net inflows of $242 million daily, far outpacing the $32 million daily selling pressure from miners since the last halving event. This resurgence in demand suggests a bullish outlook for Bitcoin in the near term.