Crypto trader Ali Martinez has shared that he expects Bitcoin to stage a substantial surge if a scenario he described plays out.
Bitcoin eyes surge to $74,400
According to Martinez’s tweet, Bitcoin is currently breaking out from a symmetrical triangle pattern. BTC is targeting breaking out above the upper trend line. A proper close above the resistance level at $69,330 is likely to give Bitcoin momentum to surge to the $74,400 price level, the analyst wrote.
#Bitcoin appears to be breaking out from a symmetrical triangle! A sustained close above the $69,330 resistance level could send $BTC to $74,400. pic.twitter.com/UrZrJqZdrr
— Ali (@ali_charts) June 3, 2024
A symmetrical triangle forms on the charts when an asset’s price goes through consolidation and, thus, it generates two converging trend lines with slopes opposite of each other that strive to meet.
Today, June 3, the world’s flagship cryptocurrency demonstrated a 2% increase, rising from $67,755 to the $69,100 price mark, where it is changing hands as of this writing. A price increase from the current level to the above-mentioned $74,400 would comprise 7.71%. The 2% rise took place after a sudden 2.19% decline on Friday.
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Michael Saylor welcomes major new institutional Bitcoin investor
Vocal Bitcoin evangelist Michael Saylor, founder and executive chairman of MicroStrategy, the largest BTC corporate holder, has taken to the X platform to praise a new type of institutional player stepping in to invest in Bitcoin via a spot ETF based on it.
He shared a video about a discussion of the State of Wisconsin Investment Board investing a substantial amount of funds into spot Bitcoin ETF shares. The amount of cash put into the ETF totals $180 million – which is less than one percent of the overall worth of the assets run by this institution, $180 billion.
Fiscally sound pension funds see the value of #Bitcoin.pic.twitter.com/kPkUUfocN6
— Michael Saylor⚡️ (@saylor) June 3, 2024
David Krause, an associate professor at Marquette University College of Business Administration, believes that this investment is likely to be just an entry point. Krause reckons the pension fund so far is testing this to see the reaction of the public to its purchase of spot Bitcoin ETFs and is making a trial run of it.
The professor believes that this Bitcoin ETF investment is hardly going to impact the fund’s overall investment strategy unless it decides to build a 1% or 2% position in it. Citing this video, Michael Saylor tweeted, saying that “fiscally sound pension funds see the value of Bitcoin.”