Bitcoin Price Prediction Following Analyst’s Bull Market Projections – Will BTC Repeat History?
Bitcoin (BTC/USD) is currently trading at $69,300, up 0.17% in the 2-hour timeframe, signalling a bullish Bitcoin price prediction, especially as it stays above the $69,100 level.
According to CoinShares International Ltd., crypto asset inflows reached $185 million in the week ending May 31. Throughout May, investors poured $2 billion into digital-asset investment products, including Bitcoin exchange-traded funds.
Earlier this week, Bitcoin briefly surged above $70,000, indicating strong market confidence despite mixed performances from other cryptocurrencies.
TechDev’s tweet highlights a significant pattern in Bitcoin’s price behavior concerning its relationship with the M1 money supply. The M1 money supply includes physical currency and coin, demand deposits, traveler’s checks, and other checkable deposits. It represents the most liquid forms of money.
According to TechDev, Bitcoin has historically experienced “blow-off tops” — dramatic increases in price followed by sharp declines — only after breaking out against the M1 money supply.
Significant.#Bitcoin has only seen blow-off tops after breakouts against M1 money supply.
And the longer it's consolidated, the longer it's run.
This breakout follows the longest consolidation yet. pic.twitter.com/C7duCsvO5D
— TechDev (@TechDev_52) June 1, 2024
TechDev notes that the duration of Bitcoin’s consolidation period — a phase where the price moves within a narrow range before breaking out — correlates with the length of its subsequent bullish run.
The longer the consolidation, the more substantial the run. In this case, TechDev emphasizes that the current breakout is following Bitcoin’s longest consolidation period to date.
If TechDev’s observation holds, Bitcoin’s recent breakout
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