Bitcoin (BTC), the largest cryptocurrency on the market, has seen price volatility as it struggles to consolidate above the crucial $70,000 resistance line. Recent reports Payments to its creditors from Mt.Gox's collapsed foreign exchange processing added to the cautious sentiment.
However, wealth management firm Bernstein remains optimistic, forecasting significant growth in the Bitcoin ETF market and projecting higher price targets for BTC.
Additionally, The Birb Nest's technical analysis reinforces market optimism, highlighting key support levels and indicating positive sentiment.
Long-term bullish outlook for Bitcoin
Despite its recent inability to breach the $70,000 resistance level, Bitcoin remains well-positioned to surpass its all-time high of $73,700 reached on March 14. The Bernstein wealth management company predicted substantial growth in the Bitcoin ETF market, estimated at $450 billion.
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The report also suggests that over $100 billion will be invested in crypto ETFs within two years. Notably, these inflows into the ETF market are expected to be a significant price catalyst for BTC. The company plans a target price of $90,000 for Bitcoin by the end of this year and a high cycle by $150,000 in 2025.
On the other hand, The Birb Nest, a trading firm, conducted a comprehensive technical analysis of the Bitcoin market and highlighted its share of bullish indicators for the Bitcoin price in the long term.
Bullish Indicators Reinforce Market Optimism
THE analysis conducted by The Birb Nest shows the 50- and 200-week simple moving averages (SMA) standing at $43,950 and $35,358, respectively, reinforcing market optimism. Additionally, the 7-week SPX correlation coefficient is currently 0.36, which is a bullish sign for BTC.
The 200-day Bitcoin Cost of Production (BPRO) trend support is $62,580, while the 200-day SMA support is $53,516. THE relative strength index (RSI) is at 59, indicating increased buying interest, although the 50-day Momentum is stuck at 49.
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The Fear & Greed Index stands at 74, indicating “greed” and strong market optimism. However, according to the cabinet, caution is required to avoid possible excessive extensions.
However, The Birb Nest notes that the net unrealized profit and loss (NUPL) indicator stands at 0.57, suggesting that a significant portion of the market is currently profitable, which could lead to selling pressure increased as investors capitalize on profits.
Currently, BTC is trading at $67,900, down 3% from Monday's price and more than 3% over the past seven days, showing the cryptocurrency's difficulty in surpassing high levels. higher resistance, which lies at $69,500 and $70,000 on the BTC/USD daily chart.
Conversely, bulls must hold the next support levels for BTC at $67,000, $66,500, and $63,800 to avoid a potential loss of the cryptocurrency's key $60,000 milestone.
Featured image from Shutterstock, chart from TradingView.com