Bitcoin surges into strong bull zone, nearing ATH and $100k target

Bitcoin (BTC), reaching close to its ATH, has made way for several rounds of discussion. All of them are led by members mentioning how Bitcoin is now in a strong bull zone. Some have said that it is not precisely a bull run but a warm-up of what is about to come—likely around the time of Bitcoin halving. Supporters say that the rise from the low of January 2023 to the high of March 2024 automatically indicates its entry into the bull zone.

Next, investors are expected to make huge flows into the market to further uptick the trend. It may simultaneously open the door for short-term traders to exit the market when they have accumulated decent gains. The key would be to stay intact amid volatility and wait for the token to surpass $100k, a much-awaited milestone since Bitcoin started to make rounds of bouncing back.

For reference, a strong bull zone is an area on the graph that shows a reduced proportion of loss for a token, in this case, Bitcoin. This means that Bitcoin’s losses will be minor or are projected to be less severe. The estimated time of occupancy is 6 months to 1 year.

BTC is listed at $67,094.95 at the time of articulating this piece. This is an increase of 5.295 in the last 24 hours, further reflecting a rise of 19.28% and 56.51% in the last 7 days and 30 days, respectively. The overall market cap of the crypto sphere has climbed the ladder by 5.14%, dancing around $2.52 trillion.

That said, Bitcoin could be experiencing a surge in its price for two main reasons: upcoming Bitcoin halving and a huge inflow into the Spot Bitcoin ETF.

Bitcoin Halving is when the supply is brought down to make the token more rare. Thereby, pushing the price upward with a historical context to back the assumption. It could take a while for the token to reflect the shift, but it is teased to happen at some point this year certainly. A price correction is inevitable, with a slight fluctuation taking the token to a lower value.

Spot Bitcoin ETF bagged a value of $7.6 billion in trading volume when the markets last closed. BlackRock took the lead in the segment, with Grayscale and Fidelity following. Their numbers were $2,410,752,472, $1,530,679,380, and $1,075,371,219, respectively. The excitement is only obvious among BTC supporters. Many speculate that the coming days will be bigger for the ETF.

An upcoming resistance that the community wants Bitcoin to test is $70,000. Sustaining the said milestone will pave the way for the psychological support of $100k. Original predictions estimate BTC to hit the $100k mark by the end of 2025, or a maximum by 2026. Given the current momentum, it could soon knock on the doors—probably by the end of this year.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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