In a major milestone for the cryptocurrency market, Bitcoin (BTC), the largest digital asset, broke its previous records, surpassing the $69,000 mark to set a new all-time high (ATH) of $69,300 on Tuesday.
The achievement marked a historic moment for BTC, which had not reached such levels for more than two years. However, the cryptocurrency’s upward trajectory shows no signs of slowing down, with experts predicting further price gains.
Bitcoin and ETF price in perfect harmony
According to data from Deribit, a crypto futures and options exchange and analysis company, GenesisVol, BTC is expected to see a potential rise of up to 20.8% in the next 30 days.
These projections suggest that, under ideal circumstances, the price of Bitcoin could surpass the $80,000 barrier. Even conservative traders are optimistic and expect BTC to easily surpass $70,000 and reach around $75,000.
Additionally, the recent approval of spot Bitcoin exchange-traded funds (ETFs) has played a key role in Bitcoin’s success, suggesting that the upward trend in BTC prices, coupled with bullish sentiment among options traders and institutional and retail investors, is far from over. .
Bloomberg ETF expert Eric Balchunas emphasized the importance of this development and stated that it represents a pivotal moment for both Bitcoin and ETFs. Balchunas believes the rise from $25,000 to $69,000 was largely due to hopes of ETF approval and subsequent flows.
The expert stated that the synergy between ETFs and Bitcoin has proven to be mutually beneficial as ETFs have increased liquidity, accessibility, convenience and standardization for investors.
Notably, ten-hold Bitcoin ETFs have amassed over $50 billion in assets, with a staggering $8 billion generated from inflows and the remainder attributed to Bitcoin’s rising value.
However, when Bitcoin reached its new peak, increased market volatility caused a surge in liquidations. Journalist Colin Wu reported a sharp 5% drop in the price of Bitcoin in one hour, with Binance recording less than $65,000. During this hour, deals reached a staggering $142 million.
BTC sell signal
Although bullish investors are currently on cloud nine, renowned crypto analyst Ali Martinez sounded the alarm when the TD Sequential indicator recently issued a sell signal on Bitcoin’s daily chart.
The TD Sequential indicator, developed by market expert Tom DeMark, uses price patterns and sequences to identify potential trend changes in various financial markets, including cryptocurrencies.
Martínez emphasized the indicator’s notable track record in predicting Bitcoin price movements since the beginning of the year. The TD Sequential indicator issued a buy signal in early January, just before the price of Bitcoin rose 34%.
On the other hand, a sell signal was given in mid-February, followed by a 4.44% drop in the value of BTC. Therefore, considering the previous sell signals, a possible drop to the $62,000 price level could be underway for the largest cryptocurrency in the market that still holds the $60,000 support, which will be key to BTC’s prospects.