As an analyst with a background in financial markets and experience in following the crypto industry, I find the recent Bitcoin price surge over $67,000 an exciting development. The renewed positive sentiment in the crypto market, driven by cooling inflation and reassuring comments from Fed Chair Jerome Powell, has led to increased buying pressure on Bitcoin.
Bitcoin‘s upward trend continued on Friday as buying power outpaced selling, pushing the price above $67,000. With a market capitalization surpassing $1.32 trillion, Bitcoin benefited from renewed optimism in the crypto sector following lower-than-expected CPI inflation and Fed Chair Powell dismissing concerns of stagflation. However, it remains unclear whether this uptrend will persist or if a correction is imminent.
The US stock markets experienced an uptick as investors grew optimistic about the potential for a Federal Reserve interest rate reduction in September due to easing inflation concerns. Robust corporate earnings reports also added to this renewed sense of confidence.
Bitcoin Price Soars Over $67,000
The price of Bitcoin surged by around 3% to exceed $67,000, marking a weekly growth of over 10%. The minimum and maximum prices within the last 24 hours were recorded at $64,613 and $67,459 respectively. This significant increase occurred with relatively low trading volumes, suggesting that large investors and whales have adopted a bullish stance towards Bitcoin, while high-leveraged positions were liquidated.
Approximately $130 million worth of cryptocurrency positions were terminated over the past day based on data from CoinGlass. Bitcoin accounted for around $45 million of these liquidations, with approximately $31 million of those being short positions. A significant portion of these liquidation events occurred in the most recent hours.
As a researcher studying recent events in the cryptocurrency market, I’ve discovered that approximately 42,000 traders have experienced liquidations. The largest single liquidation order took place on the crypto exchange BitMEX, with a trade worth around $4.8 million in XBTUSD.
According to Ki Young Ju, the founder of CryptoQuant, we’re currently in the midst of a Bitcoin bull market. However, based on the on-chart data indicated by the Growth Rate Difference, this bull cycle is predicted to come to an end around April of the following year.
#Bitcoin is in the middle of the bull cycle.
The market capitalization of the company is expanding at a quicker pace than its current valuation based on earnings, a trend that usually persists for approximately two years.
If this pattern continues, the bull cycle might end by April 2025.
— Ki Young Ju (@ki_young_ju) May 17, 2024
Will Bitcoin Rally Continue?
Expert analysis by Rekt Capital indicates that the Bitcoin price has moved beyond the potentially perilous zone following the halving event. According to his forecast, Bitcoin’s value could begin surging towards an anticipated $150,000.
As a Bitcoin options analyst, I’ve observed an increasing trend among traders for higher strike prices in recent weeks. Specifically, there have been a notable number of trades placed with a target price as high as $70,000 and even some reaching for $80,000 by May 31st.
The Santiment data reveals a change in sentiment towards Bitcoin following its sudden surge above $66,000. Similarly, Chainlink has experienced positive sentiment in tandem with Bitcoin, as traders look forward to potential price increases in the near future.
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2024-05-17 20:54