Bitcoin Poised for Bullish Breakout, Says Seasoned Crypto Trader, Aims For 25% Rally
Mustafa Mulla18 May 20242 min read
Bitcoin prices showed strength on Friday, bouncing back from a recent dip to hover around $66,894.45. This recovery, coupled with the positive inflows into spot bitcoin exchange-traded funds (ETFs) attracted $1.3 billion in inflows this month, offsetting the $344 million in withdrawals seen last month.
Notably, renowned crypto trader Captain Faibik predicts a 25% bullish rally by June if key resistance levels are cleared.
25% Bitcoin Rally in June Expected
According to Captain Faibik, Bitcoin bulls need to clear the $68k resistance level to confirm a bullish flag breakout. This technical pattern is often seen as a precursor to significant price movements, and breaking this resistance could signal the start of a new upward trend.
Once the $68k resistance level is broken, Faibik predicts a robust bullish rally, with Bitcoin expected to gain an additional 25% in June. This optimistic forecast is based on the current market trend and historical price patterns, which often see significant upward movements following key resistance breakouts.
As of now, bitcoin is currently trading at $66,843, reflecting a 2% increase in the last 24 hours. Despite the price surge, trading volume has decreased by 9%, while the market cap has surged to $1.31 trillion.
Bitcoin ETFs See $1.3B Inflows
The positive momentum in the market is supported by consistent inflows into bitcoin ETFs, suggesting that institutional investors are also bullish on the cryptocurrency’s prospects.
Spot Bitcoin exchange-traded funds (ETFs) have experienced significant inflows in May, attracting $1.3 billion in inflows this month, offsetting the $344 million in withdrawals seen last month.
In April, spot Bitcoin ETFs saw substantial outflows, with around $51.5 million withdrawn on April 29 alone. Grayscale’s converted fund, GBTC, was a major contributor to these outflows. Despite this, May has seen a remarkable turnaround, with U.S. spot Bitcoin ETFs recording net inflows of $116.8 million on May 13, ending four weeks of net outflows.
Also Check Out: Bitcoin Price Prediction 2024-2030: Will BTC Price Cross The $100K Milestone Post-Halving?
