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Bitcoin is poised for a potential rally beyond $90,000 in the coming weeks, supported by a combination of positive technical, on-chain, and fundamental factors. After reaching a new all-time high of $69,210, BTC’s price has entered a consolidation phase, forming a triangular pattern resembling a bullish pennant. Traditional analysts view such patterns favorably, anticipating price increases similar to the previous uptrend, often accompanied by a surge in trading volume.

 

 

 

The likelihood of a breakout for Bitcoin is significant during this consolidation phase, especially after recent all-time highs and other compelling factors discussed below. The projected target stands at approximately $92,500, reflecting a 35% increase from current levels. In recent weeks, Bitcoin’s upward trend coincides with rising capital inflows into U.S.-based exchange-traded funds (ETFs). Notably, these ETFs now hold over $53 billion in reserves as of March 7, compared to $27.95 billion at their January launch. Increased ETF inflows suggest a growing number of investors acquiring shares, consequently driving demand for the underlying assets. This trend is expected to continue as fund managers may need to purchase additional assets to accurately mirror the index composition or sector tracked by the ETF.

 

 

 

Market analyst Timothy Peterson sees the approval of the Bitcoin Spot ETF as a catalyst for accumulation, projecting that if sustained, it could propel BTC to $100,000 by October 2024.

 

 

 

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