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Bitcoin’s price has surged above $67K over the weekend, marking its first rise to this level in nearly a month. This increase was driven by recent data indicating a softening in U.S. inflation and significant interest in spot Bitcoin ETFs, leading to a massive inflow in Bitcoin ETF investments.
Some analysts believe that the correction is over and predict that Bitcoin will soon break out to $72K.
Bitcoin To Hit $72K
In a recent tweet, Crypto Rover predicted a significant bullish trend for Bitcoin, forecasting a potential surge to $72,000 within the week. This prediction has prompted investors to reassess their positions and strategies in light of the anticipated price movement.
Rover’s forecast coincides with the anticipation surrounding the upcoming Ethereum ETF decision. The SEC is expected to deliver a verdict on VanEck’s application on May 23, followed by Ark 21Shares on May 24.
If these ETFs are approved, it could trigger a substantial rise in the cryptocurrency market, potentially boosting Bitcoin’s price significantly.
Bitcoin Form Bullish Indicator
Echoing the bullish sentiment, Moustache recently highlighted a “big green candle” for Bitcoin, suggesting that a substantial upward movement will take BTC to surpass $73k soon.
Moustache’s prediction is based on the emergence of a classic bullish pattern known as the inverse head and shoulders, often considered a strong indicator of an upcoming upward trend in technical analysis. The successful retest of this pattern adds further credibility to the prediction.
If Moustache’s forecast holds true, Bitcoin could see its price soar past $73,000 soon. Such a rise would likely boost investor confidence and attract more institutional investments.
End of Bitcoin Correction
Adding to the bullish outlook, well-known trader and analyst Rekt Capital believes that a major correction has already happened, suggesting the market may have hit bottom. He noted that Bitcoin only needs a 1% price increase to start a new bull market phase.
Recently, Bitcoin’s price broke through significant resistance at $67.4K but still faces strong resistance around $68K. The biggest liquidity and potential for further gains lie at and above the $72K level.
