Bitcoin Nearing Key Resistance Levels; Predicted to Soar by Year End

Bitcoin Nearing Key Resistance Levels; Predicted to Soar by Year End

By: Eva Baxter

Dynamic trading activities surrounding Bitcoin (BTC) point at the potential for a surge in value, with traders investing confidently in options bets at $65K and higher. Bitcoin is currently on the brink of breaking the $50,000 mark, looking at overcoming the resistance points in the near term. This encouraging trend has fueled speculation around the growth trajectory of Bitcoin's value.

According to on-chain analytics firm CryptoQuant, BTC could reach a targeted high of $112,000 this year, primarily due to ETF inflows observed in recent months. As per CryptoQuant CEO, Ki Young Ju's post on BTC's outlook, the 'Realized Cap' indicator has been instrumental in this development. This indicator surmises the total valuation of Bitcoin by assuming the real value of any coin in circulation is the price at which it was last transacted on the blockchain. The recent inflows going towards the spot exchange-traded funds (ETFs) could significantly influence the realized cap in its upward progression.

However, there are hints that Bitcoin may start a short-term downtrend correction if it fails to break the resistance zone of $50,250. According to an analysis by the crypto assessment firm IntoTheBlock, a crucial obstacle on Bitcoin's path to $50,000 can be attributed to addresses acquired at an average price of $48,491 exerting selling pressure at the break-even point.

The crypto market is buzzing with anticipation, triggered by the fast-approaching halving and bullish divergence trends seen in the past week. Following the halving event, crypto analysts are positive that Bitcoin's value will strengthen, despite the potential short-term corrections.

Get In Touch

[email protected]

Follow Us

© BlockBriefly. All Rights Reserved.