Bitcoin's Positive Outlook: Rising Possibility of Higher Highs as Momentum Grows

By: Eva Baxter

Bitcoin, the world's first and largest cryptocurrency, is demonstrating markedly positive market data. A prominent shift in trading desk activity has signaled high hopes for Bitcoin's future, with targets as elevated as $120,000 for the year-end of 2024.

Additionally, it was indicated by an analyst that the Bitcoin Volume-Weighted Average Price (VWAP) oscillator data suggests the crypto market has substantial room for growth. Traditionally, the VWAP is a technical analysis indicator that focuses on information available through spot exchanges. In recent data, the VWAP Oscillator for Bitcoin seems to suggest a promising trajectory for the cryptocurrency.

Bitcoin's price rallied, breaching the $66,500 zone before dipping slightly and consolidating gains at above $65,000. However, cryptoanalysts predict attempts to hit the $67,500 mark are imminent. Ultimately, a clear run above the $66,500 resistance could trigger prices to reach the $67,200 mark and potentially the $70,000 barrier.

It has been speculated that Bitcoin's price increase is due, in part, to recent surge in retail investment. Over the past month, retail investors have reportedly bought $135.7 million worth of Bitcoin. The current price of Bitcoin floats around $65,000, indicating a 5% increase over the last week.