It has also been a stirring Monday for the leading cryptocurrency by market value, Bitcoin, as it appreciated by 1%, trading within the range of $68,473 and touching an intraday high of $68,733. Despite the ongoing uncertainty, traders and investors remain keen on potential upcoming changes, especially when it comes to global crypto market cap that increased by 0. 42% to $2. 55 trillion.
In the case of cryptocurrency market volume, the total volume has seen a significant increase over the last 24 hrs, rising to 45. 83% surge, reaching $66. 2 billion. Some of the aspects that contributed to the upward trend include the flow trends in the US-BTC spot ETF market, the expected making of central banks’ policy more ease, and a positive shift in the political arena within the US.
Veteran Trader Brandt Reveals Bitcoin’s $150,000 Potential Through Technical Analysis on Tradegov Podcast
The sincere Bitcoin’s meme master, Peter L. Brandt is eying Bitcoin to reach $150,000 by September, 2025, based on historical patterns derived from the ‘halving’ events that are interim bullish market benchmarks.
It may attempt to create an era of optimism and excitement among buyers to spur the sort of excitement that fuels a bull run, thereby greatly impacting Bitcoin’s supply and demand dynamics and its overall value.
Pizzino’s Projections: We are now in a position to observe that Bitcoin could be peaking and altcoins may be on the rise.
Crypto analyst, Jason Pizzino, here provides an overview of the average true range (ATR) that he uses to forecast movements of the BTC, with a specific focus placed on consolidation patterns and potential upward indicator. According to Pizzino, it is possible that when Bitcoin has remained just above $56,000 to $60,000, there is a likelihood that there will be a push for new All-Time High.
Pizzino does note an underlying bullish bias within Crypto, which may mean that other fundamental events could lead to buying pressure and increased purchasing volumes, especially seeing as Pizzino sees the same think in the TOTAL3 chart as applied to altcoin breakouts.
In his forecast, Pizzino may be able to provide the market with confidence and thereby propel the bulls across the BTC and major altcoins.
Exploring Bitcoin’s Technical Landscape: An Analysis as of June 3, 2024
The price of Bitcoin today is $68,987 which is almost 1% up in the last one day showing a bullish signal, the bullish engulfing which happened at $68,500 indicating the upward trajectory and the bullish EMA crossover that happened at $68,100 is also predictively conveying a bullish signal.
Having reached a market value of $68,342, the upward trendline has capped key resistance levels at $69,543, $70,610, and $71,494, with key support noted at $67,311, $66,650, and $65,932.
As RSI is at 62 signifying upside action and 50 Day EMA at $68045 acting as support, such upside could be kept in check due to the downward trend acting as resistance around $69500.
The Bitcoin outlook is still upward from a technical aspect as long as it holds above the price level of $68,000, but the selling pressure may intensify if this barrier is pierced.
