Bitcoin (BTC) Price Is Primed for a Rebound to New ATH; Here Are Top Reasons
The post Bitcoin (BTC) Price Is Primed for a Rebound to New ATH; Here Are Top Reasons appeared first on Coinpedia Fintech News After being trapped in a correction mode for the past six weeks, Bitcoin’s (BTC) price has established a robust support zone of around $61k. With the heightened demand for the flagship coin from institutional investors, following the recent approval of spot BTC ETF in Hong Kong, more crypto traders led by CryptoCapo believe a rebound …
The post Bitcoin (BTC) Price Is Primed for a Rebound to New ATH; Here Are Top Reasons appeared first on Coinpedia Fintech News
After being trapped in a correction mode for the past six weeks, Bitcoin’s (BTC) price has established a robust support zone of around $61k. With the heightened demand for the flagship coin from institutional investors, following the recent approval of spot BTC ETF in Hong Kong, more crypto traders led by CryptoCapo believe a rebound is on the horizon.
Why Bet on Bitcoin Price Rebound Soon
From a technical standpoint, Bitcoin price has been forming an inverted head and shoulder (H&S) pattern backed by a bullish divergence on the Relative Strength Index (RSI). According to market analysis conducted by Glassnode, the ongoing macro Bitcoin uptrend is the most resilient in its entire history.
As a result, popular crypto analyst alias PlanB believes Bitcoin price is in the case of entering the parabolic phase in the coming months, based on the stock-to-flow model (S2F). Previously, PlanB has indicated that Bitcoin price is en route to at least $300,000 in this bull cycle, with a high chance of rallying beyond.
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