Bitcoin (BTC) is on the verge of a major price surge, with top market analysts predicting a potential rally of 2-3 times from current levels. Despite hitting a 6-month low earlier this month, BTC has been trading between $58,000 and $60,500 for the past week.
Technical analyst Jamie Coutts has identified a bullish signal in his composite global liquidity momentum model, pointing to a surge in global liquidity and a decline in the US dollar as key factors driving Bitcoin’s potential breakout. Coutts believes that Bitcoin could rally 2-3 times from its current levels, potentially reaching $177,000.
Crypto analyst Ali Martinez has also noted a growing trend of Bitcoin investors shifting from distribution to accumulation, with nearly 300,000 BTC added to long-term holdings over the past three months. This increase in HODLing activity signals growing conviction among investors.
Currently trading at $59,330, Bitcoin is up just 0.6% in the last 24 hours after hitting a low of $57,700 earlier this week. The key question now is whether macroeconomic conditions will support another push higher for the overall crypto market and whether BTC bulls can break above resistance levels to retest the $70,000 mark.
With the potential for a significant price surge on the horizon, all eyes are on Bitcoin as investors eagerly await the next move in the cryptocurrency market.
