Author: BitpushNews

This week's opening, the US stock market and the encryption market are trading with high enthusiasm.

According to Bitpush data, BTC rebounded from the support level of $67,600 on that day and broke through $70,000 around 6:00 PM Eastern Time. Subsequently, the short positions counterattacked, and as of the time of writing, the BTC trading price has slightly fallen to $69,680, with a 24-hour increase of 2.52%.

AltCoin market fluctuates, with DOGE leading the top 200 tokens by market capitalization, up 11.1%; Bitcoin SV (BSV) up by 10%; THORChain (RUNE) up by 8.3%; Safe (SAFE) experiencing the largest decline of 9.2%; followed by ApeCoin (APE) and ZetaChain (ZETA), down by 7.2% and 6.5% respectively.

Currently, the overall market capitalization of Crypto Assets is 2.34 trillion US dollars, with Bitcoin's market share at 58.3%.

The economic calendar this week is unusually dense, with a series of heavyweight data set to be released, including Tuesday's JOLTS job openings report, Wednesday's Central Bank Interest Rate decision in Japan, Thursday's core PCE price index, and Friday's crucial non-farm payroll data. At the same time, the tech giants' earnings season is reaching its peak, and the performance of giants such as Alphabet, Microsoft, Meta, Amazon, and Apple will directly impact market sentiment.

As for the US stock market, as of the close on Monday, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite were all pumping, up 0.35%, 0.72%, and 0.37% respectively.

The Road to $100,000

Although the market may still experience Fluctuation in the short term, most analysts are optimistic about the long-term prospects of Bitcoin. They generally believe that once the market conditions improve, the price of Bitcoin breaking through $100,000 or even higher is not out of reach.

Tyr Capital's Chief Investment Officer Ed Hindi said in a report: "BTC looks and feels like it could become a supernova in the coming months. It dominates the total value of encryption assets, with market cap reaching 58% recently".

The report believes that as BTC continues to attract attention and follow, it is absorbing more and more industry liquidity, which may weaken the pump space for AltCoins in the coming months. Institutional leaders like MicroStrategy are opening the gate of corporate balance sheets, while investment pros like Paul Tudor Jones are making BTC mainstream in financial portfolios.

Hindi means: 'We firmly believe that BTC may reach $100,000 by the end of this year, and $200,000 by 2025. We expect that as long as Trump wins, which is still the basic scenario, the pump of BTC will be strengthened on the eve of the U.S. presidential election.'

However, Hindi also warned that the BTC price will not only rise but also fall, as 'in the days following the announcement of the election results, profit-taking could put pressure on the BTC price, but buyers who buy on dips should maintain strong support below $60,000. Regardless of the election results, BTC should regain its footing in the medium term and set new highs in 2024.'

TradingView technical chart analyst TradingShot said, "All indicators are pointing to an amazing Rebound of 12 months."

He pointed out, 'BTC broke through its 7-month bearish megaphone pattern last week, which actually absorbed the significant pullback after the market pumped heavily due to ETF expectations and launches since October 2023. This means that BTC has successfully escaped the downward trend during this period and is expected to start a new pump cycle.'

TradingShot said: "This pattern is part of a 7-year major rise channel, covering the previous two cycles of BTC. In the middle of the 2018-2021 cycle, the market also had a larger bearish megaphone pattern, lasting for 12 months before the price broke out."

Analysts pointed out that the recent pump of BTC is because it has re-entered the important support level of the 50-week moving average line. Moreover, historical data shows that BTC's price is often affected by the 50-week moving average line. Over the past period, the 50-week moving average line has repeatedly become the support level of BTC price, indicating that it is a very reliable support.

Secondly, the weekly chart of BTC has shown a MACD golden cross, which is the first time since October 2023. MACD golden cross is usually seen as a bullish signal, indicating that there may be a significant pump in the future price.

Historical data shows that when these technical indicators appear at the same time, it often triggers a strong pump in BTC. In the middle of 2020, BTC had a similar situation and then started a strong uptrend.

Even without major catalysts like the BTC ETF launch at the beginning of the year, it is not a fantasy for BTC to reach the $200,000 target again if it can reproduce the Bull Market trend from November 2022 to March 2024. TradingShot believes: 'Historical data shows that as long as the weekly K-line chart is not below the 50-week moving average, we can remain optimistic whether the BTC price rises to $100,000, $150,000, or $200,000.'