Bitcoin’s Value Set to Reach New All-Time High Following $67,500 Resistance Threshold: 10x Research

Bitcoin’s value is set to potentially rise to new all-time highs if it can effectively breach the crucial $67,500 mark, which is currently serving as a significant resistance barrier.

Markus Thielen, the head of research at 10x Research, noted that overcoming this threshold could initiate a bullish trend.

He mentioned that Bitcoin’s recent rebound above the psychological level of $66,000 is regarded as a favorable indicator for its price trajectory.

In the past week, the leading cryptocurrency has experienced an increase of over 7.3%.

Thielen points out that a breakthrough above $67,500 could propel Bitcoin to new all-time highs, further supporting their Bitcoin ETF model’s forecasts.

Spot Bitcoin ETFs Experience Inflows for Two Weeks

In the United States, spot Bitcoin exchange-traded funds (ETFs) have seen positive inflows for two consecutive weeks.

These ETFs have gathered a net inflow exceeding $200 million, although this is half of the previous week’s total of $413 million.

Before the week commencing May 6, Bitcoin ETF net flows had recorded three consecutive weeks of outflows.

Institutional investments via ETFs have significantly contributed to Bitcoin’s recent surge to new all-time highs.

By February 15, Bitcoin ETFs represented approximately 75% of new investments in the world’s largest cryptocurrency, exceeding the $50,000 threshold.

Nonetheless, Bitcoin encounters considerable resistance at the $67,500 level.

A potential breakthrough could liquidate nearly $300 million worth of leveraged short positions across various cryptocurrency exchanges, according to CoinGlass.

Examining the monthly chart, Bitcoin has effectively transformed a key resistance level into support, suggesting a possible increase in bullish momentum, as noted by well-known crypto analyst Rekt Capital in a post on May 16.

#BTC

Bitcoin has successfully turned the old major resistance into a new major support$BTC #BitcoinHalving #Bitcoin https://t.co/mPcmqOG4oy pic.twitter.com/DZeS8krWbw

— Rekt Capital (@rektcapital) May 16, 2024

Bitcoin Price Expected to Return to $74K Highs and New ATHs

In addition to 10x Research, several other analysts have also adopted a bullish stance on Bitcoin following a period of consolidation lasting several weeks.

Leading trading firm QCP Capital has conveyed optimism regarding Bitcoin’s price momentum, predicting a possible return to the $74,000 highs.

In a recent communication, the firm noted that it has observed significant buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, reflecting confidence in the cryptocurrency’s upward trajectory.

“US CPI numbers triggered a breakout of the range across risk assets. BTC has since traded back above 66k,” the firm stated.

However, Michael Novogratz, the founder of Galaxy Digital Holdings, a notable digital-asset financial services company, anticipates that Bitcoin will remain within a relatively narrow trading range during the current quarter.

As reported, he expects Bitcoin to stay within the range of approximately $55,000 to $75,000 until specific market events or conditions drive prices higher.

Novogratz referred to the favorable conditions experienced in the fourth quarter of the previous year and the first quarter of this year.

“I think that is probably where we are certainly for this quarter, maybe next quarter until either A, the Fed starts cutting rates because the economy finally slows or B, we get through the election and I think the election will bring clarity one way or the other to the crypto regulatory landscape.”

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