Bitcoin / TetherUSUpdated BTC will usher in a bull market and is about to reach 70-75K
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Bitcoin is currently trading near the 61.6k level. Following a breakout from an ascending triangle, it's now retesting the triangle's resistance. The 200MA acts as additional support. A bounce from this retest is anticipated.
However, a failure to hold the retest level and a subsequent close back within the triangle would invalidate the bullish pattern. In this scenario, we could see a potential pullback towards the 56k-57k range.
Potential Targets:
Breakout: A successful breakout could lead to a rally towards
65K
-68k.
Stronger Breakout: A more decisive breakout could target 70k-75k.
Bitcoin is currently trading near the 61.6k level. Following a breakout from an ascending triangle, it's now retesting the triangle's resistance. The 200MA acts as additional support. A bounce from this retest is anticipated.
However, a failure to hold the retest level and a subsequent close back within the triangle would invalidate the bullish pattern. In this scenario, we could see a potential pullback towards the 56k-57k range.
Potential Targets:
Breakout: A successful breakout could lead to a rally towards
65K
-68k.
Stronger Breakout: A more decisive breakout could target 70k-75k.
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REPORT: CRYPTO MILLIONAIRES NEARLY DOUBLED IN JUST ONE YEAR!
A new research survey from New World Wealth and Henley & Partners has found that the number of crypto millionaires worldwide has increased by 95% over the past year, driven by the rise of Bitcoin and other cryptocurrency exchange-traded funds.
The survey results added that around 172,300 individuals worldwide now own more than $1 million in cryptocurrency, nearly double the number in 2023, which was just 88,200.
The data also showed that during the same period, the number of Bitcoin millionaires has doubled to 85,400 individuals. Crypto wealth has also expanded significantly, with 325 individuals now classified as crypto millionaires (those with $100 million or more in cryptocurrency), and around 28 crypto billionaires.
The research survey results indicate that such a rapid rise in the number of crypto millionaires is primarily due to the growth of spot Bitcoin ETFs, which have raised over $50 billion in assets since their launch in January, sparking a surge in institutional participation.
Commenting on the survey results, Andrew Amoils, head of research at New World Wealth, said that of the six new crypto billionaires created in 2023, about five owe their wealth to Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings.
Andrew Amoils also stressed that crypto is not only reshaping wealth, but also the demographics of where the wealthy live and work, especially as many of the new crypto-rich individuals seek to move to tax- and crypto-friendly jurisdictions or countries.
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BTC:Sell: 61800, TP1:58200,TP2:58800, Stop loss: 62000
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