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Bitcoin’s price remains relatively stable, hovering between $68,000 and $71,000, despite touching the $70,000 mark again recently. Amid this sideways movement, analysts remain optimistic, citing bullish indicators that suggest a potential breakout on the horizon.
Adrian Zidanic, a respected analyst and part of the Crypt BB analyst group, has highlighted a bullish ascending triangle forming in Bitcoin’s chart during this period of consolidation at the “Thinking Crypto” podcast.
Zidanic anticipates a breakout soon, with a target price of $86,500. While acknowledging the possibility of unforeseen market movements, Zidanic’s analysis points to a higher probability of a bullish scenario playing out.
“Bitcoin is grinding sideways and it could break out of this bullish ascending triangle and head up to that $86,000 target or higher. I think it could go to $90,000. I have a range of $85,000 to $90,000. I hope it goes higher. I hope it can touch $100,000,” Zidanic opined.
The upcoming Bitcoin halving, just weeks away, adds to the anticipation. Historically, halving events have triggered bullish momentum in the market. Coupled with Bitcoin’s current consolidation phase and the formation of a bullish pattern, many investors are hopeful for a significant price surge in the near future.
Beyond Bitcoin, the broader crypto market continues to demonstrate resilience and growth. Tether, the leading stablecoin, reported a staggering $6.2 billion in net income for 2023, surpassing traditional financial giants like Goldman Sachs and Morgan Stanley. This underscores the increasing dominance of cryptocurrencies in the global financial landscape.
Moreover, political parties in countries like South Korea are leveraging crypto-related incentives to attract voters, reflecting the growing influence of the crypto community in mainstream politics.
Institutional involvement in crypto is also on the rise, with major players like BlackRock and Fidelity embracing digital assets through initiatives like Ethereum ETFs and tokenization of assets.
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