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Will Bitcoin Return to $73K by the End of 2024?

source-logo  thenewscrypto.com 23 May 2024 10:44, UTC
  • BTC trades at $69,630, showing a downward correction below $70K.
  • BTC price is expected to go beyond $72K by the end of 2024.

Bitcoin (BTC) remained relatively stable early Thursday, with little change in price around $69,500. The lack of a clear direction comes ahead of the U.S. Securities and Exchange Commission’s (SEC) decision on VanEck’s spot ether ETF application, expected later in the day.

BTC had previously faced resistance above the $71,500 level, leading to a downward correction below $70K. Despite reaching a new weekly high above $71K, the price recently dipped to $69K, coinciding with Bitcoin Pizza Day.

At the time of writing, the price of BTC stands at $69,630, reflecting a decrease of 0.65% over the past 24 hours. Despite these fluctuations, the recent price recovery has sparked a wave of positive sentiment throughout the crypto industry.

Bitcoin Price Chart Source: CoinMarketCap

If the price of BTC remains above $79,500 and continues to increase, the first major resistance could be found at the $70,850 level, with a connecting bullish trend line. The next key resistance may occur at $71,160. A clear break above this resistance could propel the price higher towards the $71,920 resistance.

Should the bulls continue to push the price further, it might advance to the $72,540 resistance level. Further gains may lead BTC toward the $73,100 resistance. Moreover, long-term BTC price predictions suggest it could reach the range of $ 80K to $100K.

Potential for BTC Slip: What Lies Ahead?

If Bitcoin fails to move above the $70,850 resistance zone, it could continue to dip, with immediate support around the $68,900 level. The first major support lies at $68,310, followed by potential support forming near $67,220. Further losses might drive the price towards the $66,000 support level.

However, analysts predict a strong upward momentum for Bitcoin through most of 2024, with prices expected to surpass the $72K range despite possible dips.

Further, Bitcoin spot ETFs have seen a total net inflow of $154 million, with positive inflows recorded for the past eight days. Meanwhile, Grayscale ETF experienced a single-day outflow of $16.1 million, while BlackRock maintains its lead with an inflow of $92 million.