Since April 15, 2024, the world’s biggest cryptocurrency Bitcoin has been struggling near the $67,000 level. Amid this, Markus Thielen, the head of research at 10X Research, gathered everyone’s attention following his statement in a recent report. Markus said, “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
Markus Thielen’s bullish outlook for Bitcoin
This prediction comes following the Bitcoin price jump of nearly 8% in the last 7 days and regaining a $66,000 psychological level. The price recovery that Bitcoin experienced last week is a positive outlook for Bitcoin, Markus added, “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
However, in the United States spot Bitcoin ETF (Exchange Traded Fund), there has been a positive inflow for the second consecutive week. This consecutive positive inflow for 2 consecutive weeks highlights investors’ interest in Bitcoin-related products. Additionally, before the past two weeks, spot Bitcoin ETFs experienced negative inflows for three consecutive weeks.
At the time of writing, Bitcoin is trading near the $67,000 level, and in the last 24 hours, it has remained stable. If we look at the performance of Bitcoin over a longer period, in the last 7 days, Bitcoin has seen a price surge of over 8%. Whereas, in the last 3 days, Bitcoin experienced a price surge of over 5.5%. However, the 24-hour trading volume has significantly increased by over 50%, which highlights investors’ and traders’ interest and confidence in Bitcoin.
Bitcoin technical analysis and key level
According to expert technical analysis, Bitcoin is a step ahead in experiencing massive bullish momentum. If the Bitcoin price gives a breakout and the daily candle closes above the $67,500 level, then there is a high probability that Bitcoin will cross the $70,000 level. Otherwise, it will remain consolidating in a tight range.
However, Bitcoin in the last 30 days tried multiple times to break the $67,000 level, but Bitcoin prices keep struggling near this level. Additionally, the 24-hour Open Interest (OI) data is down 1%, which shows lower investor and institution interest in Bitcoin.
Despite Bitcoin, recently Solana, the world’s 5th biggest cryptocurrency, experienced a breakout and massive price surge of over 25% in the last 7 days. Whereas, Chainlink (LINK) and Bitcoin Cash (BCH) also experienced massive price surges of over 24% and 13% in the last 7 days.
