Bitcoin (BTC) is now making way to surge to $60K as it begins to break higher lows and higher highs, signifying an upcoming rally.
BTC has surged more than +$4,500 in just the past week alone and analysts are forecasting the cryptocurrency leader to hit $60K soon.
Crypto analyst Kevin Svenson believes Bitcoin (BTC) could rally to a key resistance level ahead of the halving event.
In a new strategy session, the trader tells his 72,000 YouTube subscribers that the flagship digital asset’s upward momentum could take it to $60,000 before the April halving event, when miners’ rewards are cut in half.
“So the area in between $57,500 and about $60,000, the trap liquidity target, that is the next major area of resistance in my opinion.
And that is the area that I’m targeting as we’re moving into the halving.
If we keep up this momentum, the momentum that we have right now, the trajectory that we’re on, it’s not really that crazy of an idea that we would come up and hit that target zone in between $57,500 and $60,000.
It’s quite likely actually.”
The trader also warns that after the halving event, Bitcoin could retest the level around $44,000.
“After the halving, there’s a possibility that we get a dip to retest support before actually testing new all-time highs.
But going into the halving, there’s going to be a lot of anticipation and anticipation for positive fundamental events such as the halving is likely going to lead to a lot of optimism, positive sentiment, bullish speculation, and depending on what the stock market is doing when we get to these price levels, there is a possibility for a post halving dip to that $44,000 level before then going up once again.”
Bitcoin is currently trading at $51,726 at the time of this publication.
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Also Read: Bitcoin Will Now Surge To $200,000 in 2025 Says Analyst
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Ethereum and Cardano now lead massive institutional inflow as $1,100,000,000 ($1.1bn) hits crypto ETPs, sources report.
Digital assets manager CoinShares says institutions poured a whopping $1.1 billion into crypto investment products one month after the U.S. Securities and Exchange Commission (SEC) approved the spot BTC exchange-traded funds (ETFs).
In its latest Digital Asset Fund Flows report, CoinShares finds that crypto investment products saw over a billion dollars in inflows last week and show no signs of slowing down.
“Digital asset investment products saw large inflows totaling $1.1 billion, bringing year-to-date inflows to $2.7 billion,” the report detailed.
“Coupled with recent price rises, total assets under management (AuM) is at the highest level since early 2022 at $59 billion.”
According to CoinShares, most of the inflows were focused on BTC ETFs, which have reached almost $3 billion in the last month.
The firm says Bitcoin’s price appreciation “buoyed sentiment” for Ethereum (ETH) and Cardano (ADA), which both saw more inflows than the rest of the altcoin market.
“Regionally, the focus remained on the newly issued spot-based Bitcoin ETFs in the US, which saw a net $1.1 billion inflows last week, bringing inflows since the January 11th launch to $2.8 billion.
The outflows from incumbents have slowed significantly, but the potential sale of the Genesis holdings of $1.6 billion could prompt further outflows in the coming months…
Bitcoin saw almost 98% of the inflows, while the price appreciation also buoyed sentiment for Ethereum and Cardano.”
BTC, per usual, saw the lion’s share of inflows, taking in 98% of last week’s inflows at $1.09 billion.
Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Tron (TRX) each saw inflows of $16 million, $6 million, $0.5 million, $0.4 million, and $0.4 million, respectively.
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