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Trump Reactivates Bitcoin Price Rise - How High Will BTC Price Rise During This Surge?
Weekly trading began with a strong bullish surge, pushing Bitcoin's price above the horizontal consolidation level. Meanwhile, the latest bullish trend indicates that market participants have become extremely optimistic about Bitcoin, triggering a weekly target of $100,000. Why is the price of Bitcoin bullish? The Bitcoin bullish trend seems to have strengthened as the price surged past $93,000 before the close of yesterday's trading session. Several reasons have triggered this increase, including the easing of the trade war between the United States and China, Paul Atkins becoming the new chairman of the SEC, and President Trump clarifying that Jerome Powell will remain the Chairman of the Fed. These reasons may have triggered a strong bullish trend in BTC prices, leading Bitcoin to now become the fifth largest asset, surpassing Google.
Global M2 supply has reached a new ATH, and as BTC prices closely follow M2 supply, a new ATH seems to be ahead. Increasing certainty is also boosting optimism among institutions, as Bitcoin ETFs recorded the largest daily inflow in the past 3 months yesterday. The cryptocurrency market, specifically Bitcoin, is decoupling from U.S. stocks and catching up with Gold, which could be the main reason behind the accumulation by institutions. How high can Bitcoin go? The price of Bitcoin continues to maintain a strong bullish trend despite the negative impact of the token. The price has risen above a critical resistance level, which confirms the reversal from a bearish trapped state. However, technical factors have not yet shifted to a bullish stance, indicating potential bullish upside.
The price skyrocketed above $88,500 and a daily close above this level indicates the beginning of a new bullish trend. The MACD levels are about to experience a bullish crossover while the CMF is attempting to diverge bullishly and rise from 0. This suggests that the money flow is gradually increasing, which could positively impact BTC prices in the coming days.