This week, Bitcoin showed significant growth, reaching a resistance level of $104,000. This rise is driven by several factors, including an improved market situation and investor optimism.
Reasons Behind Bitcoin's Rise
Bitcoin rebounded nearly 40% from its April low, fueling a broader altcoin rally. Bitcoin's market cap has surpassed $2 trillion, while the total crypto market cap has climbed to $3.25 trillion. Positive expectations regarding trade relations between the U.S. and other economies also play a significant role in this growth.
Analysis of Forecasts and Institutional Investor Interest
Analysts have upgraded their Bitcoin forecasts. In a recent note, Standard Chartered mentioned that its previous target of $120,000 was too conservative. CryptoQuant founder Ki Young Ju admitted he was wrong in his predictions about the end of the bull cycle, noting that there is a rising institutional demand. He stated, "Two months ago, I said the bull cycle was over, but I was wrong." He added that selling pressure for Bitcoin is easing.
Technical Analysis of Bitcoin Prices
Technical analysis shows that Bitcoin bottomed at $79,510 in April and has now posted five consecutive weeks of gains. It continues to remain above the 100-week Weighted Moving Average, indicating that bulls are dominating the market. Bitcoin appears poised to retest its all-time high of $109,400.
Bitcoin continues to show positive trends in the market, driven by both external economic factors and growing interest from institutional investors. Forecasts for the near future remain optimistic.
