Bitcoin is currently trading above $70,000, supported by a decrease in outflows from spot exchange-traded funds (ETFs). After setting two record highs recently, the focus is on the possibility of reaching another significant milestone.

According to a TradingShot analysis shared via TradingView, Bitcoin's technical indicators suggest a bullish immediate target of $78,000, potentially leading to a new all-time high. The analysis highlights similarities between Bitcoin and the S&P 500 index's fractal patterns, although observed in different time frames.

The analysis notes that Bitcoin is approaching its four-hour moving average of 50 (MA50) and shows signs of forming a bullish cross, similar to the S&P 500 pattern. This crossover is considered a crucial buy signal, as it has historically sparked significant market rallies.

Both Bitcoin and the S&P 500 have experienced overbought conditions after a double bottom formation, creating buy signals. Currently, Bitcoin is undergoing a pullback phase in the 0.786 rejection zone, indicating a potential target of around $78,000 based on Fibonacci extensions.

Bitcoin has maintained stability above $70,000, showing a 9% increase in the past week. Factors influencing its price include the upcoming halving event, ETF outflows, and decisions by the Federal Reserve on interest rates. It's essential to note that investing in cryptocurrencies carries risks and should not be considered investment advice.